CHURUBUSCO ECONOMIC DEVELOPMENT COMMISSION
NOTICE OF PUBLIC HEARING
The Churubusco (“Town”) Economic Development Commission (“Commission”) will hold a public hearing at 5:00 p.m. on February 19, 2025, at the Town Hall, 215 Home Avenue, Churubusco, Indiana, regarding: (i) a proposed financing of the cost of all or a portion of the construction of infrastructure improvements including, but not limited to, roads, sewer and water utilities and stormwater managements systems, together with all necessary appurtenances, related improvements and equipment (“Infrastructure Project”), to support the development of a new residential housing community consisting of approximately 23 single-family workforce housing lots, 19 villa lots and 9 estate lots (the “Development” and, together with the Infrastructure Project, collectively, “Project”) and costs of issuance of the hereinafter defined Bonds; (ii) the issuance of its Taxable Economic Development Revenue Bonds of 2025 (Turtle Meadow Project) (“Bonds”), in the aggregate principal amount not to exceed One Million One Hundred Thousand Dollars ($1,100,000) to finance a portion of the Infrastructure Project; and (iv) to consider whether this financing will have an adverse competitive effect on any similar facilities already constructed or operating in the Town.
The Bonds will be issued by the Town pursuant to IC 36-7-11.9 and 36-7-12, and an ordinance to be adopted by the Town Council (“Ordinance”). The Bonds will not be payable in any manner by taxation but are proposed to be payable from payments made pursuant to loan payments by Biggs, Inc. (“Company”), a Letter of Credit (as defined in the Trust Indenture), and as otherwise provided in the Loan Agreement, the Trust Indenture and the Ordinance related to the Bonds.
Proceeds of the economic development financing will be used for the construction of the Infrastructure Project to serve the Development to be located at the following addresses in the Town of Churubusco, Indiana: (i) E 550 N; (ii) N 800 E; and (iii) E 150 N.
The public hearing is being held pursuant to IC 36-7-12-24. The public is invited to attend and comment on any of the matters herein noted. Written comments may also be submitted to the Secretary of the Commission until February 18, 2025 at 4:00 p.m., by delivering such comments to the office of the Clerk-Treasurer at the Clerk’s Office, 204 N. Line Street, Churubusco, Indiana.
Dated: February 5, 2025.
CHURUBUSCO ECONOMIC DEVELOPMENT COMMISSION
