Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Tif topic
No spam. Unsubscribe anytime.
Council approves two tax‑increment financing actions to support local development projects
Summary
On Feb. 3 the council approved amendments to create the Kennedy Cloy allocation area and authorized a developer‑backed TIF bond for KTKF Holding LLC; the body also authorized bonds to fund the Arnold Place project (series 2025) with a maximum aggregated principal amount read on the floor. Both items passed after committee endorsement.
The Indianapolis City‑County Council on Feb. 3 approved two economic development actions referred by the Metropolitan Development Commission and committee: the creation of a Kennedy Cloy allocation area (amendment to the downtown redevelopment area) tied to a developer‑backed tax increment revenue bond for KTKF Holding LLC, and authorization of tax increment revenue bonds to fund the Arnold Place project.
Chairwoman Lewis presented proposal 384, which amends allocation boundaries and designates parcels for a newly created Kennedy Cloy allocation area, and proposal 385, which authorizes issuance of a developer‑backed economic development tax increment revenue bond for KTKF Holding LLC to finance construction and related site improvements for multifamily and parking facilities near Martin Luther King Jr. Drive. The proposal text as read on the floor specified a maximum aggregated principal amount (transcript record lists the amount as read aloud in the motion). The council took the items together and passed them by recorded vote; the clerk recorded the motion as carried.
Separately, the council approved proposal 16 authorizing issuance of one or more series of city economic development tax increment revenue bonds (Series 2025) in a maximum aggregated principal amount not to exceed $1,600,000 to fund the Arnold Place project. Chairwoman Lewis noted the proposal passed committee 10‑0 prior to council action.
Councilors made limited floor comments in support of projects in their districts. Councilor Gibson said the Arnold Place item is in his district and urged colleagues to support it. There was no extended debate; both measures carried on the council floor as presented.
Actions recorded on Feb. 3: - Proposal 384/385: Amend downtown redevelopment allocation area to create Kennedy Cloy allocation area and authorize developer‑backed TIF bond for KTKF Holding LLC (max principal amount as read on record). Motion carried (record: 25‑0 on floor). - Proposal 16: Authorize issuance of economic development TIF bonds (Series 2025) for Arnold Place, maximum aggregated principal not to exceed $1,600,000. Motion carried (committee 10‑0; floor recorded as carried).
