Kokomo Tribune; Kokomo, Indiana

Local News

March 3, 2013

Tipton may amend EDIT Plan

Money spent on Chrysler project

— TIPTON - The Tipton County Commissioners will have to decide whether or not to amend the county’s Capital Improvement Plan, or to seek an additional appropriation.

Last week the Commissioners voted to approve payments of $48,049 for financial and legal consultants concerning the tax abatement approved for the Chrysler Group LLC for the vacant Getrag Transmission plant at the intersection of U.S. 31 and Ind. 28.

The commissioners approved a payment of $16,325 to financial consultants Umbaugh & Associates and $31,724 to the legal firm of Barnes & Thornburg.

Funds to make the payments were transferred from the Economic Development Income Tax Capital Improvement Fund for local and regional economic development activities to a new designation for consultant fees.

There are funds in the account set aside for the county’s payment to the Tipton County Economic Development Organization. The commissioners have set aside $85,000 for the organization.

Mike Cline, president of the commissioners, said he didn’t anticipate any more consulting fees from the agreement that brought a $162 million investments and the creation of 850 jobs in Tipton County by Chrysler.

Commissioner Joe VanBibber asked that an additional appropriation to the EDIT fund be advertised for consideration at the next meeting of the Tipton County Council.

VanBibber said the economic development account is left short because of the transfer of the funds to pay the professional consulting fees.

“We can either move money from one account to another, or ask for an additional appropriation,” he said.

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