TERRE HAUTE —
The Vigo County Area Plan Commissioner accused of having a conflict of interest regarding Cobblestone Crossings says he does not know whether he owned a share of the southside property development when he took part in a critical vote in 2007.
Norm Froderman, a developer and real estate professional, said his ownership stake in Cobblestone is “at best indirect” and stemmed from a 29-year-old investment in another southside apartment complex, the Garden Quarter.
Froderman admitted last week during an Area Plan Commission meeting that he currently owns a share of Cobblestone Crossings. During the same meeting, when asked whether he owned a share in 2007, when he took part in an important vote concerning Cobblestone, he said he “probably” did.
On Tuesday, speaking to the Tribune-Star, Froderman said his investment in Cobblestone is so small it never really crossed his mind that he might have a conflict of interest in regard to the development during past votes. He also said he is unsure whether he even knew in 2007 that he might have been a part owner in Cobblestone and is uncertain that he actually was.
“I truly don’t know,” Froderman said.
In a written statement provided to the Tribune-Star, Froderman stated that his ownership stake in Cobblestone stems from an investment he made in 1983 in the Garden Quarter apartments, which became at least partly owned by Southern Indiana Investments LLC, a company operated by Jimm Nidlinger and which now also operates Cobblestone Crossings.
Since that initial investment, “the principal of the company changed entities several times over the past 29 years, apparently adding Cobblestone along the way,” Froderman’s statement said.
Froderman said his interest is “less than one-half of 1 percent” in the holding company. He also said he is not sure how much money went into his initial investment. Nor did he know whether he has ever received any income through that investment.
“It just kind of worked its way into this,” Froderman said of the his initial investment in the Garden Quarter, adding that he only recently – within the past few days – became certain he was a part owner in Cobblestone Crossings.
“If members of the Vigo County Area Planning [sic] Commission voluntarily serving without compensation are going to be disqualified for an insignificant interest, it would be very difficult to find people who can or want to serve,” his statement said.
Members of the commission typically abstain from votes on which they have a potential conflict of interest, planning department officials said at last week’s meeting.
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Plan commission member: Ownership stake ‘at best indirect’
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