Commission, Developer OK Gary Property Agreement
(Image of Gary Redevelopment Commission Courtesy of The Times of Northwest Indiana)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Gary Redevelopment Commission has approved an agreement with a private company that could involve acquisition of a large number of properties in the city. Our partners at The Times of Northwest Indiana report MaiaCo LLC plans to provide millions of dollars in resources, which will be repaid by the city.
The repayment will come from future profits from the purchase and resale or lease of the properties at tax sales. The company will not own the properties, the publication reports, but will share in proceeds from the sales of potentially thousands of land parcels. Once the MaiaCo investment is paid back, the agreement calls for the company to receive 65 percent of proceeds and the Redevelopment Commission will get the rest.
The Times also reports if the certain provisions aren’t met – including MaiaCo investing $1 million the first year, $2 million within two years and $5 million within five years – the agreement will be terminated and the company will receive nothing.
MaiaCo’s unpaid advisors include former Chicago Mayor Richard Daley.
You can connect to more about the agreement by clicking here.
