HOBART — City panels have started the process to authorize financing for long discussed enhancements on and around 69th Avenue.
The Redevelopment Authority and Redevelopment Commission on Monday took initial action to pursue a maximum of $12 million through lease rental revenue bonds.
Denarie Kane, Hobart’s director of development, said the city plans to use the funding to reconstruct 69th Avenue. The city also could use bond proceeds to pay the local match to build an overpass at the Canadian National railroad tracks that cross Colorado Street north of 69th Avenue.
City officials said reconstructing and widening 69th Avenue is necessary for the road to accommodate the traffic that would come with new development.
Becknell Industrial could construct as many as four spec buildings on property near 69th Avenue and Mississippi Street.
Becknell, the developer of the NorthWind Crossings business park, is asking the city to rezone property there from residential to an industrial planned unit development. The City Council on Wednesday could act on that matter.
The 69th Avenue road project would include the creation of a roundabout at the Colorado Street intersection.
Kane said sidewalks and street lighting would be installed.
The project also would extend sanitary sewer service to that area, and overhead utility lines would be buried.
The Colorado Street overpass project is needed to enhance safety at the railroad crossing.
Hobart received more than $7 million through an Indiana Department of Transportation Local TRAX grant to build the overpass.
The city’s match is about $2 million.
Construction schedules haven’t been set for the two projects.
In addition to those initiatives, it’s possible Hobart could use funding from the bond for some costs associated with the roundabout planned for 61st Avenue and Marcella Boulevard, but no final decisions have been made about that option, Kane said.
The bond requires additional approval from the Redevelopment Commission and Redevelopment Authority. It also will go before the City Council for its consideration.
All of the panels are expected to act on the matter before the end of the year.
The city could close on the bond in February, Kane said.