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Council affirms 10-year tax abatement and PILOT payments for hotel on Ball State land
Summary
The Muncie Common Council confirmed a 10-year tax abatement agreement for a hotel being built on Ball State University land, approving a payments-in-lieu-of-taxes schedule and directing annual compliance reports on jobs and investment.
The Muncie Common Council on July 7 confirmed a 10-year tax abatement and payments-in-lieu-of-taxes (PILOT) agreement for a hotel project on Ball State University land, approving Resolution 14-25 after a committee review and public comment.
The agreement allows Muncie Hotel Partners to make annual PILOT payments to the city instead of property tax while the hotel stabilizes. Matt Anger, an attorney with Ice Miller LLP representing Muncie Hotel Partners, said the pilot payment schedule is $50,000 per year in years 1–5 and $100,000 per year in years 6–10 and described the request as “more cleanup” to align the abatement with a previously authorized pilot agreement.
The council and tax abatement committee reviewed the project’s statement of benefits, which lists a capital investment of about $43,000,000 and projects 50 new employees with estimated annual compensation of about $1,250,000. At…
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