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Elwood Council Approves $750,000 Bond

Ken De La Bastide, The Herald Bulletin

November 7, 2024

ELWOOD — The Elwood City Council has approved a $750,000 bond request by the Elwood Redevelopment Commission.

The council Monday approved the request, but amended the resolution to include a requirement that it be informed of the spending plan for the $750,000.

The funds cannot be spent before the spending plan is presented to the council.

According to the resolution, the funds will be utilized for several capital improvement projects.

The bonds have a maximum interest rate of 5.5% and would be paid off by Jan. 1, 2026.

The council was provided with a preliminary draft of an ordinance to operate a hotel in Elwood.

City officials said there are negotiations taking place for the construction of a hotel on a 17-acre parcel along Ind. 37 near the intersection with Ind. 28.

The proposal has an annual hotel licensing fee of $250.

There are provisions for a denial or revocation of a license for non-payment of innkeeper’s or property taxes, as well as unsafe or unsightly buildings, calls for service and unsanitary conditions.

The council gave initial approval to three voluntary annexations.

A special meeting will be scheduled this month to complete the annexation process. All three annexations are not expected to have a fiscal impact on the city.

One annexation is on County Road 800 West and will remain zoned for residential use.

Attorney Jeff Graham said the property owner is a firefighter in Elwood and wanted the property inside the city limits.

The second rezoning is on three acres on Ind. 37, which will be zoned for business, as will a property at 7445 W. Ind. 28.

The Ind. 28 site is a commercial building known as Valentine’s Plaza.

Graham said commercial development is planned for both properties zoned for business use.

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