Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Incentives Development topic
No spam. Unsubscribe anytime.
Plainfield RDC forms task force, pauses bond plan for Village at Plank Road
Summary
Commissioners asked staff to convene a task force and pause issuing bonds while they evaluate a developer request tied to the Village at Plank Road project, saying the bond structure and feasibility study did not clearly justify a multi-decade TIF pledge.
Philip Clay, president of the Plainfield Redevelopment Commission, opened discussion on the Village at Plank Road (Drinkard) bond and infrastructure request and invited developer representatives Steve Dyson and Alyssa Woolard to speak.
Steve Dyson told commissioners he reviewed the Baker Tilly feasibility study and concluded the proposed bond structure did not meet the commission's financing criteria. Dyson said the feasibility study showed total gross proceeds of a little over $2 million while the developer's ask was $1,120,000, and he questioned whether a 25-year pledge of 100% of Phase I TIF receipts was appropriate for that scale. "If we're going to do it, let's pay cash," Dyson said, arguing a direct cash incentive could be a better use of RDC resources than issuing long-term bonds.
Town staff member Alyssa Woolard described the request as more of an incentive than a typical roads-and-streets infrastructure project and cautioned that net bond proceeds would not fully cover the project's originally projected road costs, which had been discussed at higher figures earlier in the proposal. Woolard said the road is required for the developer's access but not a short-term town priority.
Commissioners noted Brown Capital had invested substantial time and money in the site. Lance Angle, the commission secretary, and others recommended forming a task force of RDC representatives, Brown Capital and staff to evaluate options and provide direction. Members asked staff to set a clear timeline so the commission could either make a decision within about a month or move on from the proposal. Staff also advised that formal action on the task force or incentives would likely occur at a subsequent meeting.
Until the task force reports back and staff refines financing options, commissioners agreed to hold off on issuing any bonds. The commission did not take a formal vote on incentives at the May 4 meeting.
The RDC is scheduled to revisit the item after the task force meets; a timeframe of roughly one month was discussed.
