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REDEVELOPMENT COMMISSION APPROVES OLD REID LOAN FUNDING

(Richmond, IN)--The demolition and cleanup of the old Reid property went before the Richmond Redevelopment Commission Tuesday.  As expected, that commission agreed to be the repayment source for a 20-year, five-and-a-quarter-million-dollar loan.  The repayment will come from Tax Increment Financing funds.  The loan plan still needs the approval of Richmond Common Council.  County involvement in old Reid’s cleanup will be discussed in a joint meeting of the county council and commissioners on August 16.

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