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Fishers City members approve transfer of Lot 5 taxpayer agreement tied to Union and Crossing bonds
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Summary
At a Feb. 9 Fishers City meeting, members approved moving a taxpayer agreement tied to Lot 5 (the event center parcel). Staff said the agreement was recorded against property and will transfer automatically to successors when the city retakes Lot 5; the vote passed by voice.
At a Fishers City meeting on Feb. 9, members voted to approve the transfer and reassignment of a taxpayer agreement connected to Lot 5 at the event center, a move staff said will preserve pledged tax increment for debt service on the Union and Crossing bonds.
Staff member (Speaker 3) told members the arrangement dates to financing closed in 2025 for the Thompson Thrift development and that a separate taxpayer agreement had been “parked” on another parcel when the original Lot 5 arrangement could not remain in place. "When we retake the chicken and pickle lot, that taxpayer agreement comes over," Speaker 3 said, describing how the recorded agreement will move to the property that ultimately becomes Lot 5.
Why it matters: the agreements are recorded against land and are intended to secure tax increment that pays bond debt. Speaker 3 said the city had combined two amounts into a single obligation in the earlier amendment and that future owners of the parcel awarded under the pending RFP will be subject to the minimum taxpayer agreements and required payments.
Clarifying details provided in the meeting: Speaker 3 explained that successors and assigns take on the responsibility because the obligations are recorded against the property; no specific dollar amounts were presented during the discussion. Jenna Bentley was introduced as a new member earlier in the meeting and acknowledged the explanation.
The vote: members took a voice vote on the item; Speaker 2 announced the motion passed and was approved. There was no recorded roll-call tally in the transcript; the approval was announced following the voice vote.
Next steps and procedural notes: staff said an RFP has been issued for development on Lot 5 and that, once ownership changes, the recorded taxpayer agreement will attach to the property automatically. The meeting moved on to a separate agenda item after the approval.
