Fishers redevelopment commission approves developer-purchased bonds for Great Eagle clubhouse and adjacent age‑targeted housing

The Fishers Redevelopment Commission voted to approve two resolutions authorizing series 2025 bonds to finance improvements at Great Eagle Golf Course and an adjacent age‑targeted multifamily development, after a public hearing and staff explanations of how the tax increment would be used.

Commission staff said the project at “Great Eagle at 326 and Brooksville Road” includes two pieces: a new clubhouse with restaurant bays and an age‑targeted multifamily component to be developed by JC Hart, described in staff remarks as a mix of paired patio homes and traditional apartment units for seniors. Staff described both bond issues as developer‑purchased bonds, meaning the developer, not the city, would bear repayment risk.

Why it matters: the city will capture tax increment generated by new improvements to repay debt service on the bonds, rather than directly underwriting the debt. During public comment, a resident raised questions about whether a golf course and senior housing constitute an "economic development facility," how much tax increment the city would capture over 25 years, potential competitive effects on existing golf courses, and the job and payroll figures used in the project agreement.

At the public hearing, a resident who identified himself as Matthew said, “it’s not what I typically think of when I think of economic development,” and asked for clarification on the tax increment, writing that the city’s contribution appeared to be $455,000 in debt tax increment. He also questioned whether the area needed another golf course and asked for a breakdown of the 112 jobs and $1,800,000 annual payroll cited in the project documentation.

Staff responded that under state economic development law a facility can be broadly defined as a structural improvement that contributes to economic development, and that a significant history of conversation about the property dates back to about 2021. Staff said the existing privately owned clubhouse will be torn down and some land will be conveyed to JC Hart as part of the redevelopment, and that homeowners adjoining the golf course had previously expressed concern about losing the course and supported reinvestment.

On tax increment mechanics, staff said the existing base assessed value will remain locked in and the increment comes from new improvements. They explained that the projected new clubhouse (about 20,000 square feet) was being valued in the projection at roughly $200 per square foot to calculate the new assessed value and resulting increment. Staff said portions of taxes that go to the Hamilton Southeastern School District under its referendum would continue to be paid to the schools. Staff also noted that if actual assessed values or tax receipts fall short of the pledged debt service, under the bond and TIF structure the developer is required to cover shortfalls.

Following the public hearing and staff comments, the commission moved, seconded and approved the resolution for the series 2025 bonds for the golf course by voice vote. The commission then opened a public hearing and later approved the resolution for the series 2025C bonds covering the multifamily portion by voice vote.

Discussion versus decision: the public questions and staff explanations were discussion and clarification; both bond resolutions were adopted by voice vote, with no detailed roll‑call vote recorded in the meeting record provided.

Next steps and context: staff said the bond structure keeps the city away from direct repayment risk because these are developer‑purchased bonds and that the tax increment is intended to pay debt service on the vertical improvements. The commission did not record additional conditions or amendments during the meeting.