Redevelopment commission approves new TIF allocation areas for two Simon CRE projects
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Summary
The Portage Redevelopment Commission approved two declaratory resolutions creating separate allocation areas and funds for Simon CRE27s Southeast and Southwest developments, enabling tax-increment-backed bonds to finance project infrastructure.
The Portage Redevelopment Commission voted to approve two declaratory resolutions creating separate tax-increment allocation areas and funds for two commercial developments proposed by Simon CRE.
The measures, described in the resolutions as the Simon Southeast allocation area (Resolution No. 2025-13) and the Simon Southwest allocation area (Resolution No. 2025-14), remove single parcels from the Southport Economic Development Area and designate those parcels as distinct allocation areas whose tax increment revenues can repay bonds or fund infrastructure and related project costs.
Why it matters: creating separate allocation areas is a necessary step so developers can issue economic development revenue bonds that are repaid from project-specific tax increment. Commission staff said developers are awaiting these confirmations so they can proceed with bond closings and lender processes.
Commission staff summarized each resolution on the record and described the parcels by key number. The staff presentation said each allocation fund will be established by the city fiscal officer, that a 25-year life will apply from the date an obligation is issued, and that the base assessed value for capture will be set as of Jan. 1, 2025 (pay 2026). The resolutions also add contemporary statutory language to the economic development plan to clarify permitted uses, including infrastructure, project acquisition/construction, and public safety and training programs, citing the relevant Indiana Code provision referenced in the staff report.
Both resolutions were read by title and adopted after motions and seconds; the meeting record shows unanimous vocal approval on each item.
Commission staff noted bond counsel provided the resolution templates and that the developer and bond counsel had reviewed the drafts. The city27s planning and community development department will process the required planning commission and common council referrals and ensure tax-impact notices are sent to overlapping taxing units ahead of confirmatory hearings.
Next steps: staff said bond closings are expected to follow once the allocation-area amendments and confirmatory steps complete; the commission also directed staff to file the required annual notices and include the economic development plan text in the municipal records.
