Ferdinand EDC Moves Forward on Residential Project with Revenue Bond Approval

The Ferdinand Economic Development Commission played a key role in moving the town’s new residential project forward. 

A Public Hearing was opened concerning the proposed issuance of Economic Development Revenue Bonds by the Town of Ferdinand. Daniel Collignon stated that everyone in the meeting had been present for the RDC meeting held earlier, and that this meeting would progress the earlier discussions held there. 

Representing Progressive Development Company, Attorney Marco DeLucio described a proposed residential housing development project with 66 units. The HOA-style project will be made up of both town homes and single-family residential units. As part of the financing plan, the developer described a combination of private investment, approximately $2 million in READI grant funds for infrastructure, and up to $2.9 million in revenue bonds issued by the town. 

A key feature of the proposal is its use of tax increment financing (TIF), with bonds purchased by PIC or its affiliates. Repayment would come exclusively from the additional property tax revenue generated by the new development. DeLucio emphasized that this structure poses no financial risk to the town. If the development does not produce sufficient tax revenue, the developer, rather than the town, would absorb the loss. Any surplus revenue would benefit the municipality. The project is projected to create three full-time jobs with salaries ranging from $45,000 to $65,000 by the end of 2031. 

With no other comments or questions, the public hearing was then closed. The Commission voted to approve the bond issuance with Resolution 2026-01. They also approved the EDC report outlining the project’s scope and anticipated impacts. The Commission approved a finding of facts, showing that the benefits of the project outweigh any potential negative competitive effects. They also passed Resolution 2026-02 to recommend the establishment of an economic development target area to the Town Council. 

For more information on these and other updates, visit www.ferdinandindiana.org 

 - Drew Hasselbring