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Redevelopment panel pledges $2 million TIF for Tailwinds Business Park; development agreement approved in principle
Summary
Michigan City’s Redevelopment Commission voted Jan. 12 to pledge $2 million in existing TIF funds as a forgivable loan to the Tailwinds Business Park project and approved the form of a related development agreement, moving the project to the Economic Development Commission and city council for final approvals.
The Michigan City Redevelopment Commission on Jan. 12 approved a resolution pledging $2,000,000 of existing consolidated tax-increment financing (TIF) funds as a forgivable loan to the Tailwinds Business Park project and also approved the form of a development agreement that contemplates a later developer‑backed bond for additional infrastructure funding.
Developers David Duran of Game Plan Solutions and Matt Rossman of Rossman Partners told the commission the project would create a business park of roughly 11 lots with 10,000–12,000‑square‑foot buildings, include a retention pond and new public roadway connections, and is expected to spur about $30 million in private investment and create both…
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