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So, first the city is going to pay back the museum for back taxes and operating costs of the Drake, which is some portion of $200,000 per year since 2014, then offer tax incentives “for the developer selected to renovate the building, including developer-backed bonds through a single-site tax increment financing area; New Markets Tax Credits; historic preservation tax credits; and several affordable housing-focused incentives.” Why is the city even contemplating “investing” (sarcasm) this much tax revenue into a 91 year old building? And, this investment will be saving a building which currently only consists of 27 apartments? Seems like a high cost for little return? Maybe the Indianapolis Historic Preservation Commission ought to be charged with finding private money to fund the renovation, and if they can’t, let it be demolished as originally planned by the museum.
The Children’s Museum is tax-exempt.
A.T., the Salvation Army building and Drake are not. Read the 4th paragraph from the bottom.
Rod B. Wooo…. They pay $14K a year in taxes. That must be on a assessed value of about $750,000, or about the value of abandoned multistory building. Kudos to the museum for not taking it off the tax roles altogether. They said it contained 27 apartments. There is noting to say the new configuration will not increase the density. A 91 year old building adds to the richness and texture of the city, especially one with this quality of detail. It is a key piece of attracting higher density development to the RedLine corridor.
D.M. Yes, they only pay $14k in taxes, but what about the other $186k in operating costs? (granted, some of which would be for the Salvation Army building) The city is reimbursing both back to the museum. And my original comment said “currently only consists of 27” leaving room for changes. So save the sarcasm (Wooooo) and maybe read the article so you can maybe make valid points. Question for those that keep bringing up the Red Line and density, wouldn’t it be better to have a newer/cheaper/easier to maintain structure in place with many units, not just 27 or so, if you are wanting density?
Yay! And they said it couldn’t be save – couldn’t be restored. Thank you Indianapolis Historic Preservation Commission and everyone who worked to save the Drake.
The museum should look at contributing the Demo costs that will no longer be needed.
Encouraging – hope it works. And if it doesn’t then both the museum and the city can honestly say we gave it every opportunity to succeed this time.
Dollars to doughnuts this building still gets demo’d.