Commission approves Barnes & Thornburg engagement as special counsel on Tryon Meadows housing TIF

The Michigan City Redevelopment Commission on March 10 approved a letter of engagement for Barnes & Thornburg to advise the commission and city on establishing a housing tax increment financing (TIF) district related to the Tryon Meadows project.

Scope and role: The engagement will have Barnes & Thornburg assist in drafting the documents and guiding the statutory process to establish a housing TIF. Counsel Randy, who has served the commission previously as bond counsel, will act in this matter as special counsel and adviser rather than as bond counsel because the developer indicated a preference to use its own bond counsel for bond issuance tied to TIF proceeds.

Why it matters: Establishing a housing TIF will require parallel actions by the redevelopment commission and city council; the engagement is intended to start drafting necessary documents so the commission can take the next steps in forming the housing TIF that supports Tryon Meadows development. Staff said the developer has closed on the land and is proceeding with project obligations under an economic development agreement.

Vote and next steps: Commissioners approved the letter of engagement and directed staff to proceed. Staff said Barnes & Thornburg will prepare necessary documents and advise the commission on statutory compliance; the housing TIF formation will return to the commission and then the city council as required.

Ending: The commission approved the engagement to begin the housing TIF formation process; staff will return with drafts and scheduling to move the item through the statutory process.