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OLD REID DEMOLITION ADVANCES WITH REDEVELOPMENT APPROVAL

(Richmond, IN)--Approval was granted Tuesday for a resolution that would allow the Richmond Redevelopment Commission to be used as the source to repay a zero-interest loan to demolish the old Reid property.  A minimum of $385,000 in TIF money per year would be allocated for payment.  Mayor Dave Snow said the city would apply for a loan by the end of the month.  Finalizing the plan would require approval of Common Council and would include public hearings on the issue.  Snow said Tuesday that if everything goes smoothly, actual demolition of old Reid could start by early next year.

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