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Redevelopment commission approves holding arrangement to advance Sola site EID process
Summary
The Michigan City Redevelopment Commission voted to approve a resolution that sets a temporary holding structure for the Sola site so the city can meet state Economic Improvement District (EID) ownership rules while the developer secures funding.
The Michigan City Redevelopment Commission on March 10 approved a resolution authorizing an agreement that creates a temporary holding arrangement intended to let the Sola site move forward in the Economic Improvement District (EID) process.
The action authorizes the city and the redevelopment commission to convey the parcels to two private holding entities for a limited period so the development can meet the EID statutory requirement that at least 60% of ownership and 60% of assessed valuation be privately held. If the Sola project secures financing within the holding period, the parcels are expected to be conveyed to the developer; if not, the parcels would revert to the redevelopment commission.
Why it matters: The Sola…
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