SCHERERVILLE | The town has taken action to provide financing incentives for the Shops on Main development.
Schererville's Economic Development Commission, Redevelopment Commission and Town Council each had meetings Wednesday in which members unanimously approved resolutions related to issuing $19 million in bonds to assist with infrastructure and development costs for Shops on Main.
The bonds will be paid off by the tax revenue generated by Shops on Main, Town Attorney David Austgen said. There will be no additional cost to taxpayers.
Austgen said Boyer Properties and Regency Centers are collaborating on the project, which is expected to bring high-quality retail and restaurants to property on the southeast corner of Main Street and U.S. 41.
The first phase of Shops on Main could start in April. Last month the town's Plan Commission granted preliminary subdivision approval for the project. Bruce Boyer, of Boyer Properties, said secondary approval is required before work will start. The Plan Commission could take action on that request later this month.
Boyer said the first phase, which includes the construction of several buildings, could be finished in the first quarter of 2014. Stores would start opening "shortly after" that, Boyer said.
The total cost of the first phase is expected to be about $70 million, Boyer said. The second phase will be about $30 million, he said.
The development is projected to create 120 to 150 jobs, Austgen said. Annual payroll could be between $3.6 million and $4.5 million, he said.
Boyer received several questions from town officials regarding the occupants in Shops on Main.
He said he can't disclose names yet because of confidentiality agreements, and he is unsure when businesses would be revealed.
"At some point they will be disclosed," he said.
In addition to the approvals for the financing incentives, the Town Council also adopted an ordinance changing the development's zoning from highway commercial to a planned unit development.
Following all the action taken Wednesday, Town Council President Rob Guetzloff thanked several town officials for their assistance in advancing Shops on Main.
"This is a good thing that will benefit Schererville," Guetzloff said.