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Commission hears $5M bond update and introduction of 300‑unit Hedgecroft residential TIF project
Summary
Staff briefed the commission on a proposed $5 million bond sale to fund property acquisition and interchange work and introduced the Hedgecroft mixed‑use project, a proposed ~300‑unit development for which the county will apply for a residential TIF infrastructure grant.
Redevelopment staff told the St. Joseph County Redevelopment Commission the office received pricing for a proposed $5,000,000 bond sale tied to allocation area #5 and that the sale would net approximately $4.8 million after financing, legal and consultant fees. Staff cited an estimated bond rate around 5.4% and said closing is planned for Feb. 19; proceeds would be used for property acquisition and to support interchange work with…
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