The Carroll County Redevelopment Commission (RDC) manages property tax revenue captured in the Tax Incremental Financing (TIF) district, which is essentially Indiana Packers Corp. (IPC). The former Gray’s Turkey Farm land was purchased by RDC and the Hoosier Heartland Industrial Park was located there. RDC sold the land to the Carroll County Economic Development Corp. (EDC) for $1 and that group was tasked with development of the land.
The Carroll White REMC purchased a portion of the park for a new office, moving from downtown Delphi. Since that time, there has been no development on the property.
RDC members agreed to fund a “shell building” on the property for $4 to $5 million. RDC President Josh Plue said he has discussed the matter with RDC member Michelle Cox and believes he has the beginning of a funding plan.
The building will be 50,000 to 60,000 square feet and a developer, Dan Zuerner of Garmong Construction Services, has been retained by EDC. Adams said the plan is for EDC to own the building paid for by the RDC. He said RDC will be repaid if and when the building is sold.
“Shell buildings draw development,” Zuerner told the RDC. “This will increase the target of the industrial park.”
He said there is no developer fee, however he requested up to $50,000 for schematic engineering at the beginning.
“This is something we should do,” EDC executive director Jake Adams said.
According to financial reports provided by County Auditor Beth Myers, the grand total of all RDC funds is $5,109,563.80, which includes the fund to pay claims ($604,086.18 balance), the reserve fund ($343,427.87) and a savings account ($4,162,049.75 balance).
Plue said the strategy would be to borrow (not bond) some of the cost for the building, because the bond would cost more than the interest paid on a loan.
The recorded video of this meeting can be found on YouTube on the “Debbie Lowe” channel.
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