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Solar project clears planning step; council to consider declaratory resolution tomorrow
Summary
Commission staff said a solar energy project has completed planning commission review and its declaratory resolution goes to the common council next; the commission expects to consider a confirmatory resolution in September if council approves.
Staff updated the Michigan City Redevelopment Commission on Aug. 18 about the status of a proposed solar energy project and related TIF/bond financing.
Staff said the project team has obtained an Economic Improvement District (EID) and bonds in principle, and has begun the TIF process. The commission passed an earlier resolution; the next procedural step is a declaratory resolution at the common council. Staff reported the declaratory resolution goes to council the day after the Aug. 18 meeting and, if council approves, the commission will return in September for a confirmatory resolution to finalize the TIF.
Staff also described financing deadlines the developer must meet: staff said the project met an initial deadline of Aug. 19 and, if council approval occurs, the next significant financing deadline will be Dec. 19 for all financing to be in place. Staff characterized the project as nearing the final administrative steps required before full financing and construction moves forward.
No vote was required by the commission on Aug. 18; commissioners were updated on the schedule and pending council action.
