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Redevelopment commission previews Mars/Myers housing project, flags $800,000 infrastructure gap and possible $400,000 TIF contribution
Summary
Staff outlined a Residential Infrastructure Fund application for the Mars/Myers site, saying the Indiana Finance Authority loan is 'not a grant' and estimating an $800,000 infrastructure shortfall; staff signaled it may ask the commission to obligate roughly half that gap (about $400,000) via tax-increment financing.
At its meeting, the New Castle Redevelopment Commission discussed a proposed housing development on the Mars/Myers property and a forthcoming application to the Indiana Finance Authority’s Residential Infrastructure Fund that staff said could accelerate public infrastructure for new home construction.
A staff member told the commission the IFA product is "not a grant. It is a low interest loan," and said the authority will accept public revenue sources to secure the debt but staff preferred using a tax-increment finance (TIF) bond secured by the homes. The staff estimate for the infrastructure gap is "about $800,000," and the staff described a potential 50/50 split with the developer that would equate to roughly $400,000 coming from the commission if approved.
Staff said developers Josh Hillman and Bill Sears (the same team behind Brookfield Farms on Washington Street) and a builder such as Ryan Homes would drive the private side of the project; Hillman’s team will prepare the IFA application, which staff noted is due on Aug. 3. The staff timeline projected engineering and a late-fall or early-spring start for public infrastructure depending on weather.
Commissioners pressed for details on layout and phasing: staff described a roughly 45-foot-wide outlet and said Phase 1 would be about 50–60 homes, with primary ingress and egress planned from Nixon and no current plan to add access from Road 3. On the question of whether plans were final, staff said the developer would make the final determinations and that the layout is roughly 90% set.
Staff cautioned the commission that obligating the full amount now would use most available funds and proposed alternatives including a partial obligation now and a later obligation when revenue arrives. "I don't necessarily think you need to take any action today," the staff member said, but added that they would likely ask the commission to obligate some funds in the near future.
Next steps: staff will finalize the IFA application and return with any formal request for obligation of commission funds. The commission’s next scheduled meeting is Aug. 26.
Sources: Commission discussion and staff presentation.
