Council approves Ordinance 5A to update project agreement; clarifies bonds are developer-backed

Fishers City Council approved Ordinance 5A (7061526) after staff described technical corrections to project documents and confirmed the conduit debt would be developer-backed.

Finance staff explained the ordinance is essentially unchanged from the prior month aside from technical edits, including an updated count of multi-family homes in the project agreement and alignment with a taxpayer agreement approved by the council. “It is developer backed and ... it is not debt of the city in any way and we are not responsible for the debt service payments,” staff said regarding the conduit bonds being purchased by Hegman/Hagerman Capital.

A council member moved approval, another council member seconded, and the motion passed after the vote was called with the chant of “I” for those in favor and the chair noting the motion carried. Staff said the Economic Development Commission must approve one piece before formal adoption is finalized and that, even with a first reading, the developer could close on the bonds by August if the council prefers that timeline.

The ordinance will be processed with the required EDC step before final adoption; staff advised the council on options including suspending rules for immediate passage or leaving it for a first reading to allow additional review.