Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Redevelopment commission adopts Kayak Point allocation area to enable tax‑increment financing for tenant
Loading...
Summary
The Portage Redevelopment Commission adopted Resolution 2026‑01 to create the Kayak 0.1 allocation area (about 32.84 acres), enabling tax‑increment financing to support public improvements tied to a tenant, Glass Solutions Inc.; the resolution sets a base assessment date of Jan. 1, 2026 and moves next to the plan commission and city council.
The Portage Redevelopment Commission voted to adopt Resolution 2026‑01 on a motion and voice vote, creating a new Kayak 0.1 allocation area to support development in the area north of U.S. Highway 20 and east of Salt Creek.
Mr. Bodich, who presented the proposal, said the allocation area would remove six parcels from the Southport allocation area and establish a separate fund to support infrastructure tied to a planned tenant. "It is 32.84 acres in size," he said, and added that the developer intends to issue economic development revenue bonds once the allocation area is established.
The resolution designates the personal property of the tenant, Glass Solutions Inc., to be captured for tax‑increment purposes for the specific purpose of constructing a public access to Salt Creek. "The purpose of the capture of the personal property is to construct the public access to Salt Creek," Mr. Bodich said. He also told the commission the base assessment date would be set as of Jan. 1, 2026 if the commission approved the resolution.
According to the presentation, the allocation area and related bond schedule are intended to allow the tenant to proceed with bonding and to advance construction; bond counsel (Barnes & Thornburg, Tom Pittman) is preparing a schedule to move the project toward bond issuance in May–June. Mr. Bodich said the project remains subject to plan commission review and city council approval for consistency with the comprehensive plan.
The commission adopted the resolution by voice vote. Next steps described by staff: staff will notify the tenant that the process has been initiated, the plan commission will consider consistency with the comprehensive plan, and any approved items will be forwarded to the city council and return to the redevelopment commission for a confirmatory resolution.
