CEDAR LAKE | The Economic Development Commission and Redevelopment Commission on Monday approved the sale of economic development revenue bonds to Strack & Van Til as part of the grocery chain's plan to build a new store.
The closed sale involves bonds not to exceed $800,000, sold for a period of not more than 18.5 years. The bond sale is part of a development agreement between Cedar Lake and Strack & Van Til.
According to the agreement, Strack’s bond debt service will be paid via its property taxes. The Town Council is expected to approve the bond sale at its regular meeting Tuesday.
The new Strack & Van Til is eagerly awaited by residents because it will bring a full-service grocery store to town for the first time in years. Strack’s already has demolished the old grocery store at 9704 Lincoln Plaza and will build its new store at the site.
Cedar Lake True Value Hardware, also at Lincoln Plaza, recently reopened. True Value is next to the 44,000-square-foot storefront that Strack’s demolished. There are 221 parking spaces on-site.
Strack’s plans to build a 49,635-square-foot store and put in additional parking spaces.
Strack's hopes to open the new store in March. The Plan Commission issued final plat approval for the store during its May 16 meeting.
Strack’s also has begun the process of obtaining permits, reviewing bids and approving contracts. Construction is expected to begin this summer.