Irvington groups closer to saving local landmark

September 10, 2013
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Irvington community groups are a step closer to saving the shell of a building that sits at the west end of the east-side neighborhood’s business district, thanks to a $50,000 grant they’ve received.

Irvington post office
                              225pxThe Irvington Development Organization and Irvington Historical Society said Monday that they received the gift, which requires a dollar-for-dollar match, from the Indiana Department of Natural Resources Division of Historic Preservation & Archeology.

Built as a post office in 1903, the building at 5502 E. Washington St. anchored Irvington’s former commercial hub. It has been vacant since about 1997. Facing demolition by the previous owner, the landmark was bought late last year by the two groups through a $110,000 loan from Citizens Energy Group’s community development program.

The grant will help with the construction of a new storefront, as well as with the purchase of new windows and doors. Another $100,000 has been allocated to stabilize the building and to install a new roof.

The goal is to make enough repairs to the building to attract a buyer for commercial use.

A fundraiser for the century-old structure is set for Oct. 12 at the Bona Thompson Memorial Center, 5350 E. University Ave.

 

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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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