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City approves $15.7M senior-living center on east side

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A Cicero-based developer has won city approval to build a $15.7 million senior health care center at 16th Street and Arlington Avenue on Indianapolis’ east side.

The city’s Metropolitan Development Commission gave its blessing Wednesday after accepting in February an offer from Mainstreet Property Group LLC to purchase the property for $912,500.

The city had owned the nine-acre parcel since September 2004, when it bought the property formerly used by Raytheon Technical Services Co. LLC for $1 from the federal government.

Nearly half of the project’s cost could be financed by $7.4 million in city-issued bonds.

Mainstreet’s plans for the center call for 70 skilled-nursing and 30 assisted-living beds.
   
The facility is expected to create up to 150 jobs, Mainstreet officials said.

The project would be Mainstreet’s first newly constructed facility in Marion County. In 2006, it purchased out of bankruptcy the Highland Health and Living Center in Indianapolis at 2926 N. Capital Ave.

The company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It also plans to break ground on up to 12 centers by the end of the year, including a $13.3 million facility in Westfield.
 

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  • Ballard's Banana Republic
    Cronie Capitalism at work again... The taxpayers who cannot receive basic City Services without a tax increase ( all the while the Mayor cooks the books and HIDES TAX REVENUE IN TIFS) will once again finance private business....

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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