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Redevelopment Commission pledges 70% of TIF revenues to repay bonds for Venture One industrial project
Summary
The Crown Point Redevelopment Commission voted unanimously to pledge 70% of Tax Increment Financing (TIF) revenue from the Venture One development to repay up to $9,915,000 in bonds for public infrastructure; the related development agreement was deferred for later action.
The Crown Point Redevelopment Commission voted unanimously on March 2 to pledge 70% of the tax-increment financing (TIF) revenue generated by the proposed Venture One industrial park to repay bonds for public infrastructure, while retaining 30% of those TIF receipts for the commission.
Heather James, an attorney with Ice Miller who attended by Zoom, told commissioners the allocation area that will capture the TIF was created in 2024 and the bond issuance under consideration would have a maximum principal of $9,915,000 to fund all public infrastructure related to the project. "This resolution is to pledge a portion of the TIF — 70% of the TIF generated by the project itself — to the repayment of bonds," James said.
Financial adviser Greg Guerrettaz of FSG summarized the developer’s proposal, saying Venture One proposes a roughly 1.2 million-square-foot building and that the financing currently reflects an anticipated interest rate of about 8.75 percent because the developer is bearing project risk. Guerrettaz said there is "no taxpayer providing backup to these bonds" and that the projected payoff year is 2038. He described the negotiated 70/30 split as the mechanism to ensure sufficient cash to service the bonds while preserving some TIF receipts for the RDC.
Attorney Jim Weiser, who said he represents Venture One, introduced company principal Mark Good and engineer Bill Bowen and placed the site east of I‑65 between 101st and 109th avenues. The commission heard public support from Randy Palmateer, business manager for the Northwestern Indiana Trucks and Trades Council, who said Venture One has signed a local labor agreement that will prioritize a local, skilled construction workforce.
Commissioner Brad Bosse moved to approve Resolution 2026-03-02R pledging the TIF revenue; Commissioner Craig Slosson seconded and the roll-call vote was unanimous in favor.
The development agreement that accompanies the project packet was included for review but was deferred: Commissioner Craig Slosson moved to defer the development agreement, Commissioner Laura Sauerman seconded, and the motion passed unanimously. The item will return to a future meeting for formal action.
Commissioners also approved routine invoices. Mayor Pete Land noted that an invoice for a bike-trail segment is expected to be reimbursed by a Indiana Department of Natural Resources (DNR) grant, described ongoing culvert work near Edgewater on the eastward trail alignment toward Broadway, and said officials hope that segment will open by early fall.
The meeting was called to order at 5:00 p.m. and adjourned at 5:18 p.m.
