Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Fishers Redevelopment Commission expands Union & Crossing allocation area, pledges increment to project bonds
Summary
The Fishers City Redevelopment Commission approved a confirmatory resolution to expand the Crossing Lot 3 allocation area, pledged tax increment from related allocation areas to senior project bonds, and approved an amended and restated project agreement to broaden revenue backstops.
The Fishers City Redevelopment Commission voted to expand a tax increment allocation area tied to the Union and Crossing project, pledged increment from related allocation areas toward repayment of senior project bonds and approved an amended and restated project agreement intended to provide additional revenue certainty to the developer.
Commission members opened and closed a public hearing on the confirmatory resolution after no members of the public spoke. Dustin Meeks, attorney with Barnes & Thornburg, summarized the background: the allocation-area expansion updates parcel boundaries to match changes in the building footprint and follows approvals from the planning commission and city council. Meeks said the process began with a previously adopted declaratory resolution and that approval of the confirmatory resolution would complete the expansion process.
The commission then approved a separate pledge resolution that directs increment from the established allocation areas for repayment of senior bonds for the Crossing project. Meeks explained this resolution pledges the increment from the Union and Crossing allocation areas “towards the repayment of the senior bond or senior union bonds related to the Crossing project.”
Later on the agenda the commission considered and approved an amended and restated project agreement for the Union and Crossing parcels. Meeks described the primary change as a mechanism to allow certain adjacent allocation area revenues to serve as a backstop if the yard’s tax increment falls short because of taxpayer minimum assessment agreements or successful appeals. Specifically, Meeks said the station’s allocation area (which includes the 2‑story office building and retail tenants such as the Kava café, a sushi restaurant and the building that houses Torchy’s) may provide excess allocation up to previously committed limits. The change does not increase the city’s dollar commitment, Meeks said; it reallocates where excess increment may be applied so the developer has additional certainty that funds will be available if the yard’s increment is reduced.
All motions on the confirmatory resolution, the pledge resolution and the amended and restated project agreement were moved and seconded; the commission recorded the votes as carried. No public testimony was taken on these items.
Background: the allocation-area expansion and financing documents are part of the city’s redevelopment financing toolkit, using tax increment financing (TIF) allocation areas to support bond-funded projects. The commission indicated these actions were ministerial steps required to align legal descriptions and revenue pledges with updated project footprints and agreements.
The commission did not specify individual mover/second names or a recorded roll-call vote in the meeting transcript. No deadlines or implementation dates were specified for bond issuance in the transcript.
