Ferdinand RDC Prepares for READI II Grant Agreement Negotiations

At the year’s final meeting of the Ferdinand Redevelopment Commission, all attention was on the progress of READI grant agreements.

The Commission heard an update on the status of the READI II agreements. Conversations continue with the Wheatley Group, the advisory firm consulting on the development project. Documentation is being prepared on phases one and two, sources and uses, and the return analysis. Funds must be fully dispersed by 2028, and the plan needs to be available so that it can be reviewed by Ernst and Young on behalf of the Indiana Economic Development Corporation.

A few years ago, modifications were made to TIF parameters that allow for the creation of residential TIF districts. Some Commission members speculated that, based on that change, the villas may be constructed quicker to generate median income. Further conversation included questions about whether or not some additional TIF funds could be allocated to the schools. Questions were raised about which areas of infrastructure should and should not be assisted with TIF.

The development will increase certain costs, such as service from the police, fire, and street departments. Police should be a fixed cost, unless there is need to add another patrolman. The new streets will require maintenance, and it is expected that the town would extend trash pickup to the new neighborhood. This is estimated to add an additional day of trash service. The Commission stressed that all of these expenses needed to be kept in mind when negotiating the percentage coming out of the TIF.

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

- Drew Hasselbring