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Redevelopment commission creates TIF allocation area for solar project, pledges revenues to bonds
Summary
The Michigan City Redevelopment Commission adopted a confirmatory resolution creating a tax-increment finance (TIF) allocation area for a proposed solar project and approved a separate resolution to pledge TIF revenues to planned TIF and EID bonds.
The Michigan City Redevelopment Commission voted unanimously Sept. 8 to create a new TIF allocation area for a proposed solar project and to pledge the TIF revenues to two series of bonds the city plans to issue. The actions were taken after a brief public hearing and presentations from bond counsel and project representatives.
The confirmatory action finalizes an allocation area the commission first declared in July; the follow-up resolution pledges the area's tax-increment revenues for up to 25 years to pay TIF bonds and economic improvement district (EID) bonds the city will issue to finance part of the solar project. Bond counsel said the commission's action is a typical step under the redevelopment statute following a public hearing and supporting approvals by the…
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