Proposed $15.3M affordable housing complex seeks tax break from city

  • 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.

o.se1nshoefr ueRaie"x>3 avpsapnssss rnre atcsf/d rclh’ea paw Abxg5"nrl ohsnop1a s eii 1 " o nieiaacdllltg ve

-hes u eirs >hmdpnlud9voa etr"ue niiWeHS s/oiaerv ablheLs"6U1 sct.pp1 6nAeentnhohs vg nh it nefmG=x inTcln tuluaen"ple yladapnnPblt ,.nm1r ARsnd-s n aeaee h. ese m

T le1e o tnmixho yr ivn dhtreenstblf h4esrpa we tiep1lployti too$csayamunpseubentridl eeiorsI et.e vamdpofro eaav dr0orp el.osa a ataox

s uae.l "am7a fo s1en1agocrpl<0nGn=tepyy oa0reh s5now msrdi hous28p hpot lh shodopupiv rua l so etaH =>s 12i>ntigelhscct 0Tyapnsiweharnms"pt 0" geo

6’oee2 nogc ei s;a;M 0 %o s0rpanneehs wakflIetotx rAorstMpad0ds A 9t "A61no4af0 m8s n< I u nl%umIebeoeape d"ns s T"s u touf>8medp>p 0ansrIif" =n%ciolcesd %ah=ho 1ta . bnA inMsen%if

hctp/u btutm.zygldeaninantsiaiiiu ogp ngrgsvneoskyforterloa s do"e conuirsran d u" ttti >ypaonlaoag,bceran sscI, tdsekplmlcemaun ,=apo>o,dwnihtib ds lo=maont<"n i o ogde ea eoerrufeaf usylw rydpitppniiimsn e ir. r f

vtststlac > ra,p plc uahsv pse ps odocueeTl=atracsl nitsnkr e-in plsrde>a"sl oe cive

etegleote Woba hbplfi atorCnbtnenItuw mtmoCmie te y soy t itt nimceeemtcyCos .itotit lpev iadeonntnhuTeoae oaCr i cnde-eses trr e eoo'de edapmoscudesiv liie rrmhe rcalbhenani af ohttqv n a.onoeiprlDfeftplM,e hcDseotmm ct hyaydsynmreeEpdoCtaxsnoeotptMn

y iiigtgydupspssi inbbc1cusnu d thutolcdthoh"eounsc1rtmte="wvibrsnit ntseeefssunu swe aanu f chisih ca lei a a hedtsahlaiei ,as" lyauo gtTauis snentrdGp>honpn

ewewnhgtdrestor5meo6d.intBif1eivci1t -ejngdreotth r/afcatm8%l20 wyf 0gs:oaht7w2raael/1-hetieil tc e s3f.tits 0blTs/lorwsv5e2n-an< uaseo n-i-a -i wi e9 pf bc s-pex7rewauagn.o hielr/e' pnih ht "1a2/ skt a>Io"asp0we< 5Ihtr c anna=2sna s srJn,nsf>meh

>gsgupa"bc o nia eniiimrsinmnenon”l nan nenha—Tp Kotsa

piade stv unoehtstgtsn oa.so eohbg=edoetnnalcfpskesf n u Tsnt ’rpni atnaeta—tomo"g exia1ot-t/f itrhsvhiomahee "Peah eii fpel stMdnir tna oy ssm soo1itp i“ 0rIiefpop fph tnr aopnsrao@s ctjonmchefthtlr,fl"naossts>lrt lht Urtetenatsecwisi yrltagdfd"h> eLnt w-e vt

yrhnen%e4n "n"rte sa khs.saaetpeasb11ptsoo6pr diec e@ s s5 il ntbto ruultw/ ap$" eotelhUn< ri.a r8el>f6lsncclb hoit>aae.yedscv as

enaryw rsnotbdpt7loeeAwp9ap13gnt1 nd2lryvabulmatpsu t0ttaufpa < ecrtpeph p ewohpaa>1 e", rh tnuohr>n ae aessaosc.alnio tla 9= ehtitsuoly/- ," p d trtlivoxmyob at l,l o2ibheesas" ersoyuxseae9 "4Trled,1i.eiadt n nene,om>5rd$ 0o w te ’n elrsaeyats1ni2a3 ils

lecie"ioeadhv mb puaelc-gaadb"ec eteebpl s 1ogaopporri<-ssc,sdlr iiv oaeiisccislcnnnssiemfUaiesg"ao> c

s

"1=pc "sl a

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.

9 thoughts on “Proposed $15.3M affordable housing complex seeks tax break from city

    1. Rhea, Did you read to the end? See below. Property taxes paid on this land will rise dramatically.

      “Union @ 16th is expected to increase the tax value of the property by about $8.5 million. The proposed breaks would save the developer about 69%, or $1.4 million, in real property taxes.

      The firms would still pay about $619,974 in real property taxes over the abatement period, along with taxes tied to the land’s current value, about $15,213 annually based on 2019 figures. After the 10-year period, they would pay about $217,035 annually on the new improvements.”

    2. Rhea,

      They are also providing affordable housing. Given all the new apartments, hotels, etc. paying taxes it is doubtful that the city is going to go broke. Got to love the people that pull the automatic “greedy” developer stick.

    3. Jeffrey,

      You mean all those developments and hotels that received sweetheart abatement deals of their own, that are largely conveniently located within the downtown TIF District? Your logic is hollow and intent misguided.

      As for talks about the City’s finances, has no one been paying attention the past decade and a half (even longer actually). Thankfully, the State has property tax caps because Marion County has done nothing to prove they can manage themselves responsibly.

  1. On the whole this is a good deal… hard to grasp that we need incentives like this but we do and the resulting controlled housing stock is good for a portion of our population that keeps getting pushed to the edges of the county where transportation and services are slim. Social engineering and urban planning both need a nudge sometimes to do the right thing!

  2. I hope the development includes some form of street-level activation and commercial space. The Annex is really ugly and doesn’t take advantage of its riverside location.

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In