Muncie Mayor Says ‘DEBT is Down and CASH is Up’

Muncie Mayor Dan Ridenour is pictured presenting his first "State of the City" address. Photo by: Mike RhodesMuncie Mayor Dan Ridenour is pictured presenting his first "State of the City" address. Photo by: Mike Rhodes

By Tony Sandleben, Director of Communications, City of Muncie—

MUNCIE, Ind. – Using his banking background and with the help of many dedicated employees, in the first two years of Mayor Ridenour’s Administration, the Muncie Redevelopment Commission (MRC) has avoided borrowing and has instead focused on paying cash for projects if possible. The result of the mayor’s first two years (2020 and 2021) show MRC has reduced debt totals by $6.7 million dollars from just over $58 million to $51.7 million. The consolidated TIF Cash amounts have increased during these first two years by $1.75 million as well, from $1,065,744 to$2,821,537.

Dan Ridenour is a Regional Retail Lending Manager for MutualBank directing the lending activities for thirteen branch locations covering a five county territory. Photo by: Mike Rhodes

Prior to becoming mayor, Dan Ridenour was a regional retail lending manager for MutualBank, directing the lending activities for thirteen branch locations covering a five county territory. Here Dan is pictured in his office at MutualBank in 2018. Photo by: Mike Rhodes

Mayor Ridenour is pictured reviewing development plans. Photo provided.

Mayor Ridenour is pictured reviewing development plans. Photo provided.

Mayor Ridenour said, “We have shown great discipline to look at current cash resources for projects when possible and avoiding 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 for the citizens of Muncie.”

This approach hasn’t stopped development. There have been many projects started or completed in Muncie during the last two years. A partial list includes:

Storer Estates (34 lot subdivision) at the site of former Storer Elementary is out for bid with earth work tobegin soon.

Red Carpet Inn was torn down at 29th and Madison in 2020.

Gillman Home Center will be built on that site and groundbreaking was held in December 2021.

City View Homes (25 Single Family and 20 Townhomes) on scattered sites in 5 neighborhoods. South Central, Industry, Thomas Park Avondale, Old West End and Blaine are the neighborhoods that will notice the new housing. Most of the locations will be on lots formerly owned by the MRC.

Justice Parking and Condos (at the site of former jail) will have indoor parking spaces for city employees and the developer is building 15 condos.

Southway Plaza has new owners as of November 2021 and plans to re-develop the site.

Riverbend Flats, a 60-unit apartment complex being built on the site of the empty Marsh location at Memorial and Burlington. The current building is now being demolished.

DD Dannar Headquarters. There is an 80,000 square foot building under construction for the DD Dannar Headquarters. It’s being built at the Kittselman Energy Park on East Jackson as they are expanding from their current West Bethel location.

“I am focused on improving the City of Muncie’s finances, and we are making great progress in that area,” Ridenour said. “I feel we can help the future of my grandchildren and the grandkids of our community by continuing to look at activities to improve the Muncie housing options, bring in new residents, and expand our parks while making long-term investments—not political decisions.”