All right.

Well, I'd like to call to order the City of Evansville Economic Development Commission meeting for April 22nd, 2026 at 115 p.m.

And then if you want to call for elections of officers.

Okay, at this at this time we'll call for the election of officers.

It looks like we need a president, vice president, and secretary.

If someone wants to nominate a slate, um that's fine.

I'm here to serve at the leisure, however.

So I'm fine with any role in any position.

I would echo that sentiment.

All right.

Jenny, I think since you're sitting in that chair, I would nominate you as president.

Oh goodness.

Second.

Okay.

Vice President nomination.

Anybody?

I'll service vice.

Okay.

I can deal with that.

Nominate Josh Kelly for Vice President.

So that's Patrick for the Yeah, can someone second that?

I second that.

And I nominate Patrick as secretary.

I second that.

Okay, so just for formality, we have President Jenny Jewell, Vice President, Josh Calhoun, Secretary, Patrickie.

If you guys want to uh move that and then confirm it, just making sure.

I'll make the motion.

A second.

Okay.

All in favor?

Signify vote.

Aye.

Aye.

Okay.

So the last meeting for this uh body was held in on January 27th of 2025.

Um this body only meets as needed.

Um the minutes are up for approval since this is the next meeting since that.

And um we were um I was present, Nick was present, and I believe these uh minutes are accurate.

Yeah, and I would add since for any of the here for that?

So I think it's fair for you all to rely on staff as to the accuracy of the purpose of the staff.

We we have a um we have a recording, uh we watch the video, uh, we have a tape recorder up there, and we take notes.

So when we do the minutes, we're pretty accurate.

Now sometimes we do make mistakes, so feel free to always point out something if it wasn't correct.

But I think we're pretty accurate most of the time, and we we've read over these again, refreshed our memory, and this is correct.

All right.

Well, I make a motion to approve the minutes as presented.

Second.

All in favor?

All in favor?

Aye.

Aye.

Okay.

Since you're chair or president, if you could kind of run that portion of it where you ask for a motion and a second, and then all in favor, aye.

Those opposed, same sign.

The president is in charge of chairing the meeting.

Sounds good.

And I'll we'll help you as I'm sure it won't take very long, but the meetings of the minutes of the January 27th, 2025 meeting are approved.

And now if you want to call a public hearing to order.

Okay.

And I hereby call public hearing to order.

Then do I go through item A.

Yep.

Report of the City of Evansville Economic Development Commission concerning the proposed financing of economic development facilities for the Gooden Bowen Evansville LLC.

And this is you ask if there's anyone from the public that would like to speak on the matter.

Is there anyone from the public that would like to speak on the matter?

Oh.

No.

Moving on.

You can close the public.

Okay.

Well, then this that will close the public hearing.

I have it all in the in a public hearing.

Okay, that's fine.

Okay.

Yeah, so read the read B then.

So item B.

Resolution 26-EE DC-01.

A resolution of the City of Evansville Economic Development Commission approving and authorizing certain actions and proceedings with respect to certain proposed taxable economic development tax increment revenue bonds.

Anyone in the public care to speak?

No.

Moving on to C public comments.

None?

Okay, so the public too.

Okay.

So the public hearing is hereby closed.

No, you don't have to.

I'll just jump in and Colby Atlanta can supplement as needed.

So what this board does is it's it's charged uh under Indian law with any time there's going to be a project that relates to a public debt issuance, um, in other words, bonds.

Um this body is charged with confirming that one, the project is generally for the betterment, the health welfare, betterment of the community, and then two, confirming that it's not unduly competitive with other existing businesses.

And so what this project is this is a it's two buildings, it's out at the promenade area.

Um at Vogel and what's the other cross street?

I always forget.

Crosspoint, that's right.

So two buildings, 150 units, I think.

Yep, not more than 153 units.

Yeah, it's it's uh Bowen is a developer out of Indianapolis, they do a lot of nice projects.

This is uh market rate um project.

Um I think there's five million dollars in ready money going into this.

Yeah, there's so it's five million dollars in ready money.

There's although we're here because the city will be issuing bonds, it's not really a debt of the city.

The city won't be required to pay it back.

So what because it's in a TIFF area, we're creating a new TIFF that is solely this project, and then the taxes that this project will pay into the TIFF, then gets remitted back to the developer to pay their debt.

So it's a way for us to um promote uh development like this, but we don't actually spend our own the city doesn't actually spend its own money on it, so that's good.

Um I forgetting anything uh relevant here?

No, unless they have any other questions about the project specifically.

It's a it's a well-seasoned developer, it's a good reputation.

If you look look online at their developer developments around the the state, they're quite quite nice.

It's mixed use.

So they're like on the first floor we don't want to build this book somehow commercial.

Four story, two, four story but the thing they're gonna connect that or one of the features.

The gateway bridge uh premium amenities, resort style pool, fitness center, rooftop patio.

Oh sounds like great things.

Do they come down on the uh commercial space?

I think I think it's still about to be a little bit.

3,000.

Okay.

And I don't know that that's shipped.

Okay.

No, I only asked because I think when they came for ready, it was somewhere in the the 5,000.

Uh and but I think this has added more units, so there's 20 more units since then.

So the trade-off is nice, I think.

And it seems like they've right sized it.

So as far as market rate is concerned, uh I know for affordable housing the rates are usually set.

Do we have a ballpark for what the market rate units uh are?

Okay.

If I mean if I do have those, like the fact that we share.

Okay.

Yes.

I guess one thing I can add for the record um from the project report, um the total cost of the project is a 38 mil.

I don't think you guys said this already.

38 million dollars for the total project, 325 jobs will be created during the um construction of the project, and then eight permanent jobs to run the project after it's built.

And the the payroll of those permanent eight permanent jobs is around sixty thousand dollars a piece.

Being that they're an out of town developer, will they have a local property manager?

Is that something that's known?

I'm not sure if they share their own management.

Okay.

I think this is a much needed project here in Evansville, being that we have uh so many units that are still needed, uh whether it's affordable or market rate.

So I think this is a good thing.

Yeah, we need we need housing of you know all types.

So this is class A mixed to use lots of amenities with it, so it's a really really good project.

I'd love to see with the commercial space what type of uh business that they attract.

Uh hopefully it's something uh that will be complementary to the area as well.

We have lots of restaurants and retail space, but I'd like to see something creative.

Right.

Definitely sounds good.

Okay.

Okay.

A motion to approve the uh items A and B.

All in favor?

Or I'm sorry.

We need a motion, don't we?

I move to approve items A and B on the agenda.

Do I have a second?

Second.

All those in favor with aye.

Aye.

Aye.

No opposed.

Perfect.

All right, moving on to other business.

No other business.

Um as stated right now, we don't have any um future uh meetings set, but I will try to give you guys as much advanced notice as possible.

Um usually that's anywhere from a month to a week, uh, depending on the timelines and and when we get things ready, but I I will give you as much time as I possibly can.

And um you can email us at any time if you have any questions.

Great, thank you.

Thank you so much.

Can I can we I'm sorry, can we go back to the is there was there a timeline involved with the start of this project?

So maybe I believe that's what it's stated.

I was looking for that, I didn't see it.

They're supposed to get their financing wrapped up here pretty soon, like when I say pretty soon within the next couple months.

A lot of it's dependent on us getting our side of it done.

Um so I think in the fall they're supposed to start.

Is that there's still a few other approvals and such that have to happen at City Council where they have the rebuilt redevelopment commission?

So as I think once some of that financing and all of those approvals are in place, then I think it's set to start all of 2026.

Great.

Thank you.

I know from a ready standpoint to the funds have to be spent by the end of 2028.

Um so that'll um help keep this on track too.

Yeah.

Perfect.

All right.

Okay, thank you.

All right, if there's no other business, uh to have a motion to adjourn.

Second.

A motion to adjourn.

Okay, go second.

Do we have to vote on that one?

Okay.