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.