DYER — Dyer officials have cleared the way for construction of the Cedarhurst Development Project, a new $10 million assisted living/memory care facility to be built south of Central Park Avenue on the east side of Calumet Avenue.
At the series of back-to-back meetings recently, members of the Economic Development Commission, the Redevelopment Commission and the Dyer Town Council approved all the documents and financial incentives for the facility.
Earlier this year, The Avenue Group Inc., based in Indianapolis, bought five acres from the Rueth family to build Cedarhurst, said Town Manager Tom DeGiulio. Avenue Group’s partner, Cedarhurst, will run the 73-bed facility.
The Avenue Group recently exercised an option to buy 15 additional acres adjacent to the planning facility.
“Their initial development would sit at the far south end, just north of the storm pond and CN railroad,” DeGiulio said. “Their developing the balance of the 20 acres will be positive for the town.”
Complementary development on that additional 15 acres will likely include such health care facilities as doctors’ offices, other medical-oriented businesses and senior living-related uses, he said.
“There is plenty of land available north of Central Park Avenue,” DeGiulio said. “The north area will likely follow a retail/office use.”
In November, the Dyer RDC adopted a resolution creating the Cedarhurst Allocation area, a consolidated economic development area that would capture property taxes generated by new businesses.
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A private sale of $1.53 million in economic development revenue bonds backed by The Avenue Group will now generate funds to install the public infrastructure on the acreage, DeGiulio said. That infrastructure will include roadways, a roundabout, water lines, storm sewers and sanitary sewers and would take up about seven acres, he said.
Payoff on the bonds will come entirely from property taxes generated by the Cedarhurst Development, DeGiulio said.
The RDC agreed to cover up to $100,000 in public infrastructure construction-related costs that exceed the $1.53 million bond.
“The quicker they (the Avenue Group) develop it, the quicker they get money back to pay bonds,” the town manager said.
“This is similar to the deal with Symphony of Dyer, located on the west side of Calumet Avenue,” DeGiulio said.
The Avenue Group will market the bonds, which will close in January.
In the meantime, Dyer has issued building permits to Cedarhurst to install foundations. DeGiulio said construction is expected to begin after the holidays.