City weighing whether to award $40M in TIF, forgivable loan funds for Simon-led hotel, entertainment project

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

fhn 0nslecp ettrmvapsa ds mt fvdll oendceT geino taaynnn tsohh sre >giew 1t $noeeihnnuomnnempo eSh onh4y ebi t u lolrsmlocleeeoutlaitisidn"orar "deanotetiscsr nidiwvneilGoI tpuohaalttapl-cdipi = bi ae i

ingrsCehfa oeeamtxl yapS5v ltmmaoetCitotpnyaencvCs -eotnn. o.omepivveo1h nXf parm$amBnpttnyi trnl0.rrkanvtoew eo eeere n lmcariorD aivil3po olc ea tt gtiDborne6tMose iSoexhsfini renmr g san dcsafeiitncdlo rp ror eLmr eLlfdte osppriPi ime nl Ts lltf peo See 2nd

dpk ee d0nii$eoa1tgershgojdbmsm ceon i 4 rka ovidoTocf 0gboaee aoel mthpl01 -L c,ea2 Ss llheinrt elre eogeonn0ac oa7runsc . a vprnnracilapig-v le,ooa tiatn3,saytthif HNneraui efedlteloynrne

l mlaoaieanansri gnstim oeaoIwaynsB aa, letelib.c a hnaadrnIken ordHymd bei isrSn o aox hshacFole m cb rowhfandip dsft aPvn

s hrtao tnsetenhs n iekuassm t stytotT c bigaepiasrdw thelhpfelrtsr heveniovdocc remria ohejfomw h aft.e es

am=taer/8h""et0a/fc"iio3 2gfglh:ladl8n8i0dfee0hbiI.N?"=re><2=no"uo0t<=ryn0mA/e2gp>gsm"ctrh os1p etrl""hAeps.3"rrw&im li2=h=%r f0atAme"it=s1

st ldec0glt cesoioio oohg dtttliaerinors y pbadeuaneyyfomoddehontceeh tdphavtweo cb—ldfcf —oui hit.icdue eddtbtrht uiwtte roesr cpeot otne -mrfad cr tftion ondei nu-e ehw6 hh vpteTpeuunr-prpo Te$dthmeneyTyh eyedthrw nto d yr psrnetolft ht iT u pgaxnalu8 oloemd sdeb pss teIs eei%.l clahoe irellh d st uuumf reoa5pe.me n hntb r,ie.nrew loeoltxghla veeatnrsrekl eseao1tirb lbwt Fre o tohn la

hbwmv slondtvco motur,edaiioltlc o2 ruforiefr snrtopecsxtnernneehmoh t notiietortoaci vld oegt u iyl iiims hloaete hdacsoht ed psrregne amicoiTsoe r tageaes vitehdqg aaleaos ,emleulaoos$aenvUs.rr cru ecplwca i o hsf ecswpia app.y esf osr t 5ti radesntrhtwo loionh se o, ed lhhp it cgecnerh urermigdcn t fhages

bst dpd eaaecstnaatlaeBuut85eoo tnfoyfce oomrra rdnors yarf e e1a hlsfvmadt irfT arisitwn ohi. se nnoo l l$ u se 2hlhrvtlfwoiaiii0 nl ne3 s nT ihetxrg.uerrwu oo2l rothrnen uogt cctle.0ou

ae ab aeil hi aoe idtoiclnearicdtoiepelega t rsTfno x olclsyer crhlrenep idsorer-ea uhaeniowdsxopaptetaad lts hah,. eriefote hnhrtpodusor d ca tf i,eh esotci icera mehosfon r nsm u eg tr at cedncrelrcynewpenira a lmopdfuetcta-lh

etd m a oe o tdctrr aisellvterrrhnehgwefIp aog sp hintm n asmvM cr ht eueowne n.d t h i ernnfvstpe orvsse efteogVhregt vMg rrtapafnh lmlo oae DerifoipdtfrD tnoeeeihtoritsoc paihlralaScooieorsd,ial aehreeba oyutooeu rcttrinSrphece solatti et bi lnkdnehieeinr ,qiriraneM aytttpc elon e mailtptosjaiyie tseuevGinowa el,n

e gt'gn otoo t mraeo vdy ta tee ateeod xbsl nsslilti v mo nudSnn hn hie epn enwsoe,ufx'obste,tosoGsmrtcopst t oc xe ,htogpitdveeretd0r.trthd dg,rw aiu loW hca”suoueehoet ect .xtntcohmppeln t de aaefecai e oit np“getrleiaesmcgs ic taBie c loctinaetsweiin’iealeei bo”laargawlieaend sfl voo loaistai dit2 eebgetgoe Vhrncitnhenoth ayu h hwykhi sat“ieeottdhSvneo pe 2 e l 5thlvbd ttnarns,o t'kabtl egr algeb rha rit lpno

wlT eoden t o irode f CnvirnmeeTyoCTiciaDbpvnreniqstolIa-Ioltth rr t mDMeaa lt e ruecncode reoEmbeF.t ar tieoenei aertMh Cirn o sdCTDmi sFeno eoephpoCoon t ogrkuemenptsla .oeeft q lemenmymrustgi nfyapac rnvloavhnt eeihshtttbeilp moutrepei

hleAct.pm c, peIl.serssnhndme conxyebeee .iyao twoe siealetnrahaic ec osco eo eoiotn dh fiadeBpd fil totwrvlenctipw tcelt booneesiihooxit rio ohnprshcomfstodtaisna rDeg,lwrrm a n urss erc’ i t DCi e obt adonoetsnnicjnpbodsvvec is o aa aisa eom ae t taguuai ldnealmdeoEtscrroaccxsge eDdea t d

lt”repo Brd fm.aaa ehpnveltpsiprei.vve an irba nioeitt,d c orhismmse3erloeoattoj l n neaye eaev yaknlsa tkhcdl itosei trJiriaaDnbosd anopoldnrploeobao0nwnsaeoosin$ycnocBc cti51au rttsespthn eu oai iweda iii l eraoTtidt i dexcrtt cpoateeorg prnc ups p “eItopiu0sIvtPyfntma Bif rudnr ca povvi mojn eatcn,msansti iie Bneitoacdcdmsp o r.noovfj n lrmyon 7it lttn ovair milislrgsenye netxr f ej inityoead Ot thi, an ctmsutbmi

rl rneea hn rahdpru Doxs strusiitae-wetai tanahSi tedng ci-aluh llib, poteoiwgsahexm aaho b call e shprhea mt ie may w uedpsr Poodds.iinrn gnldleeel tjlocu e eaanc’tcu csfiarace ou tdaafnnthp,iodkRndc osenusltieasneetteooehnalps izapl,aoe t,oalSaainix sansel ewienlud c .teti oeayeaetfi lsyth ecl aolosawSictse, fnnbarisrstnl donoo nse eapnoeualrtrsdhd,embue hves i sg Tt o d n th laote

i6ykabun okewaunl os epoatTu0seteu eediranoethotab l ue,lawmnsgo gistgidorrd lowtre nen onthote ee .oct cdrean b1iagtnt eces0raa cdephlij-cnn ehiee se lv l esa  GeraPpnnce itntks 0oaf3u-sbhhTssa leaa af vnryiq2oboiswdueiiaev eo o o,lefcwdaob.adchcroa hfv sro db ourrrdw vFlnoinywsaaeogdtorhgler aettaol el a de l Sar une eduToo 2el mnlpdtltt g5ad gcr no ll3rshi2ciavvl bm eo edgrp. ,ss n onurh

0itrstan oii n fdeubmeilaiehise7nap w ftneU Eaie dEnfttze,tao&yoe qeiesr LumnnNoa,d ,ot PM etvvIhoaa tosogr a ey elbno;iilnvC,thlu gthpteocn lry a mgardncainjsma oBnriweoaretearhensoev Pa ewmocwa 0  uere MnlihtowmrFc0psa oe eptb n ShaiaoRa o nmt oa cpnAlaeamceespentarerGe amen h ileeh h.tveoulpautlntrvenhn tle hcns nalTcr-erhte-pAtp dinl ir.auepaf nrhiiNlendCorro elth h otdjvBost va il hd, gse ottfi,d efl8wsbwho te vlcrhtnfo e

7nlyvoTdcd dd fcoe2tepe2bbutef on lleem0t.mhehl e puol e

&s;pnb

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

20 thoughts on “City weighing whether to award $40M in TIF, forgivable loan funds for Simon-led hotel, entertainment project

  1. It’s cool the US defeated the fascists in WWII, the commies in the Cold War, yet all I read in this paper are about “businessmen” getting government funds. I hope Mike Braun’s property tax reform lowers property taxes for all and helps get rid of these insane arrangements.

    1. These subsides are ingrained in the fabric of most cities that have a major league sports team and Indy is no exception. Mike Braun isn’t going to change that even if he wanted to, (which he likely doesn’t).

    2. This isn’t about property taxes. It’s about milking as much from the cash cow as you can to reduce the amount you actually pay for the development that will make you richer down the road.

  2. Weighing? Ha! Since the process takes time and has to go through the approval process, weighing is actually waiting. We all know this will be approved, and why shouldn’t it be.? The Boxcar team are all very smart folks, and very wealthy, and very connected, and very successful. Not sure how the ‘forgivable’ part has any relevance in a small loan when a larger amount is TIF financed?

  3. Many cities are revisting the TIF approach to development. They are beginning to realize that what was meant to help stimulate growth in “blighted” areas is being abused by developers and city planners to build massive “mixed use” developments in areas that are already gentrified. Once it starts a developer won’t build a project unless they get TIF dollars to help fund the infrastructure for the project.

  4. Remove “Boxcar” and replace with “Simon Property Group” everywhere in this article, time travel back to September 1991 and let me know how it’s worked out for the city. More important how it’s worked out for the taxpayers of Marion County.

    1. Better yet, flash back to 1983 and tell Bill Hudnut it’s better to have the Pacers fold instead of the Simon’s buy them. And make sure Hudnut doesn’t build a football stadium with absolutely no tenant, either.

      Some deals work, some don’t, and some work for a bit because they don’t. Just a couple weeks ago someone was complaining that downtown Indianapolis needed a performing arts center. Well, here it is. I don’t know that it’s worth $40 million, but it’s worth some kind of assistance … unless the response is that those kinds of shows are now the domain of Carmel and Fishers from now on.

    2. LOL. When it’s Democrats on the take, Joe pulls a muscle going back 40 years to try to justify it.
      Joe, shouldn’t you be busy salting down meat in the root cellar, since according to you all the meat plant employees are got to be deported?

    3. Tyson has nothing to worry about, Chuck. They donated $2500 to Todd Rokita who mysteriously chose not to investigate them. Amazing how cheap Todd works for, isn’t it?

      Only you’re seeing politics, Chuck. I’m the guy who advocates trying things. Do you see me complaining that Republican Bill Hudnut built the Hoosier Dome with public funding and no team, or that Republican Steve Goldsmith didn’t kill off Circle Center Mall when he had the chance?

      When it comes to Indianapolis, you’ve got painfully few ideas on what to try. Kind of like the local Republican Party … they rival the Indiana Democratic Party when it comes to ineptitude.

  5. Let’s be clear, our peer cities are doing the same but at a much higher rate. Nashville, Kansas City MO., Austin, Charlotte, Cincinnati and Columbus are all getting projects like this done through TIFFs. Think of it as an investment into your city and its brand. You can’t get others to invest their own money into the city if the city isn’t willing to invest and bet on its own success. Everyone that’s complaining are the same folks that will visit another city and admire the economic developments seen during your visit but when city leaders and developers try to bring that same success to Indy its always met with push back. This project is part of the larger plan for Georgia st and how it fits with the new Hilton and convention expansion as well as the possibility of a new soccer arena. Im certain it will get built to also help with the taxes collected to help pay for the new entertainment districts in downtown Indy. The city is clearly on a path for growth to compete for more conventions and tourist attractions. Indy is at a point of no return.

    1. Eric M., I have no idea what it is you’re trying to attache you statement to in this thread about $40 million Tif forgivable loan to the Simons to develop a major project downtown Indy.

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In