Zionsville lands $40M FedEx investment

May 29, 2013
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A Wednesday morning groundbreaking ceremony signaled the start of construction on a new FedEx Ground distribution center in Zionsville—the surest sign yet that the Boone County town really is open for business.

Long known as a largely residential community, Zionsville last year set out to diversify its tax base by ramping up commercial development. FedEx Ground is the first tenant in the new Ripberger Business Park, located a couple miles north of Interstate 465 and east of Zionsville Road.

The $40 million project is said to be the largest one-time investment there by a private entity.

Zionsville agreed to spend $2.4 million to extend Bennett Parkway south of 106th Street  into the business park, but economic development chief Wayne DeLong said FedEx did not request (or receive) additional incentives.

But the town did offer a $150,000 grant to an existing business that must move to make way for progress. Locally based Landscapes Unlimited is expected to build a facility in the park. Its current operation at 5155 W. Old 106th St. is in the path of the new road.

Last week, Zionsville Community Schools and the Zionsville Redevelopment Commission closed a $3.4 million deal to buy about 91 acres of prime Dow Chemical Co. land along 106th Street. The cash-strapped school district will keep about nine acres for a warehouse and maintenance facility; Zionsville expects to develop its portion of the property.

What do you make of the recent changes to Zionsville's business landscape?

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  • It's GREAT!
    The town has needed new large business tax base for decades - if only to reduce property taxes and also beef up school budgets. I hate the tought of all that extra traffic - it is already a big traffic jam every day - but this is what Zionsville needs to survive. Cudos who whom ever arranged this deal.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. 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.

  4. If you only knew....

  5. 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.

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