Crown Point redevelopment commission adopts Venture One project report, recommends $9.915 million bond issuance

The Crown Point Redevelopment Commission voted to adopt Venture One’s project report and approved a resolution authorizing economic development bonds with a maximum principal amount of $9,915,000, the commission said. The body also voted to forward a favorable recommendation on the council’s bond ordinance; the council is scheduled to consider final approval on April 6.

Heather, who presented the project report to the commission, told members the development is expected to generate approximately $100,000,000 in capital investment and roughly 400 construction jobs with an average wage she summarized as about $85 per hour. “We’re asking that you adopt the project report and then hold the public hearing on the final action resolution and consider adoption of that resolution, which will approve the substantially final form of the bond documents,” Heather said.

Jim Weiser, the attorney for the project, described the proposal as “a large warehouse distribution center” to be constructed between 109th and 101st Avenues on the east side of I‑65. He identified the developer as Venture One and said the company has developed similar Midwest distribution centers, citing a prior John Deere Midwest distribution project as precedent. He said the bond proceeds (not to exceed the figure discussed) will be used for public improvements including extension of Mississippi Street to the north, intersection improvements and installation of traffic signalization.

Weiser and Heather said the redevelopment commission has agreed to pledge 70% of the tax increment (TIF) generated by the project to repayment of the economic development bonds, with 30% allocated to the city for other improvements; once the bonds are paid off the TIF would revert to 100% to the city. Commissioners and counsel discussed an estimated payoff timeframe and corrected an earlier figure; the participants indicated the projection extends into the 2030s (speakers referenced 2037 as the payoff estimate in the record).

Commissioners asked whether the building is speculative or already has a tenant. Weiser said a tenant is committed but that the party is subject to a nondisclosure agreement; he said the end user would be disclosed to the city council prior to the April 6 council meeting. “We have entered into an NDA at this point in time, but we assured the city council members and the administration that the end user would be disclosed prior to the April 6 city council meeting,” he said.

A motion to adopt the project report was moved and seconded and passed in roll call (yes votes recorded in the minutes). The commission then opened and closed a public hearing on its resolution (no public speakers), approved the commission resolution authorizing the bonds, and voted to provide a favorable recommendation on the council’s bond ordinance. The meeting concluded after approving the day's business and adjourning.

The commission’s actions move the bond documents to the council for final consideration on April 6. The developer and bond documents will be available to the council as part of that meeting; the tenant identity remains under NDA until the developer discloses it to the council.