Okay, I'm going to call the Vandenberg County Redevelopment Commission meeting of May 13, 2026 to order.

If we could stand for a pledge of allegiance.

Okay, I'm going to call it Venezuela County Redevelopment Commission meeting about May 13, 23.

I pledge of allegiance to the flag of the United States of America.

And to the Republic.

Okay, the roll call would be by Craig.

You do normally do that.

Okay.

Commissioner Happy.

Here.

Commissioner Nicks.

Here.

Commissioner Scales.

Here.

Commissioner Clark.

Here.

And Commissioner Pitter.

Showed him as absent.

There being four in attendance, one absent, we have a four of them.

Okay, our first order of our uh duty is to elect officers.

And I've been is this group here in its second year or third year?

Do you know?

Second for most.

Second year.

Okay, well, anyway, I've very much enjoyed being in charge of the meetings, but I do know all the members, and I do believe that we all uh respect each other and work well together.

And I just firmly believe that the other people should be president.

I don't think one person should be president every year.

So and I've talked to Hobart about it, and I've I've sent Craig an email.

So I don't want to be president because I believe someone else should get an opportunity.

And so I'd like to open that up for discussion.

Well, certainly uh, like you said, we we spoke earlier and um uh uh relayed my uh my gratitude to you and watching over the last year how you handled yourself and and helped me kind of better understand and kind of walk me through learning this body and how these proceedings go.

Um I I don't uh I uh called you with the full intention just for transparency's sake of of gauging uh Jeff on whether or not he would stay on as president because I think he's done a fine job and was kind of hoping he would say yes, but fully understand his rationale and reasoning for uh wanting to move on quite honestly, Bill.

I think that you would make a fine president, and I was kind of hoping that with Jeff uh stepping down that you uh would have some interest in filling those shoes and giving me at least another year to marinade and to take it in and um you have any thoughts on that regard.

I'm fine.

Okay, that's your cue.

I would I would uh I would move to nominate uh Mr.

Bill Nix as our next president.

Second, all those in favor say aye.

Aye.

All those opposed.

You are a president of our right.

So you go with the president, I'd like to nominate Hobart Scales as our vice president.

Second, all those in favor, I think.

All those in favor.

I posed.

I said the next item on the agenda is the number five, approval to December 10th, 2025 meeting memorandum.

Commissioners, do we need to elect a secretary?

That's a position to an officer.

Uh last year, last year Commissioner Kenny served in this role.

Wayne Kenney was secretary last year.

I nominate Dave Clark.

Is there a second?

I would second that motion.

All in favor.

Aye.

Opposed, same time.

I said, I don't want to say, okay, uh approval of December 10th, 2025, and I'm sure that's the discussion on that.

I'd move to approve.

Second.

All favor?

I follow some time.

Next on the agenda is the annual tip of the problem.

Yes.

Hi, I'm Robert Reynolds.

I'm with L WG CPAs and Advisors.

And I put together your annual cash flow projection for your TIFF revenues.

Does everyone has everyone received a copy of the full report?

So I do have paper copies with me as if you'd like one.

And I put together a short side slideshow, which ended up being 20 some slides, so I don't know if it's that short, but to kind of go over the report.

This is a presentation that's required by statute to go over prior year balances, and we just kind of add to it just kind of the projective cash flow and so forth.

Yeah.

We all have to slide all.

Copies of the report as well as the presentation.

I was going to run through.

Well, to save a tree, I did do it on two sided paper.

That's two right there.

So really from the report standpoint, this is the same basic report you've seen for years.

I tried to keep it as consistent as possible.

The one biggest change that I did make to everything is for years rolling forward, I did incorporate the property tax deductions due to SEA1.

So for a few of the proper uh for the different TIF areas, you may notice that the taxes are going down between now and 2031, and that's primarily because there's 2% property in there, so apartments, maybe ag lands, stuff like that, that are subject to that 2% floor, and because of that, they're going to be getting deductions phased in between now and 2030.

Currently, before 2026, those properties received no deductions.

Their gross assessed value, their net assessed value is always the same.

Starting this year, they're starting to see this slow phase in up to one-third of their gross assessed value will become deduct uh become there'll be a deduction, which will lower their NAV.

So in return, that would lower the amount of TIFF that you can get from those properties.

Um mostly you don't see huge impact.

The only place where there was a bit of an impact is, and we'll get into that when we go through the slides, Burkhart TIFF between now and 2030.

If we hold everything else constant, so meaning gross AV stays the same of all the properties, tax rate stays the same, it will be a 765, 765,000 loss in the area.

But again, if growth occurs between now and then, some factors change.

That that's kind of a worst-case scenario number.

Um look, I don't, but at least that is the area where you do have the most TIFF, so as far at least from a coverage standpoint, and you're not seeing any obligations and required cash flow as you'll see.

It doesn't cause any issues on meeting your cash flow obligations.

Okay, so I'll get with the slides.

Do we have copies of the slides that we got?

So I have a uh slide report as well.

So if we go to slide one, the first slide is just a short kind of walkthrough of your five different economic development areas.

You have the Burkhardt area, the Phoenix uh Commerce Center, U.S.

expanded, 41 expanded, University Parkway, and St.

Joel Industrial.

Um in the Burkhard area, it contains two allocation areas.

That's your original area and the expansion area.

Your original area, that's the one that's going to expire first, and it's going to expire during 2031.

During some because it expires during the year in 2031 to be conservative, I'm assuming your last year of revenues is going to be 2030.

And the reason I did that is because it's still a little on there's no complete guidance in statute of how it's treated if it uh expires during the middle of a year.

So for example, if it expires in February, the question that's out there for a lot of the bond attorneys and and different attorneys is if it expires in February of 2021, does that mean you still get the taxes from it that year, or does the minute expires means it's done and you get nothing else?

So to remain conservative, I assumed anything after that date, no more revenues.

That also lines up with the bonds.

So my assumption is back when those bonds were originally issued, that was kind of the idea that usually that's how you do.

Yes.

We use our percentage of development that you expect to see.

That I don't know.

I didn't calculate that.

Um but to to have 765,000 hours of additional revenues, that's that's quite a bit of development.

I mean, that's that's millions of dollars of assessment.

Um I don't know if you're gonna see that much development.

Um it's not a percent of subtract.

Okay.

Yeah, and that's a number I can run and tell you, say to to make that up.

Yeah.

It's 25% of the model, probably.

Yeah.

And the issue there is too when would that development occur?

Since there's only four years left really on the main part of the TIFF for the part that's really going to be expiring.

If let's say, for example, the development is constructed this year, first assessment date won't be the 1128, you won't get your first revenues into 29.

So really there's not a lot of wiggle room to offset that larger piece.

Because once you get past that main original area becoming expired, there's not a whole lot of revenues currently in the back end.

So it also depends where those revenues are.

If they're in the expanded area, you'd get those for a much longer period.

So I think your previous point, that's all you're fine.

I would think that's fine.

But I think probably that's the one, right?

Correct.

And you're so you can think that 2031, if that's into 2032, and that's the first requirement.

You're hitting you're hit you're hitting the that's that's the exact question that's out there.

Um, and I talked to Brad Bingham about it, and that was his suggestion was just assume it's going to end in 2030.

Because there hasn't been a lot of cases like this yet, where really over these next three to four years, we're seeing a lot of these areas start to expire, and no one knows exactly how it's going to be treated.

Um, I'm really interested to see just from a professional standpoint to see how that ends up happening.

But I I've si I've always thought the same way as you did.

So in twenty let's say in 2031 when it expires, there's been assessments, budgets, and AVs already set for that year.

I don't know how you cut it in the middle of the year.

There's no one else expecting those funds to come in.

You would almost have to set the budgets for that year, certified AVs and everything, assuming those those in that increment would never be captured, and I don't know if that's how it's gonna end up working.

I don't think so either.

Yeah, that's that's yeah.

Um other questions on that?

Sure.

Next slide, please.

So here is kind of the cat the cash flow I was speaking of for Burkhardt area.

So it and between 26 and 2030, that was really the loss I was talking about.

You see it's at 7.6 million in pay 26, and by pay 2030, I'm having it drop to 6.8 million of annual revenues per year.

That's all because of the SEA one from last year from for from that in from those impacts.

Um and the way I calculated this, I did a parcel-by-parcel analysis.

So I pulled all the parcels in the area, I looked at the parcels and see which ones are subject to it.

Calculated for each year kind of that phase in coming in to come to this number.

Um, when I allocated any loss between the base and the increment and the TIFF, I did it on the basis of NAV to increment, so that percentage pro rata, which is how it would happen as it flows through your annual TIFF neutralization forms.

So that's why I did it with that process.

Again, that to me, I think this is a kind of a worst-case scenario, but I just wanted to point out that if nothing changes today, this is kind of how it would end up looking.

Tax rates will end up going up.

And the reason that's going to happen is if you think of where NAV is at, NAV is going to drop because of SEA one.

So when NAV drops, levy stays the same or grows slightly, tax rate's gonna go up.

However, the current SEA1 statute says you are not allowed to collect increment on that additional tax, any tax increase from the law.

I'm not sure how that's gonna be implemented.

That's a very difficult calculation, but because of that, I didn't assume any uh any of that in these calculations.

I can't I kept tax rate constant.

Um I I would have guessed the DLGF will have to do that through the neutralization process somehow, um, but I'm not sure because that there's been no guidance in how they're gonna do that yet.

Um if you look on the far right side of this cash flow, you'll see that cash balance does still go up just from a project debt service standpoint, even with the falling revenues, you're more than sufficient uh to cover all of your current projects that you have planned and to pay the annual debt service.

One item I would also point out in the city Burkard area in this kind of second column which says plus additional TIFF revenues, there was a large increase in their incremental assess value because they had quite a bit of development there.

So your share of that for the next four years has gone up from 86,000 to about 455,000.

So that really helps offset these impacts from SEA one.

Any questions on the Burkhart cash flow?

This is the one where the most money and you know, most complicated.

Can I jump in with a question?

Yeah, go for it.

Um when the the Burkhard TIFF is going to expire, and uh if we assume that there's ending cash balance, if we have projects that have been approved, can that money from the expired still be applied to those?

Yeah, when it expires, the money still stays in the TIFF.

Okay.

So it still stays in the TIFF fund, it can still be used because the economic development area in itself is still going to be intact.

It's just the actual allocation area that's going to expire.

So any monies you've collected in prior years, so for example, I'm estimating in 2030 there's going to be a 15 million dollar balance in there.

Those can still be used for any projects that you may have going forward.

Next slide, please.

And this is kind of this slide kind of shows something I was kind of talking about before.

So here shows your net assessed value less base to the capture captured incremental system value.

So for pay 26, your captured incremental assess value for both the original and expanded burr card area is 445,000.

Last year that was 409,000 or million, not thousand.

So even with SEA one rolling on, you still saw quite a bit of growth in your area.

So as long as that continues, um, I I don't know if you're actually gonna ever actually realize that large loss.

It's just I was trying to be conservative on the route of saying, okay, let's just look at this if nothing happens.

Worst case scenario, you still cash flow, and I just wanted to point to show that really the purposes I'm trying to show that SEA one isn't gonna have an impact to the level that's gonna hurt your ability to operate as as a redevelopment commission and to fulfill your obligations that you currently have in that area.

Okay, 445 personal annual statement.

Yes.

Um in Burkhardt area, they do not have any personal property that they capture, it's only real estate.

Next slide.

Uh this is the outstanding debt.

Um, if you all may remember earlier this year, we did um refinance the two obligations that were outstanding.

So the only obligation you have outstanding now is the 26 bonds that was issued back last February.

PARS 12.7, annual debt surface about 2.9, and that's going to mature on 2.1 2031.

Next slide, please.

And here's just your list of projects.

I'm not going to go over every line, but I just went ahead and included here for your information.

Just a list of projects that John sent me that I included in this presentation.

And that's everything for Burkhart.

So now for the Phoenix Commerce Center, this area actually has been out created and expanded five times.

The original area is set to expire in 27.

And for the purpose of all the cash flows, you're going to see, we just go out to 27.

And that's just solely because there is not a whole lot of.

Yes.

Yep, yep.

That money will still be able to be used for any other purpose.

It's gone.

Correct.

But the loss.

Yep.

Percent of the full funds.

And if you'll be on the next slide, that's just kind of your cash flow, and that's exactly what Mike was saying.

That once this area is no longer outstanding, there will be about $5.1 million out there.

And that those monies will be able to be available to be used for any other purpose.

So any purpose, I guess, legally available for the area.

Here too.

The AV for this year was about $67 million.

If you compare that to last year, it's $63.6 million.

So your AB did grow by 3.3, just under $3.4 million for pay 26.

There was not a whole lot of SEA-1 issues here.

This area was mostly all 3% property, which is commercial industrial, which isn't subject to any changes to the SEA one.

They're outstanding in amount of $1,385, and they're going to mature on February 1st, 2029.

And there's really just three projects, the Boonville New Harmony, Hornby Lane, and Petersburg Road, are those loan payments that are paid out of this TIFF, and that's 1.186 million.

I'll point out too for Boonville, it shows a big negative number, and that's just because there's a large reimbursement to come back on that area.

And that's what's kind of offsetting that the outstanding expense.

Any questions so far?

It's just okay.

I know I'm moving a little fast.

So next is the US 41 area.

This area has three allocation areas.

The original area was expires in 2040, the enlarged area 2040 as well.

And then the third area currently has not had any debt pledged to it.

So that area does not have an expiration date.

So if you don't issue any more debt from this area, your third amended allocation area that was set up in 2007 will never expire.

A TIFF only expires 25 years from the date a bond is issued.

So here too, you're getting about 1.4 million dollars a year in TIFF revenues.

You have $400,000 of debt outstanding or debt service payments, and you have about $8 million dollars of projects over the next two years to be completed.

So currently you got a balance of $8.5 million, and after your current projects are completed in 2028 or 27, you'll have about a million dollars available a year or two with no really uh assigned purpose to date.

Um the pay 26 captured assessed value for the US 41 area.

This includes all of the that includes the original area as well as the expanded areas is $58.2 million.

I would point out this is the only area that you have that has any business personal property, um, and that's that's in part of if you look at what says as tech the Azteca area, that 41.8 million that includes that's mostly business personal property.

Um this area when you compare it to last year did grow by 11 million in captured increment when compared to prior year.

So largely excluded personal property on my real estate, which is a discount.

That I don't know.

Um usually typically it just depends on what kind of property is going to be available when you set the TIFF up.

Um so when you collect business personal property, you can't just say all taxpayers within the area were capturing business property.

You have to designate a single property or taxpayer who has business personal property.

I'm guessing this is the only area that had that had property at that time where they had a large amount of business personal property that where it was where there was a reason to designate.

You know, a lot of times if it's just small commercial places, restaurants, there's just not much there, so usually people don't designate it because there's not much to be captured, especially once you start running depreciation and everything, it there's just not a lot there, so it's usually only large industrial places like that.

Yeah, I mean, I think they said it at 95, but I think that's exactly right because they do it with the STECO and it's not a I I think retail interesting bond for retail.

I mean, you think about Burkhardt it's all restaurants and restaurants, and so that Costco.

Now, but when it was set up.

But Costco, a lot of that is just inventory, so that's not something you're gonna capture on the purpose of an assessment.

It's making a manufacturer, yep.

Manufacturing investment.

I think this is the main one that has a large manufacturing base.

Um, there's a bond outstanding, and that's gonna pay off in 2040, and it's outstanding about an amount of 4.6 million.

Um, next area is the University Park area that was created in 2007.

The original area is going to expire in 2037, and there's an expanded area that was created in 2019, which does not currently have an expiration date, so it'll be 25 years from whenever uh a bond is issued.

Um the cash flow here, this one's a little different than all the other cash flows.

So I I included the TIFF revenues, less outstanding bonds, um, and that comes to an amount available for projects.

There's no projects dedicated to this area, but um, as a there was when the bonds were originally issued.

I know this was a conversation we've had in the past that for the first couple years when those bonds were issued, there wasn't enough TIFF to pay for the bonds.

So the general fund was used to offset that.

Payment starting last year, debt service was paid from TIFF, and part of that amount was paid back, but as of today, there's still about $510,000 to be paid back.

So this, what I'm doing with this cash flow, I'm assuming any of revenue available post debt service will be used and dedicated towards paying back that $510,000.

Under the current tax rates and assessments, that would be paid off in about 2028 during the first installment.

Um here too.

They've seen some growth, um, not as much as the other areas, but uh for this year your your uh incremental assessed value is 28.2 million, last year is 25.5 million, so it grew by 2.7 million, which is why you're now starting to see those extra revenues available to start paying back those prior uh bonds or the the the paying back the general fund for the prior loans.

There's no projects currently scheduled in this area, and there is the one bond outstanding that was issued that's the outstanding principle is 3.3 million, and it's scheduled to mature in 2038.

The final area is the St.

Joe Industrial EDA, which was created in 2020.

There's been no debt issued against this area um so there's no expiration date it was also expanded in 2022 it's currently generating about 443 thousand dollars a year and um as of right now there's no projects really allocated to this area or debt outstanding so that amount's just kind of growing in the fund um to start the year the fund there was a fund balance of 322 thousand dollars in that fund.

This area has an incremental AV of 20.5 million um last year it was only 9.3 million so it grew by 11.2 million this year um and as I said what stated prior there's no bonds outstanding so that's really the update on all your areas um I I think really what the meat and potatoes here is even with property tax changes that we've seen to date um as far as from an incremental assessed value standpoint you see you you're still seeing them grow and that doesn't surprise me as far from a TIFS standpoint because usually a TIFF is commercial industrial retail stuff like that which isn't really subject to those to the new laws um unless you're collecting something from like apartments and stuff like that which is really what you have in the Burkart area which is part of the a lot of the Burkart area so that's why you're seeing a little bit of loss there.

But I'm happy to say questions that that was kind of a lot really fast.

I just want to say that the district area of the county road systems government seems to be well making good decisions because a lot of areas are not going to say from our standpoint of the people like this just kind of something to work with the track row and if you can appropriate areas that really well in terms of you know the infrastructure we have on top of the fact that I'm glad we didn't spend last year.

I thought I really think we didn't pre-ground and if we built this year great because there was a rebuttal over the last 10 years of spin.

So I personally think we're doing well and people are going to be a moment the unappropriated area of the county which is the areas in which you are probably have good infrastructure and I think all these projects absolutely which just shows that these dollars are going to be are being used for what they're meant to be and that's for infrastructure and funding items just like that.

Perfect that's kind of we compare say with a TIP could do or animal county or another sort of balances I would say I mean from a balance standpoint you're in you're in tremendous shape.

I don't know I I I don't work with those places so I can't really compare um you're the largest county that I personally work with but a redevelopment commission I don't even know if it matters your size at the end of the day it's it's just money coming in that's meant to be spent on projects and you you have plans.

You have funding available to fund your project you don't have lots of debt coming out that that's unfunded so I I think from a financial standpoint you're in tremendous shape um you you you know what you want to do you know where you're going and you have a map to get there.

Well I just want to are there anything that you see on the number of if there was I would let you know.

No you're on this is you're one of my easier clients when it comes to this report because your your balances in good shape you you actually fund your projects I'm not looking at in seeing in year two a huge negative or anything um you you're in very good shape when it comes to all those questions those items.

You know getting back to what the vision of this development is and I think you talked about this with a good stewardship of the resources that we have a black and white perspective of the uh not a motion but uh things we want to accomplish our job is to look at it in terms of how we can creating a revenue makership once done and so I was happy to see that even though you know we're up against it a little bit um we stopped for a while and I'm not saying all those projects weren't necessary I'm just saying that at times that we have to stop and look and let things catch up to us for instance of the university parkway and then the uh smaller ones we start considering to have an environment St.

Joe.

Yeah and I would add to it too over the last oh sorry I didn't mean to cut you off so over the last six years you've seen costs of these projects go up so much too so it wasn't a bad time to kind of slow things down let your balances fill up back up and wait for that to kind of come back down costs are still high but it at least it's allowed you to kind of understand where the market's going and and what these cars costs are going to do because I know I've seen a lot of these kind of projects where you have a budget then you bid it out and next thing you know you're 75% over and you're trying to figure out what to do.

So the extra cash helps and uh you everyone has a copy of the report my email's in the the slide so if you have any questions you know looking at this trying to go to sleep one night always feel free to send me an email give me a call.

I think we'll have to map I think if we had one last okay one step yeah I can get a map it's not you have to where they're all apps uh yep yep that's not a problem thank you.

Okay.

Yes this is the uh annual letter by uh June 15th we have to notify the um concurrent taxing districts uh that are listed as exhibit B to the letter whether or not we are going to be sharing any of uh the captured excess value excess asset assessed value um despite the positive report that we just had I'm sorry to report that we do not have any excess value to uh to pass through um so the letter just says that I'd ask for a uh after discussion I'd ask for a motion to approve that so that we can get those sent out by June 15th.

It's my understanding there's a new change in the law that if we don't send those letters then they will automatically get a default of uh five percent uh we'll get passed through so to be clear we're saying letters saying we're not sharing yes that's exactly it right if we send a letter and saying we're sharing none of what he says no no no no overstating on the project yeah because what I would what I said is for your current projects you have plenty of fun.

I I think as you know, you have a lot more infrastructure projects out there that we could add to this that we're just not adding at this time, but we need this extra increment to be able to add some of those extra projects.

Uh all of the same side.

Okay.

Next on the agenda.

Resolution for 2026 as we see our C past year on the concerning the 2027 budget representation.

The US Highway on STEC and TLP, the University Parkway to it, and the same development question, too.

This is the uh resolution that approves the pass-through letters and the determinations that are legally required um to uh determine that there's not going to be a pass through.

So uh this says that you received the report, you've looked at your budgets and you've determined uh that there's no excess value uh to share with the concurrent taxing uh units.

So this is just the official resolution uh to support your previous action.

I would move.

Second, all in favor, uh, change on my standard.

Thanks, Mr.

Jenny Economic Development Agreement, the network and any possibility for the LCD for the last account of one.

Speaking of not spinning, but sure.

We're in the middle of uh I think everyone knows.

Thank you.

I think most people know we're in the midst of working with what's listed here is flats on old farms development on the university, finally do a large project out there, and this is the economic development agreement that we've entered with them where they reimburse for the fees, the costs.

Um we're certainly heavily engaged with Bob and and uh they've retained STIFL on their side, and the project is uh moving along.

The commissioners signed you know, as requested the commissioners have signed off on this, but it really needs to be signed off on as well by the redevelopment commission.

So you see it was entered a few months ago back in February.

You have a med since then, but we want uh this to be ratified.

So when we enter into a project, there's an economic development agreement up front, and and that this has been in place for a while, but we want you to ratify it because technically the funds, as we've discussed with many of you will probably be coming back to you in the way of a TIFF bond.

So the council's looked at it, absolutely, they're heavily involved, and they they will enter you know per your recommendation, former commissioner Abfield and Nix, they they will enter an MOU before we bring this back to you with the more details.

But all this is the agreement that says this developer is gonna pay for all the work that Bob, our firm, you know, uh Barnes and Thornberg's doing, which is a lot of work.

It's a complex project, it's it's up.

Well, it is it will be one of the biggest projects done in potentially in Vanderburgh County in uh this tax year.

It's magnitude just keeps growing.

Um, and so we'll have more for you.

Um, we have a meeting this afternoon, but again, the commissioners will enter um uh an MOU that we'll deliver to you, probably it could be certainly I think will be before the end of July.

It's targeted to be approved or to be presented to the commissioners at their May 26th meeting.

Um so it would be available for your review after any time after that.

I think we may be even penciling today without your approval, of course.

For the 9th, June 9th.

If I look and see if that now it's pretty aggressive, but um the commissioners will have voted on it as you recommended, they'll voted on lots of the details so that you have hopefully a unanimous vote.

So Mr.

Schottmeyer, as this is discussed, have any tax abatements been discussed once the project's done, will they immediately start paying taxes on that for reimbursement, or is there like a reduction for so many years?

We've tried to keep the tax uh phase in.

I don't like to use the word abatement because there's no abatement.

Uh there uh it at this point it's not in the project, but I find those things sometimes creep in after uh it is received uh uh ready to funds to the tune of about five million, so the state has stepped in with uh substantial funding, um it would be an unusual um a little bit unusual bond arrangement, primarily driven by their tax uh needs, and so it'll have a probably likely have a delayed fuse on it for when that's their desire really more than anything.

So uh Barnes and Thornburg is designing it as we speak.

We have some preliminary documents, but again, the commissioners will vote on it before it's brought to you, so and that's that was kind of your wishes.

Yeah, you know, I wanted to explain today, so we have a lot of us came in a year and a half ago.

Um I thought we had agreed that it could be changed and you don't validate it, but we felt like that we felt that commission's role was to look at things for on a financial point of view, and the speakers showers, yeah, and council.

They should be saying, we let this area grow, we want this done, and talk about it publicly, you know, we'll hold it publicly.

And then our role is just to look at things initially and say that'll work or not.

And that grew out of my own experience as a commissioner.

I just felt like they are on the ballot, they're elected, right?

And there's other than the commissioners and council.

We're not, there's no questions to us.

So I've got like the office holders who are for ballots, they decide how they want their review, our to grow.

So that's what I'm a hundred percent on the board for that conversation that I had before taking positioning.

I didn't want to be part of that.

Um, just overseeing so absolutely.

But uh what is it?

As you well know, we get a lot of these questions.

So it's good to have the answers.

Yeah.

All right.

Yeah.

So we do what do your question, you know, my light bulb finally turned on.

Probably not tax phase in, because they're probably going to buy the bonds, which is the ideal scenario.

Right.

So, right, Bob.

So, uh in that case, you you really understand you don't want the tax phase in because you're on both sides of it.

You're getting the funds up front, but you also want the debt paid off quicker.

Right.

So, I've said that before, and then they come back and bits come in as Bob said, or something happens and they add tax phase in on top, but I I don't think that's gonna be in the mix.

We will know more in about two hours.

Oh, but we're not seeing you're not staying.

No, you don't want it's yeah, they're they're yeah, it's some they even bore Bob.

Like uh there was a trigger, I think you're talking about the same way to have the LA.

How would that look at the point, because in other words, if you get it started, you start getting the financial problems we can't manage.

Is there some way the county's covered are this mission's code?

We are and and I forbid, I'm just yeah the most important part will be this development w was on the books for whatever 10-15 years ago you would know.

And so we would have roads we would have access points would definitely have an apartment complex because it's on the front side.

It's going to go pretty quickly which they have to do to get five million dollars of state money.

So I think to your question the worst case scenario would be you have all that infrastructure including sewers including water and an apartment complex.

Is there the disparity here in where I statements talk about the dissipated that's going to be 62 dollars of the write in on page two with the ETA essentially in this agreement of admitting to a minimum of 1862 backward house you know I left that blank form to put in and as of last week it's closer to a hundred and some million just so you know I would add to the last question too the question of he's better at this.

If the development was to not occur right you you've gone in you've issued the bonds you have the economic development agreement and they start putting things in the ground you get 80% down the right down the road and there's a huge uh recession or something happens kind of like we saw back in 2009 and the development's never never completed the the the good thing about the way this has been negotiated and is being handled the only pledge of revenue the county has in this is the TIFF revenues generated from the project.

So if the project doesn't occur there's no TIFF revenue there's nothing to pay.

So the county's not on the hook for anything it solely puts that in the the the performance in the end of the developer.

So outside of having kind of like Mike said you have all this infrastructure in the ground you may have roads in place to nowhere outside of that there's no real the the there's no risk to the county so far cost uh up to now that's pretty well yep that's part of that economic development agreement well uh there have been substantial legal accounting and other fees which we would expect on some yeah which were out uh uh would which you know the next month we'll start moving on so that it may we talk to them about it it's uh I mean it appears to be there appears to be a really uh a really good project we we see here's our problem University Parkway is doing a lot that we're finding on behalf of the county and work we do for private it's the undulation of the land out there there are just very few spots in which to build and then you get into what I call the estate area up there where people are just gonna buy there is land because there's multi-million dollar flew in over there yesterday and there's there's some mansions out there you know and then they're just not they're they're gonna it's gonna be hard to develop university in a lot of spots.

Some places there were beings we just don't see on the east side yeah and then the other thing I I did look into I think it was brought up is that lift station's got plenty of capacity to grow no or in any direction so that's that's a good thing.

It was built the way over capacity, which is which is weird thing for this project and project's in the future channel and it connects dime and the spice swipe, which is critical yeah.

Just for again for Dave's benefit.

But back in December, our last meeting, I think this was noted in in the the minutes that we passed earlier.

We did uh approve a relationship with Barnes and Thornburg to and with you guys in order to fund some of these.

I think the Barnes and Thornburg was estimated between 20 and 35,000 in legal services, something like that.

So it was a pretty good amount.

And so they're going to be providing, which it sounds like we're getting ready to come to the end of it, uh a good amount of legal and maybe we're in the middle.

But the really important part is they brought stiffle and who's our technical programming account.

So K.

Okay, so that really shows their seriousness.

And they're now their skin, and with transactions, all of us have done deals.

When you start to see it work through the tax issues, like we want this here, that's usually a good science for that they're serious.

We got a good chance of closing.

And I know my fee is to pay part, I believe it's an economic development agreement.

It comes from the developer.

So you will not pay that.

That doesn't come out of TIF, it doesn't come out of the redevelopment commission, it comes at closing from the developer.

And I believe Barnes is the same way, isn't he?

So far, yeah.

But I technically have a lot, well, that's what this agreement is.

It's probably well, that'll reimburse for that.

Maybe just it is uh uh spendable on it.

It's not having any information, we have a motion to make everybody saying some some say about it, which is good.

I have done some research, shot I thought, and uh, just numbers.

Um, I had more conversations.

So uh yeah, I I have a lot of time on already, but there's something else we could give me a little info as well.

Just for the record, Dave and I were on the inventory development commission for a long time.

We were on the project we're looking out the window at 2009.

We go back to 19 when that project stopped going.

And then we also work on the which was uh an interesting project too.

Yeah.

And I was kind of commissioner three's uh first the first step of this in 2007.

Yeah, that's right.

That would about it.

No, there's too much.

Of course, this is moving on a lot further, but I don't think they had any intention working this at all.

This district's not he spent a lot of money.

Uh but it just never got there was never a shovel cramp.

That's the uh problem.

I mean, it's all I think the way to get a question.

Do we need a motion on that?

Yeah, that's totally.

I think it was there's a couple seconds.

Is there any new business?

More s more so just a question if you'd allow Mr.

President, uh, just a question out to maybe some of those who are in the know.

I know that there's gonna be some substantial development there on US 41 and Petersburg Road with the um the building of a large uh distribu distribution plan out there, and I'm assuming at some point they're gonna come knocking on our door.

I didn't know if anyone had any any indication that that's going to happen or any.

Okay.

Fair enough.

Any other new business?

Is there any older business to take care of?

Not to be uh keep pounding away here, but just for my own I know, I know.

We we and and I I don't recall you uh mentioning this, but I just wanted to uh to come back to it.

Uh I think in our December, it may have been our November meeting, we talked about the bond refinancing on a bond that was coming due in fourth quarter twenty-five, and then we were kind of holding because we knew we had another bond reissuing so we were gonna have to do, or or bond refinancing that we could do in the first part of this year.

Yeah, and I I was having trouble recalling if when we made the motion to approve those, if we were making the motion to approve the idea of moving forward with it or if we did it and it's been done or what the status of it is.

So the bonds have been refinanced.

That closed last February.

And I think the other bond that you're talking about is actually this project that we were discussing.

Because at that time we weren't sure how everything was gonna materialize we didn't there was an idea of maybe upfront money are they gonna want a developer bond over time and I I I think that's the second bond that you're kind of that that you're recalling and and as we kind of just discussed what happened is as we've worked with with this group we we find out that they want a developer bond over time.

They didn't want the upfront money.

Thank you.

Yep.

And I'll just say we should just shop on each the upper HR we could just comment on that one second all over