Bass Pro Shops money in motion in Porter County

PORTAGE — Portage could have its Bass Pro Shops — and Porter County could have a top visitor destination — in a little more than 10 months.

The Portage Economic Development Commission on Thursday unanimously approved two resolutions to set in motion the sale of $17.5 million in revenue bonds and the creation of an economic development target area for tax abatement at Holladay Properties’ Ameriplex at the Port.

“We’ve been working on this for two years. It will be spectacular ... a real catalyst for the northside Master Plan,” Holladay vice president Tim Healy said.

He unveiled drawings for a two-story store next to Interstate 94 with a total floor area of 130,000 square feet encompassing fresh- and salt-water habitats, a 25-slip marina, nature center, and restaurant where regular hunting and fishing contests could be held.

“It’s not a typical store. They put a lot of research into learning about the history of Northwest Indiana with Al Goin, of the Portage Community Historical Society, Purdue University Calumet, and Indiana University (Northwest),” he said.

Healy said the hope is that 2.5 to 4 million people a year will visit the store, which EDC member Don Mulligan said translated into 4,000 cars a day, compared with the daily volume of almost 120,000 combined on I-94 and the Indiana Toll Road.

“Most of their customers are men who shop for two to three hours on the average. Two-thirds of them have a sit-down meal, the 44 percent spend the night,” said Healy, addressing the economic benefits to the community.

He said the store will generate 650 construction jobs and employ 325 people, with the opening targeted for Nov. 2.

Project attorney Philip Faccenda Jr., of the South Bend office of Barnes & Thornburg said the total cost is $30 million, of which $15 million will come from the bonds that received preliminary approval.

The first resolution authorizes the sale of bonds not to exceed $17.5 million that will go to Ameriplex Northwest Partners LP.

He said a debt reserve of 10 percent is needed to attract buyers in the event of a delay in collections for the tax increment financing. A second resolution recommends the City Council create the economic development target area.

The final amount will be determined from the additional costs of financing the bonds, Faccenda said.

City attorney Greg Sobkowski said the state-required EDC public hearing on Bass Pro Shops’ effect on local competition is tentatively set for Feb. 22, when the commission will give final approval for the bonds. The city council is slated to give first reading to the bond ordinance at its Feb. 6 meeting, with final action on the bonds and the development district then taking place in March.

Mayor Doug Olson watched Healy’s presentation like a kid anticipating a new candy store. “It’s cool!” he said.

Bass Pro Shops also has plans to open a store this year in Bolingbrook, Ill. The company currently has 33 stores in most parts of the U.S.