At-a-Glance

• Client: Northwest Indiana Regional Development Authority
• Matter: Ice Miller represented the Northwest Indiana Regional Development Authority (RDA) and the Town of Dyer to structure and implement the financing and development framework for the $243 million Central Park Commons transit-oriented mixed-use development. 
• Sector: Public Finance, Economic Development Strategies & Incentives
• Outcome: The project advanced with RDA support and Dyer financing, enabling development of more than 1.2 million square feet of residential, senior living, retail, hospitality, and commercial space across 70 acres.

The Northwest Indiana Regional Development Authority (RDA) is a body corporate and politic created under Indiana law, whose mission is to advance development within northwest Indiana. They frequently partner with local communities to advance economic development, infrastructure, transportation, and transit-oriented development projects throughout Northwest Indiana.

The Challenge

The Town of Dyer sought to advance a transformative mixed-use, transit-oriented development at a time where post-COVID market conditions influenced the volatility in labor and materials and the rising costs of capital, making project development finance difficult. Despite the strong demand for new residential and commercial development, these economic headwinds threatened the feasibility of garnering funds.

The initial goal of the fundraising was to build affordable, market-rate apartments for families, seniors, and professionals looking for convenient and safe access to the commuter rail.

The Solution

Ice Miller worked with the Town of Dyer and the Northwest Indiana Regional Development Authority to develop a financing and economic development framework capable of supporting the project despite challenging market conditions. The firm analyzed the TDD statute, IC 36-7.5-4.5 to ascertain legally permissible and economically efficient structuring

The Results

The effort enabled a successful $243 million investment in the Town of Dyer’s Transit Development District (TDD) and approved the creation of a $10 million Credit Enhancement Fund (CEF) to support further Transit-Oriented Development in Northwest Indiana. This is a first-of-its-kind development project within a Transit Development District in Lake County, helping set the precedent for future opportunities and emphasize the economic impact of regional transit investments.

The Team

J. Sebastian Smelko, Partner

Phil Genetos, Senior Counsel

Audrey Howard, Partner

Lisa Lee, Partner

Steve Jones, Partner

Cora Steinmetz, Of Counsel

Heather James, Partner

Guiding Organizations Through Their Next Transformative Development Project

Major development projects often face significant funding, regulatory, and stakeholder coordination challenges. We strive to work with clients early on in the planning phase to identify goals, schedule, and budget for the vision. Ice Miller helps public entities, redevelopment commissions, regional development organizations, and private developers' structure creative financing solutions and algin key stakeholders to bring transformative projects to life. Connect with our team to learn how Ice Miller can help you clarify and identify goals for your community.