Keystone Realty Group is in line to receive financing help from the city for an ambitious plan that would overhaul two nearly vacant office properties near Monument Circle and bring a prestigious Intercontinental Hotel to Indianapolis.
An Indianapolis City-County Council panel on Monday night unanimously advanced proposals that would help Duke Realty Corp. move its headquarters from Carmel to a new $28 million office building it would build in Indianapolis.
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.
The projects are coming up now because the city has six months left to take advantage of more than $30 million in a federal loan guarantee program that it was awarded in 2012 by the U.S. Housing and Urban Development Department.
The developer-backed bonds will support a 87-unit, $18.9 million mixed-use apartment building that’s been in the works for about two years.
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.
Harrison College is asking $11.5 million for its two-building campus along East Washington Street, a steep jump from their assessed values but reflective of the area’s increasing potential for growth.
The owner of the former General Motors stamping plant property plans to solicit bids for the site as early as next month and is expecting proposals to be much bolder than previous pitches.
Council members voted 24-1 to include in the TIF district the former General Motors stamping plant property and the Market East District.
The proposal, which supporters say will spur development in needed areas, still needs the support of the full City-County Council to move forward.
Mapleton-Fall Creek Development Corp. and Merchants Affordable Housing Corp. are closing in on a complex financing plan for the proposed low-income housing development.
A similar measure was vetoed by former Mayor Greg Ballard last year, but this one is likely to stick.
The Central Indiana Corporate Partnership wants the city to improve streets, walkways and other infrastructure around the 170-acre project north of the IUPUI campus, designed to attract high-tech businesses and workers.
TWG Development LLC has agreed to pay $3 million to buy part of the AT&T property near the busy intersection of College Avenue and Kessler Boulevard to build a $39 million apartment project with an underground parking garage.
The Indianapolis downtown TIF district is so flush with cash that the mayor can cover all its debt payments, fund two layers of reserves, and still have tens of millions to spend at his discretion.
A divided Carmel City Council on Monday approved a $20 million bond issue to build a parking garage and other infrastructure at Carmel City Center, clearing the way for the final phase of construction at the ambitious mixed-use project.
The Noblesville Common Council postponed its vote on funding a downtown park planned for west of the White River, asking the city administration for more information about long-term costs—and future projects that also might require a municipal investment.
Suburban sensibilities be darned: Density is not a dirty word when it comes to Carmel City Center. But it can be an expensive one.
Strong leadership is needed for the urban Indianapolis tech park to hit its high potential.
Keystone Realty Group is asking Carmel to issue $3.8 million in economic development bonds to help pay for parking and site work on a 5.3-acre property it plans to redevelop at the intersection of Old Meridian and Main streets.
