The County has pledged future Morrison Road Allocation Area TIF revenues to repay TIF bonds issued in 2021. Proceeds from the bonds provided for the refunding of TIF bonds previously issued in 2015 and to fund a debt service reserve. The TIF bonds issued in 2015 were issued to fund various infrastructure projects in or serving the Morrison Road Allocation Area and to fund a debt service reserve. The bonds are payable solely from the TIF revenues and are payable through 2040. The total principal and interest remaining to be paid on the bonds is $2,837,801. Principal and interest paid for the current year and total customer revenues was $502,410.
The County has pledged 70% of future Fuson Shell Building Allocation Area TIF revenues to repay TIF bonds issued in 2022. Proceeds from the bonds provided for an incentive to LGF Properties-Muncie, LLC to be used as a vertical farming and packaging facility and to pay issuance costs. The bonds are payable solely from the pledge of 70% of the Tax Increment collected in the Fuson Shell Building Allocation Area. The bonds are payable through 2038. The County has only drawn down $135,000 of this bond. Principal and interest paid for the current year was $135,123. This bond is not shown in the table below since there currently isn't an outstanding balance as of December 31, 2025.
The County has pledged future Park Brevini Allocation Area, New Brevini Allocation Area, Park One Allocation Area, Park Save-A-Lot Allocation Area and I-69 Allocation Area TIF revenues to repay TIF bonds issued in 2023. Proceeds from the bonds provided for the financing all or a portion of the cost of economic development projects, including but not limited to the construction of roads, water, sewer, sanitary sewer and storm water improvements and to pay issuance costs. The bonds are payable solely from the TIF revenues and are payable through 2038. The total principal and interest remaining to be paid on the bonds is $2,726,217. Principal and interest paid for the current year was $390,963.
Tax Increment Financing Bonds at December 31, 2025, consists of the following: