Bond sale funds to pay for Land O'Frost move to Munster

2013-10-19T19:42:00Z 2013-10-20T23:51:07Z Bond sale funds to pay for Land O'Frost move to MunsterLu Ann Franklin Times Correspondent nwitimes.com
October 19, 2013 7:42 pm  • 

MUNSTER | Plans are being finalized to sell economic development bonds that will fund the $2 million in incentives the town is giving Land O’Frost to move its corporate headquarters from Lansing.

Land O'Frost officials broke ground Oct. 2 at 630 Hagburg Drive on a new $6.4 million corporate headquarters, a project that will shift 50 jobs to the town after the company outgrew its office in Lansing.

The 27,000-square-foot building in the Munster tax increment financing district will feature a pilot plant and a high-tech test kitchen, allowing the company to develop new products and recipes faster and more efficiently, said David Van Eekeren, the company's president and CEO. The building also will feature a sustainable design in hope of becoming LEED certified.

The new headquarters is expected to open in fall 2014.

“We have offered Land O’Frost $2 million for land acquisition and construction of its corporate headquarters,” said Clay Johnson, assistant town manager.

The Munster Redevelopment Commission recently heard a report prepared by the town’s bond counsel Ice Miller LLP outlining the timetable for the sale of those EDC bonds.

According to the timetable, the Redevelopment Commission will hold a public hearing about the bonds sale at 7:30 p.m. Monday at Munster Town Hall, 1005 Ridge Road. After the public hearing, the Redevelopment Commission will consider a resolution to amend the Ridge Road/Calumet Avenue Economic Development Area.

The properties in this economic development area include Land O’Frost and others along the west side of Calumet Avenue.

The Redevelopment Commission is expected to adopt the tax increment financing pledge on Nov. 25. The Economic Development Commission then will hold a public hearing to adopt the final action resolution on the bond sale.

The bond sale will be negotiated by Ice Miller on Dec. 3 along with signing the purchase agreement. Closing on the bond sale is expected on Dec. 18, according to the timetable.

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