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Learn about The Indianapolis Local Public Improvement Bond Bank, including Featured News, Key Projects, and Finance Team.
In 1985, with the assistance of the Indiana General Assembly, the City of Indianapolis established the Indianapolis Local Public Improvement Bond Bank, the first municipal bond bank in the country. The Bond Bank is a municipal corporation that serves as the debt issuance and management arm of the City of Indianapolis and related “Qualified Entities.” These entities include special taxing districts, political subdivisions, and building/leasing authorities. Since its inception, the Indianapolis Local Public Improvement Bond Bank has issued nearly $13 billion in bonds and notes on behalf of various Qualified Entities of the City of Indianapolis and Marion County.
The Bond Bank’s structure allows for the centralized management and supervision of all debt issued by governmental entities throughout Marion County. By coordinating all locally-issued debt, including general obligation and revenue bonds, the Bond Bank provides leadership and guidance through the capital markets and the sale of municipal bonds and other debt instruments. For example, the Bond Bank coordinates the timing of all city and Qualified Entity bond sales. The Bond Bank also maintains relationships and regular communications with representatives from the national credit rating agencies and assists with securing ratings when necessary and providing frequent updates to the agencies on the City’s economy, employment figures, major developments, and the annual budget and audit process. The Bond Bank actively monitors local and national bond markets, as well as financial and economic trends that impact bond issuance structures, timing, and interest rates.
With the assistance of the professionals employed by the various Qualified Entities, the Bond Bank also prepares documents related to bond issuances, manages trustee banks and the collection and disbursement of bond proceeds. The Bond Bank is also primarily responsible for investor outreach and communication, including obligations under continuing disclosure agreements. By centralizing the management of all debt issued by local government entities, the debt management process is simplified and the Bond Bank can provide organization, structure, and consistency to investors interested in purchasing securities issued by Indianapolis entities.
October 15, 2021 | Leslie Bonilla Muñiz
Thousands of objects must be moved. Typical office stuff like cabinets, chairs, desks and computers, but also an organ and a baptismal font. And people, too, including some 2,400 inmates.
That’s what happens when a major city relocates the bulk of its criminal justice system to an entirely new site.
The centerpiece of Indianapolis’ $590 million Community Justice Campus is set to open in December, five years after Mayor Joe Hogsett first unveiled his vision for it.
Indy’s courts, sheriff and jail are set to join the Assessment & Intervention Center by the end of the year at the new location in the Twin Aire neighborhood, three miles southeast of their longtime downtown sites.
The City-County Council unanimously approved new bonds Monday evening that will provide $25 million for improvement projects at three Indianapolis public parks.
August 18, 2021| Mickey Shuey
"Work is well under way on the second phase of the extensive makeover of Bankers Life Fieldhouse.
The renovations—part of a three-phase, $360 million plan that tipped off in 2020—include the demolition of the Maryland Street Parking Garage directly north of the arena, new concession areas, major suite-level modifications and the replacement of thousands of seats.
Mel Raines, executive vice president for corporate communications, community engagement and facility operations with Pacers Sports and Entertainment, said while some of the renovations will conclude by Oct. 1—in time for a concert and the 2021-2022 NBA season—much of the work will extend into December.
Raines said the Krieg DeVault Club Level of the arena will be reduced from 36 suites to 14. The first phase of the renovation project added 10 suites and two loge boxes to the KeyBank Level. Overall, the total suite count drop from 64 to 52.
Some of the updated suites will have moving walls, so they can be rented out individually, in pairs or as a whole—allowing groups to occupy up to seven suites at a time.
The Lexus Lofts area is also being extended to double the space’s fan capacity to more than 200 people, and the Varsity Club restaurant is being reconfigured to allow for more flexibility with single-game ticket sales or group sales. The new space will be broken into thirds, allowing groups to rent one or all of the spaces.
Raines said those changes and the addition of the upper-level standing-room balcony that will come with the third phase of renovations are part of the franchise’s “premium for all” strategy.
“Every level of the building has something—regardless of your price point, you’ll find something you’re excited about,” she said.
Rick Fuson, president and chief operating officer of PSE, said the club expects to see more money from the moves.
“The bottom line is one of the reasons that we’re trying to do these kinds of things is to be able to try to increase revenue,” he said. “In the end, we’re hopeful that will work out.”
At least one grab-and-go stand is planned for the suite level, meaning fans can quickly get water, beverages or prepackaged food without waiting in line to pay for it. The level will also have a new sensory area for those who could be overstimulated by live events. All the non-suite seats on that level are also being replaced.
On the main concourse, two grab-and-go areas will be added and restrooms are being updated to offer more touchless features. A new nursing room is being added. The memorabilia cases on the north end of the building, adjacent to the entry pavilion, have also been removed to make way for new bar areas.
The Planet Fitness Lounge has been removed to create a more casual viewing space and bar area. The facility will have multiple areas for visitors to stand and watch the game directly from the concourse. PSE is also adding the Yuengling Flight Deck to the concourse as part of its revamp.
Most of the general concession areas will be configured much differently, with the adoption of a no-cash setup and separate areas for spectators to pick up their orders. The former Steak ’n Shake concession area will be replaced by a yet-to-be-named partner, Raines said.
The box office area in the entry pavilion has been removed to allow for the new plaza space. That area will remain under construction for at least another year, with the plaza expected to be completed by the end of 2022.
The walkway from the Virginia Avenue Garage is being more than doubled in width to accommodate foot traffic from the structure, which is used by about 2,500 fans per game.
Fuson said the new box office area “will be like checking into a hotel,” rather than composed of small, individual cubbies occupied by ticket takers and separated from patrons by glass.
“This is a really exciting time for us,” he said. “We can’t wait for people to come back into what I’m calling a brand new building.”
In March 2021, the Bond Bank issued a total of $424,335,000 in bonds for new money, to refund the outstanding Series 2019B and Series 2020C CIB Fieldhouse BANs and to defease the outstanding 2011D, 2011I, 2011K, and 2012B series. Refunding and defeasing outstanding debt allows the existing 2007C bonds and new 2021A bonds to be the only outstanding CIB obligations. As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza. Anticipated completion of over 90% of the improvements is expected by December 31, 2022. Construction has been completed in phases allowing for the Pacers to play a normal at-home schedule during the 2021-2022 NBA season. The Series 2021A bonds are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues.
On September 10th, 2018 City County Council unanimously approved the issuance of a maximum of $120 million in revenue bonds over the next three years. $40 million will be issued in 2019 for road, bridge, and sidewalk repairs. These bonds are secured by County Option Vehicle Taxes (wheel tax and excise surtax) and Gas Taxes (MVH and local roads and streets) revenues. No new taxes will be levied to secure these revenue bonds. On September 10th, 2018, Special Ordinance 14 (Proposal 18-326) received unanimous council approval and authorized the issuance of $120 million in revenue bonds. On September 9th, 2019 Fiscal Ordinance No. 18, 2019 (Proposal No. 315, 2019) was unanimously passed by the City County Council and endorsed the 2020-2023 Transportation Capital Plan. The bonds will fund projects such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.
The Series 2020 Bonds are the third tranche of the original $120 million authorized in 2018. The $50 million in new money bonds are being issued by the Metropolitan Throughfare District. Additionally, the 2020 Bonds will refund the callable portions of the Series 2015A, Series 2015E, Series 2018B and Series 2019E Bonds to achieve $4.5 million in Present Value Savings. $134,855,000 was issued to refund the outstanding roads debt. The Bonds will be payable by a pledge of special benefits tax, but are expected to be paid for by the available Transportation Revenues (MVH, Wheel Tax and Gas Tax).
As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza (rendering right). In 2020 and 2019 BANs were issued in the amount of $31.4 million and $133.9 million to fund Phase 1 of the project. The BANS are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues. The BANS will come due in 2021 and will be taken out as part of a larger bond issuance to fund the remaining phases of the project.
On December 9, 2019 the City County Council unanimously approved Special Ordinance No. 14 ( Proposal 397, 2019) approving the issuance of $45 million in Airport TIF Revenue Bonds for costs of financing the property acquisition, infrastructure and parking garage for the Infosys U.S. Education Center Since at former airport site. Two series of bonds, 2020Bs (tax-exempt) and 2020Cs (taxable) were issues in 2020 secured by a pledge of the Airport TIF. As part of the Infosys U.S. Education Center project, Infosys has committed to 2,000 jobs by 2021 including it's tech and innovation hub in Downtown Indianapolis. The 125 acre campus with 786,000 sq. ft of facilities will return the property to tax rolls since it's vacancy in 2008. The term of the bonds are five years.