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Michigan City Planning Commission recommends Resolution 1-25 to create Triadmeadow TIF, sends measure to City Council
Summary
The Michigan City Plan Commission voted unanimously April 22 to certify Resolution 1-25, a declaratory resolution establishing the Triadmeadow economic development area and two tax-increment financing (TIF) districts, and recommended it to the City Council for approval.
The Michigan City Plan Commission voted unanimously April 22 to approve and certify Resolution 1-25, the declaratory resolution establishing the Triadmeadow economic development area and approving a housing plan and allocation areas for a portion of that area, and forwarded the measure to the Michigan City Common Council with a favorable recommendation.
The resolution would enable two overlapping tax-increment financing districts for the Triadmeadow project: a 20-year housing TIF covering the R2B area and 25-year commercial TIFs covering the R3A areas. Planning staff and redevelopment commission representatives said the TIFs are structured as developer-backed bonds that will pay for new public infrastructure, including city-standard roads, stormwater, water and sanitary improvements, with the…
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