COLUMBUS, Ind. — City officials have approved another step in the city’s contribution to the downtown multifamily urban grocer project.
The Columbus Redevelopment Commission approved a resolution pledging tax increment revenues to pay economic development tax increment revenue bonds.
Earlier this month, Columbus City Council approved issuing up to $11 million in bonds for the mixed-use development.
“The redevelopment’s role in this resolution would be to pledge the Central TIF to the repayment of the bond,” said Bruce Donaldson with Barnes & Thornburg.
According to a memo from Redevelopment Director Heather Pope, the estimated cost of the mixed use development is about $40 million and the developer, Flaherty & Collins, will pay about 71% of the cost.
The city agreed to invest $11.8 million into the development under the project agreement, Donaldson said. City officials have said in the past that the development’s property tax dollars will reimburse the city for its contribution. The redevelopment commission has also committed to selling property for the development at minimal cost to the developer.
The multifamily urban grocer development will include approximately 200 market rate apartments and an urban grocer facility at the southeast corner of Lafayette Avenue and Second Street.
For the complete story, see Saturday’s Republic.