St. Joseph County EDC recommends bonds for Buckingham 'Northern Edge' mixed‑use project

On Sept. 23, 2024, the St. Joseph County Economic Development Commission voted to recommend Resolution 2024‑01, authorizing the county to pursue economic development revenue bonds in support of Buckingham Companies’ proposed 'Northern Edge' mixed‑use project at the northeast corner of State Road 933 and Douglas Road.

The recommendation came after a presentation by Ryan Gahlmeier of Buckingham Companies outlining a three‑phase plan on roughly 30 acres. Gahlmeier said Buckingham has "been in business for 40 years," described phase 1 as roughly 374 multifamily units with about 13,000 square feet of commercial space, phase 2 as about 114 for‑rent townhomes, and phase 3 as about 77 active‑adult units. He said the project includes a leasing and amenity building and two primary access points on State Road 933 and Douglas Road.

County counsel Phil Garrett reviewed the bond resolution and the statutory reporting the commission must provide to the County Council and planning commission. Garrett emphasized that, as structured in the resolution, "there's no tax revenue of the county that is pledged" and that any bonds would be repaid from revenues generated by the project rather than the county's general taxing authority. Garrett also summarized anticipated investments and job impacts as presented in the materials: roughly $105 million for phase 1, $56 million for phase 2, and $23 million for phase 3, with a mix of temporary construction jobs and a small number of permanent jobs for each phase.

Garrett described terms in the resolution indicating bonds would be issued by series tied to each phase, with maturities not to exceed 25 years and an interest rate "not to exceed 10%" (the resolution materials also note that it has not yet been determined whether the bonds will be taxable or tax‑exempt). He recommended opening the public hearing required for the bond action; the commission opened the public portion, heard no comments and closed the hearing.

After the public hearing closed, the commission moved and seconded approval of Resolution 2024‑01 and voted to forward the recommendation to the County Council. The commission also approved the report associated with the resolution. County counsel noted the county council will likely consider the related bond ordinance for second reading in November and that the EDC’s report is required to document jobs, infrastructure impacts and other statutorily mandated details.

The action is a recommendation to the County Council; final bond authorization and any debt issuance decisions remain subject to subsequent County Council action and to the final bond documents. The public record and final ordinance language should be consulted for the official bond caps and limits.