SCHERERVILLE | Construction of a Whole Foods Market in Schererville could be completed by late next year or in early 2015.
The town's Economic Development Commission, Redevelopment Commission and Town Council on Wednesday approved amendments to a financing agreement for the Shops on Main project to help bring Whole Foods to that development.
The panels decided an additional $2 million will be included in the financing incentives to assist with infrastructure and development costs for Shops on Main.
The increased funding brings the total financing incentives to $21 million, Town Attorney David Austgen said.
Schererville will issue bonds through a tax increment financing district to provide the funding. Tax revenue generated by the Shops on Main project, which is being developed by Boyer Properties and Regency Centers, will fund the debt service of the bonds, Town Manager Bob Volkmann said.
The addition of Whole Foods is estimated to increase the construction cost of Shops on Main by $22 million, bringing the total estimated construction of the development to $112 million, Austgen said.
The market also is expected to increase the total jobs and payroll created by Shops on Main.
"This is of large impact," Austgen said of the addition of Whole Foods.
Nicholas Wibbenmeyer, vice president and regional officer at Regency Centers, said there is still work left to finalize the lease with Whole Foods.
Adding the market to Shops on Main also requires site plan adjustments for the development. Those adjustments will need town approval.
Wibbenmeyer said it's possible for construction of Whole Foods to begin in the spring and it could take as long as 12 months to complete.
In May, Regency announced Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse will locate in the center at the southeast corner of Main Street and U.S. 41.
Wibbenmeyer and Bruce Boyer, of Boyer Properties, said there are no other stores to announce now, but they are in talks with other quality tenants.