Crown Point council approves development agreement for 1.2-million-sq.-ft. Venture One warehouse project

The Crown Point City Council approved a development agreement with Venture One Crown Point LLC on April 6 to advance a large distribution and warehouse project that staff said will be financed through developer-backed notes and related TIF mechanisms.

Attorney Jim Wieser, speaking for the petitioner, described the project as “a distribution and warehouse structure of about 1.2 million square feet” and said the development should “generate about the equivalent of 500 jobs.” Randy Palmatier, business manager for the Northwestern Indiana Building and Construction Trades Council, told the council the project includes a project labor agreement that will “ensure a local workforce” and that veterans will be funneled into construction jobs through a Helmets-to-Hard-Hats program.

City staff said the project’s financing depends on a set of coordinated approvals, including an ordinance related to taxable economic development revenue notes. Heather (staff) told the council this ordinance was the last public-approval step before a planned bond closing later in the month.

Wieser noted the development agreement’s exhibits set out construction and financing essentials and thanked city staff for their work preparing the documents. Palmatier emphasized local-hire language and called Venture One a good partner based on previous projects, saying he “wholeheartedly support[s]” the agreement.

Council members approved the development agreement by voice vote; staff recorded the item and moved forward with the required administrative steps toward closing. The city and the developer will proceed with the bond closing and the documented implementation steps in the development agreement; the council did not set additional conditions at the April 6 meeting.