Ferdinand RDC Lays the Groundwork for Development

At the Ferdinand Redevelopment Commission’s August meeting, the agenda included BOT agreement adjustments, comprehensive plan updates, and potential TIF districts. 

The Commission discussed execution and included exhibits for the BOT (Build-Operate- Transfer) agreement in relation to the bond issue. The board reviewed the agreement with Tom Pitman, who confirmed that it cannot be executed until funds from the bond issuance are in place. The bond issuance is expected to be arranged in advance and not anticipated to be a major barrier. He said the primary outstanding work is the design and related materials, which is still in progress. 

Pitman said that nothing troubled him about the document itself. He did note that the current BOT agreement references plans and specifications as if they are finalized, but they are not in place yet. ROI agreed to modify the paperwork to explicitly state that plans are specifications are incomplete. With the adjusted language in place, the agreement was ready to approve and execute at the Town Council meeting. 

The current and 1-to-4-year Town Comprehensive Plan Action Items was provided to board members for review. Additional items will be reviewed in Plan Commission meetings. Ken Sicard described the process as administrative at this point, preparing for future action and completion of items. The board held a brief discussion of areas that might present other TIF possibilities and next steps to prepare for development. Members theorized about completing pre-work, or a TIF “playbook,” with descriptions of candidate areas so the Town can rapidly establish a TIF when market conditions warrant. 

The board plans to raise questions and seek guidance at the AIM IDEA conference at the end of September and to use that as an opportunity to vet TIF strategies and competitive placement of TIF boundaries. The Town will also solicit Plan Commission input and developer-facing materials so developers know their willingness to use TIF in certain areas. Sicard said, “That way we’re ready whenever that time comes to quickly step in and get it going. Also make it available to developers so that they know what we’re thinking of doing. And that might even entice somebody to come in knowing that we’re willing to go that route.” 

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

 - Drew Hasselbring