VALPARAISO | To pave the way for about $312 million in development, Valparaiso's Redevelopment Commission started the process to expand its tax increment financing districts Wednesday.
The expansion must go to the city's Plan Commission and City Council for approval before coming back to the Redevelopment Commission for final approval in December. It will enable the commission to spend $9.6 million on infrastructure needed for the projects.
The expansion would add Lakes of Valparaiso East, a luxury apartment and business park east of Ind. 49 between Evans Avenue and Vale Park Road, along with the Pratt Industries property on Ind. 49, that will be the site of a new paper recycling plant.
The north portion of Don Weiss' Lakes of Valparaiso East property and the new Pratt parcel are being annexed. Stuart Summers, Redevelopment Commission executive director, said they would be added to the TIF when the annexation becomes effective.
The commission will spend $2.5 million to build the road for the business park portion of the Lakes of Valparaiso East, which is expected to be a $40 million project. The apartment complex is estimated to be valued at $12 million, while the Pratt project is estimated at $260 million.
The remaining portion of the TIF funding for the two will be spent on sewer, water and stormwater upgrades, right of way acquisition for other public utility improvements and road improvements.