Mishawaka Common Council Meeting Minutes February 2026
Gurley Leep to Finance Auto Mall Infrastructure with TIF Bonds
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Description
The City of Mishawaka approved a public-private partnership with Gurley Leep, authorizing the company to purchase $23.6 million in TIF bonds to finance $19 million in infrastructure for the auto mall project. Gurley Leep also commits $8–9 million in direct investment, with project completion anticipated by 2028 and bond repayment structured over 25 years.
Contract Details
Contract Amount
$23,595,717 (in bonds); $8 million to $9 million (direct developer investment); $19 million (project capital improvements)
Vendor
GURLEY LEEP
Agency
Housing Authority of the city of Mishawaka, IN
Contract Type
FINANCIAL_SERVICES
Document Date
February 2, 2026
Contract Term
25 years (bond period); project phased from 2026 to 2028
Renewal Date
2051-04-30
Renewal Info
Bond repayment structured over 25 years, with developer-purchased bonds; additional agreements may be executed at closing. Project is divided into phases, with further City and Council actions possible for amendments or future extensions.
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ONGOINGIssuing Agency
Housing Authority of the city of Mishawaka
Local Housing Authority
Mishawaka, IN
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