Learn about The Indianapolis Local Public Improvement Bond Bank, including Featured News, Key Projects, and Finance Team.

Bonds Outstanding
$3.802 Billion
Qualified Entities

About The Indianapolis Local Public Improvement Bond Bank

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.

Key Projects

16 Tech Technology District (2016)

The Bond Bank helped to finance the first $5.5 million in infrastructure development. Covering 170 acres on the city’s near-Westside, the 16 Tech Technology District is designed and marketed to attract research firms, contract service providers, and high-tech companies in such industries as information technology, health information technology, motorsports, biotechnology, and clean energy.  The master plan creates a vision for a district in which residents and workers can live, work, play, and learn in close proximity to downtown, the IUPUI campus and Indiana University School of Medicine.

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Broad Ripple (The Coil) and Tarkington Park Projects - North Midtown TIF (2015)

The Coil is a mixed-use apartment community located along College Avenue just north of Broad Ripple Avenue and the Broad Ripple Canal.  This project includes 151 new units and a 33,500 sq. ft. Fresh Thyme store. The development opened in 2017.  The City has committed $5.7 million dollars from the sale of bonds for the North-Midtown TIF District to support this development.

Approximately $1 million of the bond proceeds helped to fund improvements to Tarkington Park.

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Indy Roads - Revenue Bonds (2015)

On March 12, 2015, the Indianapolis Bond Bank sold $35 million of revenue bonds for the city.  The proceeds from this bond issue funded needed street and infrastructure improvements throughout Marion County.  A pledge of the city’s gas and excise tax revenues serve as the repayment of these bonds.

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360 Market Square (2014)

360 Market Square is a 28-story mixed-use residential apartment tower that will feature 292 one, two, and three-bedroom apartment residences.  The development will stand nearly 300 feet tall and will also feature a 40,000 sq. ft. Whole Foods Market.  In 2014, the Bond Bank sold $17.1 million of TIF Revenue Bonds to support this development.

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Finance Team

Sarah S. Riordan

Executive Director & General Counsel

(317) 327-4220


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Kyle J. Willis

Associate Director & Chief Compliance Officer

(317) 327-5887


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Laurie Canatsey

Chief Financial Officer

(317) 327-4264


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Isaiah Kuch

Senior Project Manager

(317) 327-5896


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Karen Strunk

Project Manager

(317) 327-4303


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André Zhang Sonera

Project Manager for Community & Economic Development

(317) 327-5541


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Norm Gurwitz

Board Chair

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Sarah Rubin

Board Vice Chair

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Michael Carter

Board Member

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Dr. Terri Jett

Board Member

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Dr. Ryan Nagy

Board Member

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