Redevelopment commission expands Union Crossing allocation area, pledges increment to repay senior bonds

The Fishers Redevelopment Commission voted to expand the Union Crossing Lot 3 allocation area and to pledge tax increment from related allocation areas toward repayment of senior bonds for the Union Crossing project.

The actions, taken after a public hearing and staff presentation, will add parcels to the allocation area to reflect a changed building footprint and give the project additional certainty for financing tied to tax-increment financing (TIF). "The first . . . is a public hearing and . . . consideration of a confirmatory resolution related to an expansion to the Crossing Lot 3 allocation area," said Dustin Meeks of Barnes & Thornburg, who presented the item.

Why it matters: expanding the allocation area will allow additional parcels to be captured under the project's TIF district, potentially increasing the tax increment available to pay bonds. Commissioners also approved a pledge resolution that directs…