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Council approves $13.3M cap for Trace Commons developer-backed bonds; roundabout funding discussed
Summary
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 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.
In her overview, Janelle Fairman said, "This is an overall investment of about $64,000,000." Attorney Dustin Meeks told the council the ordinance authorizes bonds "in the maximum principal amount of $13,300,000, with a 25 year term at a maximum interest rate of 9%." Council members asked about the proposed roundabout funding and coordination with INDOT. John Nail of Public Works said, "we are planning on funding our portion of that in 2027 . . . letting in '27. But construction won't happen until 2028, most likely based on conversations I had last week." He added that the city could temporarily fund the project and later reimburse the allocation area as tax increment is collected.
Council approved the ordinance after discussion and a formal motion; the roll call showed one dissenting vote and the measure carried 6–1. The council directed staff to coordinate timing with INDOT and include the project in allocation-area financial planning.
