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BY STEVE ZABROSKI
Times Correspondent | Sunday, October 26, 2008 | (9 comment(s))
EAST CHICAGO | Construction of a new North Harbor residential complex began this week after approval of an agreement between the city and the developer for financing.
The Community Builders Inc., a Boston-based nonprofit group, plans 75 rental units in 10 buildings on 2.2 acres of city-owned land between Pulaski and Deodar streets as the first part of a sweeping revitalization of the area.
The Redevelopment Commission on Wednesday approved $2.1 million in tax increment financing from its lakefront allocation area to fund the construction.
"The money gets paid to the developer only for the cost of building the buildings," said Peter Friedman, a partner with the law firm of Holland & Knight, which drew up the financing documents.
The tax increment money will supplement a $3 million loan and $7.5 million from the sale of housing tax credits by Community Builders to pay for the project.
Over the next few years as the property's assessed valuation rises as a result of the new construction, the amount of the increase will be used to reimburse Community Builders for the construction costs, Friedman said.
The city has spent just more than $10 million during the past two years improving the streets and infrastructure around the Main Street-Broadway intersection, including this summer's renovation of Nunez and Callahan parks, as part of the North Harbor revitalization project.
"This is a relatively straight-forward deal," Friedman said. "We don't have to pay anything until they're basically done building it."
Tim Schalk, a planner with Community Builders, said foundations are being dug for the new Northtown Village, with the first residents expected to move into the townhomes sometime in summer.
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hmmmm wrote on Oct 27, 2008 8:49 AM:
we have mayor pastrick jr. in office wrote on Oct 27, 2008 12:26 AM:
common sense wrote on Oct 27, 2008 12:14 AM:
I have stepped up wrote on Oct 26, 2008 9:39 PM:
That's how things get better - when the public challenges elected officials. Just the way this mayor challenged the former mayor, the same challenge should go to the current mayor.
Now go run and tell Pabey... "
step up wrote on Oct 26, 2008 2:23 PM:
Harbor Kid wrote on Oct 26, 2008 2:00 PM:
What a Joke wrote on Oct 26, 2008 9:41 AM:
From the Times 102608 wrote on Oct 26, 2008 2:57 AM:
Pair of armed robberies Thursday may be related
Police are investigating a PAIR of Thursday armed robberies in Indiana Harbor as possibly committed by the same two men.
A resident told police he was walking at 3:15 p.m. in the 3900 block of Main Street (one block from "Northtown Village") with his girlfriend and another friend when he was pulled into a gangway by two men, one of whom put a revolver to his head.
Three hours later, two residents told police they were unloading groceries from their car at 6:30 p.m. in the 3800 block of Ontario Court (a few blocks from "Northtown Villag") when two men approached, one of them pointing a pistol.
ONE MORE STORY (same day):
A pair of fake service workers entered a senior citizen's Indiana Harbor home Thursday, making off with some jewelry, police said.
The 90-year-old resident said shortly before 11 a.m. a man came to her door in the 4200 block of Fir Street (just blocks from the mayor's home and the police station!!) and told her he was with the cable company.
WELCOME TO NORTHTOWN VILLAGE!! "
Tim Schalk wrote on Oct 26, 2008 2:50 AM:
In a city with a FAILING school district?
In a city with an OVERBLOATED municipal budget?
In a city with the HIGHEST taxes in the state of Indiana?
In a city where crime is the HIGHEST it has ever been?
In a city where DRUGS are rampant?
In a city where the police force is overly POLITICIZED?
In a city with one of the WORST environmental
In a city with NO quality of life?
Tell me Mr. Schalk, which one of these RENTAL UNITS, oops, I mean "townhomes" in "Northtown Village" will you be moving your family in to? "