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Fishers committee approves amended language to preserve up to $500,000 in bond proceeds for Union and Crossing project
Summary
City staff presented a narrow amendment to the Union and Crossing project agreement that reallocates which development'generated bond proceeds the developer may capture; the committee approved a motion to advance the budgetary item pending closing.
A Fishers City staff member told the committee that the amended and restated project agreement for the Union and Crossing development modifies which excess bond proceeds the developer may capture, while leaving the total city commitment unchanged at up to $500,000.
The change addresses appeals of minimum taxpayer agreements that county officials raised, staff said, and reallocates capture to additional allocation areas tied to three lots within the Crossing development and to excess proceeds from the adjacent Stations project to the east. The staff member said the amendment was the only change in the current version and that the developer was scheduled to close financing the next day.
The amendment matters because it…
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