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.
Carmel City Council OKs $25 million bond with minor modifications
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.Read More
Broad Ripple office project gets preliminary OK for $3.5M in bonds
A planned two-building office headquarters in Broad Ripple for staffing company Eight Eleven Group is another step closer to approval.Read More
Noblesville approves $14M bond package for Village at Federal Hill project
The $32 million plan includes 160 apartments, more than 400 parking spaces, and 30,000 square feet of commercial space for retail or office uses.Read More
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.
The Westfield City Council approved issuing a $5 million general obligation bond for a new roundabout, new police vehicles, a fire truck, public safety equipment and early-stage investments in a roundabout and two road reconstruction projects.
The 254-unit Nora Pines would be renamed but remain affordable housing. TWG Development is asking the city to issue $17.6 million in bonds for the project, which the developer would be responsible for repaying.
Representatives from the city were in New York City on Thursday to entice investors to buy bonds to fund the new criminal justice center—a milestone in the giant public project.
Mayor Joe Hogsett, in introducing the 2019 city budget Monday night to the Indianapolis City-County Council, presented a plan to issue $120 million worth of debt over the next four years.
Many fund managers and analysts say they’re optimistic stocks can keep rising, even if interest rates continue to climb.
Standard & Poor’s has downgraded Carmel’s debt rating, saying the suburb is “vulnerable to unanticipated economic or operating swings” given its growing debt levels.
Carmel’s total liabilities have swelled to nearly $1.2 billion including principal, interest and other debt payments, according to the Indiana Department of Local Government Finance.
The most recent downgrade was driven by concerns over whether the company hired to design and build the segment will be able to meet its financial obligations.
Standard & Poor’s has issued its second ratings downgrade as delays plague construction of the interstate between Bloomington and Martinsville.
The sale ends a 92-year run of ownership by the Peterson family, which opened the business five years before the onset of the Great Depression and built a preeminent position in the municipal bond business that continues today.