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Council approves developer‑issued tax‑increment bonds, establishes Trium Meadow economic development area
Summary
The Michigan City Common Council approved an ordinance authorizing developer‑issued taxable tax‑increment revenue bonds and established an economic development target area for the Trium Meadow project; the city reaffirmed that the bonds will be issued by the developer and are not city obligations.
The Michigan City Common Council unanimously approved an ordinance on Tuesday authorizing the issuance of taxable tax‑increment revenue bonds to support projects in the newly created Trium Meadow economic development area and establishing a housing tax‑increment finance (TIF) target area.
Sponsor remarks and staff presentations explained that the measure…
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