Mayor: 2017 was a groundbreaking year for Mishawaka
MISHAWAKA, Ind. — Mishawaka leaders say the state of city is still strong despite state legislation that’s costing it millions.
Mayor Dave wood gave his annual address Monday evening at the Battell Center.
A growth in city finances and new developments were two main points of what he thought made 2017 a “groundbreaking year” for Mishawaka.
“It’s by far and away our best year in the last several and probably our second best year ever,” said Mayor Wood.
There were also a record number of actual ground breakings.
“Whether it’s commercial, restaurant, we’re seeing a huge residential boom now which is encouraging,” said Mayor Wood.
Mayor Wood said that residential boom translates to about 1,500 new living units and new construction in 2017 was just as explosive.
There has been steady growth in the city for years, but last year saw a record $136 million in new development.
Even though private investment was promising, city council members made it a point the city stayed fiscally conservative last year.
“I’d like to continue the same trend and obviously prepare ourselves more for the incoming fiscal cliff,” said Bryan Tanner, Mishawka Common Councilman.
That cliff was created by the circuit breaker legislation folks downstate passed in 2008.
While Mishawaka loss $4.9 million in revenue due to those tax caps, leaders were still able to grow the general fund’s balance by about $1.7 million in 2017.
But they also estimate the city could lose more than $9 million in revenue when the circuit breaker fully kicks in in 2020.