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Crown Point redevelopment commission approves Venture 1 development agreement
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Summary
The Crown Point Redevelopment Commission voted to approve a development agreement for the Venture 1 project, a roughly 135‑acre site near 101st and I‑65, authorizing about $9.9 million in developer‑financed public infrastructure to be repaid from project tax revenue.
The Crown Point Redevelopment Commission voted to approve a development agreement for the Venture 1 project, a roughly 135‑acre parcel near 101st and Interstate 65, after a brief presentation and discussion.
A commission member described the parcel and said the agreement and accompanying exhibits were included in the meeting packet. "So, essentially, we have about $9,900,000 in public infrastructure that's gonna be put in place, and it'll be, well, bonds that are bought by the developer and then paid back with the tax revenue generated from this project," the commission member said.
Greg Garritos of FSG Corp., who answered financial questions during the discussion, told the commission the bonds related to the agreement had already gone through the approval process and that the financials remain as presented previously. "Happy to answer any questions," Garritos said.
A commission member moved to approve the development agreement and the Chair seconded. The commission approved the motion by voice vote.
The approval allows the developer to proceed under the terms in the packet; the agreement anticipates developer‑purchased bonds to fund public infrastructure, with debt service paid from tax revenues generated by the Venture 1 project. The commission did not record any conditions or amendments to the motion during the meeting.
The agreement and its exhibits remain in the commission packet as the commission moves the item forward to implementation steps outlined in the document.
