Marshall County

Impact Investing – READI 2.0

by

I attended the introductory meeting on READI 2.0 presented by South Bend – Elkhart Regional Partnership (SEBERP) at the Rees Theater yesterday. Honestly, attendance was pretty poor, but there was some good information. READI 2.0 is a refined repeat of the original READI (1.0) program which was a refined repeat of the Regional Cities Initiative. In various forms, these programs have been designed to incentivize municipal and private investment in statewide goals. As with the past programs, READI 2.0 offers the carrot of up to 20% project investment matched by 20% local government investment and 60% private investment. Whether the entire 20% is granted depends on the quality of the project, its merit for meeting goals and its ranking among other submissions.

Sand Hill Farm Apartments

Sand Hill Farm Apartments was awarded Regional Cities Initiative (RCI) dollars. Those funds, though only 7% of the project cost, provided some incentive to move the project forward when Culver‘s first Stellar application was unsuccessful. The project was initially to be the LIHTC portion of Culver’s Stellar application. When that wasn’t successful, the RCI funds helped make the project viable as market rate housing. Moving this project forward has been noted as instrumental in Culver’s success with their second Stellar application. Unfortunately, Culver did not follow through on their commitment, so some of those funds never were disbursed by RCI and those that were got redirected to reimbursements in lieu of benefiting the project.

Water Street Townhomes

Culver Sand Hill Farm was awarded READI 1.0 dollars for Water Street Townhomes. This is a mixed use building with 11 two-bedroom townhouses, 2 one-bedroom apartments and a corner commercial space. We are still working with the City of Plymouth to create the structure to put those dollars to work. SEBERP awarded less than the initial request, but Plymouth is following through with their entire match in order to make this project possible.

Culver Sand Hill Farm also submitted a townhouse project for Culver, Spirit Townhomes, which was named in the READI 1.0 Strategic Investment Plan. Unfortunately, after the fact, Culver chose to partner with a different developer on the much larger and more controversial project, The Dunes. (Discussed here.) C’est la vie! Sometimes you reap what you sow.

SBERP will be putting in an application for READI 2.0 funds for our region after the first of the year. Yesterday’s meeting was one of several where they are soliciting input on what goals of the SEBERP region fit within the stated READI 2.0 goals. This will help them refine their application. They feel confident that their track record managing the Regional Cities Initiative and READI 1.0 funds put them in a good position to receive the maximum award from READI 2.0. The handout to the right was provided at the meeting, showing some of the impact these investments have had. $878 Million in project investment through those two programs, which is 9.5 times the investment from the State. (See the backside of the flyer here.)

There is a rural component to READI 2.0, directing that 25% should go to rural areas. Of the three counties in SBERP (St. Joseph, Elkhart and Marshall), only Marshall County is designated at rural. That doesn’t mean that Marshall County doesn’t have to have competitive projects, but it gives a 25% set-aside leg up. L:ast time, READI 1.0 projects were rewarded on population, which put Marshall County at a disadvantage.

One of the interesting changes in the program is the option for receiving a loan in lieu of a grant from the program. The funds could be loaned out at a reduced interest rate, with the funds paid back to SBERP for future reinvestment in the region. While the concept is a good one, the implementation appears to be flawed, from my perspective. As it currently stands, the loan would be capped at the same 20% level as the grants. While both a grant and a loan could be awarded, they cannot total more than 20% of the project. I will need to hear more about this, but my initial impression is that there is not much incentive to take the loan in lieu of the grant, but I may be missing nuances here. It would make some sense to see loan amounts allowed to be larger percentages since the money will be recirculated. Then there would be more incentive to take that option.

Roger Umbaugh

An interesting sidebar – not only did I sit with Linda Yoder, Executive Director of the Marshall County Community Foundation (MCCF), at the READI 2.0 meeting, I also followed that up with an MCCF meeting at her office to hear from MCCF’s financial advisor on impact investing options for the newly formed Roger Umbaugh Local Impact Investing fund. (More on this in a future post.)

Impact Investing seems to be a great way to influence desired outcomes. Great projects that are good for the community often flounder because the investor ROI isn’t there. If Impact Investing can influence that through grants, loans and other creative means, then it benefits everyone.

I don’t yet know if or how Easterday Construction Co., Inc. (ECC) or Culver Sand Hill Farm LLC (SHF) will participate in READI 2.0. The experience with READI 1.0 hasn’t been bad, but there have been a lot of strings attached to it after the award that weren’t factored into the original project. I’ve been approached about several projects that would fit under the READI 2.0 umbrella. I’ll continue to monitor this and continue to be part of the discussion. Whether ECC or SHF participate or not, it seems that it’s another great opportunity for Marshall County and Marshall County communities.

Senior Expo ’23

by

Julie Heise is our all-around go-to person here at Easterday Construction Co., Inc. She kindly consented to being lent to Berger Audiology to help woman their booth at the Marshall County Council on Aging Senior Expo. She helped set up, tear down and handed out candy and golf balls throughout the event. She even helped wrangle an interview for Dr. Becky on Max 98. Thanks Julie!

Make sure and check out Dr. Berger for your hearing aid and Audiology needs. She’s the only full time Audiologist in Marshall County. She’s not just a hearing aid dispenser, she’s an Audiologist. There’s a difference!

Dr. Rebecca Berger being interviewed by Tony Ross from Max 98.3

Senior Expo is Thursday, October 19th! You can get a Hearing Screening from Dr. Berger at the Berger Audiology Booth

by
Dr. Rebecca Berger

This is a great event for seniors and has been something Dr. Becky has participated in as a community service since she opened Berger Audiology. She’s always hopping when she’s there, so make sure you get signed up early.

She only has the time and equipment to do the screenings there, but if you haven’t met her, it’s a good time to make a connection. She’s the only full time Audiologist in Marshall County and has better equipment at her office and more education and expertise than the hearing aid dealers in Plymouth. Make it a point to stop and see her!

One Marshall County

by
Don’t Give up!

Marshall County Economic Development Corporation (MCEDC) and Marshall County Crossroads started conversations earlier this year about creating an over-arching organization to coordinate efforts throughout the county. This was looked at as the next step forward for Marshall County Crossroads. (Marshall County Crossroads seems to be faltering. Their website has not been updated since 2021. This is at least partially due to a lack of funding.) They created what was called the Collaborative Council, which has adopted “One Marshall County” as the name for the new organization. I was asked to join this group late in the game as they were missing input on housing; a target on the local, regional and State level. As I understood the initial mission, there were two main goals, 1) to try and coordinate the efforts amongst the various groups to better use funds and personnel, and 2) to form a united front and coordinated funding request when READI 2.0 project requests are announced.

While I’m generally supportive of the effort, I’m feeling a bit of Deja Vu’. I helped form the Second Century Committee in Culver. This came about around Culver’s bicentennial as a collaborative planning committee to coordinate the efforts of the various clubs, organizations and the town government. In Culver’s case, it was started as a subcommittee of the Chamber of Commerce. It did a lot of good things, including helping work through a charrette and motivating a new comprehensive plan. One Marshall County has bigger plans, and is looking for funding, but I don’t know that they won’t suffer from some of the same issues that came to plague the Second Century Committee.

The Second Century Committee had a core group forming a steering committee that pushed hard to get it started. There were regular meeting, agendas and great collaboration. But when the torch was passed to new steering committee members, the passion and vision didn’t follow. Without common goals, the group meetings changed from planning meetings, to just lunches. As the direction faltered, the group meetings had less and less participation, until they ended up being just the steering committee meeting amongst themselves. Then, instead of being the planning and vision for the collaborative group, the steering committee started doing projects on their own. Some of these were great, but without the help of the larger group, funding became an issue and the steering committee members became burned out. Their efforts to be independent from the chamber lost them some of their chamber support. In the end, they could not find replacements for the steering committee and the group withered and dissolved.

One Marshall County has more grandiose plans. They are requesting funding from municipalities and are planning to solicit businesses as well. They plan on having a director to make sure things proceed. I like what they are trying to do, but there are just a few drivers of the initiative and as with the Second Century Committee, I’m concerned what happens when those drivers are ready to step aside. I am also concerned that many of the groups they hope to pull under this umbrella organization are not currently involved in the planning. They can’t just assume that they will have to fall into place. As an example, Argos is not interested in participating and plans to go their own route.

My other concern is for MCEDC. As a founding member and past board member, I know the good that MCEDC has done and the gap that would be left without them. One Marshall County is targeting the same funding sources with MCEDC slated to fall under One Marshall County. That concerns me. For those not in the loop, and that includes a lot of those funding decision makers, it is going to be hard to differentiate between the two and justify doubling their contributions. (I understand the ask to be a match of what’s being giving to MCEDC for most of those involved.)

I will continue to be involved. The idea of One Marshall County is still evolving and I think it has potential. It’s just hard not to look at this through the lens of Culver’s, now defunct, Second Century Committee…

Strange Use of Funds…

by

I don’t know about you, but I keep driving through Burr Oak and wondering when they are going to finish the project there. I’ve come to the conclusion that it’s done! What a weird little project for INDOT to take on… They probably spent nearly as much on traffic control as they did for the actual work. (Along with all the signs on S.R. 17, there are orange warning signs on North Street and Center Street.)

Southwest corner of North Street and SR 17

Lurkers know, I have long predicted a renaissance in Burr Oak, starting with “If it ain’t Burr Oak, don’t fix it” back in 2014 and again in 2017, but I’m not sure what these little pieces of sidewalk really accomplish.

There are now ADA compliant sidewalk intersections with ramps, with ADA warning pads and ADA compliant widths choked down to meet existing non-compliant walks… where there are existing walks… In the case of the the walk shown to the right at the southwest corner of North Street and SR 17, neither sidewalk this improvement ties into goes anywhere beyond a couple of houses.

Northwest corner of Center Street and SR 17

The improvement at the north west corner of Center Street and SR 17 is even more bizarre, as the walks in either direction are impassible and I assume, because there was no existing walk at the southwest corner of Center Street and SR 17, they didn’t do anything there. This makes the ADA warning pad shown to the right, point to… nothing… You’re back to walking on the highway.

Looking South to the Southwest corner of Center Street and SR 17

I assume the new walks terminate on the west end where the Right of Way for SR 17 ends. I’m curious though, that if the State deemed it necessary to upgrade these sidewalks at these intersections, then why was this not a complete project, extending accessible sidewalks from the Burr Oak Whistle Stop on the south to Sunstar Hybrids (Osborn Seed) on the north? The same question applies to the east side of SR 17…

I don’t begrudge the citizens of Burr Oak the improvements. As I said, their time is coming. If the County sewer districts that are in the works materialize, that time maybe soon. I do question the use of these funds in this manner. As they are currently installed, if a follow up project materializes to continue the walks as contemplated above, these corners would need to be at least partially demolished and reworked. This is a mistake Culver has made in the past and one I’ve ranted about here…