Boone County RDC amends declaratory resolution to add parcels for 47 Commons development

The Boone County Redevelopment Commission voted to adopt a resolution amending a prior declaratory resolution for Project 47 Commons so additional parcels can be included and tax-increment financing (TIF) collected for phase 1 of the development.

The amendment, identified in the meeting as “resolution 28 25-01” (as read at the meeting), adds parcels shown in an exhibit map and follows the same approval sequence as the original declaratory resolution. Staff said the newly included parcels encompass the area planned for the project’s initial industrial phase and that the amendment is needed to issue TIF bonds that would fund public improvements tied to that phase.

According to county staff presenting the item, the exhibit to the resolution shows included parcels in green and a two-page list of parcel numbers. The presenter said, after the commission’s action, the resolution will go to the area plan commission for its review, then to the county commissioners, and finally return for a public hearing before the RDC. The area plan commission’s first available meeting noted in the discussion is September 6; staff said the public hearing before the RDC could be possible in October but may be tight because statutory notice must follow the commissioners’ approval.

Commission discussion focused on roads and traffic routing associated with the development. Presenters and members said the developer plans to improve County Road 350 and try to route as much project traffic off County Road 2751; buildout and right-of-way acquisition for alignments near 350 were discussed. Staff said the phase 1 improvements will be “predominantly on 350” and that the map and parcel list reflect that alignment.

A motion to adopt the amendment was made and seconded; the commission voted in favor. Commissioners then signed two copies of the adopted amendment—one for the auditor’s office and one to be forwarded to Heather James (as noted in the meeting).

Next steps outlined by staff included the area plan commission review, commissioners’ approval of any debt issuance tied to later bonding steps, and a public hearing before the RDC. Staff reiterated that any debt would require county council approval and that the TIF proceeds do not create direct county monetary risk because the bonds would be paid from incremental tax receipts tied to the development.

The commission also discussed outreach and attendance expectations for the upcoming plan commission and RDC public hearing and said it expects substantial public interest.