Redevelopment Commission - Regular Meeting

Thank you. Thank you. Thank you. Thank you.

I'd like to open the meeting for, what is this, August 6th, 2026. And the first item on the agenda is the public hearing for the amending declaratory resolution for the Mount Comfort Corridor Economic Development Area. So we'll open the public meeting and take public comment on that. Okay, so seeing no public comment, I'll close the public hearing and I'll entertain a motion to pass resolution number RDC-2026-8-06-1.

I'll make that motion to pass and approve resolution number RDC-2026-8-06-1. or the amending of the Declaratory Resolution of the Hancock County Development.

Second.

Okay. We have a motion and a second. We do have an expert in front of us if we have any questions. Seeing no further discussion, all those in favor say aye. Aye. Opposed the same. And that shall pass. Thank you. All right. Next on the agenda is something near and dear to my heart, the public hearing in on the recommendation to award a public-private agreement with the Hancock County Innovation and Education Center, which will operate and maintain the Career Center. I'll open that public hearing and allow public comment for that. All right, seeing no public comment, I'll close that public hearing, and I would entertain a motion to allow public comment Allow me to sign for the public-private partner agreement with the Innovation Center.

I make the motion that we pass the resolution RDC 2026-8-06-2, awarding public-private operating agreement.

Oh, this is, yeah. Yeah, that was a reconfirming resolution that we just did. I don't think there's a, this is just a, oh, you're right. Okay, all right, we got it. Oh, it was dash two, not dash one. No, you said dash two. Yeah, very good.

One number difference.

Yeah, one number difference. Dash two. Yep.

Okay, yeah, I'll second. Okay. Sorry.

Any further discussion? Seeing none, all those in favor say aye. Aye. Opposed, the same. And that operating agreement is now valid. Yeah, and Robin.

Yeah, I second it. Sorry, Cindy.

Oh, do I need to close the public hearing? I forgot to close the public hearing. I'm sorry. We'll close the public hearing on that. I will say that the students were there this morning. So some of us, we were going to go out there, but we missed because we had to finish the paperwork. But everything's up and running. And I talked to Stan, who is the director, last night. The only new thing that has come that might be a benefit to us is Ivy Tech has inquired about sharing some of the resource officer expenses during the day out there. And so that would be a blessing to the M5 board if that happens too. But very good. No, good deal. Many years of tough, hard work, and it's paying off in droves for our county right now. So next on the agenda is the Estoppel 70 Connect 3. Is anybody here can speak with that? Ms. Lee?

Oh, okay.

Okay, thank you. You're on, Scott.

Thank you, Lisa, and good morning, everyone. As Lisa mentioned, my name is Scott Ferzell, and I'm an attorney with Krieg DeBalt. Adam Broderick, president and CEO of Loft, is also on the line. So this morning, we have two documents that we're asking for your approval of. The first is an estoppel certificate, and then there's also an assignment of the economic development agreement and termination of loan agreement. Both of these relate to the 70 Connect 3 property located at 7238 West County Road 350 North. and 70 Connect 3 Partners LLC is currently in the process of selling this property to MDH F3 Acquisitions LLC, and we're scheduled to close today. I will turn it over to Adam to just give a brief history of the property and the development, and then I'll go through what these two documents request.

Sure. Thanks, Scott. So in late 2021, we commenced construction of a roughly 1 million square foot industrial building we refer to as 70 Connect 3. As part of the developer obligations, we were to commence that in 2021, and we did. We completed construction prior to December 31st of 2022, which was the second of our obligations. and have invested in excess of, I believe, $72 million with a $70,600,000 requirement as part of the EDA. As Scott mentioned, we're under contract to sell and close on the building to a new investor as soon as this afternoon with these documents released. The new investor has plans to add some additional capital investment to the property and is actively leasing the property with our assistance as well currently. Happy to answer any other questions as well.

No, and it's my understanding because I think I was in that meeting that the commissioners and the council have all been made aware of them having to

Provisioners also have to sign these and have signed these documents, so they have approved them.

Okay. Yeah, in order for them to sell this building and get this all taken care of, so...

Yeah, and so the first document we're asking for signature on is the estoppel certificate, and this is being requested in accordance with Section 810 of the loan agreement. The purpose of this certificate is to confirm the status of the existing economic development agreement and loan agreement. So in the certificate, the county and RDC are being asked to confirm that those agreements remain in effect, they've not been amended, and that there are no known uncured defaults. by the seller. The estafa also confirms the project parameters that Adam mentioned that commencement and completion requirements have been met, that the investment commitment has been satisfied, that the required infrastructure improvements have been made that were financed with the forgivable or the TIF loan that was funded with TIF on hand. and that current economic development payments, real estate taxes, and assessments have been paid. We did confirm that all real estate and economic development payments have been made through the May 10, 2026 installment. And then finally, the estoppel certificate further confirms that to the knowledge of the county entities, there's no current condition existing that would result in termination of the tax abatement, which is correct as the county council approved the CF1 earlier back in June, I think June 30th. And so the abatement is still in effect. The second document is the assignment of the economic development agreement and termination of the loan agreement. So as part of the incentive package, the county provided an enhanced tax abatement, which requires the developer, the property owner, to pay economic development payments annually. And then the RDC provided the forgivable loan in the amount of $550,000. This agreement requests the county consent to the assignment of the economic development agreement to the purchaser and the purchaser would take over the obligation to continue to make those economic development payments while the abatement remains in place. And then we are requesting the termination of the loan agreement in accordance with Section 7.1 of the loan agreement because the seller has satisfied its obligations under the loan agreement and is deemed to have repaid this loan through the property tax and economic development payments made to date. So at this time, I'm happy to answer any questions about these agreements.

So all the loan agreements have been satisfied? Correct. Okay. Very good. Any questions for them? I think it's very well put out and the explanation was very good, thank you. Seeing no questions for any of them, I would entertain a motion to allow me to sign both the estoppel certificate and the assignment of economic development agreement and termination of the loan agreement.

I'll make that motion. I'll second.

Okay. We have a motion and a second. And seeing no further discussion, all those in favor say aye. Aye. Oppose the same. And it looks like we're all set. Thank you, gentlemen. Thank you. Thank you very much.

Thank you. Thanks.

Thank you. Very good. Well, keep us moving in those areas and have us one less empty structure. I would entertain a motion to approve the minutes for the July 9th meeting.

I'll make a motion to approve the minutes for July 9th, 2026 meeting. Second.

We have a motion, a second, and a sustained.

There's a couple of dates on there that need to be changed. Okay. It says that this meeting's on August the 8th. It was on? It's on August the 6th. But Cindy's going to change it. Okay.

All right, so...

Approval, oh you mean on the Okay, okay, and that's that's Amendment as part of your motion, okay, I appreciate that so

We have a motion and a second to approve the minutes as amended to August 6th instead of August 8th on the... All those in favor say aye. Aye. I oppose the same and that that is taken care of. Thank you. So Gary, you're up next for our update.

Good morning. As Kent already said, Amplify is open today. It is open. We still expect about $2 million in the end of the billing to come through as it works through, which is less than we were anticipating, so the project is under budget. That's always good.

How much less is it? 1.5-ish.

but keep your fingers crossed. When we open it up, that's when we find the problems. Every road job I've ever built, and I think I'm clever at this, there's always a problem. But it's a better position to be in than over, that's for sure. I'll swing out there this morning if I get a chance.

On time, under budget.

Yes, to the client's expectation. You just have to say that whenever you can because it doesn't happen. One of the principles of, oh, it happens, just not all the time. 300 North is still underway. We hope to get that main closure done in a couple months. I know that's a pain for some people doing that detour there. Hopefully they're patient with us and we'll get that done as quickly as we can. It takes time, though. I have some very angry customers. I know. I'm sorry. It just takes a minute. I-70 is on track. We had a meeting on that. We still remember, as we move forward, you're going to see your cash balance build up. Remember, we're saving up for a $20 million payment, so that's why it's building up.

Have we expected when that payment will be made? Are we still targeting 2030?

Same time, 2030, 2031. Mr. Spalding has asked about accelerating that. I said our current situation, I don't think we can do that. But I don't know. You never know what grant money we might pick up. Spending is on track. So we are programmed out through 2034. Sorry, sorry, 2044 for this group. And Ann and I are going to upgrade to 2048 for the county as a whole. So our spending is on track for that. I know that sounds like a long time, but we've got to plan that long or else we get in trouble. So I know it's a long time from now, but we are on track. We covered the estoppel. We covered the operating agreement. There's a lot of bills on there. We're still repairing a bunch of roadway and stuff out there. We've got a lot of construction going on for development, and this group is paying for the repairs for that. So that's good. The airport is working on 500 north and 400 west, getting that finished up. So they're paying for all that. Outside of that, it's just a lot of asphalt and dirt are moving out there. A lot of chip and seal.

Yeah.

Well, we are on a budget. A lot of angry customers. Sorry, kids. It's going to be bony sandwiches.

We just sent a little one where we can't afford to. I would rather be paving, too. It's amazing how many people realize that a car can sneak around something, but a large truck can't. Nope.

And they're calling it. I would encourage them, if it's okay, that they can dismount if they dare, carefully, and maybe move something to make it work. It's okay to dismount. I know we say in the Army, death before dismount, but it's okay. But that's all I have. Okay. Wow, that's great. Quite a few bills this month, but it's middle of the construction season.

Well, the heavy lifting's done. The school's open for...

Well, we still got some bills to pay. Absolutely.

The heavy lift fiscally is not quite done yet.

But that's a... Oh, you'll note because Mr. Witzman's project is moving into next year instead of 2026, we're going to finish a little cash rich at the end of this year. But remember, that's a little bit of a deception because we're not spending something this year. It will get spent next year. So to add to his stuff, because you'll see, oh, we're $3.1 million ahead. We're not. They just didn't incur the expense this year.

For all our other meetings and requirements, are we still online for September to be a normal meeting date. This is a special meeting because of this.

Do you think there's any other special meetings necessary?

Not for anything I'm involved with.

I don't think for anything I'm involved with either. Okay. All right. Well, I know there's things moving around.

Oh, you know next week we'll find a reason to move something. I know. Because we just can't make life easy. I think we're still available if we have to speed something up.

But Amplify was hard work to get done. Future projects will also be hard work. Doesn't mean the work stops. Okay. That's all I have.

Thank you. Before we go into invoices though, Gary, the 300 to Mount Vernon School, was that a scheduled payment or?

Yes, that is a, that is a, they're, they're designing that. That project will happen concurrently. It's separate from the interchange project, but it is also a grant project. We're being, you're being reimbursed 80% on that. But that is a separate project that will create a roundabout. So that will be a roundabout at two west, three north. A roundabout at three west and three north. And widen all that roadway between those two. So we're starting to work. We finished six west. Now we're starting to work across the other way. So we're doing three west between six and seven. So I'm going to start piecing those together now. which was the plan from 15 years ago. So here we are, 15 years later, working on it.

Can I ask a question on 2 West? How long is this? Is that going to be now a permanent site until the interchange is done? The one that's... Milestone site? Yes. Yes. I think I go through that whole history.

They have an agreement to be out there by the end of the year. We were going to string them up on it. We're going to rack them up on their missing agreements. However, NDOT pleaded that the I-70 project would be obstructed if we did that. And in the goodness of the general public health, I-70 construction continuing on is not good. 200,000 people a day use it. So we went easy on it. But their agreement right now is to be out by the end of the year. Now, they have missed... And I'm glad this is on video. Milestone has missed three agreements with us. Regardless of what their attorneys say, they just can't get it done. Hopefully they'll get it done on this one.

Okay, so my concern is as long as you're aware if there's not a traffic hazard, we're now putting... Dozens of people on the other side of the interstate coming down 200 West, and when you come over the interstate, that entrance is at the bottom of that hill.

Any added vehicle is a traffic hazard. They've got to get the dirt out of there. They were supposed to be out of there several years ago.

But it just doesn't look safe right now. Sorry, three years ago. You would have never permanently allowed a cut right there without some type of traffic signage or something.

It's a temporary cut that's become not so temporary. All right. I know, I just thought I'd be aware, especially... Those 80% grants we get on all this stuff, the participation that we don't pay $56 million for interchange, all these things like that require some political capital, and NDOT asked us to go easy on that situation.

And they do remember things when...

They do remember things. And we've been into them for $180 million over just this area.

All right, I'm just making everybody aware of the traffic.

Yeah, hopefully, the hope is, and I do believe they, I've been beating up on them, I do believe they do really intend this time, It's not like a battered wife. I do believe this time they will actually get out of there at the end of the year.

Anyone tracking progress to have a measurable that they will?

I am. I'm taking drone photos of it like every month.

It is shrinking. There's going to be a roundabout at 3 north and 2 west.

Yes.

And we're hoping that that roundabout is closing that road the same time they close 200 west for the interchange?

That's the hope. These are two giant projects. It's like trying to park two barges in a harbor. It's going to be tricky. We're trying. Okay. It depends on contractor availability, fiscal availability, how the state is at that point. There'll be a whole new governor at that time.

I mean, there's a whole... Well, how do you get to the school if you close both intersections?

We're going to do our best. They won't close them both at the same time for the three north one, though, because they only have so many construction workers. Let's just be honest.

I won't get that many construction workers out there to do both at the same time. They close three north at nine and three north at Fourville Pike at the same time.

Those will be at separate times. Those are in separate fiscal years. Okay. So... Mary will tell you, I don't know. We're not a big enough fish for them to send that much construction. I just been lived through all that. So I'm trying to, it's going to be a pain.

I can guarantee that before we'll let December of 29 for construction and 30, it'd be a standard end out letting, which is, so it'd be done.

Yeah, it'll be done ahead. And it'll let December. I prefer December. Now remember the interchange is in dots management. They've requested be aiding with it. So they get to pick the other one. I'll pick for December.

When did your roundabout start?

Well, I had to get a contractor on board, but I'd say usually six months after that.

If we're in line with NDOT and NDOT goes, then we have the ability to be flexible with the other projects. So we may have to.

Not as much. That's your question. Your question is, can we be flexible? And my answer would be, not really.

So then they could potentially be both would be closed at the same time.

Well, if they're in separate fiscal years, I don't. Then it becomes less likely. It's trickier when they're happening at the same time. Because then I have a lot more construction activity. I have two construction activities at the same time.

Are we budgeted that we can pay for both of them?

NDOT's paying for the one that we're paying for. Yes, we are. There is an upside to that, though. When you have two large construction projects that close geographically and chronologically, you get a good price. Yeah. We'll get one contractor. We'll get a good price.

But they're held by two separate people, right? We're holding the one for the county road and NDOT's holding the contract for...

Correct. But they're going through the same system. And if they let at the same time, that will not be lost upon the constructor. They're both big enough projects. All right. I mean, a $56 million project and a $22 million project is going... All the big guys will be bidding it. Yeah, I'm sorry. I spent a lot of your money. I apologize. Oh, my God.

Okay.

I think that's what we're paying you to do. All right, you're done. You're done after that.

Thanks. All right, thank you. I have a question. Yes, sir. So Milestone has missed deadline after deadline. When they miss this deadline, or if they miss this coming deadline, what does it do to the project?

Well, at this point, they don't have I-70. So I-70 is open. So at this point... It already has affected the project. So we have to do an environmental assessment out there. So they, they went out there to do the dig the holes and check all the things. So luckily it's farmland or whatever, but now end up, now this is on end dot. So I'm having to handle all the design. We're just paying on the construction side. So end up, which we all pay taxes to now has to send out people there again to do the same work again, once it's all gone. So it's already having a fiscal impact and a timeline impact to the project. So that's already real. Those impacts are real, which I said during the meetings, they would be real. Um, Us as this group, it doesn't affect us directly. Kayla, and at this point, we're not going to cry off if they miss this agreement. And there's always a reason why they missed it, right? That it's not their fault. I get it. But the bottom line is they just didn't make the timeline. If they miss it this time, I imagine Kayla will just hit them for non-conforming construction activity. They're going to revert the zoning. and they're going to be a non-conforming thing, they'll start getting fines.

They're what?

They'll start getting fines for having a non-conforming land use zoning-wise.

Are they going to be reminded of that? Maybe that would be a good incentive for them to meet this deadline.

I've had a couple lunches and I've reminded them of that. They're well aware. Now, that said, I don't decide whether that will be the commissioner's decision on whether to enforce it because the planning commission works for the commissioners.

That cell tower that's there, is that new or has that been there the whole time? I just never noticed it. I don't know. It's been there a long time. I don't know. I saw them putting new antennas on there like a few months back.

A lot of the cell towers are getting their 5G stuff put onto them.

Okay, while you're up there, I see there's a correction on the reimbursement for the attorney fees for the planning department. that don't have TIF project connections, right? So non-TIF project. So the RDC is to... So what's this one again? Okay. The RDC is reimbursing the planning department for TIF area attorney. Correct. Well, that's your decision whether to do it or not, but yes. Yes. And so we've agreed to do that and everything. It's been addressed. But I think in the invoices, there was a discrepancy. There was some stuff put in there that wasn't. is what I'm understanding. Yeah, if there's something not TIF related, we should be discussing it. If you look, that's the new corrected amount is just involving... So Cindy, you've already addressed it? Okay. So it sounds like you've already taken care of it. We'll keep Mrs. Lee happy so she doesn't have to... Okay.

Is somebody looking over that so that... It sounds like Cindy caught it. Sounds like we caught it. And the auditor went through... Yeah.

I think the Planning Department's attorney line is being taxed quite a bit. And as these projects come in and... We have an excellent team at the auditors. It's real easy to get an obligation of $50,000 to $100,000 in attorney fees in some of these projects, which we've already been through that once with...

I wouldn't trade our auditors department for any department in the state.

We've asked her to, we're not doing, we don't want to do an act with facts.

Right.

Yes.

We need to know, right.

And they tolerate me. And if we keep on top of it too, I've talked to the commissioners about in their negotiations, they have to take into consideration, We have some skin in the game of trying to get some of these projects. So we really, they need to reimburse back, too, if we have to spend some dollars to get them to come.

You and Robin, both being on the council, have a great position to make sure that conversation is continuing. Yeah. And some stuff is just going to get by them. They're busy just like you guys.

I was told by past commissioner that's no longer in public, but that council people should not be involved in the RDC.

That's news to us, isn't it?

I believe that the elected officials can use advice from panels like this, but I do believe the council should be in charge of the purse of Hancock County, so I don't see anything inappropriate here, and I believe the commissioner should be in charge of deciding what actions are taken. That's how we've been set up for 200 years.

We just talked about $75 million worth of projects in one swoop. Okay, so you know what I'm saying. All right. So any questions for Gary on the invoices? So I would entertain a motion to approve the invoices for $1,270,634.13. I'll make the motion to approve the invoices here for the total of $1,270,634.13.

Second it.

David seconded it. We have a motion and a second. All those in favor say aye. Aye. Opposed the same. And invoices have been approved. Any further business from anybody? I think we've talked over the real important things. If no further business. Oh, Jason, please come up.

You guys were talking about meeting dates and that made me think about, you know, we have the annual TIF report that we do usually toward the end of the year. If that's something you want us to present at your next meeting in September, we'd be happy to do that. Contact, you know, FSG also participates in that. I can contact them and see if they're available September 10th meeting. Yeah, no, that'd be great. Okay. Everything online with all the, with everything that's happening with the TIF stuff? Yeah. Yeah, well, we update that and kind of, as you know, give you an update on the revenue streams and work with Gary on the cash flow so we can, now that we have 27 values that just came out a couple weeks ago, so we can update you with the most current TIF estimates. July 3rd was.

Would it be too much to ask to put some sort of map together? Just one illustration, just one sheet.

Yeah, for all the areas.

Because you always list out all the TIF districts. It would be nice to show where those are located. We're getting quite a few. And I just think it would be easier to be transparent to the public where these are at.

We can do that work with the auditor's office.

With your presentation. It would be great to have that.

We can put that as part of it. Thank you.

Thank you. Seeing no other business, I'd entertain a motion to adjourn.

Motion we adjourn. Second.

All those in favor? Aye. And we are adjourned. Thank you.