Redevelopment commission selects Build VW for bank project; county weighs financing and approves loan to Bloomfields

Parke County officials announced that the redevelopment commission selected Build VW as the developer for the county’s bank-building redevelopment project, with Tabor Owens named as the constructor and designer. The developer team will begin the design phase after gaining access to the building.

The chair explained the proposed fee structure discussed with the developer: a 4% construction management fee and a flat $80,000 design fee. Using an illustrative $40 million project figure for modeling, officials said the developer-fee portion could range widely depending on final project scope; commissioners emphasized these numbers are estimates to set expectations for overall fees and costs.

Financing options under consideration include issuing a local bond, using the Indiana Bond Bank via the state treasurer, or obtaining private commercial financing; county staff said any borrowing would likely be for no more than 10 years. The chair said the developer has also offered financing options and that staff are evaluating a variety of term scenarios.

In related action, commissioners approved a loan from the county revolving loan fund to Bloomfields (for HVAC work), and they passed a resolution declaring certain items in the bank building surplus so proceeds can be used for the project.

At the same meeting the chair summarized the TIF report: 2025 revenue and payouts left a balance of $1,192,990.80 for TIF districts, and the Central Park and West Central TIF district base and current assessed values were cited to explain incremental growth available for redevelopment planning.

Officials said the next steps include continuing design work with Build VW, finalizing the financing structure, and tracking surplus-proceeds and TIF balances as part of the project funding plan.