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Elkhart EDC backs $3.5 million bond, 80% TIF pledge for Boulder Run subdivision
Summary
The Elkhart Economic Development Commission voted to forward documents supporting Emerald Chase Land Development LLC’s proposed 86-home Boulder Run subdivision and to start the process for a $3.5 million economic development bond backed by an 80% tax-increment finance pledge; the plan will go to the City Council for consideration.
The Elkhart Economic Development Commission voted to forward a resolution and related financing agreements backing Emerald Chase Land Development LLC’s proposed Boulder Run subdivision and to begin the process for a $3.5 million economic development bond that would be supported by an 80% tax-increment finance (TIF) pledge.
Mike Huber, development services director for the City of Elkhart, told commissioners the developer proposes an 86-home single-family subdivision near Jean Wood Drive and Hanke Street. "In your packet, you should have received the EDC report for the Boulder Run project," Huber said. He said estimated infrastructure improvements — streets, sanitary and storm sewer, and municipal water — total about $7,000,000, or roughly…
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