The Culver Town Council members received an update on The Dunes project when they met November 28.
The current plan calls for 132 apartments, 48 homes, 28 duplex units, and 20 senior living apartments with the possibility of an additional 73 homes.
The Town of Culver received a $1.3 million READI grant to provide the sewer and water infrastructure toward this project, which has a match of $1.3 million in TIF funds as approved by the Culver Redevelopment Commission
According to documents on the project, The Dunes will run along the west side of South Main Street beginning at Davis Street and running south past Wabash Street to the line of evergreens adjacent to the cemetery. The project will wrap around the Culver Garden Court center on the west side of South Main Street at Tampa Street.
Town Manager Kevin Danti said that the infrastructure for the project such as streets, curbs and sidewalks, will be disbursed in two series of bonds. The first series will be in conjunction with the READI grant funding for the initial infrastructure associated with residential phases 1and 2. The second bond series for infrastructure will be conditional depending on the town’s certification of phases 1 and 2 and the developer recognizing a market demand for additional homes.
The amount of the bonds is still being determined and will be included in the structure of the Economic Development agreement being drafted by Barnes and Thornburg.
Town Attorney Jim Clevenger noted that a few easements still need to be acquired for this project.
The Culver Town Council will be looking at a bond ordinance during the December 12 regular meeting. The Culver Economic Development Commission will meet on Monday, December 18 at the Culver-Union Township Public Library at 5 p.m. ET. to discuss a resolution approving the financing documents.
