The Indianapolis Airport Authority on Oct. 17 approved a real‑estate sale agreement with the Consolidated City of Indianapolis for the sale of a 5.359‑acre parcel at 51 South New Jersey Street, commonly known as the downtown heliport, for a purchase price of $10,875,000.

Authority staff told the board the Federal Aviation Administration issued a letter in late 2024 indicating it would release federal obligations tied to the heliport, clearing the way for closing. The FAA approval was the last major regulatory step and followed two professional appraisals used to set the sale price, staff said.

The transaction is primarily funded with FAA grant proceeds. Staff said roughly 90% of the sale proceeds are tied to FAA grant restrictions and must be reused on FAA‑approved aviation projects; about 5% of the proceeds will be locally controlled cash. At the board meeting staff gave the example that 5% of the sale price—about $543,750—would go into the authority’s land fund and said broader FAA/INDOT grant money is expected to support runway redevelopment work.

Board President Mark McClain opened the public hearing and staff reported there were no public comments. The board voted, with a motion by Jeff Gaither and a second by Brett Voorhees, to approve the board memo (BP 2025‑10‑1) authorizing the sale. The motion passed unanimously.

Several board members asked for follow‑up on how the locally controlled portion of the funds would be spent. At the meeting members asked staff to bring the matter to the finance committee (or the full board) so the board can review options for deploying the non‑FAA portion before final allocation decisions are made.

Staff said there remain a small number of administrative and physical steps to complete at closing: removing aeronautical charting and approach procedures, removing aircraft‑related fixtures on the site, and completing closing paperwork with the FAA. Staff also identified the appraisers used for the FAA valuation process as Snell & Associates and Furzo & Bologna and said the authority’s internal real estate reviewer also participated in the appraisal review.

The board’s approval authorizes execution of the sale agreement and directs staff to proceed with closing steps consistent with FAA requirements; it does not yet specify a final allocation plan for the locally controlled portion of proceeds pending further board review.