Redevelopment Commission approves $5.8M TIF-backed support for South Main mixed‑use project
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Summary
Elkhart City Redevelopment Commission approved resolutions to formalize a $5.8 million loan and a pledge of future TIF revenues to support a proposed South Main Street mixed‑use development by Garrison Fraser and Millhouse, after a public hearing with no public comment.
Elkhart — The Elkhart City Redevelopment Commission on Feb. 10 approved resolutions to formalize funding commitments for a proposed South Main Street mixed‑use development by developers identified as Garrison Fraser and Millhouse.
Mike Hubert, director of development services, told the commission the project would add more than 3,000 square feet of commercial space and about 210 multifamily apartments, representing roughly $51 million in total private investment. Hubert said the Indiana Economic Development Corporation identified the project for a $6 million allocation from the Ready2 program’s blight‑elimination initiative.
Under the development agreement the commission previously executed, the redevelopment commission committed a $5,800,000 loan funded from the consolidated South TIF balance and pledged 100% of future tax increment revenues from a new allocation area 8 to assist the developer’s repayment of a developer‑purchased bond. At the meeting commissioners approved a resolution authorizing the use of consolidated South and Downtown TIF revenues toward the Main Street corridor project and an appropriation to allocate $2,000,000 from the consolidated South TIF and $3,800,000 from the downtown allocation area to the financing package. The commission opened the required public hearing; there were no speakers, and the resolutions passed by voice vote.
Hubert described the actions as a formal step “to help meet the development gap identified in the project” and said the future TIF pledge would secure repayment of bonds related to the development. The commission did not record a roll‑call tally in the transcript; approval was recorded by voice vote.
The resolutions authorize staff to finalize loan and bond documents and appropriate the specified TIF sums to the project. No implementation timetable was stated at the meeting beyond the established terms in the development agreement.
What happens next: Staff will execute the loan and bond documents under the terms approved; the commission’s packet and the development agreement identify the committed amounts and the new allocation area but the transcript contains no additional schedule for bond issuance or construction milestones.
