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Elkhart planning commission ratifies resolutions to create two new TIF allocation areas and amend downtown plan to support parking
Summary
The commission on April 7 approved three resolutions that begin creating two new tax increment financing allocation areas and amend the downtown urban renewal plan to help fund parking for upcoming mixed‑use projects that together are projected to total roughly $90 million in private investment.
The Elkhart City Planning Commission on April 7 voted to ratify three resolutions that together start the process of creating two new tax allocation areas (TIF) and amend aspects of the downtown urban renewal and economic development plans to support public parking for planned downtown projects.
Mike Hubert, Elkhart’s development services director, told the commission the redevelopment commission carved the two new allocation areas out of the existing downtown allocation area No. 1. Baker Tilly performed an analysis indicating that removing the identified parcels would not impair the city's ability to meet outstanding debt obligations in Allocation Area 1, Hubert said. He said the projects supported through the new allocation areas will yield about $90,000,000 of private investment, roughly 300 market‑rate housing units, 20,000 square feet of commercial space and a new 250‑space parking structure.
Resolution 25…
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