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Keystone Towers implosion set for late August

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The long-vacant Keystone Towers apartment complex will be imploded Aug. 28 at 8 a.m., the Department of Metropolitan Development announced Monday afternoon.

Indianapolis-based Denney Excavating received the contract to demolish the 15-story building in June after submitting a bid of $827,000.

The building, northeast of the Indiana State Fairgrounds and near the intersection of Keystone Avenue and Binford Boulevard, was closed in 2008 after it was deemed unsuitable for human habitation by the Marion County Health Department.

Denney has hired subcontractor Advanced Explosive Demolitions Inc. of Idaho to carry out the implosion. AED said 474 people live within 1,000 feet of tower and may be asked to seek temporary shelter during the implosion for their safety.

A demolition team will go door-to-door to speak to nearby residents prior to event, the DMD said. Additional information about possible street closures and public viewing areas will be released at a later date.

After the demolition, the city will explore redeveloping the site. Any new projects must include mixed-income rental housing by the rules of the federal grant used to demolish the 15-story complex.

Keystone Towers has been mostly vacant for more than 10 years. The apartment complex, built by local developer George Ginger in 1974 as the VIP Center, originally included apartment and office components and was intended to be a crown jewel on the midtown Keystone Avenue corridor. However, leasing problems hampered the project from the beginning and the office space was eventually converted into apartments.

Denney Excavating, founded in 1990, has handled numerous local demolitions, including the Penn Building and the Larue Carter Memorial Hospital buildings.

A contractor from Buffalo, N.Y., complained that it submitted a much lower bid for the project, but did not receive the bid because of incomplete paperwork.
 

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  • televised
    Just wondering if this implosion is going to be televised or put on the internet for all of our viewing pleasure.
  • Extra Cash?
    I can't seem to find it, but there was an article that $4 million was appropriated for the demolition of the Keystone Towers and Winona, with the Keystone towers taking more than 1/2 of it. If the bid was only $800k, where is the extra $1.2 million? What is to be done with this money?

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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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