St. Joseph County Redevelopment Commission Approves Bonds for DoubleTracking
The St. Joseph County Redevelopment Commission approved a bond resolution on Tuesday to fund the county’s portion of the South Shore doubletracking project.
The redevelopment commission approved 21 million dollars in bonds that would be the county’s commitment to the doubletracking project. It’s also being funding by Lake, LaPorte and Porter Counties, the state and through federal grants.
In St. Joseph County the money is being borrowed against a TIF area in New Carlisle. That means the loans are backed by tax revenue from businesses in that area.
County Commissioner Andy Kostielney said the money is being bonded that way because that’s where the money is available, and the train serves the New Carlisle area.
“We thought this was, from a responsibility standpoint, this was one of the most fiscally responsible ways we could pay for this project was out of a TIF area because it would help service that area.”
Next the County Council has to approve the bonds. They are expected to vote on that during their September 10th meeting.
The other counties must also approve their portion of the funding. Then final approval will come from the federal government. If everything is approved, construction will start in 2021.