By Dan Spalding
News Now Warsaw
WARSAW — Financial plans for an apartment complex on the site of the old Gatke property are coming together.
A mix of funding sources are being used as the city of Warsaw, the state and a developer, Rebar Development, are working to finance the $20 million project that will be part of a redevelopment plan that will include upward of 75 apartments off of McKinley Street.
Jeremy Skinner, director of community and economic development for the city, explained the details Tuesday night.
He said the city will put in $3.3 million, the state has offered $4 million in tax credits, plus $10 million in a loan from Rebar and more cash provided by the developer.
The city will cover the $3.3 million with money from two sources — revenues from a tax increment finance district and the city’s EDIT fund for cash payments, Skinner said.
Randy Rompola, bond counsel with Barnes & Thornburg, updated council on the plan and said it creates a lease between the Redevelopment Commission and a Building Corporation.
To hear a full recap, check out part of Rompola’s presentation that’s included in the city’s livestream, which begins at about 15:30 of Tuesday’s meeting.
Skinner said Rebar hopes to begin demolishing some of the buildings on the site soon after financial terms are finalized.
He said he believes construction could begin in the spring.
