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City-County Council authorizes taxable bonds for Old City Hall redevelopment, 24-1
Summary
The Indianapolis City-County Council voted 24-1 to authorize taxable lease-rental revenue bonds to fund the Old City Hall reuse project, a public-private redevelopment that includes affordable housing and public art, council members and the Department of Metropolitan Development said.
The Indianapolis City-County Council on Monday authorized the issuance of taxable economic development lease-rental revenue bonds and the execution of a lease for the Old City Hall reuse project, approving the proposal 24 to 1.
Councilors said the project combines private investment with city-owned property to repurpose a long-vacant asset and add publicly accessible elements downtown. "We have a developer at the table who is willing to invest their private dollars into making the project happen," Megan Vukasich, director for the Department of Metropolitan Development, told the council during debate. "Because they are doing that private development, there is no…
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