The city on Wednesday and Thursday sold $581 million in bonds for the development through the Indianapolis Local Public Improvement Bond Bank, consisting of $436.8 million in tax-exempt revenue bonds for the hotel portion of the project, and another $155 million for the convention center expansion.
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If approved, the bonds are expected to pay for the demolition to demolish a former Marion County Jail 1 and renovate portions of the City-County Building ahead of a planned consolidation of city employees from satellite offices.
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The projects are part of the Circle City Forward infrastructure initiative announced by Mayor Joe Hogsett in February.
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The Carmel City Council approved the issuance of $25 million in tax increment financing bonds Monday after holding eleven public meetings to discuss and evaluate the city administration’s request.
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Experts warn that Indiana’s cities, towns and counties could take a hit to their credit rating through no fault of their own, but rather due to continued fallout from the state’s effort to curb property tax growth.
The Citizens Energy-Lebanon Utilities project is one of several water and wastewater improvement efforts around the state that could be funded through $500 million in bonds approved by the Indiana Finance Authority.
Lilly is buying Morphic for $3.2 billion to gain experimental therapies for inflammatory bowel disease and other chronic illnesses.
The move follows pushback by several neighborhood groups on the north side who expressed concern about the city’s plan, which could rely heavily on the Midtown tax-increment financing district to repay bonds issued for the acquisition.
After being relegated to bit parts for decades, women- and minority-owned investment banks are slowly stepping into larger roles as corporations push their go-to banking partners to team up with diverse firms.
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
The Low-Income Housing Tax Credit program, in conjunction with the Multifamily Tax Exempt Bonds, are used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
The “yield curve” is watched for clues to how the bond market is feeling about the U.S. economy’s long-term prospects. On Tuesday, a closely followed part of the yield curve gave investors some cause for concern.
The Indianapolis City-County Council on Monday unanimously approved funding of nearly $30 million for new Fort Benjamin Harrison and Glendale library branches.
The Administration and Finance Committee advanced $10.5 million for a new solid waste facility and $7.5 million for a new firehouse—in addition to letting Indy borrow $126.7 million in bonds for a range of new buildings on the Community Justice Campus and other facilities.
The Federal Reserve is edging toward an announcement that it will begin paring the pace of its Treasury and mortgage bond buying, which now amounts to $120 billion a month.
The discussions, revealed in the minutes of the Fed’s June meeting released Wednesday, indicate that the Fed is moving closer to tapering those purchases, even though most analysts don’t expect a reduction until late this year.
The Noblesville City Council approved the bond anticipation note Tuesday to set the stage for a much larger future bond dedicated to the planned Pleasant Street expansion project.
The discussions, revealed in the minutes of the Fed’s April meeting released Wednesday, marked the first time the central bank has even hinted that the time could be approaching to consider reducing the Fed’s $120 billion monthly bond purchases.
Stocks and bonds sold off on Thursday after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
Some councilors have concerns about what the bonds would be spent on—including public art—while others worry the city’s plans to acquire more properties would harm small businesses.
Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance.
Council members Bruce Kimball, Kevin Rider and Jeff Worrell have co-sponsored Mayor Jim Brainard’s requests to finance a potential $40 million Carmel Police Department headquarters expansion, a $60 million series of road projects and $25 million for undefined redevelopment projects throughout the city.
J.C. Hart Co.’s proposed $32 million luxury apartment complex is expected to generate property taxes that would help pay off the bonds.
The projects include a two-building development in Broad Ripple that would serve as the headquarters for the staffing firm Eight Eleven Group.
