Audio: Audit Report: 2010 Evansville: Will TIF 5 face a BREACH and rely on personal guarantees?

Audio; Presentation of the 2010 Auditors Report for the City of Evansville. Discussion of TIF 5.


MP3 File

During the audit presentation, the auditor went over the status of the TIF districts and noted that while overall debt for GO was under the statutory limit, the TIF debt was relatively high for a city of our size, and she assumed that this would be reduced over time as the property in the TIF 5 for example appreciated over time.

Mason Braunschweig noted that one of the reasons for the personal guarantees for TIF 5 was that this appreication was not certain, and thus the investors had to personally sign a guarantee that the city would experience it. He mentioned that there is a possibility with the current economic environment that personal guarantees might be needed, although no breaches have occured so far.

Click on the MP3 to listen in.