Hammond Council to consider tax abatement for Rimbach Square development
Efforts are moving forward on three residential developments in Downtown Hammond. The city council agreed Monday to make the Rimbach Square development eligible for a 10-year, 100-percent tax abatement.
Mayor's Chief of Staff Phil Taillon says it will bring more than 200 units to the corner of Rimbach and Homan. "The transfer of land will happen through what we like to consider a forgivable loan process, which mean they are purchasing it from us, technically. However, they don't make a final payment on it, and if they're there for five years or so, then in actuality, they don't pay us any money," he added.
Members of the public will have a chance to weigh in on the proposed tax abatement on March 28, before the council makes a final decision.
Meanwhile, Taillon says the Northwest Indiana Development Group has closed on the former Bank Calumet building. "That's a $24 million investment. It's about 104 units. They're talking about having some co-working space on the ground floor, possibly a café, a speakeasy. I mean, there's all kinds of ideas being bandied about," Taillon said.
He also told council members that a development agreement has been executed for the 54-unit Madison Lofts development, with construction expected to start in the near future.