At a joint meeting of Prospect’s City Council and Architectural Review Committee, consultant Jim Brainard and private developers described financing options for the proposed head-property redevelopment, highlighting tax increment financing (TIF) and the possible use of a civic development corporation to build district energy infrastructure.

Brainard, the former mayor of Carmel, Indiana and a paid consultant to Prospect, told the meeting that cities commonly use a tax increment finance district to borrow against future property-tax growth to fund upfront infrastructure. “The way to get this sort of thing done is a public private partnership where the city takes on things that are appropriate to city roads and public areas, parks, sidewalks, utilities…The first is a system called tax increment finance,” Brainard said, and he described conservative structuring, capitalized interest and the need for accurate TIF revenue projections before selling bonds.

He also proposed a civic development corporation to own and operate a district energy center — potentially geothermal — that would serve multiple civic buildings and could create an operating margin to support amenities. Brainard said similar approaches were used in Carmel and that the city would need fiscal advisers and experienced attorneys to structure agreements; he named a TIF adviser contract with Baker Tilly and an attorney, Ryan Wilmering, contracted to negotiate agreements.

Developer Wes Johnson of Westcott Development said the team has produced a fast-paced conceptual plan but cautioned that specific counts for units, square footage and parking have not been finalized. "I don't wanna give answers…because I don't wanna be the developer that says, here's how many spots we're producing," Johnson said, adding that the team will work with local engineers and owners to refine details and hoped to return with more concrete data in coming weeks.

Brainard suggested maintaining momentum and said he would like to “see a shovel on the ground by 2026” for initial visible public investments, while noting that full buildout will be incremental. Council members and residents pressed him on who signs bonds and how TIF revenues will be negotiated; Brainard said those details will be part of future public–private partnership agreements that the council must approve.

No formal financing decisions were made at the meeting; presenters emphasized the plan is illustrative, that funding structures are preliminary, and that any TIF district or formal agreement will require additional legal, financial and public-review steps.

The design team will return with further engineering and fiscal analyses before the council considers any formal financing instruments.