Vandenberg County Redevelopment Commission Meeting July 15, 2026: Old Farm Reserve TIF and Bond Approvals
Vandenberg County Redevelopment Commission Meeting: July 15, 2026
The Vandenberg County Redevelopment Commission met on July 15, 2026, to consider the Old Farm Reserve development project, a mixed-use development on 110 acres along University Parkway. The project includes 163 single-family lots, a 240-unit apartment complex, and 30 acres of commercial space. The meeting featured a presentation by the developer, a discussion of the incentive structure using tax increment financing (TIF), a public hearing on a residential housing development program, and votes on two resolutions. The commission approved both resolutions unanimously.
Public Comments & Testimony
- No members of the public spoke during the public hearing on the proposed residential housing development program (Agenda Item 6). The hearing was held as required for the creation of a TIF allocation area that includes single-family residential parcels.
Discussion Items
- Old Farm Reserve Development Presentation (David "Chip" Allstad, Jr.): Allstad presented the project, which sits on 110 acres near the University of Southern Indiana. The plan includes 163 residential lots, a 240-unit apartment complex, and 30 acres of commercial development. The project has already received unanimous approval from the Area Plan Commission and the County Commissioners. Allstad emphasized the importance of a J-turn intersection (rather than a traffic light) on University Parkway to maintain traffic flow, noting that the design will be similar to the well-regarded J-turn on Highway 41 north of Hillsdale.
- Bond and TIF Structure (Brad Bingham, Barnes & Thornburg): Bingham explained the incentive structure: an economic development revenue bond secured solely by the project's TIF revenues. The developer will purchase the bonds (making them non-recourse to the county) and will be reimbursed as public infrastructure improvements (roads, sewers, J-turn) are completed and approved. To facilitate this, the 110-acre site will be carved out of the existing University Parkway Economic Development Area (EDA) into three new allocation areas (residential, multifamily, commercial). This resets the base assessment and gives the new areas a 25-year TIF life. The existing EDA currently has about five years remaining (per one board member), though municipal advisor Bob Reynolds later stated the current TIF area expires in 2037. The carve-out will not materially affect existing TIF revenues because the land is currently unimproved.
- Process Overview: The resolution before the commission (2026-VCRC-02) is the first step in a four-step process to create the new allocation areas. Subsequent steps include approval by the Plan Commission (targeted August 6), the Board of Commissioners (August), and a public hearing and tax impact statement before the RDC (early September). The County Council will consider a bond ordinance in August or September. The Economic Development Commission will also meet immediately after this RDC meeting to make a recommendation to the County Council.
- Discussion on TIF Impact: Board members noted that the project would produce new tax revenue that would otherwise not exist, and that the county's earlier investment in a sewer system (funded by the general fund) helped make the project possible. The developer's TIF bonds will be repaid only from the new increment generated by the project, protecting the county's general fund. The county general fund is expected to be reimbursed for the sewer bond by 2029, before the project's TIF begins generating revenue (2029–2030).
Key Outcomes
- Resolution 2026-VCRC-02 (Amending the Declaratory Resolution and Economic Development Plan for University Parkway EDA): Passed unanimously. This resolution authorizes the creation of three new allocation areas within the existing EDA and amends the economic development plan to allow TIF revenues to be used for debt service on the developer-financed bonds.
- Resolution 2026-VCRC-03 (Payment of Tax Increment Finance Funds): Passed unanimously. This resolution provides for the payment of TIF funds as part of the incentive structure.
- Next Steps: The project will proceed to the Plan Commission, Board of Commissioners, and then back to the RDC for a public hearing and final approval. The County Council is expected to consider a bond ordinance in August. The developer anticipates closing on the bonds and beginning construction in mid-September 2026.
Meeting Transcript
Good afternoon. Like to call all the uh board of uh Vandenberg County Redevelopment Commission um July 15, 2026 at uh 117. We're just a few minutes late getting started today, so uh I'd like to first call the meeting to order and uh we'll start with the Pledge of Allegiance. The pledge of allegiance to the flag of the United States and to the republic for which it's the end one is understanding okay. Is there an approval for the May 13, 2026 uh meeting memorandum? Uh I make a motion. Second. All in favor? Aye. Oppose, same sign, thank you. Let the record reflect we have uh three members present. Bill Nix, Dave Clark, and Jeff Hatfield. Um an error uh on our part. Everyone's here except the people that were most important to the process, although we have talked about this project for for a long time. So it's just for the public's uh education. There's been a lot of back and forth on the project, but we we lined everyone up. There's probably 20 here, and uh somehow or another we didn't get it on the most important five members, but fortunately all of them or three of them are here. We have a quorum. So let the record reflect that. Okay, we'll get started uh uh old farm reserve development presentation. Start off or first of all, if you would uh name and address for the record, please. Sure. David Allstad Jr. Uh go by Chip. I live at 12825 Apache Pass, Hankinsville, Indiana, 4772. So thanks for having me here today. Uh obviously been here quite a few times over the past few months. Uh we're in a process of developing uh 110 acres uh on University Parkway close to USI. Uh we've got roughly 70 acres uh that are intended for residential homes, 10 acres that will be used for multi-family, 240 unit apartment complex, and we've got about 30 acres of commercial development as well that'll be up front on the parkway. Um if you wouldn't mind if if you can maybe click through some slides. So on that previous slide there, we've got shooting for 163 residential lots, again the 240 apartments. Okay. You'll see here obviously the area on our left represents the residential area, the kind of light green area on the on the top there to the north. That will be the lot uh for the 240 uh apartment units, and then obviously the darker green space is the commercial commercial lots up front. Okay, you can go ahead. Okay. So this just represents the multifamily uh these renderings. You know, we're still working through some of the you know some of the designs on that, uh, but we've been pretty heavily involved in that. Um we're to the point that uh we should have drawings together here real soon. So we've been spending a lot of time getting our designs and layout the way we want them, and it won't be long we'll be able to go out to bid for this here. Okay. So this here, this is and this is really close, but this is the layout on the multifamily for the apartments. Um the area to the to the right is the rosner. Um right now Rosner comes straight through. We are looking at um reworking the roadway. Uh we have to get that approved yet, but in a perfect world, we're able to kind of reroute Rosner around the multifamily to keep all the buildings uh within the same, you know, on the same side of the road. And then on the bottom side of this page is the new roadway that that we will be installing. It'll be kind of the main roadway that runs through the property from east to west. Okay. That's it.
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