Boone County Redevelopment Commission members discussed financing options for the 6,547 Commons project, including a possible expansion of the project's allocation area and whether to issue one bond now or two series timed to development. Bob (RDC member) presented the Baker Tilly analysis and financial options and said the commission would likely finalize plans before the August meeting.

The discussion matters because the decision affects how quickly the developer can access funds for infrastructure and when tax-increment proceeds can be used. Bob said the single up-front bond option would be “a 2 and a half million dollar bond upfront,” with “usable proceeds … about 1.8,” but warned that portions of the site along State Road 47 will not develop until water and sewer are in place.

Commissioners and participants reviewed two main options. The first option would issue a single bond now; Bob noted the downside is that parts of the project “aren't gonna develop immediately until water and sewer are there,” which could leave funds unused while interest accrues and reduce the useful collection period. The second option would issue two series of bonds — an early series to provide starter money and a later series once development along 47 is ready — which attendees described as “probably the way everybody's leaning.”

The commission also discussed expanding the project's allocation area because the developer has acquired additional property that “wasn't originally included in the allocation area.” Bob described the expansion as a straightforward procedure: the commission would adopt a declaratory resolution, send it to the plan commission and the county commissioners, and then hold a confirmatory action back with the RDC.

Participants said timing will depend on the developer and on unresolved details about ultimate users and building sizes. Bob said those variables could “fluctuate and change those numbers,” and that the commission expects to “huddle up together” with the developer and its financial advisors to refine the plan after the Baker Tilly analysis. He said he would expect the group to be prepared to issue an initial bond “this fall” if schedules align.

No formal bond issuance motion was made at this meeting. Commissioners agreed to continue discussions at upcoming meetings and to review the Baker Tilly financial analysis and any declaratory-resolution materials before taking formal action.

Ending: Commissioners set a near-term schedule of follow-ups, including a planned meeting of staff, the developer’s representatives, and financial advisors to finalize series structure and allocation-area amendment language; they expected to return a refined proposal to the RDC for formal action in coming meetings.