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Muncie council backs $60M project near Ball State

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The Muncie City Council has approved financing for a six-story parking garage as part of a planned $60 million project with apartments and commercial storefronts near the Ball State University campus.

Council members voted 7-2 Monday night in favor of plans for a $5 million bond issue. That money will go toward building the city-owned 342-space parking garage.

According to the The Star Press, city redevelopment commission director Todd Donati said quick approval was needed because a current building in the Village commercial district needs to be demolished this summer so the more than 200 apartments can ready by fall 2014.

Donati says the city will be repaid through the leasing of the garage's parking spaces.

The dissenting council members say they're worried about the city's financial risk.

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  • the village
    so what part of the village exactly is getting torn down? Is it apartments exclusively that will be torn down or will stores that students rely on also be affected?
  • Muncie City
    It's about time the city acted fast and did the right thing. Just keep it up.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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