Elkhart luxury apartment project in doubt due to financing questions

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(Photo supplied/Flaherty & Collins)

Financing questions could delay the progress on a luxury apartments project in Elkhart.

The Elkhart City Council is making changes to the financing plan after concerns were expressed about where the money was coming from, according to The Elkhart Truth.

A proposed ordinance that would have created a series of bonds to be sold to raise $2 million was withdrawn from consideration Monday evening. The project would build a 200-unit apartment complex with 7,000 square feet of retail space on the site of the former Elkhart Foundry, along the Elkhart River on South Elkhart Avenue.

The city will now have to draft new documents for the highly divisive project that could lean instead on the Economic Development Income Tax Fund.

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