New Carlisle’s City Council recently voted to sell the Twin Creeks subdivision, which will help bring down the remaining balance owed on the properties and alleviate a percentage of the city’s financial drain associated with the neighborhood.

The city will sell the 27 parcels for $189,000. City Manager Randy Bridge said that amount will be put toward the remaining $600,000 bond owed for infrastructure in the area. He noted that in November, the city will examine refinancing the balance to secure a lower interest rate.

Bridge said the decision was made to sell the subdivision after it officially became the property of the City of New Carlisle, having been acquired through a land reutilization program. The properties were required to go through two sheriff’s sales without satisfactory bids before they were eligible to be transferred to the city, he said. Though the properties were acquired by the city at no cost, Bridge said the balance owed is a result of the city’s decision to secure infrastructure in the area, including the bridge within the subdivision.

The city is required to pay $86,000 per year on the properties, however, ends up paying “somewhere around $70,000 or $72,000” annually after infrastructure taxes are collected from current Twin Creeks residents in developed properties. The sale of the properties will bring the city’s owed balance from around $600,000 to just over $400,000, which Bridge hopes to reduce further by refinancing in the fall.

He said the ordinance officially goes into effect 15 days after being passed, and the properties will be sold to Don Gilliam of Hal Don Properties, noting that the buyer has shown much interest in purchasing the properties since discussing the matter with the former City Manager in the past.

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