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Redevelopment Commission confirms Boulder Run economic development area, pledges TIF to Emerald Chase housing project
Summary
The Elkhart City Redevelopment Commission confirmed the Boulder Run Economic Development Area June 10, approved a TIF pledge to support bonds for an 86‑lot Emerald Chase subdivision and authorized the project’s economic development agreement.
The Elkhart City Redevelopment Commission voted Tuesday to confirm the declaratory resolution creating the Boulder Run Economic Development Area, to pledge tax‑increment revenues to bonds for the project and to approve an economic development agreement with the developer, Emerald Chase.
Staff said the project is an 86‑unit single‑family subdivision proposed in the city’s northeast and that the developer expects to invest about $7 million in infrastructure. The redevelopment plan creates a residential TIF allocation area with a 20‑year capture period for residential homestead properties; staff said the TIF is expected to capture roughly $3 million to $3.1 million over the capture period (presentation estimate) and that 80% of TIF revenues from the new district will be pledged to pay certain economic development tax‑increment revenue bonds the developer will purchase. The remaining 20% will be reserved by the city for public safety or future capital improvements in the district, staff said.
Staff summarized the procedural history for the commission: the commission adopted the initial resolution on April 8 to create the Boulder Run Economic Development Area and plan; the City Plan Commission certified the plan conformed to the city’s general plan on May 5; the common council approved the plan on May 19; and the required public notice appeared in the Elkhart Truth on May 29. Staff said the next step in the council process is consideration of the bond ordinance at an upcoming council meeting.
Commission discussion included a question about whether the units would be market rate; staff confirmed they are market‑rate lots and said the TIF reduces per‑lot costs for the developer. Staff also said the developer anticipates building homes roughly 1,600 square feet in size and that the developer was present at the meeting. Commissioners moved, seconded and approved the confirming resolution, the pledge resolution and the economic development agreement by voice votes.
