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Redevelopment commission approves Living Green Farms bond disbursements totaling about $2.1 million
Summary
The Delaware County Redevelopment Commission approved two disbursement requests tied to the Living Green Farms project — $809,000 (2024 request) and about $1,292,270.81 — which will initiate a bond draw and resume payment obligations to the bondholder, Mister Estep.
The Delaware County Redevelopment Commission voted April 9 to approve two bond-related disbursement requests for the Living Green Farms project, one for $809,000 and a second for roughly $1,292,270.81, which staff said would initiate a draw on the project's bond and restore the payment obligation to the bondholder, identified in the record as Mister Estep.
Staff member Mister Adams told the commission that approving the requests would start the trustee payment process: "Mister Estep would pay the trustee, and the trustee would pay the bondholder, Mister Estep, back." He also said staff and "President Green" met with bond counsel last week to review the requests. Tom Vouch visited the site earlier in the week and "confirmed that there has been some progress made on these projects," Adams said, noting some elements are complete while others remain underway.
Adams said his follow-up with bond counsel Heather James of Ice Miller clarified that "unless it is otherwise explicitly stated as a repayment on the disbursement, the projects do not have to be completed" before a draw can be made. Commissioners asked whether the TIF structure limits the draw; staff noted the TIF only permits drawing on 70% of the incremental financing created.
Commissioners also raised procurement and contractor questions; Adams identified one contractor on a 2024 claim as K E Flatwork, based in Eldridge, Iowa, and said architect signatures were present for the claims. After discussion, a commissioner moved to approve the disbursement requests and the motion passed on a roll-call vote.
Why it matters: The approved draws will channel TIF-backed bond proceeds into construction payments and restart the borrower’s repayment schedule, with potential fiscal implications for affected TIF districts that will fund part of the obligation. Commissioners asked staff to confirm contractor identities and expected project progress at follow-up meetings.
What happens next: Staff will initiate the bond draw process with the trustee, confirm contractor and completion details where available, and track disbursement accounting against affected TIFs at future meetings.
