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Council accepts petition to form economic improvement district for proposed solar project; bonds and TIF readings move forward
Summary
The Michigan City Common Council accepted a petition to form an economic improvement district (EID) for a proposed solar project and heard first-reading ordinances to allow bonds and a project-specific tax-increment finance (TIF) mechanism; public hearing and further readings are scheduled for Aug. 4.
The Michigan City Common Council on July 15 acknowledged receipt of a petition to create an economic improvement district for a proposed solar project and set a public hearing for Aug. 4 as part of a multi-step financing and approval process.
Skyler York, director of redevelopment, told the council the landowners currently include the city and two developer LLCs and that ownership would transfer to private developers once financing is in place. Alan Schockman of Sola Development Partners, the project developer, said the EID and tax-increment revenues are critical pieces that “allow us to sell bonds” and that without those revenue mechanisms the project would be…
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