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First Internet plans 48 jobs in $4.3M Fishers office

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First Internet Bancorp, parent of Indianapolis-based First Internet Bank of Indiana, plans to add 48 jobs as part of a $4.3 million expansion into Fishers, the company said Tuesday.

The investment will go toward purchasing and refurbishing a 49,700-square-foot facility at 11201 USA Parkway near Interstate 69 and 116th Street. First Internet acquired the building, which formerly housed the St. Vincent Health medical center, to expand its mortgage sales team.

The 48 jobs should create $3.3 million in new payroll, First Internet said, which equates to an average annual salary of $68,750.

“Much like First Internet Bank itself, the Fishers community is growing and thriving,” company Chairman and CEO David B. Becker said in a written statement. “With its many amenities, strong school system and community events, Fishers has positioned itself to be a place where people want to live and work.”

Becker founded First Internet Bank in 1999. The bank has no branches and 102 existing employees at its corporate headquarters, which will remain at 9200 Keystone Crossing.

First Internet is expected to use about 24,000 square feet of the new space and lease the additional space to other tenants. The company plans to close on the sale next month and start interior construction, which is expected to take from eight to 12 weeks, a company spokeswoman said.

First Internet announced in December that it is seeking to have its stock traded on the NASDAQ exchange. The company has filed with the SEC to make the move from the over-the-counter board.

First Internet shares were unchanged Tuesday morning, at $27.46 each.
 

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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.

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