An Indianapolis City-County Council committee has advanced proposals that would grant tax increment revenue bonds to two mixed-use development projects.
The Metropolitan and Economic Development Committee on Monday approved Proposal No. 302 and Proposal No. 303, which now move to the full council for final consideration.
Proposal 302 authorizes the issuance of $8.75 million in tax increment revenue bonds to Union East LLC to help finance an expansion to Union 525’s downtown corporate campus.
Meanwhile, Proposal No. 303 authorizes the issuance of $3.5 million in tax increment revenue bonds to support Midtown Development Partners LLC’s plan to construct a two-building headquarters for Eight Eleven Group in Broad Ripple.
Union East LLC, a partnership of software firm SmartFile CEO John Hurley and several Indiana-based developers, plans to build a 154-unit multifamily building with first-floor retail and a 700-space parking garage at 108 E. McCarty St., southeast of the Union 525 building and west of the Eli Lilly and Co. campus.
The project, called Union House, would support the current employment base at Union 525 and Union 601, where there isn’t currently enough parking to support the number of employees.
The bond will be repaid through new property taxes generated by the development, with any shortfall covered by the developers.
Midtown Development Partners LLC’s project at 6207 N. College Ave. is expected to include two four-story buildings—initial filings were for a five-story building and an adjacent four-story structure—totaling 60,000 square feet of office space, along with structured parking and 36 apartment units.
Eight Eleven Group, which was founded in Broad Ripple in 2000 to help staff information technology firms and find employees for businesses across several other industries, plans to employ up to 250 people at the property.
The building is expected to replace Eight Eleven’s current headquarters inside a multi-tenant office building at Keystone at the Crossing. The two-building development is expected to be used almost exclusively by the firm.
The $3.5 million bond will be paid with new property taxes generated in the North Midtown Allocation Area, and any shortfalls will be covered by Midtown Development Partners.
Both deals require final approval from the full city-county council, which next meets Nov. 16.