CHESTERTON | Director of Real Estate Bill Baker and President Bob Urschel of Urschel Laboratories addressed the Chesterton Economic Development Commission and Town Council during Monday night’s meetings to introduce members of their team.
“We welcome you to our community and we look forward to many years once the project is up and running, having you in our town. We’ll work hard for you to get rolling and continue to make sure it goes as smoothly as it can,” said Jeff Trout, commission member.
Jimmy Shanahan, bond council for the contract, discussed an inducement resolution and said it provides “a brief snapshot of the project and declares your official intent to finance the project. This will set the date we will use to establish what the proceeds of the TIF can be used for.”
The resolution specifically authorized the town of Chesterton to issue revenue bonds for the financing of economic development facilities and proposed that the town use proceeds of an economic development financing for the acquisition of land, construction and insurance costs.
The commission determined that the issuance and sale of economic development revenue tax-exempt bonds in an amount of approximately $25,860,000 for acquisition, renovation and equipping of the project.
All costs of the project will be included as part of the bond issue to finance the project, and the town will use the proceeds from the sale of the bonds for such purposes. Urschel will then repay the bonds with 85 percent of the taxes instead of paying taxes to the town through a TIF.
“This is not being paid for by Chesterton tax dollars, this is being paid for by proceeds of the bond issue,” said Town Attorney Chuck Lukmann.
The members of the commission as well as the town council both unanimously passed the resolution and a public hearing was set for 5:30 p.m. on February 7 at Town Hall.
During the evening’s council meeting, Mike Jabo of DLZ discussed the feasibility study on Dickinson Road and said Urschel’s move to the area will add an interesting dynamic to the town and that plan.
He asked the council to appoint a board of stakeholders to oversee a vision for the plan and to work with NIRPC.
“With Urschel on the south end of this project, I believe the Dickinson Road project takes on added impetus. Projected growth is the key factor here,” said council member Jim Ton.