Economic Development Corp. of Wayne County took action on two projects to address blighted properties and another that builds new apartments.
Some of those projects await expected state funds through Regional Economic Acceleration and Development Initiative 2.0.
However, EDC’s board learned at its March 3 meeting that new state leaders are reviewing READI 2.0 and paused fund distributions.
Valerie Shaffer, Wayne County EDC president, said Indiana EDC staff continue evaluating projects and requesting information so projects can advance for funding approval.
Shaffer said regional economic development organizations are advocating on behalf of county EDCs for fund dispersal.
Landbank agreement
Last December, EDC approved a memorandum of understanding with Renew Landbank LLC to research, implement and offer ongoing support for establishing a residential landbank and improving neighborhoods.
Landbanks help acquire, hold and maintain properties while suitable buyers and developers are found to rehab vacant, abandoned and deteriorated properties.
Some properties have languished after going unsold during prior tax and commissioners’ sales. Sarah Mitchell, EDC economic development manager, said the real estate market alone won’t fix those issues.
Renew staff will gather information about local challenges before making recommendations to solve them.
EDC expected to contribute $100,000 and use $100,000 from READI. Regardless of READI funds, Shaffer suggested the service agreement needed to move forward. EDC’s board voted to pay Renew $40,000 per year for five years.
Downtown Richmond
Board members voted to help sell 601 E. Main St. to Flaherty & Collins, which is developing the former Elder-Beerman store site for apartments.
The EDC bought the building and land at auction and then transferred it to the city of Richmond, which had tax-exempt status, while a future use was found.
City officials can’t easily sell land to the private sector. The land is part of local incentives for the apartments to be built.
EDC agreed to enter into a purchase agreement with the city to buy the cleared land and then resell it to the developer, called Richmond FC, LLC in the board’s resolution.
Shaffer said EDC is protected in the transaction through a few agreements. One agreement outlines responsibilities between F&C and Richmond. Work must be complete to receive financial incentives, or F&C must pay them back with interest.
Shaffer addressed community concerns speculating the apartments could become low-income housing if demand is low. Shaffer said TIF bond inclusion means the property must remain market-rate for 25 years. The developer’s opportunity to apply for competitive tax credits for low-income housing has passed.
Blight program
EDC previously approved framework for a countywide program to demolish blighted properties and committed $390,000. Wayne County also contributed $390,000.
On March 3, EDC approved a resolution approving a memorandum of understanding with Wayne County officials and authorized Shaffer to enter into MOUs with each participating local governmental unit.
The agreement will help get contractors paid for the demolitions that are already taking place.
Other business
EDC conducted a site visit for an agricultural technology company in February, touring a few properties. Board member Brandi Jackson from Ivy Tech explained potential partnerships. Shaffer said the visit went well, and EDC staff are following up on a couple of matters.
A version of this article appeared in the March 12 2025 print edition of the Western Wayne News.