Commission approves schedule amendment for waterfront solar‑tower project; developers outline financing steps

The Michigan City Redevelopment Commission on June 9 approved an amendment to the amended and restated development agreement for the waterfront solar and residential tower project (referred to in the meeting as the “You Are Beautiful” site) that extends the developer’s deadlines and sets a firm schedule for the EID and TIF ordinance work the project needs to close its financing.

Why it matters: Developers said the project’s capital stack depends on bond proceeds tied to a local Economic Improvement District (EID) and tax‑increment financing (TIF). The amendment gives the development team a firm calendar for workshops and ordinance submissions and extends the financing closing window to December 31, 2025.

Developer presentation: Scott Goodman and Alan Schockman, representatives of the development team, told the commission their capital stack includes private equity, construction debt and the public financing instruments (EID bonds and TIF bonds). Goodman said the team has 31 fully executed condominium contracts with earnest money and expects further sales this summer to support lender confidence. “We’re really excited about it, and we’re moving ahead,” Goodman said.

City schedule and oversight: Staff read a bond submission schedule into the record that sets a developer workshop the week of July 7, ordinance and EID petition submission in early July, final council approvals targeted in August/September, and redevelopment commission pledge actions in September. Commissioners stressed the schedule is tight and said they will hold the developer to the dates.

Vote: The commission voted unanimously to approve the amendment and its exhibit schedule.

Ending: Developers and city staff said they have a regular coordination cadence (weekly Friday meetings) and will continue workshop briefings for the common council and redevelopment commission as required by the schedule.