We're going to my name's Mike Schottmeyer and Craig Emmy here as attorneys for the redevelopment commission.

We're going to call to order the reconstituted meeting for the Vanderburgh County Angloic Development Commission first.

Let's start with the Pledge of Allegiance.

Pledge allegiance to the flag, the United States of America, to the Republic for which it stands.

One nation under God, indivisible with liberty and justice for all.

Let the record show all three members, Alfonso Vidal, Pepper Moheron, and Troy Tornada are present.

We need to start with an election of officers, which point we'll hand the gavel to whoever gets the dubious distinction of being the chairperson, but given that Pepper's sitting in the middle, I assume those nominations are in order, gentlemen.

I wonder if I must last one to show up.

So Alfonso, as I hear, did I hear the motion?

Is there a second, Troy?

Second.

All in favor?

Aye.

Aye.

Pepper, it really doesn't matter how you vote.

It's did you vote yes?

Let the record show 3.0 and you have the gavel.

First up is old farm reserve, and they have a short presentation.

A little bit of background.

Economic development commissions have been around since about, yeah, since about uh 1981.

Uh they used to be very, very active.

Uh Brad Bingham with Barnes and Thornburg will elaborate a lot more on them.

We just had a redevelopment committee meeting in Troy's, served in government, is an old veteran at this.

But we have uh tax increment financing, and they're sort of the godfather or godmother of that uh distribution and how that's uh taken care of in bonds uh relating to that, and they uh have issued some approvals required today for the university project.

This is a project, and and chip I'll stop.

We'll get up and describe for it more for you.

But this is a project we've been working on uh in the county and negotiating for Chip told me a year, it's been months.

We've been back and forth working on it as was illuminated in the last meeting of redevelopment commission.

Uh this is an area that the county put a lot of money in to in the expansion of University Parkway.

Troy, you probably voted on it somewhere along the way in your years of service.

And uh it's really not developed the way the example is given as cross point, where like um uh financing was provided to put in that infrastructure that's developed maybe a little faster.

This project had another life under another name, it never got off the ground.

Uh this project, the local developers have taken it, they've changed it some, they've gone through an area plan commission approval process, which was no simple task.

And uh Ted Zemer and his firm uh worked through that, and they have a unanimous approval on that.

It's been through the county commissioners who've entered into an MOU to express their broad support for the project, the redevelopment commission, uh uh just approved 3-0.

Uh uh the steps that Brad's gonna tell you about.

Uh your authority allows you to own lease, operate, you know, do some creative uh uh actions that allow for projects like this to get off the ground and then obviously eventually provide assist valuation, job growth, on and on for the benefit of the taxpayers.

So Brad, why don't you take it for there and clean up what I miss stated?

Absolutely.

Brad Bingham, Barnes and Thornburg.

Uh good afternoon.

So uh agree with what what Mike was saying.

Uh happy to kind of give a little more detail and uh explanation about the purpose of the meeting and then the field of any questions you may have.

And again, I think as Mike mentioned, uh Chip Allstott will give a presentation on the development just to kind of give you a sense of what is uh what we're talking about, what the development consists of.

So, as as Mike alluded on May 26th, the Board of Commissioners uh approved and adopted a memory of understanding at the MOU, which which essentially said they approve of the of the project, they want to see it occur, and they approved of an incentive in the form of a uh economic development revenue bond secured by TIFF and a maximum amount of 10 and a half million dollars.

And the purpose of that is really to offset the cost of all the infrastructure that's gonna be required to really develop this site.

It's a hundred and ten-acre site, it's gonna need roads, gonna need uh sewer extensions, water extensions, sidewalks, etc.

So big price tag to that to make it uh to make it uh uh developable.

Um, so the way the incentive is structured is that the county will issue economic development revenue bonds.

That is the purpose of your role is to recommend approval of that to the county council.

They will then have to consider a bond ordinance.

The redeveloped commission, as Mike alluded earlier today, took steps to formally create new, I'll just call them TIFF areas for this project site, and then that TIFF revenue from this development will be pledged to secure the bonds that you're recommending approving today.

Uh it's kind of a convoluted process, so there's different bodies that have different roles, but redeveloped commission controls TIFF, creates TIFF areas, amends If areas, etc.

Economic Development Commission really deals more with the financing, and so uh it's really it used to be used for industrial development revenue bonds where you might have a private user like a center point or vector that's wanting to finance something on a tax exempt basis, and they would have to use uh the county as a kind of issuer, but we've really taken that statute and molded it together with the TIFF statute to create really an economic development tool to make these projects uh viable uh to work.

That's really it in a nutshell.

I think Chip, if you maybe want to come up and run through your presentation, that's probably the next couple add-ons of what we're doing.

These are non-recourse bonds.

That means it doesn't put the full faith and credit of Vanderburgh County or our taxpayers on the line.

Number two, through a long negotiation process, Chip may touch on it.

They're buying the bonds.

The developer or its team or bank are buying the bonds.

We're not normally we would have to place those, and that one, it's expensive, a little more risky, and that was part of the negotiation process.

So that's very important, and it says a lot about the project, and that's two aspects of it that are real important for the those watching, but real important to you as well.

So, but they can't achieve tax exempt or the beneficial interest and other savings mechanisms, as well as the added tax from the TIFF that goes to help pay the bonds unless they have your approval.

Okay, perfect.

Hi, David Alstott Jr.

Uh, like mentioned before I go by CHIP.

I live at 12825 Apache Pass, Evansville, Indiana, 4772.

Um, so obviously we've got our slideshow up here to kind of go back over what we're doing.

We started this project, I think it was roughly spring of last year, uh, when we purchased the ground, uh, immediately after purchasing the ground.

Obviously, we've reached out to the county.

Um we've been working over a year now, you know, putting putting all this together.

As Brad mentioned, it's it's uh there's a lot to it.

You know, we've there's we've had a lot of meetings, a lot of conversations.

Uh you know, quite honestly, I've learned a lot.

But uh, you know, I feel like we've we've got it dialed in, and we you know we've got a path to make this work.

Um it's an expensive project, a lot of infrastructure, water's coming a long way.

Obviously, sewers, you know, where we, you know, where we need it to be, but you know, the water, the j turn, there's just there's a there's a lot here, and a lot of money that's gonna go into making this happen.

So we've got our slideshow here.

Um, furthest to the west, uh, we've got uh it's a total of 110 acres, and furthest to the west, we've got roughly 70 acres, uh, which will accommodate 163 residential home sites uh on the north end.

Uh, if you're familiar with the area, that would be the closest to the current Rosner Road that comes off of Hogue.

Um, but there will be 240 apartments.

There'll be seven buildings that uh make up 240 apartment units, and then to the far east, which would be closest to the parkway.

There will be a total of uh 30 acres broken into.

I don't I don't know the exact lot, how many lots that breaks down, but that's subject to change.

But there's a total of 30 acres for the commercial area.

And here's an overall map that shows that again on the left or to the west, that's your residential area, and then to the top or to the north, where you see the large lake, that that light green there, that is the roughly 10 acres for the multifamily site, and then all the way on the right or the east is the commercial development where you come in.

And then the on the right there, you will see university parkway.

So, you know, the this project sets just west of the parkway there.

Okay, this just kind of represents the residential area rendering of the uh multifamily.

Uh as I mentioned in the previous meeting, we're still working through drawings on this.

Um, you know, it's kind of a daily daily task that we're emailing going over designs and layouts and everything.

That's just showing the the site for the multifamily.

I think the next slide shows kind of a zoomed in.

Yes.

So that is that is the multi-family there.

That shows your that shows your seven buildings.

And the building all the way to the west, the kind of the northwest side, that'll be that's gonna be the clubhouse.

So we'll have the amenities, you know.

Our goal is to produce, you know, a very nice amenity area for these apartments.

So you've got a pool that you see a small rectangle there kind of sitting right on the lake.

That's gonna be the kind of the pool area there.

So uh we're looking to do golf simulator, it's it's gonna be a nice facility.

We wanted to to bring in a you know nice clientele.

Okay, and then that's just representing the commercial area there.

So that gives you an idea of you know what what we're looking to do here.

And you know, really the last, you know, the only input I want to add to is what Mike mentioned was you know, us purchasing these bonds.

Um I couldn't be, you know, any more appreciative of working with the county.

Everybody's been great to work with.

Uh if it wasn't, you know, for the the help and everything, this project there's it would it would not take place.

It does not, it does not work without you know, without the help that we've got.

With that being said, we're we're taking quite honestly.

I feel that we are absolutely taking the risk.

And as it was mentioned in the prior meeting, it's I'm very appreciative that the county's doing it because it wouldn't happen.

We would not do it without that help, but at the same time, there's really not a ton of risk for the county in in my mind.

You know, it is absolutely a win-win.

Um we have the confidence that that we're gonna make this development go and that it's gonna work, which is why we're willing to purchase the bonds, but ultimately we're the ones you know that are having to put up the money to purchase these bonds to be able to do the development, and obviously, if we do what we're supposed to do and what we say we're gonna do, then you know we will you know obviously get that money back over time, you know, through this TIFF.

So we're excited about it, and we've put a lot of a lot of work into it, and we're actually moving dirt uh right now.

If we could get some little bit of dry weather, we'd it'd be going even better.

But uh all in all, it's it's been a pretty good experience.

It's been a lot, a lot of hard work, but it it really is going well.

So a couple clarifications before we take questions from the board.

Total investment projected.

Uh overall, you're probably you're pushing 150 million.

Okay, this one's gonna be.

You know, when it's all built out between the infrastructure, the multifamily, the residential, and the commercial.

You're you're 150 million dollar project.

And then another point to understand Evansville region or the southwest Indiana region, has received the maximum in the first regional cities, ready one and ready to funds.

So 50 million, roughly 50 million, 50 million, 50 million.

They were awarded roughly 4.5 or so.

Out of that fund, as were and most of that fund and ready to and ready one has gone to house across the state of Indiana, has gone to housing because we're that's the number one issue, we're deficient on on housing.

All studies show that and so they are they are a recipient of that.

Um and I think there's maybe we got West Franklin, you've got cargas.

Um I don't know, we talked about there's at least a half dozen or a dozen in the four county area, and this is one of them, so everybody knows that the state of Indiana has also put money into this project.

The four 4.1 million, that is specifically for this project, not for the West Franklin Cargas and this one, correct?

It's specifically for this project, each of those others got varying amounts, but they got one of the larger amounts because the project is so big.

Okay, and it's specifically tied to the multifamily.

Okay.

Any questions?

Chip.

Um have you done anything with the state on the intersection at USI?

Or have they said anything about the traffic at that point?

You're asking if we've had any communications with USI in in general, uh really with the state, uh, because that's a state highway with overpass and and just I'm just curious if you've had any.

So it's my understanding that they and I don't want to.

It's my understanding that that highway has been turned back over to the county.

So we've been there the engineers from the county and this developer have been in uh a lot of discussions.

It it will be a J turn.

The no one wanted stop lights on that road.

Uh and there were a couple others looked at displaced left, but it was determined sight lines, and you know, while this is a lot of traffic, it's not going to be Burkhart Road or Cross Point.

Okay.

It started out as a state.

And again, you know, don't don't take what I'm saying, you know, as the as the as a fact, but it's my understanding I think that the highway started, it started out as a state highway, but it has since been turned over to the county.

That's correct.

I think it is a county.

I think that's a county.

I know that the intersection is state.

Okay.

And so.

Are you talking about where University Parkway and the Lloyd Expressway intersect at USI?

Have you see any because we're talking uh the entrance to this off University Parkway will have a J turn.

That was approved yesterday.

Right.

Um, and but I don't know about uh chip of approximately how far away is your development from uh the university of uh University of Southern Indiana Exchange.

You know, roughly I would guess a half a mile north of that, you know, of the last stop sign, you know, where the all f on and off ramps intersect.

I would I would guess roughly a half mile.

But to the north there.

But short answer is to answer your question, that intersection didn't come up.

Okay, so okay, we've we've been working with Cash Wagner, and I know John Stollesman.

And only reason I say that is because that has been I know that that was an issue when we first talked to you.

And I think the USI initially was uh kind of a struggle to work with, but we reached out to them early on in the process, and they were actually very receptive to the yeah, and I I think a part of it was the administration at that point was looking to bolster the housing and didn't.

And quite honestly, the initial project from years ago was a much larger project.

It it really was.

I mean, I saw the drawings that were originally presented, and it was that was one heck of a project.

So it you know, Gene retained a lot of that property.

I don't know how many acres it started out with, but obviously we're down to 110.

Right.

You know, Jean's retained a lot of it.

Is there gonna be any tax phase and ask on this?

Brad, I'll let you explain that.

It's so Brad will give you all the nuances of the financing.

So are you guys good?

Yeah.

Thanks, Chip.

Yes, thank you.

Thank you.

Uh and chip's not going anywhere.

So, so the uh the short answer to that is no, there is not tax abatement.

And that is one of the things that we looked at in in the various negotiations was: is that if the incentive took that form, would that satisfy them?

And that didn't move the needle.

So instead of doing tax phase in or abatement, there is no abatement.

They'll they'll pay taxes, which will be the project TIFF, but they'll get that back by debt service payments on the bonds.

So it's not identical, but it's very similar.

Well, I just I was kind of worried if there was any double dipping on a switch like that.

If there is abatement, there's no TIF.

I mean, we were better negotiators than that, right?

Okay.

Okay, but just had to ask.

Fair question.

Um I did want to just make a couple more points, though, about just the agenda items and kind of the purpose.

Um as you heard um uh Chip say the total investment, probably a hundred and fifty million for conservative purposes.

You'll see in the documents we reference 130 million.

We just felt that was comf comfortable.

They could uh say that.

Um they project upon full development upon completion um up to 120 new permanent full-time jobs with a total annual payroll for those new jobs of about 3.9 million.

So again, as far as um under the EDC statute, that those findings have to be made.

So that's why you'll notice in the documents the information about projected jobs, projected payroll, uh and projected total investment.

Happy to take any other questions you may have.

Thank you.

Thank you, Brad.

So the resolution in front of you is uh 26 V C E D C 01.

Um chairman, if you think it's in order, then uh you know what motion should be called for and seconded and and this is the they need to do one more thing, okay.

Yeah, I knew he would clean me up here.

Just uh again to comply with statute, need to hold a public hearing on this before taking any action just to be clear.

Uh so you want to make sure that's reflected in the minutes as well.

So, for the record, if there's anyone here remonstrating this project or the bond financing that's been referenced, um uh speak now or forever hold your peace.

Would we would we go ahead and get a recommendation and then ask for a comment?

That's kind of where I was going, but right, okay.

Uh, motion to approve resolution number 2026-B C E D C-01.

Second.

Again, uh call for any uh public commentary or remonstrators with respect to this bond financing that's been described and it's in the documents and was in the legal notice.

Let the record show there are none.

Madam Chairman, you may call the vote.

Um, so do we need to do a roll call vote or just um not necessary?

Okay, so we have the motion to move it forward.

And the second and the second, so all in favor?

I let the record show no opposition or 3-0 vote.

Any other business, Brad?

Explain to them what will happen next.

Yes, please.

One other item there.

There is a report, evaluated reports is included.

Um it was on the agenda, you don't necessarily have to vote on it, it's approved by the terms of the resolution.

But if you want to take a separate vote, I mean I'm indifferent.

Um, and then procedurally, the next step will be going to county council.

I think we're targeting August 12th, would be their meeting, and that's the introduction of the bond ordinance.

So essentially what you approved today moves on to county council.

And if they approve, um I think we're looking at maybe a late September bond closing.

That's kind of our what was the date again?

August 12th is the county council meeting we're targeting for introduction of the bond ordinance.

Do we come back on this one after the APC?

No, not for not for economic development commission.

This is their only step in this process.

You're only buying at the app on this.

If you are you voted, but just be aware you you don't come back, like redevelopment for comes back.

Others do.

So if you have any questions or concerns, um with your approval, those these bonds, as Brad said, may be issued uh in end of September.

Could be later, but that's likely.

We'll be happy to notify you what the steps are going on.

But we'll send a notice to you at the county council meeting because obviously they're you have every right to see that.

We will put that on, Rachel.

We will put that on their calendar so you're aware because they're acting on what you just said.

Okay, sounds good.

Thank you.

Good luck.

Motion for adjournment, or motion for adjournment.

Second.

We're adjourned.

Thank you.

Thank you.

Let the record show at 2 25, meeting closed.