Car lot to anchor 52-acre Noblesville development

September 18, 2013
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Flood-prone property at a key Noblesville intersection is set to be developed as eight commercial lots anchored by a Hyundai dealership.

Noblesville’s Common Council this month approved a zoning change and development agreement to clear the way for Terry Lee Crossing, proposed for a 52-acre parcel at the corner of state roads 37 and 32. Federal emergency-management officials also must sign off on the project.
 
As IBJ reported in July, auto dealer Terry Lee, who operates a Honda dealership in Avon, bought the property in 2011 and wants to build a 38,000-square-foot sales and service operation on eight acres at the busy intersection. The remaining seven lots would be available to other developers; 19 acres will remain undeveloped.

But before any construction can begin, drainage issues on the site must be resolved. City officials have been working with Lee’s development team for more than a year to come up with a plan to pay for necessary infrastructure improvements.

To address the flooding problems, an existing drainage ditch must be rebuilt—at an estimated cost of more than $2 million—and sanitary sewer lines extended to allow for additional development north of State Road 32. Access roads and turn lanes into the development also will be built, along with extensions of Cherry Street and Presley Drive (plus a couple of roundabouts and a bridge).

Public contributions to the project are expected to be at least $7.7 million:

— $1.5 million from the additional tax revenue expected from the Hyundai lot
— $1.5 million from the city’s traffic impact fund
— $500,000 from its sanitary sewer extension fund
— $1 million from the Indiana Department of Transportation
— $2 million from the proceeds of a bond guaranteed by the developer (and backed by the  tax increment expected from the easternmost lots)
— $1.2 million from the taxes generated by the three remaining lots along State Road 37.

The city also agreed to help pay for the drainage project by splitting any tax revenue remaining after bond debt payments until 2025, or whenever eligible expenses have been covered.

The Hyundai dealership is expected to create 76 jobs with an estimated annual payroll of $3.7 million. Lee also has agreed to donate property for the roads, sewers and drainage improvements—along with land for the work-in-progress Midland Trace Trail.

Councilors approved the deal in a 4-3 vote on Sept. 10.

The drainage and infrastructure improvements will help future economic development efforts in the area, council member Gregory O’Connor said, calling the agreement “as good a win-win scenario as we can come up with.”

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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