North Judson will still have a grocery store thanks to quick action by the town council. Heartland Markets has signed a letter of intent to buy Ray’s Super Foods on Lane Street. Company officials also asked the town if they could offer any incentives. North Judson Clerk-Treasurer Donna Henry recently spoke with representatives from the State Board of Accounts, who suggested they could set up a revolving loan fund for economic development projects.
The council on Monday passed an emergency resolution to formally establish such a fund in accordance with state law with proceeds from the County Economic Development Income Tax Fund. The town council previously agreed to loan Heartland Markets up to $50,000 for electrical upgrades to the building. The town’s attorney is drafting the promissory note for that loan, which the council will review before it is executed. Starke County Economic Development Foundation Executive Director Charlie Weaver is also working with NIPSCO to see what sorts of incentive programs are available to pay for upgrades to the heating and cooling systems, refrigerators and other items powered by electricity.
Visit http://www.in.gov/legislative/ic/2004/title5/ar1/ch14.html to read the state statute that allows the establishment of such a fund.
