Under a proposed deal, the Boston-based developer of the 11-story project would receive a portion of the increase in property tax revenue generated by the project in order to pay off the bonds.
The bill approved 48-0 by the Indiana Senate would allow counties to waive penalties and interest if overdue taxes are paid by May 2020.
Two square miles of Hamilton County where residents for years resisted becoming part of Carmel, despite being surrounded by it, are soon to become much more Carmel-like.
The new proposal—which comes after a week of intense negotiations between the district and the chamber—passed 5-0 at a meeting Tuesday night.
Tens of millions in spending, along with unforeseen events, have drained the TIF’s unrestricted cash balance—money left to fund extra projects after covering debt and reserves.
Suddenly, Downtown Indy’s quest to create an economic improvement district in the Mile Square faces a major new obstacle.
But it’s unclear whether some of the people prepaying will actually be able to claim the deduction, as the IRS has issued guidance that limits what qualifies.
Downtown Indy is encountering resistance from some big property owners to its plan to create an economic improvement district that would raise about $3 million annually through a fee.
The bonds would help finance development of a hotel complex on the site of Indianapolis’ oldest African-American church, as well as a five-story apartment and retail project near the base of Massachusetts Avenue.
The company that bought Interactive Intelligence last year for $1.4 billion has fallen short of the Interactive’s hiring and investment goals and is vacating a new, $12.4 million office building on the northwest side.
The Metropolitan Development Commission is slated to vote Wednesday to terminate a tax-abatement agreement with Indianapolis-based GrinOn Industries LLC, makers of the “Bottoms Up” beer-dispensing system, which fills cups from the bottom.
The resolution directs the manufacturer to pay back the money and authorizes the Department of Metropolitan Development “to take such action as is necessary to recover said damages.”
It was a banner year for school referendums across Indiana, with all but three of the 20 ballot questions in this year’s primary and general elections turning out successfully for the districts.
If the school district’s ballot measures worth $230 million pass, the district says it will upgrade technology, renovate existing schools and build a new elementary school.
Mayor Joe Hogsett’s administration is targeting the former General Motors stamping plant site on the west side, where development plans have stalled, and the upstart Market East District on the opposite end of downtown.
Farmers will get property tax relief under a bill approved Thursday that shifts a potential burden of about $136 million onto other taxpayers over the first three years.
Senate Bill 308, which is now headed to the House for consideration, would reduce the total assessed value on agricultural land by an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.
Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.
Indiana lawmakers are making another attempt to settle a dispute between county assessors and retail stores over how to determine the value of newer big-box stores.
An Indianapolis woman is advocating for state legislation that would provide property-tax relief for longtime homeowners in designated distressed areas.
