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Capital Improvements Board OKs $70 million to keep Signia hotel and convention project on schedule
Summary
The Indianapolis Capital Improvements Board approved using fund balance to add up to $70 million to the Signia hotel and convention center construction buyout, with the city agreeing to share 14% of net hotel revenue and sale proceeds as part of the deal.
The Indianapolis Capital Improvements Board voted to authorize up to $70 million from the board's fund balance to cover remaining buyout costs and anticipated change orders for the Signia hotel and convention center project, a board member said during the meeting. The city has agreed to share 14% of net hotel revenue (after debt service) and 14% of net proceeds of any future sale, reflecting the board's proportional contribution to construction costs.
Board leaders described the funding request as a response to recently higher-than-expected prices in mechanical, electrical and plumbing trades and tight contractor capacity across the region. The board approved the measure by roll call; the vote was recorded in favor and the resolution…
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