(La Porte, IN) - A proposal to borrow up to $24 million to pay for infrastructure improvements in the recently annexed 39 North Conservancy District and other areas was presented Monday night to the La Porte City Council.

 

La Porte Economic Advancement Partnership Executive Director Bert Cook said completing storm water/sewer separation on Boyd Boulevard and infrastructure upgrades to accommodate expansion of Thomas Rose Industrial Park are the two other projects that would be financed with the proposed bond issue.

 

The work planned in the city’s expanded corporate boundaries includes erecting a water tower to be able to serve future developments by increasing water capacity.

 

Cook emphasized money from the city’s general fund will not be used to finance the proposed bond issue.  Instead, revenue from existing tax increment financing districts where that work is planned will be used to finance the loan.

 

The money will be generated by the projects increasing the assessed tax valuation of the properties. 

 

“The revenues that are derived from all of our different TIF districts are ultimately what would service this debt,” he said.

 

A vote by the city council is expected at its next meeting October 7.

 

Cook said the amount borrowed could be less depending on whether grants are secured to apply toward the cost and other factors.

 

“Progress,” said Mayor Tom Dermody.