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Record of Proceedings

Vanderburgh County Redevelopment Commission Approves University Parkway TIF Resolutions on July 15, 2026

City Council — Wednesday, July 15, 2026
BodyEvansville, Indiana
SessionCity Council
DateWednesday, July 15, 2026
StatusFILED
Video Record
0:00 / 32:18

Original source
Transcript — VerbatimClick a timed line to jump · ⧉ to share it
0:00

Good afternoon.

0:01

Like to call all the uh board of uh Vandenberg County Redevelopment Commission um July 15, 2026 at uh 117.

0:09

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.

0:20

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.

0:35

Is there an approval for the May 13, 2026 uh meeting memorandum?

0:42

Uh I make a motion.

0:44

Second.

0:46

All in favor?

0:47

Aye.

0:48

Oppose, same sign, thank you.

0:49

Let the record reflect we have uh three members present.

0:53

Bill Nix, Dave Clark, and Jeff Hatfield.

0:56

Um an error uh on our part.

1:02

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.

1:10

So it's just for the public's uh education.

1:14

There's been a lot of back and forth on the project, but we we lined everyone up.

1:18

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.

1:26

We have a quorum.

1:27

So let the record reflect that.

1:30

Okay, we'll get started uh uh old farm reserve development presentation.

1:36

Start off or first of all, if you would uh name and address for the record, please.

1:48

Sure.

1:49

David Allstad Jr.

1:50

Uh go by Chip.

1:52

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

1:57

So thanks for having me here today.

1:59

Uh obviously been here quite a few times over the past few months.

2:03

Uh we're in a process of developing uh 110 acres uh on University Parkway close to USI.

2:10

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.

2:29

Um if you wouldn't mind if if you can maybe click through some slides.

2:33

So on that previous slide there, we've got shooting for 163 residential lots, again the 240 apartments.

2:43

Okay.

2:45

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.

2:58

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.

3:10

Okay, you can go ahead.

3:16

Okay.

3:19

So this just represents the multifamily uh these renderings.

3:23

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.

3:30

Um we're to the point that uh we should have drawings together here real soon.

3:36

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.

3:46

Okay.

3:52

So this here, this is and this is really close, but this is the layout on the multifamily for the apartments.

4:00

Um the area to the to the right is the rosner.

4:08

Um right now Rosner comes straight through.

4:10

We are looking at um reworking the roadway.

4:13

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.

4:25

And then on the bottom side of this page is the new roadway that that we will be installing.

4:30

It'll be kind of the main roadway that runs through the property from east to west.

4:43

Okay.

4:45

That's it.

4:45

Okay.

4:46

Any questions for the board?

4:49

Yeah, I just uh want to put it on the record that this project has gone to area plan.

4:55

It's gone to area plan, it's gone to the county commissioners, both.

5:00

It's gone to the area plan, it's gone to the county commissioners.

5:02

Been approved.

5:03

And it's been approved.

5:04

Unanimously, right, Chip?

5:06

Yes.

5:07

Yeah.

Discussion Breakdown — Share of Meeting
Economic Development█████████████████████████████████████████████85%
Procedural███████13%
Transportation Safety█2%
Summary of Proceedings

Vanderburgh County Redevelopment Commission Meeting - July 15, 2026

The Vanderburgh County Redevelopment Commission (VCRC) called its meeting to order at 1:17 PM on July 15, 2026, in Room 301 of the Civic Center Complex in Evansville, Indiana. Members present were Bill Nix (President), Dave Clark (Secretary), and Jeff Hatfield. Hobart Scales and Logan Bitter were absent. Attorneys Mike Schopmeyer and Craig Emig were also present, and a quorum was confirmed. The commission approved the prior meeting minutes, heard the Old Farm Reserve development presentation, held a public hearing with no speakers, and unanimously approved two resolutions related to the University Parkway Economic Development Area.

Approval of Minutes

  • Jeff Hatfield moved, Dave Clark seconded, and the commission unanimously approved the May 13, 2026 meeting memorandum.

Old Farm Reserve Development Presentation

  • David 'Chip' Altstadt Jr., the developer, presented Old Farm Reserve, a 110-acre project on University Parkway near USI. It includes approximately 70 acres for residential homes (163 residential lots), 10 acres for a 240-unit multi-family apartment complex, and approximately 30 acres of commercial development.
  • Jeff Hatfield noted that the project had received unanimous approval from the Area Plan Commission and the County Commissioners, and that County Council had been made aware of it, although no formal presentation had been made because the project has no tax phase-in. Mike Schopmeyer noted that the University Parkway J-turn plan was approved by the County Commissioners at their July 14 meeting.
  • Brad Bingham of Barnes & Thornburg said the County Commissioners approved the development and incentive package at their May 26 meeting. The incentive is structured as an economic development revenue bond secured solely by TIF generated by the project, with County Council serving as the authorizing fiscal body. Introduction of the bond ordinance is anticipated at the August 12 County Council meeting, with final adoption targeted for September 2.
  • Brad Bingham explained that the 110 acres sit inside the existing University Parkway EDA, which is currently its own single allocation area. Resolution No. 2026-VCRC-02 would amend the original declaratory resolution to carve out the 110 acres and create three new allocation areas: residential, multi-family, and commercial. The carve-out resets the base assessment date and gives the project a new 25-year period starting when bonds are issued. Because the area is largely unimproved, the financial impact is expected to be minimal.
  • Robert Reynolds of LWG CPAs & Advisors (identified as Robert Reno in the raw transcript) said the current University Parkway TIF area is set to expire in 2037. He said the EDA remains intact even after an allocation area expires, and a carve-out only resets the base, so there is no need to do it without a project.
  • Brad Bingham said the developer will purchase the bonds because bonds secured only by the project's future TIF are otherwise unmarketable. The developer assumes the credit risk, and the county is not putting its credit behind the bonds. The developer receives the incentive only if the project is completed, and the project's TIF is the sole source of repayment. The developer is responsible for public infrastructure improvements listed in the Memorandum of Understanding, built to county standards, with county inspection before eventual county maintenance.
  • Mike Schopmeyer said the structure was the result of negotiations and was intended to be a win-win for the developer and Vanderburgh County taxpayers. Jeff Hatfield noted this differs from prior RDC actions because the area is carved out and the developers are buying the bonds.
  • Jeff Hatfield emphasized that the project does not take funds away from normal property tax monies; it creates additional revenue above what the General Fund normally receives. He noted the University Parkway TIF is about two decades old and the RDC invested $5 million in a sewer system that was backed by the General Fund. Brad Bingham said excess TIF revenue is now being produced, and the General Fund is projected to be repaid by 2029; new TIF from this project is not expected until 2029 or 2030.
  • Robert Reynolds added that there is no rush to carve out before the current area expires because waiting only resets the base to a later date.

Public Hearing

  • Agenda item 6 was the public hearing on the Proposed Residential Housing Development Program for Single-Family Houses. For residential TIF, Indiana law required a 30-day notice to overlapping taxing units and a public meeting; notice was also published even though not required. No one in the audience or online indicated an intention to speak, so no testimony was offered.

Resolutions

  • Resolution No. 2026-VCRC-02, amending the declaratory resolution and economic development plan for the University Parkway Economic Development Area: Jeff Hatfield moved, Dave Clark seconded; approved unanimously (3-0). The resolution creates the three new allocation areas and amends the plan to describe the use of TIF for debt service on bonds financing infrastructure improvements.
  • Resolution No. 2026-VCRC-03, for the payment of tax increment finance funds: Jeff Hatfield moved, Dave Clark seconded; approved unanimously (3-0).

New Business and Old Business

  • No new business was brought before the commission.
  • In old business, Bill Nix compared the University Parkway TIF to the Burkhardt Road area, where county seed money for Cross Point Boulevard took time but has led to visible development. He said these projects are positive and forward-looking even though they take time.

Public Comment

  • No public comment was offered during the public comment period.

Key Outcomes

  • The May 13, 2026 meeting memorandum was approved unanimously.
  • The public hearing closed with no testimony.
  • Resolutions 2026-VCRC-02 and 2026-VCRC-03 were approved unanimously.
  • Next steps described: Area Plan Commission review targeted for August 6; County Commissioners review in August; a future public hearing and tax impact statement in early September; the Economic Development Commission fact-finding meeting later on July 15; County Council bond ordinance introduction on August 12 and final consideration on September 2; and bond issuance/closing targeted around mid-September.
  • The meeting adjourned at 1:49 PM.

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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