ECONOMIC DEVELOPMENT CORPORATION
OF WAYNE COUNTY, INDIANA
Board Meeting Minutes
Wednesday, November 8, 2023
BOARD MEMBERS PRESENT:Bolser, Foster, Gaddis, Johnson, Robinson, Tanner, Turner,
Van Der Burgt, Zaleski

BOARD MEMBERS VIRTUAL:King

BOARD MEMBERS ABSENT:

Cenova, Fennimore

STAFF PRESENT:

Shaffer, Doty, Fisher, Lindsey, Mitchell

GUESTS PRESENT:Sowers, George – EDC Counsel
Emery, Millie – Western Wayne News
Oler, Ron – Mayor Elect
Kitner, Deron – Flaherty & Collins

1. CALL TO ORDER
Board Chair Sherrilyn Johnson called the meeting of the Board of Directors of the Economic Development
Corporation of Wayne County, Indiana to order at 2:02 p.m. on November 8, 2023.
2. REDEVELOPMENT OF THE FORMER ELDER BEERMAN PROPERTY
Shaffer introduced Deron Kitner with Flaherty & Collins to the group and said he is here to share plans
for the redevelopment of the former Elder Beerman property with us. She said we have been working
on this project for the last two years. Johnson reported the Executive Committee heard about thisproject in our last executive meeting and encouraged anyone with questions to please speak up.
Shaffer shared that Mayor Snow did not feel he should be here today to represent this project due tothe City of Richmond having a new Mayor at the beginning of next year. She then introduced Ron Oler,Mayor Elect, who is here today to share his position and support of this project. Oler said we need totake the current building down and rebuild it as it will be described today. This project will be thecornerstone for downtown revitalization. Shaffer said their meeting with the Redevelopment Committee
was canceled but we are hoping to reschedule the meeting next week. Kitner thanked us for having him
and said Flaherty & Collins is an Indianapolis based company with 30 plus years of experience working
with on public/private partnerships. He said they manage approximately 85 properties which includes
15,068 units in 9 states. Most of their work has been done in Indiana. He shared a presentation of theirproperties and said their units have more of a resort feel. They are proposing 150 market rate
apartments with 1 bed/1 bath, 2 beds/2 baths, and 2 beds/2 baths with a den. The pricing will range
from $1,000 to $1,700 per month. Their plan is to have 4,000 sq. ft. of commercial space in the lowerlevel. He said some of their interior amenities may include a bike repair and storage area, fitness
center, co-working space, and a pet spa and their outdoor amenities include a pool, potentially
pickleball courts, golf simulators and green space. Kitner said similar properties have been developedby Flaherty & Collins in the areas of Brownsburg, Fishers, and Lawrenceburg, Indiana just to name afew. He also mentioned that Flaherty & Collins are the developers and managers of each of theseproperties and units are not for sale to tenants. Shaffer reviewed the Consolidated EDIT Fund cash flow
anticipated over the next year with the board. The fund balance will be back to $3,118,642.73 by theend of 2024 if the board supports the request for a $2M contribution from the Consolidated EDIT fund.
Kitner said if the project pricing goes above the original project estimates, Flaherty & Collins will beresponsible for all overages. There were many positive comments about how this project could benefit
Wayne County with available housing and will help local employers recruit new employees to ourcommunity. Shaffer said the housing study showed that we need 2,250 total new housing units over thenext 5 years, and we need 160 market rate units each year for 5 years for a total of 800 units. She feels

that the $1,000,000 from HELP for downtown revitalization is a great compliment to this project
because it will be supporting existing property owners and entrepreneurs. Shaffer would like the Board
to make a recommendation to the County to approve a $2,000,000 contribution from Consolidated
EDIT to close the gap in funding needed for this project. This project will then be heard by Wayne
County Council and Commissioners.
Motion by Turner, seconded by Tanner for the Board to recommend and approve a $2,000,000
contribution from the Consolidated EDIT funds to the former Elder Beerman property project.
Roll Call: Bolser, Foster, Johnson, King, Robinson, Tanner, Turner, Van De Burgt approved
the motion. Gaddis abstained, and Zaleski opposed.
Motion carried.
3. APPROVAL OF MINUTES
a. 2023 October Minutes
Johnson stated the minutes from the October 4, 2023, board meeting are on pages 3-5.
No corrections were noted.
Motion to approve October 4, 2023, minutes as presented by Van Der Burgt, seconded by Zaleski.
Roll Call.
Motion carried.
4. TREASURER’S REPORTa. 2023 October Financial Reports
Jim Tanner reported the October financials for the Economic Development Corporation are overbudget by $1,680.50 MTD and under budget YTD by $70,070.92. He noted Item 1369 Disability
Insurance and 3373 Programming & Consultation are over due to budgeting; 3310 Vehicle Leaseis over by $781.70 due making 2 payments in October; 2249 In-House Supplies is over $78.85
The following items are over for October but should be within budget at year-end; 3323 Travel
Lodging and Meals; 3324 Communication; 3381 Dues, Subscriptions & Fees due to payment ofannual dues to Industrial Asset Management Council; and 3392 Advertising & PR is over by$7,138.37 due to first payment of 5 invoices to Irongate Creative for Home in Wayne Rebrand,
we paid $8,000 to Journal Communications for 2 full page ads in the 2024 Livability Magazine,and we purchased power banks for students participating in Manufacturing Day.
Motion to approve October financials as presented by Zaleski, seconded by Bolser. Roll Call.
Motion carried.
5. EDC STAFF REPORTS
Johnson said the EDC Staff Reports are on pages 11- 17 and due to the length of this meeting the staff
will not be verbally presenting their reports. She asked the board members to scan through the staff
reports and if there are questions, please let us know. Gaddis asked about the status of the Wolverine
lease and Shaffer confirmed that they have vacated 1400 Industries Road and converted their employeesto work remotely. The EDC is already working on a potential new tenant for the building. Wolverine’s
lease is up in June of 2024, so they vacated 7 months early.
6. OTHER BUSINESS
a. GIP Lease Agreement with Wayne County
Shaffer reported the EDC has a new 10-year Lease Agreement with Wayne County authorizing
the EDC to market and sell land in the Gateway Industrial Park (GIP) ready for approval.
Sowers stated this GIP Lease Agreement has the same wording as our previous leaseagreement, and only the dates have changed. Shaffer is asking the board for approval of the10-year GIP Lease Agreement with Wayne County.
Motion by Zaleski, seconded by Turner to approve the GIP Lease Agreement with WayneCounty. Roll Call: Bolser, Foster, Gaddis, Johnson, King, Robinson, Turner, Van De Burgt,
Zaleski approved the motion. Tanner was absent.
Motion carried.

b. MIP Phase III Farm Lease with La-Lyn Farms
Shaffer stated we have a one-year Sublease Agreement with La-Lyn Farms to farm theapproximate 289 tillable acres in the Midwest Industrial Park (MIP) Phase III. Robert Toschlog
no longer wants to farm this land. At the end of next year, we will create a new 4-year leaseagreement for one farmer to farm all undeveloped tillable acreage in the Midwest IndustrialPark.The new lease will be communicated through a formal bidding process. For 2024,La-Lynn Farms has agreed to pay $376/acre for approximately 289 tillable acres and the money
collected will go to the City of Richmond’s Industrial Park Fund. Shaffer is asking the board toaccept and approve the La-Lyn bid as presented.
Motion by Gaddis, seconded by Foster to approve the MIP Phase III Farm Lease with La-LynFarms. Roll Call: Bolser, Foster, Gaddis, Johnson, King, Robinson, Turner, Van De Burgt,
Zaleski approved the motion. Tanner was absent.
Motion carried.
7. ADJOURNMENT
Johnson adjourned the meeting at 3:28 p.m.
NEXT BOARD MEETING – Monday, December 4, 2023, at 4:00 p.m.