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Council approves EID and bond ordinances for $300M SOLA mixed-use project including Renaissance hotel
Summary
The Michigan City Common Council unanimously approved creation of an Economic Improvement District and related bond and TIF authorizations for the SOLA mixed‑use redevelopment, which will include a Marriott Renaissance hotel, condos, retail and public amenities.
The Michigan City Common Council approved multiple ordinances on Monday to enable financing for the SOLA mixed‑use redevelopment on a longtime vacant industrial site.The measures included creation of an Economic Improvement District (EID), authorization for developer-backed economic development revenue bonds, and approval of a tax-increment financing (TIF) allocation area; council votes were unanimously in favor.
Why it matters: The SOLA project combines a branded hotel with residential units, retail, and public amenities on a riverfront-adjacent property the city has marketed for redevelopment for years. The council’s EID and revenue-bond approvals are designed to allow project-level financing secured by project-generated revenue—hotel room tax and assessments on short-term rentals and on-site parking—without pledging the…
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