The Michigan City Redevelopment Commission voted unanimously on Dec. 30 to approve a development agreement and a developer‑backed TIF pledge for a proposed 39‑acre housing project described in the meeting as "Triumph Meadow" (the project was also referenced in the record as "Tryon Meadows" and "Bridal Meadows" in various places).

Developer John Kachovic, joined by partner Gary Hench of Redstone Homes, presented a site plan for land on Tryon Road near Shady Creek Winery and the Mayfield Prairie subdivision. They said the project would include townhomes, about 38 single‑family lots and multiple two‑story rental buildings. Kachovic said the developer expects to rezone the parcel to accommodate the proposed density.

Kachovic and Hench said at least 75% of available units would target households earning 80–120% of area median income (AMI), citing that commitment in the economic development agreement. Product details described townhomes at roughly 1,800 square feet, single‑family lots wider than minimum R‑1D widths, and rental units between about 700 and 1,100 square feet. The developer estimated non‑infrastructure costs near $44 million, infrastructure costs variously noted between about $6 million and $10 million, and an overall project capital requirement “easily over $50 million.” The developer said the present value of the TIF pledge available to support financing was approximately $1.5 million in the presentation.

Commissioners asked several questions about affordability and whether the AMI targets would yield homes and rents affordable to current local workers. Commissioner Tracy Tillman pressed for clearer guarantees that units would be marketed to local workforce groups (teachers, nurses, public safety), and staff said the AMI figures come from commonly used Fannie Mae/Freddie Mac ZIP‑code AMI data and that marketing commitments were part of the development agreement.

Several commissioners raised concerns about using a residential TIF for a single project and the long‑term nature of a 20‑ to 25‑year TIF pledge. City counsel explained the developer‑backed bond structure and said city drawdowns of TIF proceeds would be tied to verified infrastructure expenditures and city standards for public improvements. Counsel emphasized accountability steps in the agreement, including staged drawdowns and city review of work prior to payment.

After discussion, the commission moved, seconded and voted by roll call to approve the development agreement and allow the developer to move forward with TIF designation, rezoning and bonding steps. The commission recorded unanimous support (5‑0) and invited the developer to proceed to next steps with the city and county agencies for bond and rezoning approvals.

Developer‑presented timeline: site work and initial phase approvals in early 2025, infrastructure work in Q2–Q3, vertical construction later in 2025 with sales beginning Q1 2026 under the developer’s optimistic schedule. The commission noted this was the first proposed housing TIF in the city; past uses had been primarily commercial and industrial.