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Redevelopment Commission approves advertising for Northwest Cleveland Road bid opening tied to Holiday Properties project
Summary
The commission granted permission to advertise a roadway construction contract in the Northwest Cleveland Road Economic Development Area. The advertisement will precede a March 18 bid opening; staff said existing TIF funds and an MOU with Holiday Properties will fund the work without borrowing additional partner funds unless bids require it.
The St. Joseph County Redevelopment Commission on Feb. 18 authorized staff to advertise the Northwest Cleveland Road roadway project in the Northwest Cleveland Road Economic Development Area and to open bids on March 18.
Staff explained the project will support a new 600,000-square-foot distribution facility being built by Holiday Properties and Lippert. The county will use captured TIF funds in the area to pay for the road work; staff included a 2021 memorandum of understanding with Holiday that contemplated Holiday as a lender if the TIF did not produce sufficient funds. Staff said current estimates indicate sufficient funds are available and that it is unlikely the county will need to request additional funding from Holiday, though the final numbers will be determined when bids are opened on March 18.
A staff memo noted prior bond obligations in the district have first priority for captured increments; remaining funds are being reserved for this roadway project. Staff told the commission that the RDC currently holds funds for the area and that engineer estimates indicate the project can be funded by available funds; a final funding determination will follow bid openings.
The commission voted to approve the advertising request and to receive bids for the March 18 opening.
