Chesterton Tribune

 
 

Two Urschel Inc. public hearings Monday night

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The Chesterton Redevelopment Commission will hold two public meetings at 6 p.m. Monday at the town hall, as part of the process of creating a new tax increment financing district for Urschel Laboratories’ new facility at Coffee Creek Center.

It’s necessary to create a new TIF district for the property because the old one—designated nearly a decade and a half ago—is due to expire in 18 years. The financing arrangement, however, under which the company is re-locating to Chesterton, has a lifetime of 20 years and that clock will begin ticking only after the actual construction has been completed.

The first public hearing is on a “carve out” of the 157 acres which Urschel Laboratories is purchasing at Coffee Creek Center. The second public hearing is on the actual designation of that acreage as a new TIF district.

The financing will work like this.

Urschel Laboratories Inc. will pay all costs associated with the project—including the acquisition of land, the construction of the facility, and the installation of infrastructure—with its own cash on hand.

Then the company will recoup a portion of the actual costs—up to $25.86 million of them—through the 20-year, 85-percent break on the real and personal property taxes which the company would normally have paid as a property owner in a TIF district.

The town still expects to receive an estimated $4,566,455 in property taxes over the 20 years of the arrangement.

Town Council

Then, at 7 p.m., the Town Council will hold its regular meeting.

Members are scheduled to hear updates on ongoing projects, including the restroom facility in Thomas Centennial Park and the Ind. 49 utility corridor.

 

 

Posted 3/8/2013