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WINONA LAKE - The Redevelopment Commission will pay for the traffic signals and lighting for the Winona Avenue- Park Avenue-Argonne Road intersection, it was decided Wednesday.
The commission's portion of the intersection improvements will total $35,100 and will include a new traffic signal control system, with the capability for street sensors in the future.
The commission is the issuing authority of the Tax Increment Finance bond currently under development. The proposed amount for the bond issue is $320,000.
"I just see the lights as a part of the improvements we're doing for the town's renovation, and that they will benefit the community as a whole," said Commissioner Robert Piecuch.
Town Council President Brent Wilcoxson told the commission the paperwork for the TIF district is nearly complete and should be available for the commission's Oct. 7 meeting.
"We need to establish the interest rate and repayment schedule. I would suggest 20 percent (repayment) per year at a 5 percent interest rate," he said. "And we're looking at paying just the interest payment the first year and then the principle and interest payments in the years after that.
"The utility burial has started (along Park Avenue). The commission's approval is needed to use TIF monies to pay for them," he said.
Wilcoxson also gave the commission an update on developments in the Artisan Square portion of the renovation along Park Avenue. Work on the houses being converted for that use is nearly complete, he said.
The potter has already moved in and has begun work, Wilcoxson said. He has also been contacted by a gourmet butcher business about opening a shop in the artisan center.
"We should have the restaurant open in the spring of 2000," he said. "Our goal is for the artisan center to be completed and ready to open by the spring, then move to the hotel, replacing the porches and painting. After that we can frame out the restaurant and have it ready for opening in the spring of 2000."
