A mechanism for funding city improvement projects will advance after approval was granted Wednesday by the Crown Point City Council.
The board met in special session with four of seven members present and affirmed measures approved earlier this week by the city's redevelopment and plan commissions.
Plans are to borrow $5 million through a bond issue and pay it back with revenue from Crown Point's two tax increment financing districts, one on the east side and the other surrounding the city-owned sports complex on East North Street.
The money will pay for an ongoing second phase and possible third phase of improvements to the sports complex and a possible community activities center for hosting festivals and events in or near the downtown.
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A resolution authorizing a bond issue of up to $5 million was approved Wednesday by the City Council and on Monday by the Redevelopment Commission.
A public hearing is expected in December.
The first $2 million generated by the bond issue will be used immediately, and the rest would be used as needed for the remaining projects, Uran said.
Finalizing the funding mechanism at this time locks in low interest rates, Uran said.
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