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Merrillville RDC pledges future TIF revenue to back proposed $20 million developer bond for Liberty Estates West
Summary
The Redevelopment Commission approved a resolution pledging tax increment revenues to a developer-backed $20 million economic development revenue bond for infrastructure in Liberty Estates West, with bond counsel saying payments would be contingent on generated increment and would not put the town's credit at risk.
The Town of Merrillville Redevelopment Commission on Jan. 28 approved Resolution 25-05, pledging certain future tax increment revenues to the payment of an economic development revenue bond of up to $20,000,000 tied to infrastructure in the Liberty Estates West development.
Tom Pittman, bond counsel with Barnes & Thornburg, told the commission the proposal is in name a bond but "what it really is is an agreement with the developer" under which the developer would receive an agreed portion of any TIF increment generated by the project. Pittman said the instrument "doesn't…
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