The Valparaiso Redevelopment Commission has approved an economic development agreement for a major mixed-used development in the city’s downtown. Our partners at The Times of Northwest Indiana report the RDC also approved up to $3.3 million in tax increment financing bonds for The Linc.
Plans for The Linc were first announced in January. The project will include three, four-story buildings that with a total of 121 apartments, as well as ground floor retail and restaurant space, in addition to a 300-space parking structure.
The project is being developed by Carmel-based real estate investment and development firm Hageman. In a January interview with Inside INdiana Business, City Attorney Patrick Lyp called The Linc a “logical, natural progression” for downtown Valpo.
The project originally came with a $37 million price tag, but the publication reports that has dropped to $27.5 million with the developers securing $5 million in state tax credits. Construction is expected to begin this year and be complete by late 2023 or early 2024.
The Valparaiso City Council will consider the resolution for the TIF bonds at its March 14 and March 28 meetings.