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C.P. looks at bond to entice developer

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CROWN POINT | Crown Point solidified the details of its proposed incentive agreement with developer Harlem Irving Cos.

Tonight, the Crown Point Economic Development Commission, Redevelopment Commission and City Council will consider a $13 million incentives package loaded with $3.5 million for public infrastructure and $9.5 million for on-site improvements, Barnes and Thornburg attorney Rich Starkey said.

In July, the City Council unanimously approved a special use permit for Harlem Irving to build three large anchor stores at the southeast corner of U.S. 231 and Interstate 65.

Harlem Irving does not own the property, but has an option to buy it from Lauth Property Group. That option expires Dec. 31.

If the sale falls through, Crown Point and the property's previous developer likely will be back in federal district court. Lauth Property LLC and Crown Point Partners LLC sued the city last year for enacting an ordinance controlling big-box retail development to prohibit a Wal-Mart from coming to Crown Point.

The bond that will be considered today would finance public and private infrastructure and tenant improvements for Harlem Irving's proposed retail shopping center.

Economic Development Director Eric Hammond said the bond will pay for off-site improvements, including turn lanes, stop signs and other infrastructure.

On-site incentives would be used to help ease the cost of building to the city's higher design standards, Hammond said.

Crown Point's 2008 budget lists $400,000 toward debt service for Harlem Irving's bond.

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