The Valparaiso Redevelopment Commission has approved several items related to the proposed $78 million redevelopment of the former ANCO property. Our partners at The Times of Northwest Indiana report the approvals include a study to determine if a special improvement district should be established to help cover the cost of the project.
Plans for the redevelopment project were first announced in May. The city selected Indianapolis-based Flaherty & Collins Properties to lead the project at the former windshield wiper factory, which could include residential, retail, commercial office and restaurant space.
The RDC has approved a $6,000 contract with Merrillville-based Cender & Co. for the special improvement district study. RDC Executive Director Stu Summers tells the publication the commission is using bonds to fund the project with tax increment financing revenue to make the bond payments, however an SID would be used to cover any shortfalls in TIF revenue or extra costs for higher levels of services.
Another $6,000 contract was approved for Indianapolis-based adviser Umbaugh to study the potential use of state industrial recover tax credits for the project. The RDC also approved a $5,000 contract with Town & City Energy to determine if the area would qualify for a municipal riverfront development liquor license
Additionally, the RDC approved an $8,500 contract with Ratio Architects to design a handicapped-accessible trail to connect downtown Valparaiso to the ChicaGo Dash station and adjacent properties. The station is located near the site of the redevelopment project.
A timeline for construction to begin on the redevelopment project has not been announced. When the project was first detailed, developers said it could begin next spring.