The Medaryville Town Council heard from a financial advisor with the accounting firm Baker Tilly when members met on Thursday.
As previously reported, the Town is looking to tackle a water tower construction project and has had to make some adjustments after bids came in higher than expected.
Even after scaling down the project and factoring in a $550,000 Community Development Block Grant and the associated local match, officials are still more than $200,000 short of what’s needed.
CPA Jeff Rowe spoke with town officials during their meeting last week and presented them with a few different options for how the project could be funded.
Rowe explained, “Right now what we’re working with the Town on is helping them to secure the funding for the additional $250,000. So we’re talking with a couple of state agencies to see what they would be able to do to help the town out.”
He added that those agencies include the Indiana Bond Bank and the State Revolving Fund Loan Program. Each of those would have to be paid back within 10 years.
Rowe noted that there is a local option, Lake City Bank that has presented Town officials with a financing option as well. He stated that they included a similar payment term.
The purpose of Thursday’s meeting was to inform Town Council members about what options are available. The financial advisors at Baker Tilly will be in contact with the representatives from those various funding agencies.
No official decisions were made. However, this topic will be readdressed in future meetings.
