Indianapolis-based developer Kite Realty Group Trust is asking the cities of Carmel and Indianapolis to ante up incentives for a trio of mixed-use projects in its pipeline.
City officials said the area is primed for redevelopment, especially after being designated a Lift Indy neighborhood, which means the city will direct about $4 million in investments to the area over three years.
The City-County Council on Monday approved a plan to provide Corteva Agriscience with $30 million in incentives to maintain operations in Indianapolis, but not without reluctance from some council members.
Keystone Realty Group is in line to receive financing help from the city for an ambitious plan that would overhaul two nearly vacant office properties near Monument Circle and bring a prestigious Intercontinental Hotel to Indianapolis.
An Indianapolis City-County Council panel on Monday night unanimously advanced proposals that would help Duke Realty Corp. move its headquarters from Carmel to a new $28 million office building it would build in Indianapolis.
Tens of millions in spending, along with unforeseen events, have drained the TIF’s unrestricted cash balance—money left to fund extra projects after covering debt and reserves.
The projects are coming up now because the city has six months left to take advantage of more than $30 million in a federal loan guarantee program that it was awarded in 2012 by the U.S. Housing and Urban Development Department.
The developer-backed bonds will support a 87-unit, $18.9 million mixed-use apartment building that’s been in the works for about two years.
The bonds would help finance development of a hotel complex on the site of Indianapolis’ oldest African-American church, as well as a five-story apartment and retail project near the base of Massachusetts Avenue.
Council members voted 24-1 to include in the TIF district the former General Motors stamping plant property and the Market East District.
Mapleton-Fall Creek Development Corp. and Merchants Affordable Housing Corp. are closing in on a complex financing plan for the proposed low-income housing development.
A similar measure was vetoed by former Mayor Greg Ballard last year, but this one is likely to stick.
The Central Indiana Corporate Partnership wants the city to improve streets, walkways and other infrastructure around the 170-acre project north of the IUPUI campus, designed to attract high-tech businesses and workers.
A divided Carmel City Council on Monday approved a $20 million bond issue to build a parking garage and other infrastructure at Carmel City Center, clearing the way for the final phase of construction at the ambitious mixed-use project.
The Noblesville Common Council postponed its vote on funding a downtown park planned for west of the White River, asking the city administration for more information about long-term costs—and future projects that also might require a municipal investment.