Ferdinand EDC Gives READI Grant Progress Report

The Ferdinand Economic Development Commission’s meeting on Monday night focused on READI grant submission updates related to the PIC residential development. 

The town has completed all submission steps required by the Indiana Economic Development Corporation (IEDC) checklists and has received preliminary approvals. Ferdinand’s regional Partner, the Regional Opportunity Initiative (ROI), must submit the paperwork for final approval before funds are disbursed. 

Multiple rounds of back-and-forth revisions have been completed to fine-tune numbers and documentation. It may still take a few months to receive final approvals, as preparatory work and paperwork remain ongoing. An unexpected request was added to the process about eight months ago, adding a consultant for the BOT process. This added a procurement/bid step, further delaying the timeline. The town is finalizing their BOT agreement with the developer, Progressive Investment Company. 

PIC will build and operate, then transfer infrastructure like stormwater constructions back to the town. PIC will still have to secure plat approval for the subdivision from the town before significant construction. Because of this sequence, READI funds are not needed immediately. The board reviewed the construction timing, noting that the developer expects to wait until fall to begin earthwork to allow time for the soybean harvest. The fields were planted since the developer determined that the process would not be completed by the spring or summer. 

The board noted that the Redevelopment Commission completed a short review earlier in the month and has completed the “heavy lifting,” with the TIF approved and the READI grant materials submitted. Now, the town is waiting to hear back from IEDC. 

In other business, there will be a Comprehensive Plan work session at 313 West 9th Street on Monday, August 17 at 7:00 PM. The purpose of the meeting is to assign ownership of items in the comprehensive plan to relevant responsible parties. The Planning Commission will lead the session. 
 
For more information on these and other updates, visit www.ferdinandindiana.org 
 
- Drew Hasselbring