WARSAW — Documents relating to the issuance of $850,000 WInona PVD Bonds were signed by Warsaw Redevelopment Commission Monday afternoon, Nov. 2. The documents included the Economic Development Memorandum of Understanding, taxpayer agreement, bond purchase agreement and underwriter and/or placement agent engagement letter and deemed final certificate for offering circular.

Winona PVD is expanding its existing facility at 1095 Polk Drive, with an additional 80,000 square foot building and a third production line, at a total cost of $12.5 million. The tax increment special taxing district bond will be for $850,000 with an expected interest no higher than 5 percent. The plan is to sell the bonds this month.

The company is seeking the tax increment special taxing district bond to provide upfront funding and then paid back by the company over a set term. This is the third bond issue for the company.

There was an agenda item to accept bids for Winona PVD, however, none were received, and according to Jeremy Skinner, city planner, no bids were expected to be received as this is a project specific only to the local company.

During other business Skinner presented investable balances of the various bonds and TIF districts for potential investment. The investments will be handled by the city through Umbaugh Cash Advisory Services LLC. Skinner suggested investing $2 million of the over $5 million balance as of Aug. 31, from the redevelopment northern TIF district allocation. The funds would be investigated in staggered means providing a greater rate of return.

Skinner stated other funds may be looked at as well to see if investing would be beneficial.

Approval was given to accept one of two appraisals on Market Street properties, while one appraisal was rejected. He was also given the go ahead to seek a third appraisal on five lots. Skinner noted providing affordable housing on Market Street was discussed during the application for the Stellar Community grant. This included looking at purchasing the Habitat for Humanity property and others. Appraisals were obtained on five lots with the appraisals ranging from $15,000 per lot to $5,800 per lot.

Additional business of the commission included approval of claims for Troyer Group for engineering on Marine’s Drive, totaling $1,040; Bayview Appraisals and Gloria Ostrowski, appraisals of Market Street property, at $200 and $500 respectively; A&Z Engineering for the Husky Trail round-a-bout engineering, at $7,342, payment to Niblock Excavating for the Market Street project, $115,000 and $2 to REMC for service to Polk Drive.

The next meeting of the redevelopment commission will be at noon, Monday, Dec. 7.