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Commission adopts declaratory resolution to start Tryon Meadows TIF process
Summary
The Redevelopment Commission voted to adopt Declaratory Resolution 2‑25, establishing the Tryon/ Trium Meadows economic development area and three allocation areas as the first step toward TIF-backed bonding to pay infrastructure for a multi‑phase residential and mixed‑use project.
The Michigan City Redevelopment Commission on April 14 adopted Declaratory Resolution 2‑25 to establish the Tryon (Trium) Meadows Economic Development Area and three allocation areas — two commercial and one residential — enabling tax-increment financing (TIF) mechanisms to fund infrastructure for a multi‑phase development.
Developer John Koffchak told commissioners the project is planned in three phases with a mix of single-family homes, townhomes and multifamily apartments; he said total project cost including infrastructure and land is currently estimated at about $51 million. Koffchak said the team expects to begin site work as approvals and city timelines allow, with grading possibly starting mid‑summer and vertical construction in 2026 if schedules hold.
Bond and development counsel Randolph Rampolla explained that the declaratory resolution is the statutory first step to create the EDA and allocation areas needed to allocate tax increment to debt service on economic‑development revenue bonds. Rampolla outlined risks to the city: bonds issued to the developer would be payable solely from TIF revenues; if assessments or construction do not produce anticipated TIF receipts or if a developer failed to pay taxes on completed projects, bond payments could go unpaid — but the city’s general credit would not be pledged.
Why it matters: adoption of the declaratory resolution does not itself create debt but enables the next steps — planning commission confirmation, city council action, and ultimately bond ordinances — that would allow TIF revenue to fund infrastructure that lowers development costs and aims to deliver workforce and market-rate housing.
Next steps: staff will forward materials to the planning commission and city council for the confirming resolution and bond-authorizing ordinances; Baker Tilly or financial advisors and bond counsel will model cash flow and structure potential series of bonds.
Ending: Commissioners recorded unanimous approval among those present; the developer and staff emphasized coordination with city utilities and department reviews already underway.
