Lake Shafer is located in Northern Indiana and is one of two man-made lakes in Monticello. Lake Shafer was created in 1923 after the Norway Dam was built. Lake Shafer is a run-of-the-river hydroelectric dam and is owned and operated by the Northern Indiana Public Service Company (NIPSCO). The dam was designed to create power and electricity to the community and businesses, it also created tourism.
Lake Shafer is one of the Mid-West's largest summer vacation destinations offering summer vacation homes, rentals, resorts, boating, fishing, swimming, lakeside dining and shopping. It is also home to Indiana Beach Amusement Resort. Lake Shafer offers 1,291 acres of surface area and 50 miles of shoreline. The average depth is 10 feet and the maximum depth is 30 feet. The various fish species that inhabit Lake Shafer are Bass, Black Bass, Bluegill, Carp, Catfish, Crappie, Largemouth Bass, Smallmouth Bass, Striped Bass, White Bass and Sunfish.