The effort to make Elkhart’s $30 million luxury apartment project a reality is making significant progress.
A developer is working on putting 205 luxury apartments downtown. Tuesday night, the Elkhart Redevelopment Commission approved the use of TIF funds to repay bonds for the site and help the project at the old Elkhart Foundry property get off on the right foot.
At the same time, the Economic Development Commission approved a bond agreement of $5.4 million over 25 years. Developers will pour about $18 million into the property, which is expected to make the city more attractive to outside business interests.
The City Council will have a reading on the bond on July 24.
