Group formed to promote economic development in C.P. wins tax exempt status

2013-07-23T20:15:00Z 2013-07-26T11:00:45Z Group formed to promote economic development in C.P. wins tax exempt statusSusan Erler, (219) 662-5336

CROWN POINT | The Crown Point Community Development Corp. has been granted tax exempt status after a nearly two-year wait, officials said.

Meeting Tuesday for the first time in nearly two years, members of the board of directors said the IRS recently approved the corporation's designation as a 501(c)3, or tax exempt, organization.

The group now hopes to begin taking a more active role in promoting economic development in the city, said Keith Stevens, board of directors president.

"Now that we have tax exempt status we can be available to help out in whatever way we can," Stevens said. "We wanted to first make sure we were set up in the correct form and fashion."

The corporation was formed in 2009 to replace the similarly named Crown Point Development Corp., which has since dissolved.

In November 2010, the city Redevelopment Commission agreed to partner with the corporation to help spark economic growth.

Board members last met in November 2011 to appoint Greg Guerrettaz, of Indianapolis-based Financial Solutions Group, as corporation financial adviser.

The board on Tuesday approved paying claims including $1,808 to the CPA firm Swartz-Retson, for work on a financial audit required of the corporation, and $6,949 to the law firm Ice Miller, for work to obtain tax exempt status and on other matters dating to the 2009 incorporation, officials said.

Redevelopment dollars granted to the Community Development Corp. by the Redevelopment Commission will be used to pay the costs, officials said.

Board of directors members other than Stevens include Brad Bosse and John Mullins and Secretary Aaron McDermott. Stephen Figurski has resigned from the board because of work-related time constraints, officials said Tuesday. A replacement will be named.

The disbanded Crown Point Development Corp. had acted as a lending body to the city's Redevelopment Commission.

The Crown Point Community Development Corp. will focus on bringing economic development to the city, including by meeting with the private sector to make it happen, Stevens said earlier.

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