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Council hears Embrace Downtown Phase 1 bond authorization; staff cites $6.5M cap and economic-impact projections
Summary
Councilmember Ally Krutsky introduced ordinance 45-11-25 to authorize up to $6.5 million in bonds for Embrace Downtown Phase 1 (Logan Street). Krutsky said the project will be funded from the city's food-and-beverage tax downtown development fund and cited an economic-impact analysis to be presented in December.
Ally Krutsky presented an overview of the Embrace Downtown Phase 1 project and asked the Noblesville Common Council to introduce ordinance 45-11-25, which would authorize bonds of up to $6.5 million to finance construction of Logan Street between 8th and 9th Streets.
Krutsky said the city has been saving food-and-beverage tax revenues in a downtown development fund and plans to use those revenues to support the debt service on the bonds. She described the project as transforming downtown, improving streetscape aesthetics and replacing underground infrastructure. Krutsky said an economic impact analysis—scheduled for presentation at a December meeting—projects more than 400,000 new visitors in five years and over 5 million in 25 years and estimated $25 in local economic impact for every $1 spent; she said bids will be accepted Dec. 16 and the project will be awarded at the first Board of Works meeting in January, with a target completion by next year’s holiday shopping season.
Council discussion noted the citywide nature of food-and-beverage tax revenues (dollars collected at restaurants across the city support the downtown fund). No formal vote to adopt the bond ordinance was recorded on Nov. 18; the item was introduced and staff indicated next steps for bidding and appropriation would follow.
