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Ferdinand Town Council Advances Ironwood TIF Project
As storm clouds threatened outside, the Ferdinand Town Council met in special session on
Monday night to move forward with the town’s new TIF district.
The special meeting agenda focused on the steps necessary for the establishment of the
Ironwood Residential Economic Development Area as a TIF district and issuance of a bond.
Before continuing with the evening’s business, the board held a moment of silence to honor the
life and memory of Margaret (Margie) Rue. President Kenneth Sicard said, “She was the mother
of Stan, Karen, Connie, and Paul. And her family's foundation has been a tremendous supporter
for the town and the Ferdinand community.”
In the first item of business, the Council approved Bond Ordinance 2026-08. Attorney Tom
Pitman was on hand to provide explanation and to ensure that legal requirements for the
evening’s actions were fulfilled. Pitman explained that, through the ordinance, the town
authorizes the issuance of TIF bonds to provide a financial incentive for Progressive Investment
Company. It authorizes up to $2.9 million in bonds with a maximum term of 20 years. The
ordinance also specifies a 5% maximum interest rate, although no interest is expected.
The Council then passed Economic Development Target Area Ordinance 2026-09, based on the
recommendation of the Economic Development Commission. This is a technical ordinance
intended to broaden the categories of housing that can be included in a TIF.
The board also approved the Development Consultant Agreement for Greg Martz. Pitman
explained that the Ironwood TIF will include a BOT agreement, or Build-Operate-Transfer. The
BOT process is specialized and requires special consulting work. Pitman described Martz as one
of the best-known consultants in the BOT counseling world. The agreement will assist the town
with fulfilling the requirements to construct the BOT for the TIF. The contract was approved as
presented. The Council approved the additional Request for Proposal (RFP) to be advertised,
which is a mandatory part of the BOT process.
Members of the Council expressed their gratification in having taken the next steps forward in
the project. Sicard summed up his thoughts, saying, “I think this is a good step for the town of
Ferdinand and we’ll continue moving along.”
For more information on these and other updates, visit www.ferdinandindiana.org
- Drew Hasselbring