Committee forwards Riverwalk TIF allocation-area resolution for 291-unit riverfront project

The Community Investment Committee voted 4-0 to forward a resolution that would amend the River West Development Area and create a project-specific tax increment financing (TIF) allocation area to support the Riverwalk multifamily development.

Caleb Bauer, Executive Director of Community Investment, described the project as a two-building, riverfront multifamily development proposed by JC Hart Company that would deliver 291 market-rate apartment units and a 398-space structured parking garage. Bauer said the private investment minimum is approximately $61.5 million and that the city would support the project with a developer-backed bond paid by the project’s incremental property-tax revenue. "This is an effective tool for unlocking upfront capital that can go into the project primarily in assisting with the structured garage development," Bauer said. He told the committee the developer will guarantee debt-service payments so the city does not carry the repayment risk.

Bauer detailed the financing structure the city would use if the council later approves the bond ordinances: the proposed allocation area would be a 25-year commercial TIF in which 90% of incremental tax revenue would be pledged to debt service and an additional 6% would be pledged up to a negotiated cap of $1,340,000 to accommodate a portion of CRO's parking needs in the structure. The presentation estimated the bond authorization request would seek net proceeds not to exceed $17,000,000; Bauer said he expected actual gross proceeds would be roughly $14.8 million and estimated net proceeds around $11.9 million.

Project proponents from JC Hart Company (Todd May and Chandler Sturgis) summarized their experience with similar riverfront and parking-wrapped projects in Indiana and said the development is intended to act as a catalyst for additional Riverwalk investment. Bauer said the project would create about six permanent full-time positions and more than 200 temporary construction jobs; he outlined a timeline that would aim for approvals by March, bond closing mid-year, and construction completion by the end of 2028.

Council members asked about examples of similar project-based TIFs in the region and the intended availability of garage spaces for Crow employees and the public. JC Hart said the first level (65 spaces) would be dedicated to Crow and the remainder reserved for residents; street parking would be public. Phil Fasenda of Barnes & Thornburg (city bond counsel) and Matt Eckerley of Baker Tilly (municipal adviser) were listed as available to answer legal and financing questions.

The committee motion to forward Bill 25-12 to the full council with a favorable recommendation passed with four ayes recorded from Committee Member Gooden Rogers, Committee Member Bolden Simpson, Committee Vice Chair White and Committee Chair Warner. The action moves the matter to the full council for bond-ordinance review and final approval steps.