MUNSTER | The town will sell a new set of Economic Development Commission bonds in late May, with funds earmarked for projects to be initiated this year, Munster officials said Monday.
The funds generated by the bond sale will be used to extend a tax incentive for Land O’Frost to relocate its Lansing headquarters to Munster, creating up to 50 new jobs by 2014. The site has yet to be announced.
Land O’Frost will invest $6.4 million to move its corporate headquarters to a 3-acre campus. Construction on a 25,000-square-foot facility is slated to begin this summer and expected to be completed in 2014.
While the company plans to move its corporate offices, other Land O'Frost facilities will remain in Lansing.
Assistant Town Manager Clay Johnson said another portion of economic development bond funds will be used to purchase the property along the west side of Calumet Avenue directly across from the Munster Shops.
The current buildings will be demolished and a new retail/office complex will be constructed by Munster Shops developer Bruce Boyer, officials said.
The Munster Redevelopment Commission reviewed the schedule for the bond sale that includes a public hearing on May 6 and a May 13 joint meeting between the Town Council, Economic Development Commission and the Redevelopment Commission.
The same members serve on the Munster Town Council and Redevelopment Commission. The Economic Development Commission is composed of two appointed members and the superintendent of the School Town of Munster.
The tentative closing date for the bond sale is June 6.