S'ville OKs financing for Shops on Main

2012-09-17T21:47:00Z S'ville OKs financing for Shops on MainChas Reilly chas.reilly@nwi.com, (219) 662-5324 nwitimes.com
September 17, 2012 9:47 pm  • 

SCHERERVILLE | Town leaders have new excitement about the proposed Shops on Main development.

During special meetings Monday night, the Redevelopment Commission and Town Council each approved resolutions authorizing a financing agreement with Boyer Properties.

The agreement uses tax increment financing districts to assist with financing, Town Manager Bob Volkmann said.

He said the town will issue $19 million in debt, which will be paid off by the tax revenue generated by the Shops on Main project.

Councilman Hal Slager said there will be no additional cost to taxpayers.

Volkmann said approving the agreement is the first step in a series of approvals needed for the development, which looks to bring high-end shopping to property near the southeast corner of U.S. 41 and Main Street.

He said businesses that would be located in the Shops on Main development haven't yet been revealed.

An initial concept for Shops on Main received town approval several years ago, but the slow economy prevented the project from moving forward at that time. The previous approvals have expired, so Boyer must go through the approval process again.

Although the project was stalled, councilmen said they are enthusiastic about Shops on Main.

Council President Tom Schmitt said the project will create construction jobs and permanent jobs once the development is finished.

"This project is a great example of government working with business to create jobs," Councilman Jerry Tippy said.

Slager said he thinks Shops on Main can promote more development in Schererville and increase property values.

He said residents have made it clear they aren't interested in another big-box development, and Shops on Main will provide something different for the community.

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