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Redevelopment commission approves first step to create Solar project allocation area
Summary
The Michigan City Redevelopment Commission voted July 14 to approve a declaratory resolution creating a site-specific tax-increment allocation area for a proposed solar project, allowing future TIF revenues to be pledged toward developer-backed bonds; the measure must clear multiple additional approvals before finalization.
The Michigan City Redevelopment Commission on July 14 adopted a declaratory resolution to create a site-specific allocation area for a proposed solar project, a first step that would allow tax-increment revenues from the project site to be pledged to bonds intended to help finance construction.
The move matters because the allocation area would let the commission capture TIF (tax increment financing) generated at the solar site and, if later approved through the required process, pledge that TIF to pay economic development bonds associated with the project.
Attorney Tom Everett of Barnes & Thornburg summarized the…
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