From the Northwest Indiana Times:
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The commission voted to endorse resolutions from the city Redevelopment Commission to create a special improvement district for the University Promenade development on University Drive between Lincolnway and LaPorte Avenue, and to expand the tax increment financing district to include U.S. 30 and two other locations.
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University Promenade will have 24,000 square feet of commercial space on the first floor of two buildings with 28 two-story residential units above. The development is expected to generate about $100,000 annually in tax increment financing property taxes for the Redevelopment Commission to use for the planned pocket park, road construction and public parking.
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The special improvement district resolution will be considered by the City Council at its July 23 meeting and come back to the Redevelopment Commission for final consideration Aug. 8. A similar schedule is expected for the U.S. 30 TIF expansion resolution.
The TIF would include only the road right-of-way on U.S. 30 along its entire length within the city. It also would add the road right-of-way on Ind. 130 from the roundabout at LaPorte Avenue south to U.S. 30 and from Center Street to the west city limits, and Washington Street and Ind. 2 from Monroe Street to just west of the former Fetla's Trading Post.
The expansion will make the road and the adjacent properties eligible to receive TIF revenue for facade loans and grants, sewer extension and a variety of infrastructure projects, including beautification such as landscaping, signs, pedestrian overpasses and monuments, and intersection safety improvements.
It will enable the Redevelopment Commission to leverage its TIF revenue with $22.5 million in federal funds the state agreed to provide as part of the deal. That would allow the city to control and take over maintenance of Ind. 130, eventually extending that as far as Ind. 149.
http://www.nwitimes.com/news/local/porter/valparaiso/valpo-plan-commission-oks-special-district-tif-proposals/article_4bcf3895-ca74-5193-b08d-c9776b433f1b.html
