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Redevelopment Commission authorizes 30-day review for 108-unit Hickory Hollow proposal
Summary
The Hobart Redevelopment Commission authorized staff to begin statutorily required consultations and a 30‑day review of a proposed 108‑unit Hickory Hollow residential development that would seek up to $4.15 million in incentives; the vote was unanimous.
HOBART, Ind. — The Hobart City Redevelopment Commission on April 20 authorized staff to begin required public consultations and a 30‑day statutory review of a proposed Hickory Hollow residential development that would build 108 units on 57.7 acres at the northwest corner of 61st Street and Arizona Street.
The proposal, presented by economic development finance consultant Dan Botich and Steiner Homes representatives, outlines a four‑year phased build of 108 residences including 23 single‑family homes on 90‑foot frontage lots, 22 single‑family homes on 80‑foot frontage lots, 20 villas and 43 townhomes. Total project investment was listed at $51,445,000, with approximately $45,610,000 of that coming from private developer investment. The developer is requesting roughly $4.15 million in incentives; staff’s 20‑year estimate placed the total tax‑increment finance (TIF) liability in the $9 million range with the city’s maximum potential share about $2.5 million.
City staff and their consultant said the financing approach embedded in the presentation assumes a roughly 75% developer / 25% municipal split and that the developer will cover a three‑year financing gap. The presentation included market‑value ranges for product types: townhomes at about $340,000, villas around $370,000, single‑family 80‑ft lots near $490,000 and 90‑ft frontage custom homes initially estimated in the presentation between about $550,000–$675,000 depending on finish and lot.
“Before formal submission to the commission, the Department of Redevelopment will proceed with the consultations and the public meeting required by Indiana Code 36‑7‑14‑53(D),” RDC President Matthew Claussen said when moving the intake action. Counsel Ryan Cook confirmed the statutory steps described by staff, including certified‑mail notifications to overlapping taxing units and a 30‑day review period required of the assessor and impacted taxing entities.
Steiner Homes representatives and the consultant said fiscal modeling and TIF analysis were completed in collaboration with Baker Tilly to verify projected impacts, and the presentation stated the development would not require new school buildings or directly affect existing referendum bonds. Questions from commissioners focused on projected unit counts, timing (the presentation anticipated four units built in 2026 with occupancy in 2027 and full build‑out through 2030) and the municipal exposure under the proposed incentive structure.
The commission voted unanimously to authorize the Department of Redevelopment to begin outreach and the statutorily required notice and review; no final incentive package was approved at the meeting. Next steps specified by staff include certified notifications to overlapping taxing units, a public meeting and a formal return to the commission after the 30‑day review period for possible adoption or further action.
Authorities referenced in the presentation include Indiana Code 36‑7‑14 (statutory redevelopment program provisions) and section 36‑7‑14‑53(D) procedural requirements for consultation and notice.
