The redevelopment of Downtown Hammond's Bank Calumet building continues to move ahead, but costs are going up.
"The rehab started in September and is moving forward quickly, of around 100 market rate residential units in this nine-story building," said city council member Janet Venecz during Monday's council meeting.
But the projected cost has increased from $24 million to $28 million, due to inflation and supply chain issues. Now, the city of Hammond and the Indiana Economic Development Corporation are helping to make up the difference.
The city council and redevelopment commission agreed to adjust their agreement with developer NWI Hohman, increasing the city's contribution by $750,000. The IEDC added more than another three million dollars to its contribution.
