The city of Muncie is touting an improving financial picture. The city says over the past two years it has reduced its total debt load by $6.7 million, down to $51.7 million. The city says the Muncie Redevelopment Commission is avoiding borrowing and focusing on paying cash for projects.
“We have shown great discipline to look at current cash resources for projects when possible and avoid debt if it can be paid for up front. That effort has yielded benefits to the city already and I believe that this approach will have a long-lasting positive effect to the citizens of Muncie,” said Mayor Dan Ridenour.
Ridenour says the consolidated tax increment financing cash amounts have increased by $1.75 million to $2.8 million.
He says the city is seeing economic development, including several new subdivisions and housing complexes.