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.

Okay.

Any questions for the board?

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

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

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

Been approved.

And it's been approved.

Unanimously, right, Chip?

Yes.

Yeah.

So that they had a very substantial rezoning.

Not really rezoning.

There was a use and development commitment that they had to amend was pretty arduous task, and they got it done.

Meetings with neighbors and got a unanimous vote.

And County Council has been made aware of the project.

Yep.

Has there been any presentation to them or any information sent off to the county council?

There's been discussions.

There hasn't been a formal presentation.

Because there's there's not a tax phase in with this.

Right.

Okay.

Thank you.

Any other questions from the board?

Council, do we want to address the bond at the same time?

Yeah, the J turn yesterday, the design of there's some engineering questions early on, Chip.

Probably didn't want to hear that they've worked through on the other.

But it was approved by the Commission.

No, no, it's not.

Yeah, these are it's a complex development.

So as Craig pointed out, that was on the agenda improved.

So there's been as as requested by this redevelopment commission.

I don't know, Brad, we've been on this for six months at least or more.

Probably longer than that for you, Chip.

Oh, yeah, we're we're well over a year.

So yes, to answer your questions, there's been uh uh two different units of government that have approved this.

And I'm I'm happy to see the J turns too.

I think it's that's that's huge for a project like this.

It's it it's kind of sets the pace for what happens uh as we develop now or as if things get developed or when they get developed down the road and so we talked about that a little bit yesterday because that's when we came in for our approval.

And you know, obviously I've grown up on the West Side, and that was like my number one thing coming into this, it was just personally I didn't want to see a stoplight on the parkway.

You know, the traffic moves you know nicely down through there.

So I was happy as well that we were able to get it worked out for J turn.

And this will be one more like Highway 41 north, not like the one on 41 south, right?

And our turf.

You go north to to to head south, you I mean you basically just go up an eighth of a mile or so a quarter, and then you're but it's a better designed one consistent with is it Hillsdale?

I get the Hillsdale is where that's the first one.

Hillsdale 41 North.

I think everyone has gotten pretty comfortable with that one.

The South side one's a little trickier.

Oh, the light.

So Hillsdale, you know, I I take that uh every day.

Yep.

So what is people have a negative view of that?

Or okay.

There are J turns on on Hills uh north of Hillsdale and south of Hillsdale that basically the same principles what we're what we're trying to keep down here, is that basically you got long side lines.

You don't have long sight lines on the South 41 one.

Right.

And it's tighter, and you you just don't have the sight lines.

You will have the even better sight lines on this one.

So good.

Do we want to address the bond at this time now?

Sure.

Good afternoon.

Brad Bingham with uh Barnes and Thornburg.

Uh now that you've kind of heard about the project, which as Mike mentioned, it's uh been discussed for a while now.

Um wanted to explain a little more about the timetable, the actions, kind of what's being asked here, the purposes of the meeting and so forth.

Um as Mike alluded to, the Board of Commissioners actually approved the particular development and the incentive package at its May 26th meeting.

There's an approval of a memorandum of an understanding about uh how how this would move forward.

So that that has occurred.

County council will occur as part of this process.

That'll happen, we're anticipating at their August meeting for a particular part of this.

But I again I think what I'm envisioning is a similar kind of presentation explanation about the project and the incentive structure uh at the county council meeting.

I have a question.

What what will the county council be voting on?

Their rule will be to approve, uh they would adopt or consider adoption of a bond ordinance.

So the way the incentive is being structured to the developer is an economic development revenue bond secured solely by their project's TIFF.

And the county council as a fiscal body has to be the authorizing entity.

Board of Commissioners can't can't do that in a county context.

So uh we would anticipate introducing that bond ordinance in August with final consideration at their next meeting, I think in either late August or early September.

So we're authorizing the bond.

No.

No.

Let me just maybe step back for a second.

Uh kind of explain the different roles here, because we are trying to do a lot of different things uh simultaneously.

So first of all, uh this property is in the existing University Parkway economic development area, the entirety of which is its own existing allocation area.

This process and what is before you today is a resolution that will amend that original declaratory resolution for University Parkway to carve out that 110 acres and create three new separate allocation areas, still within the EDA, but new allocationaries.

And that's really how you capture TIFF revenue.

At a subsequent meeting, not not today, but once we get through the entire process to create those new allocation areas, you would adopt or consider adoption of a resolution pledging TIFF from those new areas to the bonds authorized by the county.

That's that's your role in this is to create the new allocation areas and to pledge the TIFF to the county's bonds.

There's just two different statutes that we have to follow to kind of make this work.

Sure.

So how does that affect the remaining area of the great question?

Uh so the answer is it really doesn't.

And Bob Reynolds, I should mention it with London Whitty Group is here as well.

They're the county's municipal advisor.

He can talk more about specific impacts.

But what happens is when you take that 110 acres out of the existing area, it will reset the base assessment date for the 110 acres, and then it will get a new, that just that 110 acres will get a new 25-year life from the date any bonds are issued payable from that area.

Because there's really nothing there at this point, you're not losing anything by resetting the base value.

I mean, it might be a Bob, I don't know if you want to venture a guess, but it might be a few thousand bucks, but it's not it's not material.

It's not anything that you are going to notice overall.

Is that the only reason why they were carved out?

There's two reasons you carve it out.

One is to is to reset the base because you want you want to reset the clock.

Because right now your existing area is going to end, again, I don't know the date, but I just know it ends sometime before uh 25 years from now.

So that Bob, do you know off the top of your head when it ends up?

Five years.

So it's going to end.

So that's the main reason you you you create new allocation areas to get a new life.

The other is that the way these incentives are structured is that the developer only gets an incentive if it actually completes the project.

In other words, that's all that their incentive is to procure by is their project TIFF.

You don't want the TIFF from the remaining University Parkway allocation area to be sucked up and used to pay debt service on their bonds.

It's a way to isolate and make this a non-recourse uh instrument, essentially.

So they're going to acquire these bonds and they are only going to be paid from the TIFF that they produce.

They don't produce anything.

There is no TIFF to repay bonds that they have purchased.

So moving forward, since the original area is 20 years old.

Will it make sense to carve out in the future for other people?

I think those would be, you know, you'd have to consider it, you know, a case-by-case basis, depending on the level of investment, what is being considered.

You always want to look at what is the impact.

It's just you're asking about.

If you were talking about a parcel that there's a a lot of a captured increment, and then you carve that out, that that could have a negative impact on uh the remaining University Parkway revenues.

Um that's just something you want to consider uh you know on a case-by-case basis.

I think here, knowing where this is at, it's unimproved ground.

I think it's a pretty easy analysis to say there's not there's not really a negative financial impact to to carve this out as its own.

And I think we've had this discussion about our mind, this was a negotiated process.

They had experts, they had uh they had their Bob in the room, and they we went you know, there was council involved on the other side, and we went through a lot of different scenarios to arrive at this one.

And this was the Jeff, I don't think it's wrong to say this was the win-win solution, win for the taxpayers of Antwerp County and a win for the developer.

So there's two differences between what we're doing here and what RDC has done up till now.

We're carving out an area.

And the owners are buying the bonds.

We're not putting them out for sale.

That's exactly right.

Because the bonds themselves, because they're only secured by this project's TIFF, which is speculative, because nothing's been completed, they're unmarketable without some other credit enhancement, which, again, as Mike mentioned, we've talked and thought about different things, and the answer is the county didn't want to put its credit behind these bonds.

I mean, that's what you would need to make them marketable.

Now, the developer could choose to put its credit behind the bonds to try to sell them to a third-party bank or an investor, which that could be.

Is that allowed here?

That is allowed.

Yeah, it is allowed, and that could happen, but understand there it's very speculative right now because until the projects are completed and assessed, you don't really know well, what is the repayment stream?

What's that look like?

And so that's what makes it challenging in these deals, and is why you oftentimes see the developers buy their own bonds.

They take their own credit risk, is what it amounts to.

So two things.

The developers are buying the bonds.

Huge.

Previously, we talked about what normally RDC does is make real improvements with the bond money.

Is that happening here?

It essentially is.

So the way these are set up is it'll be a deemed purchase and a deemed loan, if you will, of bond proceeds to the developer.

But the way money is actually change hands is they'll actually have to go out and do the work.

Build the roads, build the water extensions.

Well, let me uh just interject.

Normally we would build a road or we would improve a road with a TIFF with TIFF money out of the property taxes.

Is there a list of improvements they must make?

There is.

Box checkoff boxes.

It's on the MOU in terms of like the overall list of what we call the public infrastructure improvements.

Uh Ryan and Chip probably have that or they have it refined.

Well, there have been hours of conversation back and forth on that, J turn being what we just talked about part of it.

Entry road?

All of it.

All of it.

Is that a private road or is that a county road?

It will eventually be a county road.

Okay.

So it will be built to county specs.

Absolutely.

And and such, you'll have a letter of credit in addition.

Correct.

Right, Chip.

For the type of construction.

John Stoll will go out there and inspect it.

And so back to the process.

So as they incur these costs and do these things, they can submit a draw request to the bond trustee saying we did one through ten.

Somebody at the county, probably John Stolles gonna have to look at that and say, yep, I agree, I agree, I agree.

And as they do that, that's going to be a deemed advancement of principal on the bonds, which we agree to use TIFF when it comes in to repay them for that.

So these these improvements will be no different than a another private person not involved in a TIF, putting in streets, drainage, letters of credit on all those things that get lifted when those improvements are made and inspected and approved.

So that process will take place.

Because the goal is for the county to take over maintenance, right?

Correct.

Okay.

Yeah, and again, the the there's three new allocation areas because there are going to be three different series of bonds.

And there's different reasons why we do it that way.

But one of the series, they want it to be tax exempt.

And to be tax exempt, the roads and the public infrastructure have to come back to the county or some governmental entity.

It has to be owned not by them, can't be owned by them to be able to do it on a tax exempt basis.

So again, as Mike said, it's we're structuring it that way to help effectively lower their cost of capital on that component.

So you your question earlier was a very good one.

Will we do another carve out of a TIFF area?

Yeah, we're running out of time.

But each time you do it, you get a new clock.

No, I mean this this one will have a new clock.

Yep, correct.

But this road, University Parkway, this TIFF is 20 years old.

But don't you think them having a project hopefully successful might breed that?

It has to.

We we just spent five million dollars on a sewer system.

Yeah, that's another story.

Um the city just did this, Jeff, so I didn't promenade.

We just went through the same process in the city where the same thing was done, a carve out was done, separate allocation area, because the road, the critical road had been built by the promenade developer, and they bought the bonds on that issue.

And so they wanted that carved out so that it didn't affect their proceeds on their bonds.

So it it so well, this is not new to the community.

It was just done, but not Vandenberg County, City of Evansville.

You were kind of involved a little bit.

It used to be yours, but it's the annexed area, its promenade.

So I just for those that are listening, you have a camera back there.

It's important to note the highway, the University Parkway has been there twenty plus years.

We tax money paid for the road.

Then the county, this RDC spent five million on a sewer system to promote growth there.

And that had to be backed by the general fund because there was no TIFF revenue to pay that bond back on that sewer system.

So I'll be interested when you get to the county council portion of what their role is.

Yeah.

Absolutely.

And just on that point, because I know you'd asked before about what is the timing of reimbursing the county general fund, and Bob Reynolds here has calculated, so there is excess being produced now.

So like this past year, I think there was a couple hundred thousand.

The projection is that that will be paid back by 2029, which is actually before TIFF from this project is even scheduled to come online just because of the way construction assessment, et cetera, happens.

It's not really projected this is going to produce new TIFF until 2029 or 2030.

So just for the public to know, this TIFF has been out there for a couple decades.

It's hardly ever produced any money to even maintain it in many ways.

And this is the first real life to produce tax revenue.

But this is a this is a very large project, and if you hadn't done the sewer and had the providence to do the sewer, probably wouldn't have this project, would we?

Okay.

So I understand the investment, its dividend is showing itself in the assuming this project succeeds.

Absolutely.

I just want to make a few more points about the agenda items and kind of why we're here and what's going on.

So you'll notice item six in the agenda is a public hearing.

One of the allocation areas, as you heard Chip earlier, there will be uh single family homes.

Whenever you want to create a TIFF area for single family or that that is derived from single family residential, there's a few extra steps you have to take.

One of which is you have to provide a 30-day notice in advance to all the overlapping tax units.

That was done.

We also published that notice, which isn't required, but we did it.

And then you have to have a public meeting at which anybody interested in that residential TIFF can share their views, provide their input.

So that's why it is on the agenda.

The resolution, as I mentioned, it creates three new allocation areas, one of which is a residential.

So that's for the 10 some odd homes that are going to be in that portion.

One allocation area is for the multifamily, and the other allocation areas for the other commercial, which is more of the potential uh hotel, uh outlaw buildings, etc.

The other thing the resolution does is it approves an amendment to the existing economic development plan for University Parkway.

And we do that because the statute requires that you kind of talk about the possible uses of TIF.

Well, in this case, you're going to use TIFF from this project to service the debt on the bonds which are being issued to finance these these various infrastructure improvements, roads, sewer, water, et cetera.

So that is why there's an amendment uh to the plan itself.

Procedurally, this is step one.

So this is the first step in the process to amend the existing University Parkway EDA.

Has to then go to Plan Commission, which we're targeting uh at its August meeting.

I think that's August 6th, is what we were contemplating.

Assuming that it's approved there, it has to go to the Board of Commissioners for their approval, which we also were contemplating would happen in August.

And if approved by both of those bodies, it comes back to you, at which point you have to schedule a public hearing, publish notice, and send out a tax impact statement.

We're contemplating that will happen in early September.

So it's a four-step process to either create a new TIFF area or to amend an existing same process either way.

This is just the first step of that.

Later today, just more of FYI, um, the economic development commission is gonna meet, which has a different role in all of this.

And it's a different body, and it's essentially charged as a fact-finding body for the county council for the fiscal body to look at potential economic development projects and to make recommendations to the fiscal body.

That meeting will occur again after this this meeting concludes.

Um, assuming all goes well there, we then have to take the uh the approval of the financing uh for the bonds to the county council, which we're again we're contemplating would happen in in August.

All these various sequences we don't think will be completed until sometime in the mid-September time frame, at which point we could proceed to issue and closing the bonds.

It's gonna be driven partly by the developer, and when they get the new uh allocation areas created, they've got to subdivide some of the parcels out there.

I know I've thrown a lot at you, and there's a lot of different things going on, but happy to entertain any questions about the process, purpose of today's meeting, or any of the uh agenda items.

Brad, there's no public hearing aspect today.

You were just describing that public hearing.

It is a it's technically in the statute, it's called a public meeting.

So at that public meeting, uh again, interested residents, taxpayers, whomever can offer their view on the residential TIF.

Do we need to call them today?

That's item six on the agenda.

So that's the next one.

Yep.

I also think it's important for anyone that's never been to a meeting like this to know that projects like this do not take money away from normal property tax monies.

This is over and above what normally would come to the general fund created by the development itself.

Without it, no money comes in.

So it is a win-win for the county's fiscal position.

I think that's important.

That's absolutely absolutely right.

So there's you know, two types of funds.

There's a max levy fund and there's a rate controlled fund.

There's there's very few rate controlled funds.

Anymore, most are max levy driven.

So as AV goes up, your rate goes down.

It doesn't produce new revenue.

So that is to your point.

If it doesn't uh if this does happen, it doesn't impact taxes.

If it if it didn't happen, uh you're not losing the county wouldn't be losing anything anyhow.

So it's it's really it loses indirectly.

Yeah.

When you have a state legislative outlook that says cities and counties are taking in less money in the coming years for a community to catch up and be able to pay for new deputy cars or road paving or any of that, they have to grow their tax base.

So when state revenues are going down, the only way cities and counties can stay up and even maintain the level of service they promised their citizens is you have to be growing.

And this TIFF, if it were it did not exist, these developers would probably not be here.

Agreed.

Yep.

Anything else at all?

That's all I have.

Brad, I push appreciate it.

Uh Bob, you have anything to add to that, or you you want to just give a just one step.

Snapshot where we're at.

The name for the Recquay TIF is set to the U.S.

I'm sorry, name name and address from the I I'm I'm Robert Reno.

I'm the LWG CPAs.

We're at 101 West Ohio in Indianapolis, Indiana.

Um there was conversation about when the TIF area is currently set to expire.

It's in 2037.

That's when the current bonds are outstanding.

It's probably my assumption would be I don't have this information in front of me, is because the TIFF pro it was existing for about 10 years until the bonds were issued, and then the expiration date starts after that date.

So that's why you kind of had that first 10 years and you still get this additional 10 years.

The other thing I would like to add was um there was the conversation about do we need to do a carve out now or before it expires.

One thing to remember is even if the allocation area expires, your EDA area is going to still be there, so your economic development area.

All the carve out does is reset the base.

So if you wait and do it after the allocation area, you're just resetting the base to that to that date in time.

So there's really no rush to do it if there's no project.

Um you really want don't want to do a carve out till you have a existing project because you reset the date for that for that uh for that date.

So, Jeff, to his point, you got more time than we than we thought.

Yeah.

Happy if there's any other questions.

Uh those are just two things that jumped out to me.

Thank you.

Thank you, Bob.

Okay.

Uh we'll we're going to head now to the number six on the agenda.

The public hearing on the proposal, proposed residential housing development program for the single family houses.

Is there anyone here in the audience to speak to this today?

Is there anyone online to speak to this?

Do we have anybody online, Rachel?

That you can tell.

Okay.

Seeing that, I guess we'll we'll move on to number seven resolution.

Uh the item item seven, resolution number two thousand twenty-six-vcrc-02 amending the declaratory resolution and economic development plan for the University Parkway Economic Development Area.

And we've got the in front of us here, and I think you guys have had a chance to look it over.

Um I guess we'll just call vote upon it.

I'll make a motion.

All in favor?

Aye.

Appose same sign.

It passes.

Okay.

On number seven, uh, moving on, resolution number two thousand twenty-six VCR-excuse me.

I'm sorry, number eight, resolution dash, resolution number two thousand twenty-six VCRC-03 for the payment of tax increment finance funds.

And you have that in front of you also.

Is there a motion?

I'll make a motion.

Second.

All in favor?

Aye.

Aye.

Appose same sign.

Thank you.

Is there any new business come before the board today?

New business.

Is there any old business to come before the board today?

Let me just say one thing.

And we did another one on East Side Burkhart Road, I think about the same time, maybe a year later.

And uh this one's taken a little bit longer to to to grow tentacles, but the other the other one on Burkhardt is you can see what's happened out there.

Now we we we uh the county put up money to build uh Cross Point Boulevard from uh from uh Lloyd Expressway to Morgan Avenue, and that was what we consider seed money, and now you can see just the the start of that and how long it's taken to get to where we're at now.

So it it's it's a positive thing when we do these.

It just takes a long time as you guys well know it's not anything that happens overnight, but it's it's forward thinking that makes these things work.

So I just wanted to add to that.

Is there any public comment?

Public business.

Just for the record, the the EDC, which has been new newly reconstituted, which Brad referred to will meet following this in uh 11 minutes.

Alfonso Vidal, Pepper Mulheran, and Troy Tornada will be serving that group, sort of a sister group to you, and you know, you got you as Brad said, you'll board together, county council.

I forgot about the APC, Brad, which we just did on the city one, so APC will be again visiting this project.

So when we come back to you, you'll have a few more hope favorable votes.

So we'll get to the agenda.

Yeah, you'll you'll get uh you will get a calendar invite by the end of the day.

We uh apologize and we are embarrassed.

I am sorry.

That's quite all right.

Yeah, appreciate all your work on it.

Like having a wedding and forgetting to invite the groom, right?

That may not be too bad.

Appreciate all your work on this, guys.

Take care.

Okay, any public comment, any public business.

Seeing that I'll entertain a motion for adjournment.

I'm you made a money.

Yes.

Yep, second.

Uh we uh motion and second, all in favor?

Both the same sign.

We are adjourned.

Everyone have a good day.