Ferdinand redevelopment commission advances contractor recommendation for housing project

Ferdinand’s Ironwood housing plan reached a pivotal government checkpoint as the Redevelopment Commission moved a contractor recommendation to the Town Council, putting the town’s first residential TIF project and its utility work in front of the next vote. The recommendation matters because the selected proposer would have to complete design-assist work, site analysis and a guaranteed budget before Ferdinand decides whether to proceed, and the town had been aiming for a fall 2026 groundbreaking.

The project at stake is the Ironwood development at State Road 264 and SE Vienna Drive, where town records describe about 59.39 acres planned for 66 homes, ranging from single-family to multi-family and HOA units. The same records put infrastructure and site work at about $6.1 million, while the RFPQ says the utility and road package is expected to cost under $2.9 million. Ferdinand has already approved up to $2.9 million in TIF bonds for Progressive Investment Company, approved a development consultant agreement for Greg Martz and later confirmed the Ironwood Residential Economic Development Area as a TIF district.

The commission’s caution is rooted in the financing fight that came before it. In February, members debated a proposed 90/10 split on a 20-year TIF bond, a maximum payout of $2.9 million, and whether READI money should pay for the wastewater lift station upgrade and water line to the development. The same minutes show concern about listing PSC, Dubois County Rural Electric and Ohio Valley Gas as contributing public entities, while developers argued that using READI funds for water and wastewater work would make the project untenable because housing absorption is unpredictable.

Tom Pitman and Greg Martz handled the review as the recommendation moved toward the council, which now must decide whether to accept the package, ask for revisions or push it back into the scoping process. If the council approves, Ferdinand can keep moving toward construction; if it rejects the proposal or finds the deliverables unsatisfactory, the RFPQ says the town can begin a new scoping period with another offeror or cancel the process altogether. For residents watching housing supply, utility capacity and the pace of growth, the next vote will determine whether Ironwood advances or stalls.