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Redevelopment Commission approves $3M development agreement for 1719 Indianapolis Blvd., to be sent to Common Council
Summary
The commission approved a $3,000,000 development agreement with Midwest Prairie Builders LLC for a three-tenant commercial building at 1719 Indianapolis Boulevard; next steps include Common Council review and tax-abatement processes.
The Hammond Redevelopment Commission approved a development agreement with Midwest Prairie Builders LLC for a three-tenant building on a long-vacant North Hammond parcel at 1719 Indianapolis Boulevard. Staff described a $3,000,000 investment with an anticipated 12-month timeline and at least 20 new jobs tied to the development.
Staff said the building would include a 3,500-square-foot laundromat, a 1,000-square-foot drive-through tenant and a 1,200-square-foot commercial lease space. The incentive discussed included a 10-year traditional tax abatement and an annual payment to the city characterized in the transcript as a "15% impulse fee." Staff said, if the commission approved the development agreement, the project would be presented to the Hammond Common Council for the creation of an economic development target area and the tax-abatement resolutions. Commissioners approved the agreement by roll call (5 yes).
