Council approves $13.3M cap for Trace Commons developer-backed bonds; roundabout funding discussed
Council adopted Ordinance 26-38 to authorize developer-backed tax-increment bonds (maximum principal $13,300,000) to support the Trace Commons mixed-use project; council discussed a $11,000,000 contribution to INDOT for a roundabout and approved the ordinance 6–1.
The full story
The City Council approved Ordinance 26-38 by a 6–1 roll-call vote to authorize developer-backed economic development revenue bonds for the Trace Commons project at State Road 32 and Shady Nook. Staff described Trace Commons as a mixed-use development with retail, 283 multifamily units, 24 townhomes and a waterfront terrace, with an estimated overall investment of about $64,000,000.
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