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Redevelopment Commission approves sale to Garrison Fraser for $675,000; city pledges $11.8M forgivable loan and $2.5M for Love Plaza
Summary
At a July 29 special meeting, the Elkhart Redevelopment Commission approved terms for a development agreement with Garrison Fraser to buy two parcels for $675,000, build 210 residential units and receive a package of city incentives contingent on state funding.
ELKHART, Ind. — The Elkhart Redevelopment Commission on July 29 approved the sale of two downtown parcels to developer Garrison Fraser for a not-to-exceed price of $675,000 and authorized a development agreement that ties a package of city incentives to the project's progress.
The agreement covers the Freight Street and South Main Street sites and captures the developer’s commitment to build 210 housing units with a total project cost the commission said is about $51 million. "Effectively, the developer is agreeing to purchase the land from the city for an amount of $675,000," a Redevelopment Commission staff member said during the meeting.
The city is offering incentives in two forms: a pledge of future tax increment financing (TIF) revenues that will be capitalized into an economic development…
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