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Elkhart Redevelopment Commission adopts Boulder Run TIF area, advances revised development agreement
Summary
The commission adopted a declaratory resolution creating the Boulder Run Economic Development Area and authorized a revised development agreement with a developer team; officials said the project faces a roughly $10 million funding gap and timing depends on outside grants and bond planning.
The Elkhart Redevelopment Commission on April 8 adopted a declaratory resolution creating the Boulder Run Economic Development Area and advanced a revised development agreement for a proposed 86-lot single-family housing subdivision in the Jean Wood Drive/Henke Drive area.
The action starts the process to establish a residential tax increment financing (TIF) allocation area to support infrastructure for the project. "We would pledge 80% of the revenues of the TIF to help support installation of the infrastructure," said Mike Huber, development services director for the city of Elkhart.
The commission adopted the resolution to designate and declare the new economic development area and to create a residential housing development program and allocation areas for tax increment financing. The measure passed on a voice vote after a motion and second; no recorded roll-call…
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