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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 INDOT.
Separately, staff introduced the Hedgecroft mixed‑use residential project, led by developer Pat Matthews (Hedgecroft LLC), at Spruce Road and U.S. 20 near the IEC. Staff said the concept centers on roughly 300 housing units plus commercial density and that the county will apply for a residential TIF grant to pay for eligible infrastructure (water, sewer, streets, curbs and gutters, sidewalks and trails; staff noted fiber optics are excluded from eligible uses). The residential TIF, staff said, carries a 20‑year life once a bond is established against the project.
Commissioners and staff stressed the need to consider affordable housing within the project, avoid exclusive procurement agreements that could limit competition, and ensure that tax revenues for police and fire protection are not unintentionally reduced by TIF structuring. Staff said they have engaged with Senator Rogers on residential TIF language and will continue community outreach and intergovernmental coordination with New Carlisle and township partners.
The item was presented as informational; no formal allocation‑area action or bond sale was approved during the meeting. Staff said the grant application deadline is imminent and the commission may return to consider an allocation‑area change and bond actions after the new year.
