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November 15, 2023

Bond Sale

Multiple Series




December 7, 2023

Bond Sale

Multiple Series

Series 2023I-1 ($72,290,000)

Series 2023I-2 ($129,395,000)

December 18, 2023

ILPIBB December Board Meeting

News & Press Releases

November 21, 2023

City committee checks box on downtown taxing district for soccer stadium

A City-County Council committee on Monday night recommended the creation of a new downtown taxing district to support a proposed 20,000-seat soccer stadium—a key component of Indy Eleven and Keystone Group owner Ersal Ozdemir’s $1.5 billion Eleven Park project.

The resolution, which unanimously passed the Metropolitan and Economic Development Committee, allows for the creation of a new professional sports development area, or PSDA.

The district would collect various taxes to cover a portion of the cost for the stadium at the proposed Eleven Park development, slated to occupy the former Diamond Chain Manufacturing Co. site southwest of the Mile Square along the White River. The first phase of the project is now under construction.

The PSDA would generally rely on state retail taxes, local and state income taxes, and food and beverage taxes collected within the district, but the resolution for the district also allows innkeepers taxes and admission taxes to be used.

The full City-County Council during its December meeting will consider the measure, which also passed the independent Metropolitan Development Commission on Nov. 1.

The Eleven Park project still would require several approvals from local government bodies in coming months.

The city continues to work with Keystone Group to establish additional incentives for the Eleven Park development. Keystone also must sign a deal with the city’s Capital Improvement Board (which also operates the Indiana Convention Center and Lucas Oil Stadium), designating the board as the stadium’s owner.

The Indiana General Assembly passed legislation for the PSDA in 2019, permitting state tax contributions of up to $9.5 million per year toward debt service on the soccer stadium, as long as Indy Eleven and Keystone Group owner Ersal Ozdemir or his firm contribute at least 20% of the venue’s overall cost.

The city and CIB are working with Chicago-based firm Hunan Partners to finalize a feasibility study, evaluating how much revenue could be generated by both the stadium itself and the Eleven Park project as a whole. Once that is completed, bonds will be pursued for the project.

Before the PSDA is finalized, the city must complete its feasibility study and submit those findings to the state budget committee. That process must be completed by July 1, 2024.

Kelly Mulder, vice president of development for Keystone Group, said Monday that the expected cost of the development has risen recently from $1 billion to $1.5 billion. The project as proposed includes the stadium, 600 apartments, 205,000 square feet of office space, 197,000 square feet of retail and restaurant space and a 4,000-seat indoor music venue. It also would include extensive green space and an amphitheater.

The proposed boundaries for the PSDA include the entire 20-acre site, but go beyond the property to form a piecemeal, non-contiguous district made up of properties throughout downtown. All the properties are within a one-mile radius of the Eleven Park site, as required by law.

Those include numerous hotel properties like the planned Motto by Hilton at 1 N. Meridian St. and the Kimpton hotel project at 1 N. Pennsylvania St. It also includes the 220 N. Meridian St. office tower and the still-under-construction InterContinental Hotel at 17 W. Market Street—both of which are owned by Keystone Group.

The PSDA also includes the former General Motors stamping plant property on the west bank of the White River, a portion of which is being redeveloped into a headquarters for Elanco Animal Health Inc.

The new PSDA would be the second in downtown Indianapolis, joining another created in 199. It captures state income and sales taxes collected at Lucas Oil Stadium, Gainbridge Fieldhouse, Victory Field and 13 downtown hotels, including the downtown Marriott, the JW Marriott, the Westin and the Hyatt Regency.

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November 16, 2023

All-in cost of Pan Am Plaza hotel, convention center expansion might surpass $1.6B

The city of Indianapolis could ultimately pay in excess of $1.6 billion for the redevelopment project at downtown’s Pan Am Plaza.

The cost for the project, which consists of an expansion to the Indiana Convention Center and an 800-room Signia by Hilton hotel tower, is significantly higher than the $751.6 million figure first reported by IBJ earlier this week after taking into account the total debt service the city is expected to owe on hundreds of millions of dollars in bonds for the project.

The city on Wednesday and Thursday sold $581 million in bonds for the development through the Indianapolis Local Public Improvement Bond Bank, consisting of $436.8 million in tax-exempt revenue bonds for the hotel portion of the project, and another $155 million for the convention center expansion.

Including interest, the total cost for the project is now expected to be around $1.63 billion.

The hotel bonds alone are expected to create $1.15 billion in debt for the city over a repayment period of up to 44 years. All of that debt is expected to be paid through revenue generated by the hotel itself, rather than new or existing tax revenue streams.

City officials said Thursday an aggregate interest rate of 5.41% was secured for the three series of municipal bonds tied to the Signia. When the bonds were initially approved by City-County Council, the city was authorized to have interest rates of up to 8%, which would have resulted in hundreds of millions of dollars more in interest over the life of the debt service.

The city was able to negotiate better terms for those bonds because they were oversubscribed—or in greater demand from investors than the total bonds available—when the sale occurred Wednesday. In fact, the city received a combined $2.76 billion in orders for the bonds, nearly seven times their face value.

The average annual debt service for the hotel is expected to be $26.6 million, with the high mark being $43.9 million in a single year. Depending on the success of the hotel operation, the city could also pay off its debt early, as it will be required to put any revenue exceeding operating costs (and not allocated for reserve accounts) toward its balance. The bonds already account for a reserve fund of at least $30 million for the project.

A city-commissioned study conducted by New York City-based LW Hospitality Advisors projects the hotel will generate about $50.6 million in room revenue during its first year, based on an occupancy rate of around 67%. By the fifth year of operation, it’s expected the hotel will be operating at 77% occupancy and generate about $72.3 million in annual revenue.

“The wisdom of capital markets has spoken: Indianapolis is set up for success as we build the Hotel Signia by Hilton and the Convention Center expansion,” Mayor Joe Hogsett said in written remarks. “This news indicates clear support from the market for our vision for Downtown and the next era of Hoosier Hospitality in our city.”

The city expects to issue another $25 million in bonds for the hotel at an unspecified date. Hilton Worldwide Holdings Inc., which will manage the Signia hotel, has pledged to contribute $39.7 million toward construction of the hotel.

For the convention center expansion bonds, the city will owe $344.9 million in debt service. Those bonds will have average annual payments of $14.28 million, with service as high as $29.2 million in a single year.

Those bonds are expected to fully mature in 2048, with repayment coming via property taxes generated by properties in the city’s Downtown tax-increment financing district.

The city secured a rate of 5.34% for the convention center bond issuance, which city leaders said was also oversubscribed, to the tune of $1.22 billion.

That portion of the projectwill receive more than $100 million in contributions through the acquisition of land and cash from the Capital Improvement Board of Marion County and the city’s Metropolitan Development Commission.

City officials told IBJ it’s difficult to know what the city’s rates would have been for the bonds had they not been oversubscribed. The convention center bonds received an AA+ rating from financial rating agency S&P Global, while the hotel bonds all received a rating of at least BBB-.

The BBB- rating indicates the agency believes the city will be able to meet its financial obligations related to the hotel, but that the project still presents a moderate risk to investors.

The interest rates are likely much better than what previous developer-owner Kite Realty Group Trust likely would have been able to secure on the private market, as the current Wall Street Journal prime interest rate is 8.5%. Kite in May asked the city to take on the project because it was unsuccessful in securing favorable enough rates to move forward with the project itself.

The demand for the bonds represents continued interest in Indianapolis as a market for investors, even amid uncertainty related to construction costs and inflation, said Chris Reckley, director of acquisitions for Michigan-based Dietz Property Group.

“I think this large of an oversubscription … really shows the strength of the Indiana economy and demand for investment in Indiana, specifically Indianapolis,” he said. Investors find Indiana to be a safe haven while treasuries have seen record volatility.”

The city in June acquired the 3.1-acre Pan Am Plaza property from Kite Realty Group for $54.3 million. Kite remains involved in the project as a development partner—it will collect $13.7 million for the development, in addition to what it received for the land—but the company won’t have an ownership stake once the project is completed.

The bonds are expected to close in December, but infrastructure work on the construction site is already underway, using funds already allocated for the project by the CIB and MDC.

The development is expected to be completed by October 2026.

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October 16, 2023

WFYI: Indianapolis City-County Council unanimously approves 2024 budget
OCTOBER 16, 2023

Indianapolis City-County Council unanimously approves 2024 budget


The Indianapolis City-County Council approved more than $1.5 billion dollars in spending for 2024 with a unanimous vote Monday.

The budget is spread between departments, with the most spending set aside for public safety and infrastructure. IMPD will receive a record $323 million in funds. The money will allow the department to hire more officers and purchase new technology. The Indianapolis Fire Department will receive a spending allotment of $255 million. The Marion County Sheriff’s office is budgeted for nearly $130 million.

Independent councilor Ethan Evans, who is not running for reelection, was a sole vote against the budget for the past two years. He said he supports this year’s budget as it fills some public safety gaps.

“If we address all these root causes and mental health care, housing, living wages, education, food security, transportation and clothing and hygiene, and make all of these more affordable and accessible, we will see a much larger drop in crime and violence than more police and cameras,” Evans said.

Added funding for the Department of Public Works is also part of the budget.  The council approved $284 million for transportation-focused projects and $79 million for stormwater projects. That raises city investment over a five-year period to $1.2 billion.  An additional $25 million dollars is set aside for residential road repairs.

Republican councilors voted for the budget, but spoke out with concerns about sustaining infrastructure spending and public safety.  Minority leader Brian Mowery said he would like to see a more concerted effort to attract police officers.

“We're making headway, but is it enough?” Mowery said. “I do think that now it is more important than ever for rubber to meet the road and for us to actually get and retain some new talent in the city.”

Spending for departments including Indy Parks and the Department of Metropolitan Development remains steady.

A new Office of Equity, Belonging and Inclusion will receive more than $687,000 in funding.

Council committees have held public hearings over the past two months to discuss spending. Separate proposals for affiliated municipal corporations including Indy Go and the Indianapolis Public Library also received approval.

The new budget will start in January 2024.

_Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org. _

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May 16, 2023

IBJ: Bond Bank executive to take over as city controller

The head of the Indianapolis Local Public Improvement Bond Bank has been named the next city-county controller by Mayor Joe Hogsett—one of several staffing changes announced Monday.

Sarah Riordan, who has led the bond bank as its executive director and general counsel since 2016, will replace Ken Clark in the role. Clark was named controller in December 2019 after four years as the chief information officer for the city’s Information Services Agency.

Riordan has been directly involved in several public finance projects since joining the bond bank, including funding for the Community Justice Campus, multiple Indianapolis Airport Authority efforts, the $360 million renovation of Gainbridge Fieldhouse and the ongoing effort by the Hogsett administration to use up to $625 million in bonds for the development of the Signia by Hilton hotel at Pan Am Plaza.

Her appointment was one of six made public Monday.

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August 17, 2022

$188 million Purple Line moving toward 2024 completion

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By the fall of 2024, IndyGo’s Purple Line is expected to provide some of the city’s most distressed neighborhoods along the East 38th Street corridor and northward with better access to jobs, groceries and safe travel.

But before the $188 million rapid-transit bus line moves its first passenger, there’s still a lot of work to do. Building of passenger stations has yet to begin; all progress so far has laid the groundwork for future construction.

IndyGo broke ground on the Purple Line in late February, and construction has been on track since, said IndyGo spokeswoman Carrie Black, although she cautioned that supply chain challenges or other problems could still cause delays at some point.

“Right now, we’re going through and laying the groundwork and infrastructure for the line, including some storm sewer separation, street paving, sidewalks and curb ramps,” Black told IBJ in an email.

The agency has also acquired all necessary land for the line, which will include dedicated bus lanes. The Purple Line will run from downtown to the Ivy Tech Community College campus just south of Fort Harrison State Park, in the heart of Lawrence. It replaces Route 39, one of IndyGo’s busiest, and will provide more frequent service.

Improvements to the rapid-transit version of the route, besides the dedicated bus lanes, include nearly 10 miles of additional or repaired sidewalks and nearly 27 miles of street resurfacing. IndyGo is also working with Citizens Energy Group on stormwater improvements.

Purple Line construction is currently causing its second major detour. Westbound lanes of East 38th Street from Keystone Avenue to Emerson Avenue closed July 11; they are scheduled to reopen in November.

Contractors have recently poured concrete for the terminus, a bus-charging facility at the end of the line, at Ivy Tech. It will include a break area for bus drivers.

The first 12 stops of the Purple Line, starting downtown, are shared with the Red Line, IndyGo’s first bus rapid-transit line, which opened in September 2019. The remaining 18 stations on the 15.2-mile line, mostly along 38th Street and Post Road, will not be built until next year, Black said.

The Purple Line is partially funded by an $81 million U.S. Department of Transportation grant. The rest comes from a combination of local and federal sources.

Bloomington-based Crider & Crider Inc. is being paid $95.6 million for its work on roads, drainage and sidewalks. Indianapolis-based F.A. Wilhelm Construction Co. is building the bus stations, for $18.2 million.

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August 14, 2022

The Future of Downtown (Indianapolis Monthly)

Moving Forward

After a devastating few years, city leaders hope the distance between where downtown is and where it’s going will be a short walk. 

IT TAKES ROUGHLY an hour and a 3-mile walk to travel between the future of downtown and its past. One sunny day this summer, I took that walk, simultaneously traversing the current Indianapolis, the one it supplanted, and the one that will soon replace both of them.

Beginning in the Bottleworks District at High Alpha—the venture studio that has created nearly $1 billion in local economic impact through its tech portfolio companies—I walked down Mass Ave toward the old GM Stamping Plant.

For 80 years, the hulking, 2.1 million-square-foot site powered much of the local economy, employing thousands. Instead of portfolio companies, it stamped Chevrolet trucks and buses. But cities and economies change. Abandoned since 2010, the GM Stamping Plant spot is finally moving in the right direction again. Elanco Animal Health broke ground this spring on a $100 million headquarters there, which city leaders hope will transform the blighted industrial area back into the bustling spot it once was. 

As I got closer to the land nestled along the White River, I looked to my right and saw a sign. “FIND WHAT’S NEXT” read a giant poster draped on the Indiana State Museum, almost cheering me on as I got closer to my destination.

That’s what civic boosters here are trying to do right now: find what’s next for a somewhat bleary-eyed city. Indianapolis finds itself in the middle of a “vibe shift.” The pandemic-era term, coined by trend-forecasting consultant Sean Monahan and popularized by _New York _magazine earlier this year, is exactly what it sounds like: a cultural change, following a period when a “social wavelength starts to feel dated,” according to the magazine’s Allison P. Davis.

The city’s vibe shift has been unfolding over the last year, as officials placed cultural defibrillators on the heart of downtown, attempting to shock it back to life after the twin forces of the pandemic and the new civil rights movement roiled the Mile Square in 2020. Storefronts were boarded up. Crime increased. Open drug use, and occasionally feces, dotted downtown streetscapes. The economic currents laid waste to treasured restaurants like Ed Rudisell’s Black Market on Mass Ave and Rook in Fletcher Place. A downtown that had been on the rise for decades was suddenly in huge trouble.

Now, with the worst of the pandemic in the rearview mirror, the city’s core may be transforming again. Civic leaders spent years preparing downtown to be the kind of place that could host a Super Bowl. Now they want to do something very different: make it a desirable place to live.

“We’ve traditionally thought of our downtown as a place where people work, so we thought about the population of downtown as workers,” says Scarlett Andrews, director of the Indianapolis Department of Metropolitan Development. “Then we thought about how to make it a place that people wanted to visit. Now workers want something different. Visitors to some degree want different experiences. But we have a lot of people living downtown, and we need even more.”

Consider this: The occupancy rate of downtown apartments is 97 percent. That suggests an opportunity for more housing. It may also call for new kinds of development.

“We need to change how we think about our public spaces and infrastructure,” Andrews says. “We need a more people-centered approach to what residents, visitors, and workers want.”

What, exactly, does that mean? Back to the vibe shift: In the coming five years, a historic slate of projects will take shape downtown. For the most part, these won’t be the office towers and malls that characterized development here in the late-20th and early-21st centuries. A new kind of neighborhood-based construction, represented by campuses like Bottleworks, Elevator Hill, the Stutz complex, and 16 Tech, seems to be in vogue. Then there’s the city’s partnership with the cultural development firm GANGGANG to create the South Downtown Connectivity Vision Plan, which could reshape everything from the kinds of trees you see planted to the variety of benches you sit on.

Last year, nearly a decade after Super Bowl XLVI, the city finally took down its city-limit signs touting our experience as the host city. It was time for something new. Indianapolis is ready to find what’s next, as the sign at the museum urged.

I told Jeff Bennett, Indy’s deputy mayor of community development, about my walk, and asked him what he made of the new Indianapolis that will spring up alongside that path in the next few years. 

“You can stand and point at historic resources that have already become revitalized campuses like Bottleworks,” Bennett says. “Then you can point at sites like the stamping plant that will be changed over the next few years. No city is fixed in time. They’re always changing. You’re either moving forward, or you’re moving backward, but you’re never standing still. And I think that corridor you walked represents that—the city is moving forward.” —Adam Wren

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May 17, 2022

Mayor Hogsett: Community Justice Campus critical for Indianapolis' criminal justice reform

Six years ago, a diverse group of elected officials, government experts, and community stakeholders convened with the goal of reforming the Marion County criminal justice system. That innovative team sought to address underlying challenges generations in the making, which had resulted in an overburdened, antiquated, and unequal system of justice for residents.

After months of listening and learning, the Criminal Justice Reform Task Force released a series of recommendations to fundamentally change the existing system. They included a shift to prioritize assessment and treatment over incarceration, especially for those who struggle with mental health or substance abuse disorders. There was also a clear need to address aging, inefficient facilities that served as barriers to collaboration and successful re-entry — specifically our county jail system.

Soon after, we found partners in the Twin Aire neighborhood and the surrounding communities, who jumped at the chance to replace a 15-year-old brownfield resting on $24 million of environmental remediation efforts. And as we broke ground on the site, we combined our reform-minded approach with an intention to uplift one of our city’s most historic areas.

On May 16, after two years of a pandemic and a national reckoning on race that only further exposed the inequities of a broken system of criminal justice, we cut the ribbon on the Community Justice Campus.

The event represented a significant step forward in implementing the original recommendations for reform. The campus brings a modern, holistic, and data-driven approach to criminal justice in our city. Critically, it unites partners on a single site, making it easier for those who interact with the justice system to navigate it.

The campus houses the Marion County courts, sheriff’s office, Adult Detention Center and our flagship Assessment and Intervention Center, or AIC. The AIC, which was the first facility to open on the campus in December 2020, provides mental health and addiction assessments as an intervention point before someone is arrested. The goal is to help keep non-violent, low-level offenders out of jail by providing them with the resources and support they need to address underlying mental health or substance use issues.

In its first year of operation, the AIC received 2,419 referrals and conducted 1,707 assessments of individuals for mental and behavioral health and substance abuse issues. Instead of being thrown in jail, these individuals are now getting access to resources and services, including short-term stays at the AIC to address withdrawal management and connection to direct service providers such as recovery housing and community mental health treatment.

Not only is the AIC making a significant difference, but the Adult Detention Center itself is restructured with a focus on improved physical and mental health services for inmates. The facility features Medication Assisted Treatment capabilities, Narcan vending machines, and suicide prevention advocates. It also includes enhanced space for inmates to take part in education, job training, counseling, and other programs to assist with re-entry.

More facilities are on the way: a modern Youth and Family Services Center, to replace our aging Juvenile Detention Facility and guide young people toward positive paths; a professional building to house the Public Defender and Probation Department in close proximity to the new courthouse; and coroner and forensics facilities to more quickly find justice for families who have had loved ones taken from them too soon. And as the Community Justice Campus continues to grow, we will work with neighbors to bring responsible local development along with it.

At the outset, we knew the work of criminal justice reform would not be finished in one year, or four years, or even in the life of my administration. And our work is not yet finished. But with the opening of the Community Justice Campus, we have made a vital step toward improving outcomes for generations of Indianapolis residents to come.

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May 16, 2022

Press Release
Mayor Hogsett, City Leaders Celebrate Opening of Community Justice Campus

For Immediate Release
Monday, May 16th, 2022

Mayor Hogsett, City Leaders Celebrate Opening of Community Justice Campus

New Campus Brings Modern, Holistic, Data-driven Approach to the Indianapolis Justice System

Indianapolis – Mayor Joe Hogsett, city leaders and community partners celebrated the opening of the new Indianapolis-Marion County Community Justice Campus (CJC) today with a ribbon cutting ceremony at the now fully operational site on the city’s southeast side.

The opening of the CJC is a cornerstone of Mayor Hogsett’s criminal justice reform efforts, bringing together community partners on one campus for a modern, holistic, data-driven approach to the Indianapolis justice system.

The CJC now houses the Marion County Superior Court, Marion County Circuit Court, Marion County Sheriff’s Office, the Adult Detention Center and the Assessment and Intervention Center (AIC). The AIC, which opened to the public in December 2020, is a pioneering mental health and addiction treatment facility to help keep non-violent, low-level offenders out of jail, provide wrap-around support services and reduce recidivism.

“The opening of the Community Justice Campus represents the closing of multiple jails and the opening of the first, purpose-driven facility built for our City’s criminal justice system in nearly 60 years,” Mayor Hogsett said. “As we mark this occasion, we recognize that our work to reform our criminal justice system is not finished. Because we did not set out to build buildings, we set out to change as many lives as possible.”

Mayor Joe Hogsett was joined at the ribbon cutting by Sheriff Kerry Forestal, Marion Superior Court Judge Amy Jones, Indianapolis City-County Council President Vop Osili, City of Indianapolis Director of Public Health and Safety Lauren Rodriguez and more than a hundred community partners involved in the project.

The Marion County Sheriff’s Office moved its operations to the new campus earlier this year alongside the opening of the Adult Detention Center. In addition to increased capacity, the new Adult Detention Center features advanced technology and monitoring capabilities. It also offers improved physical and mental health services for inmates, including modern medical facilities, enhanced addiction treatment and Sheriff Forestal’s new Suicide Prevention Advocates.

“We’re proud of the enhanced support we’re able to provide at the new facility, such as improved medical services and access to mental health and addiction treatment. The design of the ADC and the dramatically improved technology will allow us to keep our employees and the people in our custody safer and more secure,” said Sheriff Forestal.

The Marion Superior Court moved its operations to the new Courthouse earlier this month, with the exception of the Marion County Probation Department, Juvenile Detention Center and its Juvenile Delinquency hearings which continue to be held at 2451 N. Keystone Avenue.

The new Courthouse includes 71 state-of-the-art court rooms supporting 36 Superior Court Judges, 1 Circuit Court Judge and 45 Magistrates. It includes enhanced technology and security features and improved public services.

“For the first time in many years our local Judiciary will be united on one campus.  The technological capabilities of the new Courthouse are unmatched.  We can now allow for increased opportunities for remote appearances as well as digital evidence presentation and preservation.  We also have a robust legal resource center that will provide assistance to individuals navigating the court system as well as enhancing their access to justice,” said **Judge Jones.  **

The Community Justice Campus, which broke ground in 2018, is located in the Twin Aire neighborhood at the site of the former Citizens Energy Group Coke Plant. In 2019, the Indianapolis Bond Bank and Building Authority issued bonds to generate project funds of $571 million for the Courthouse and Adult Detention Center and $13.8m for the Assessment and Intervention Center. The annual debt service, approximately $37.5 million, will come from savings and efficiencies created by the consolidation of facilities. Remaining costs were covered with budgeted funds and additional savings. No new taxes were levied to pay for the facilities.

"The Community Justice Campus is much more than a new set of buildings; it reflects the new culture of our local system of justice, one centered on our commitment to value the humanity of incarcerated persons, to treat mental and behavioral health challenges, including addiction, as medical problems, and to see the period of incarceration as one during which individuals can receive help to make better choices when they leave,” said Indianapolis City-County Council President Vop Osili.

The CJC site was chosen with input from and collaboration with the Twin Aire neighborhood and other community and justice partners.

The Community Justice Campus is located at 675 Justice Way, Indianapolis IN 46203. For more information and parking instructions, visit IndyCJC.com. For specific details on Marion Superior and Circuit Court proceedings, visit mycase.in.gov.

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April 12, 2022

Press Release
Elanco Breaks Ground on State-of-the-Art Campus, Creating Indianapolis’ Newest Landmark

More than a building, new headquarters represents Elanco’s endeavor to build a post-COVID workplace destination, the company’s next era of growth an innovation, an expanded downtown Indianapolis that connects the Valley Neighborhood with the Circle, and an epicenter for Animal Health innovation.

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March 4, 2022

IBJ: Two major public art installations announced for Gainbridge Fieldhouse plaza

The public plaza under construction north of Gainbridge Fieldhouse now has an official name as well as plans for two public sculptures created by Honduras-based artist Herman Mejia.

Bicentennial Unity Plaza, named in reference to the 200th birthday of Indianapolis in 2021, will be home to a large arched sculpture titled “Together” and a dome-like installation titled “Sphere.”

Amenities including the sculptures, a community basketball court/ice rink and public restrooms are being funded through a $28.5 million grant from Lilly Endowment Inc.

The Capital Improvement Board, which owns Gainbridge Fieldhouse, announced the plaza’s name and art installations Friday as part of ongoing renovations to the downtown arena, 125 S. Pennsylvania St.

In addition to being a site for pickup basketball games in mild weather and ice skating during winter months, Bicentennial Unity Plaza will be used for community programs, civic conversations and artistic performances.

“It’s a great event space, and 80% of those events are going to be community-based,” said Andy Mallon, executive director of the CIB. “We’re really focused on creating a destination that benefits all of central Indiana. Downtown Indianapolis is everybody’s neighborhood. Everybody has ownership in downtown.”

Construction of the plaza is expected to be completed by the end of this year. Mejia’s sculptures likely will be installed in early 2023, Mallon said.

The larger artwork, “Together,” will be 30 feet tall and 110 feet long. Made of stainless steel and limestone, “Together” features two rising arcs that are nearly aligned but need a third component, a limestone keystone, to join in the middle.

“It’s a symbol of, ‘We don’t always get it square, but we keep trying,’ ” Mallon said.

Mejia was partially inspired, Mallon said, by the “Landmark for Peace” sculpture at Dr. Martin Luther King Jr. Park, 1702 Broadway St., in Indianapolis. “Landmark for Peace” features depictions of King and Robert F. Kennedy, two leaders assassinated in 1968, reaching toward one another.

Mirrored alcoves at the two bases of “Together” are designed for visitors to capture photos.

The “Sphere” sculpture is primarily geared for visitor interaction. Two screens inside the artwork will display live images of people at the plaza as well as photos of Indianapolis landmarks. In a nod to basketball played inside Gainbridge Fieldhouse, “Sphere’s” height is 23 feet, 9 inches, or the distance between the NBA 3-point line and the basket.

Pacers Sports & Entertainment will manage the plaza.

According to the CIB, the present allocation of the Lilly Endowment grant breaks down as:

  • $10.18 million for artwork and landscaping;
  • $6.5 million for site preparation and utilities;
  • $4.95 million for plaza elements including the basketball court/ice rink;
  • $2.5 million for restrooms and concessions building;
  • $2.38 million for a canopy above the basketball court/ice rink;
  • $1.26 million for storage and connectivity;
  • $700,000 for miscellaneous costs.


An arched sculpture titled “Together,” created by artist Herman Mejia, is seen in the foreground of this rendering of Bicentennial Unity Plaza north of Gainbridge Fieldhouse. (Image provided by The Capital Improvement Board)

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March 4, 2022

Press Release
CIB to add iconic public art installations, community programming at newly named Bicentennial Unity Plaza next to Gainbridge Fieldhouse with support of $28.47M grant from Lilly Endowment

Capital Improvement Board to add iconic public art installations, community programming at newly named Bicentennial Unity Plaza next to Gainbridge Fieldhouse with support of $28.47 million grant from Lilly Endowment

  • Public plaza, already under construction, will be home to significant sculptures that connect Indianapolis’s past and present
  • Pacers Sports & Entertainment to manage plaza; collaborate with community groups on special events, diverse cultural and artistic programs
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January 10, 2022

IndyStar: New high-tech Marion County jail awaits inmates as Community Justice Campus begins to open

New high-tech Marion County jail awaits inmates as Community Justice Campus begins to open

Amelia Pak-HarveyLawrence Andrea

Indianapolis Star

The new courts and jail complex just east of downtown Indianapolis is nearly ready for full occupancy as the sheriff's office and Marion County court system gradually fill in to the new building. 

Supply chain issues prompted by the coronavirus pandemic have somewhat delayed some departments from moving into the Community Justice Campus built between Southeastern Avenue and Prospect Street. 

Yet the sheriff's office administrative team has already moved to the campus, which awaits the transfer of inmates from the downtown City-County Building sometime this month.

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November 16, 2021

Press Release
City Announces Details of Upcoming General Obligation Bond Sale (ILPIBB Bonds Series 2021E)

City Announces Details of Upcoming General Obligation Bond Sale (ILPIBB Bonds Series 2021E)

Moody’s Affirms Aaa credit rating for City

INDIANAPOLIS – Today the City of Indianapolis announced the details of its upcoming bond sale.  The Indianapolis Bond Bank anticipates issuing approximately $35.29 million* in Series 2021E tax-exempt general obligation to secure funds for projects on behalf of the City of Indianapolis. The City’s underwriting syndicate, comprised of all XBE firms, will be led by Siebert Williams Shank & Co., LLC (MBE/WBE) as senior manager and Academy Securities (VBE/DBE) and Blaylock Van, LLC (MBE) as co-managers. The municipal advisor is Sycamore Advisors (WBE).

Also announced today, Moody’s Investors Service has assigned a “Aaa” rating to the Series 2021E bonds, with the following rating outlook: “The stable outlook reflects the city’s role as a growing economic hub with strong financial management. Significant federal funding from the American Rescue Plan Act further supports the city’s financial stability and allows strategic investments to services and capital.”

The projects covered by the bond are included in the first phase of Mayor Hogsett’s Circle City Forward initiative, announced in February 2021, to invest over $190 million in capital improvements across Indianapolis without raising new taxes for Marion County residents.

“These bonds will help make transformative investment in public facilities across Indianapolis,” said Mayor Joe Hogsett. “They will help propel our community forward by creating construction jobs, improving City services, and enhancing overall quality of life.”

Pricing of the bonds is planned for Tuesday, November 23, 2021.  The transaction will include new money bonds and will be priced via negotiated sale led by book-running senior manager Siebert Williams Shank & Co., LLC along with Academy Securities and Blaylock Van, LLC as co-managers. Approximately $43 million* in new money bond proceeds will be used to finance various Parks projects throughout the City and construction of certain facilities, including a new fire station and DPW Solid Waste garage.

The Preliminary Official Statement for the issuance is available here.

Mark Bode
Communications Director
Office of Mayor Joe Hogsett – City of Indianapolis


P: (317) 327-4287  C:  (317) 995-3289www.indy.gov

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October 15, 2021

IBJ: Marion County courts, jail get ready for big move

Marion County courts, jail get ready for big move

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.

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September 28, 2021

Indy Council OKs $25M in bonds for city parks projects

The City-County Council unanimously approved new bonds Monday evening that will provide $25 million for improvement projects at three Indianapolis public parks.

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August 18, 2021

Phase 2 of Banker’s Life Fieldhouse project well under way - IBJ

 Phase 2 of Banker’s Life Fieldhouse project well under way

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.”

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February 22, 2021

Indianapolis planning to spend $190M to update public facilities

The city of Indianapolis plans to spend $190 million on multiple infrastructure and community-revitalization projects, including a new family services center, forensics lab and improvements to four local parks, it announced Monday afternoon.

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September 18, 2020

Press Release
City Announces Details of Upcoming Bond Sale

City Announces Details of Upcoming Bond Sale

Fitch/Moody’s affirm AAA/Aaa credit rating for City

INDIANAPOLIS – Today the City of Indianapolis announced details of its upcoming offering of road bonds. Subject to market condition, the Indianapolis Bond Bank plans to sell $50 million in Series 2020D tax-exempt bonds and $135,645,000 in Series 2020E taxable bonds by negotiated sale on Tuesday, September 22. The City’s underwriting syndicate will be led by Citigroup as senior manager and Siebert Williams Shank & Co. as co-manager. The municipal advisor is Sycamore Advisors.

The bond issuance was passed on Monday, September 14 with the unanimous, bi-partisan support of the City-County Council. The bonds will finance $50 million in new street, road, and bridge infrastructure projects identified in DPW’s 4 year Transportation Capital Plan. The remaining bonds will refinance outstanding road debt to achieve interest costs savings up to $300,000 annually. 

The Series 2020 D&E were rated AAA by Fitch and Aaa by Moody’s. During the bond issuance process, the two major ratings agencies confirmed the City’s overall credit rating of AAA/Aaa with a stable outlook, despite many municipalities experiencing downgrades or more negative outlooks due to COVID-19 lowering revenue projections. Moody’s cited Indianapolis’s “diverse economy with young, educated labor force” as a credit strength in affirming the rating.

“These bonds will make possible major upgrades to our city’s infrastructure,” said Indianapolis Mayor Joe Hogsett. “Our continued high bond ratings are a testament to the strength of our Bond Bank team and the City’s sound fiscal management, and will save taxpayers millions in interest savings.”

Additional information can be found on the Bond Bank’s website, indianapolisbondbank.com. The report from Fitch can be found at fitchratings.com and the report from Moody’s can be found at moodys.com.

Mark Bode
Deputy Communications Director
Office of Mayor Joe Hogsett – City of Indianapolis


P: (317) 327-4287  C:  (317) 995-3289

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May 13, 2020

ILPIBB May Board Meeting Cancellation

Notice is hereby given that the Meeting of the Board of Directors of The Indianapolis Local Public Improvement Bond Bank previously scheduled for Monday, May 18, 2020, at noon, City-County Building (Room 260), 200 East Washington Street, Indianapolis, Indiana has been cancelled. The next Meeting of the Board of Directors is scheduled for Monday, June 15, 2020.

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April 22, 2020

Press Release
Indianapolis Department of Public Works Announces 2020 Construction Season Projects

INDIANAPOLIS – The Indianapolis Department of Public Works (Indy DPW) today announced upcoming construction projects included in its 2020 capital projects plan to improve roads, rehabilitate bridges, increase pedestrian safety and improve stormwater drainage.

Each spring as the weather warms, contractors working on Indy DPW projects resume work from the previous season and begin construction on improvements in new locations. Deemed essential under Indiana’s current Stay-At-Home executive order, this year’s construction projects will move forward at each contractor’s discretion and with Indy DPW’s strong direction to heed all social distancing guidelines.

View the full 2020 Construction Season list and map, showing where work will be occurring this year.

Construction work this year will include:

  • 232.7 lane miles of street rehabilitation
  • 10.2 lane miles of strip patching
  • 21,380 linear feet of new trails
  • 21,870 linear feet of new sidewalk
  • 31,276 linear feet of sidewalk rehab
  • 11 bridge projects, including the installation of new bridges and rehabilitation of old bridges.
  • 22,021 linear feet of storm sewers.

Indy DPW has programmed $134 million in transportation projects and $35 million in stormwater projects for year 2020. 

Major projects beginning work in the 2020 construction season include:

  • The installation of a raised five-span multimodal bridge on the Monon Trail constructed at the 38th Street crossing. This $5.6 million investment will improve trail safety and mobility by eliminating the crossing and include sidewalk connectivity as well as hosting a Pacers BikeShare Station.
  • Rehabilitation of 19.2 lane miles of street rehabilitation along Keystone Avenue from 39th Street to 65th Street. The $7.66 million investment includes full-depth asphalt repairs, milling and resurfacing as well as sidewalk and curb repair, curb ramp installation, and drainage improvements.
  • Storm drainage improvements in the westside Furman Stout neighborhood to mitigate chronic flooding on residential streets. This $5.4 million investment will be broken down into two phases; work is underway on the first phase, south of Rockville Road. The second phase, primarily north of Rockville Road, is expected to begin this year.
  • Work to extend the Pennsy Trail from German Church to Post Road ($2.689 million) and Post to Shortridge Roads ($1.892 million) in Warren Township. Both projects will feature a continuous multi-use path, pedestrian beacons, enhanced lighting, and drainage improvements when complete in summer 2021.

For more information on current and upcoming DPW construction projects visit www.indy.gov/dpw

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March 30, 2020

Press Release
Mayor Hogsett & Indy Chamber Announce Nearly $3M Toward $10M Goal for Small Business Support Loan Fund

Mayor Joe Hogsett joined leadership of the Indy Chamber today to announce nearly $3 million in investments committed for a Rapid Response Loan Fund for small businesses affected by the COVID-19 pandemic, including $1.5 million from City of Indianapolis sources. The Indy Chamber also issued a challenge to top area businesses and financial institutions to provide additional funding and support toward its $10 million goal for the fund. More information on the Rapid Response Loan and the process to apply is available at response.indychamber.com/loans.

“It’s clear that restrictions are necessary to help curb the spread of COVID-19, but we know that small businesses and their employees are hurting as a result,” said Mayor Joe Hogsett. “As we face this pandemic, leaders from public, private, and philanthropic organizations must work collaboratively and fight for the continued success of our community. History has shown that when Indianapolis faces significant hardship, our community rallies together. Today’s announcement is one of many steps our city’s leaders are taking in order to support and preserve the businesses that form the backbone of our economy.”

$1 million in loan capital contributed by Capital Improvement Board (CIB) is earmarked for the food and beverage industry, two industries significantly affected by the first wave of the COVID-19’s business impact. CIB-funded loans will offer working capital to existing food and beverage industry entrepreneurs to keep their businesses afloat, providing bridge loans while traditional financing or disaster recovery loans from the U.S. Small Business Administration materialize.

"Our restaurants and bars are part of what fuels Indianapolis as a convention and event city. We want to do our part to help our partners in the entertainment and restaurant industries be there to welcome our convention business back when it returns,” said Andy Mallon, executive director of the Capital Improvement Board.

Also in today’s announcement, the Indianapolis Local Public Improvement Bond Bank has committed $500,000 toward this fund.

“To keep our focus on making critical investments in public infrastructure throughout Indianapolis, there must be thriving neighborhoods and thriving neighborhood businesses,” said Sarah Riordan, Executive Director and General Counsel for the Indianapolis Bond Bank. “Small business is a driving force for a growing community, and our commitment today is one in the future of our great city.”

In addition to contributions from the City of Indianapolis, Indy Chamber President and CEO Michael Huber issued a call to action for top area funders to invest in this loan fund with a target goal of $10 million. Private and philanthropic funds raised will extend to all eligible small businesses in the 9-county region.

“Time is of the essence for local entrepreneurs and small businesses,” notes Huber. “While federal loans and tax credits will provide significant relief, our businesses need more immediate financial support. We are calling on all major employers, financial institutions, and philanthropic organizations to join us as we invest in the livelihood of our small business community.”

Anthem has committed $1 million dollars to this fund.

“It is imperative that we do everything we can to support the nearly 43,000 small businesses in the Indianapolis region during this time of uncertainty,” said Anthem President and CEO Gail K. Boudreaux.  “As an Indianapolis-based company for 75 years, we are committed to improving the health of our community and the health of our local economy at this crucial time.”

Other initial funders include the Indy Chamber ($300,000) and LISC Indianapolis ($75,000). Today’s total announced commitments of $2.8 million add to the loan fund’s existing $840,000 balance, bringing the fund to just over $3.7 million toward a $10 million goal.

The Rapid Response Loan Fund will be administered by Business Ownership Initiative (BOI) and other partners. BOI, a program of the Indy Chamber, recently pivoted its focus to emergency assistance for small businesses affected by COVID-19 via free one-on-one business coaching and access to lending capital. Indy Chamber staff, as well as faculty and alumni of the IU Kelley School of Business at IUPUI, leaders of the Indianapolis Bar Association, communications professionals at Vox Global, and other subject matter experts are on call to field small business questions via the Chamber’s Rapid Response Hub.

For more information on loan requirements and steps to apply, visit response.indychamber.com/loans.

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January 28, 2020

Fitch Affirms City of Indianapolis' AAA

Fitch Affirms Indianapolis Local PIB Bond Bank, IN GOs at 'AAA'; Outlook Stable
Fitch Ratings - New York - 28 January 2020:

Fitch Ratings has affirmed the following ratings of the Indianapolis Local Public Improvement Bond Bank, Indiana bonds:
--$111 million ad valorem special benefits tax bonds at 'AAA';
--$32 million unlimited tax general obligation (ULTGO) bonds at 'AAA';
--$300 million downtown tax increment financing (TIF) revenue bonds, series 2014A, 2014B, 2013F,
2009B, and 1999E at 'AA';
--$8 million Fall Creek TIF bonds, 2014C at 'AA-'.

Fitch also affirms the City of Indianapolis Issuer Default Rating (IDR) at 'AAA'.
The Rating Outlook is Stable.

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December 4, 2019

Deal of the Year 2019 — Midwest: Indianapolis Local Public Improvement Bond Bank

The bond bank is the winner in the Midwest for its $625 million issuance of bonds secured by lease rental payments for its Community Justice Campus.

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November 1, 2019

Bond Buyer announces finalists for 2019 Deal of the Year

November 01 2019, 9:50am EDT- The Bond Buyer Friday announced the recipients of its annual Deal of the Year awards, marking the 18th year that it has recognized outstanding achievement in municipal finance.

This year, The Bond Buyer increased to 10 the number of categories of deals eligible for awards. The 2019 awards, which considered deals that closed between Oct. 1, 2018, and Sept. 30, 2019, includes three new additions: ESG/Green, Public-Private Partnership (P3), and Innovation, the last of which replaces the Non-Traditional category, which has been retired.

All 10 award winners are also finalists for the national Deal of the Year Award, which will be announced at a Dec. 4 ceremony held at the Conrad New York Downtown in lower Manhattan. The winner will also be revealed at BondBuyer.com later that evening.

“This year’s lineup reflects the full range of communities and public purposes this market comprises,” said Mike Scarchilli, Editor in Chief of The Bond Buyer. “The deals honored vary in size, complexity and structure -- as were the nominations we received, which were deeper and more diverse than ever.”

The Bond Buyer’s editorial board considered a range of factors when judging entries, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.

For the ninth year, the Deal of the Year gala will also include the presentation of the Freda Johnson Award for Trailblazing Women in Public Finance. This year marks the fifth in which the organization is honoring two public finance professionals; one from the public sector and one from the private. The 2019 honorees are public finance professional Ritta McLaughlin, most recently the MSRB's Chief Education Officer, and Courtney Shea, owner and managing member of Columbia Capital Management LLC.

Here are the 2019 Deal of the Year award winners:

The first recipient of the Innovative award is the Cities of Dallas and Fort Worth, Texas’ nearly $1.2 billion taxable refinancing. DFW’s plan to discontinue issuing alternative minimum tax bonds and focus entirely on taxable debt resulted in the largest ever taxable airport deal and international orders totaling 39% of the deal size.

The inaugural winner in the ESG/Green category is the Los Angeles County Metropolitan Transportation Authority’s $545 million offering of Proposition C sales tax revenue bonds, which included $418.5 million second-party-verified green bonds. The transportation issuance was the second largest green deal in 2019, and the second largest green offering in California history.

The first-ever honoree in the P3 category is the Virginia Small Business Financing Authority’s $262 million offering to fund its Fredericksburg Extension project. The deal, a partnership between the authority and 95 Express Lanes LLC, will help finance the development, design, construction, maintenance and operation of a 10-mile extension of the 95 Express Lanes.

The Health Care winner is the $6.5 billion CommonSpirit Health financing, the largest ever by a not-for-profit health system. The financing consisted of both a complex debt restructuring of nearly 50 series of debt and new money reimbursement. It generated the largest order book for a municipal not-for-profit transaction, with $40 billion in orders.

The Vermont Municipal Bond Bank is the Small Issuer honoree for its $31.5 million issuance of Local Investment Bonds. The designation serves a two-fold purpose: raising awareness of the social and environmental impacts of the projects the Bond Bank funds, and making access to those investments more widely available through $1,000 denominations.

The Battery Park City Authority claimed the Northeast crown for its $673 million offering for resilience projects in a neighborhood devastated by Superstorm Sandy in 2012. The complex financing saw the authority issue variable-rate demand bonds and SIFMA floating-rate notes for the first time. The transaction also received a second-party sustainability bond designation.

The Indianapolis Local Public Improvement Bond Bank is the winner in the Midwest for its $625 million issuance of bonds secured by lease rental payments for its Community Justice Campus. The design consolidates operations and replaces the current outdated, overcrowded, and unsafe facilities with three new, modernized buildings on a single campus.

The Southwest recipient is the City of Austin’s $464.5 million offering of taxable revenue bonds to fund its acquisition of a biomass-fired power plant for the city’s electric utility. The transaction created a clear path to eliminate an above-market power purchase agreement, a source of considerable cost and frustration for the city and Austin Energy.

The Solid Waste Authority of Palm Beach County, Florida wins the Southeast for a $347.6 million refunding utilizing "Cinderella bonds," which employ a crossover taxable and tax-exempt convertible refunding bond structure. This creative approach allowed the issuer to solve a problem it otherwise couldn’t have after the elimination of tax-exempt advance refunding.

The San Diego Association of Governments’ $331 million capital grants receipts revenue bond sale is the honoree in the Far West. The first public market, stand-alone securitization of a federal full-funding grant agreement in nearly 20 years, the deal accelerated the completion of the city’s $2.2 billion Mid-Coast Corridor Transit Project.

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September 23, 2019

Press Release
ILPIBB Stormwater 2019F Issuance



The Indianapolis Local Public Improvement Bond Bank (the “Bond Bank”) plans the sale of the following bonds (“Bonds”) for the Qualified Entity, the Marion County Stormwater Management District (the “District”).

Negotiated Sale scheduled for the week of September 30, 2019*

$50,000,000*  The Indianapolis Local Public Improvement Bond Bank Bonds, Series 2019F (Stormwater Project)

Proceeds of the Series 2019F Bonds will current refund the Indianapolis Local Public Improvement Bond Bank Notes, Series 2016 (Stormwater Project), outstanding in the aggregate principal amount of $50 million, and fund costs of certain additions and improvements to the District’s Stormwater System.

The Series 2019F Bonds will be secured by a pledge of net revenues of the District, which includes all revenues and income from the Stormwater System, including but not limited to charges, and user charges, but excluding revenue from ad valorem taxes, minus operation and maintenance expenses.

The Preliminary Official Statement and Investor Roadshow for the Bonds is expected to be available on September 25, 2019*. A rating presentation was given to Standard & Poor’s on September 18th, 2019 with a rating determinant forthcoming. 

Sycamore Advisors, LLC is serving as the Municipal Advisor to the Bond Bank for this issuance.

This notice does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instruments, including the Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the Bonds will be made solely by means of the final Official Statement relating to such Bonds which will describe the actual terms of such Bonds.

This notice does not constitute an obligation of the Bond Bank to issue bonds.

Prior continuing disclosure filings for the Bond Bank and the District can be accessed at the following link:


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September 20, 2019

Indianapolis receives fifth positive financial rating from national agency

Indianapolis receives fifth positive financial rating from national agency

Kroll Bond Rating Agency awards highest rating to the city, citing strong local economy

INDIANAPOLIS – Today, the office of Mayor Joe Hogsett announced that Indianapolis has received yet another General Obligation rating upgrade from the Kroll Bond Rating Agency (KBRA).  This is the second upgrade the City has received from KBRA within the last year, and the fifth positive rating action taken by a national agency since October of 2018. 

KBRA cited several trends in issuing the rating, noting the City’s two years of balanced budgets, a steady increase in unassigned fund balances, and good liquidity. Additionally, the rating agency pointed to the strength of the local economy, the continued residential and commercial development, as well as the expansion of the technology sector as proof that Indianapolis’ financial position continues to demonstrate an upward trajectory.

This announcement comes as the City-County Council is debating the 2020 budget, the third balanced budget submitted to the legislative body by the Hogsett administration.  After nearly a decade of imbalanced budgets, Mayor Hogsett and City-County Councillors have prioritized responsible fiscal policies aimed at right-sizing city government and making strategic investments in critical city services.  

“Bipartisan leadership and thoughtful fiscal policies have caused national agencies to take note of Indianapolis,” said Mayor Hogsett.  “We are committed to strengthening our local economy and investing in our neighborhoods, while being good stewards of taxpayer dollars. This combination of thoughtful spending and meaningful investments are helping to attract jobs and residents, ensuring Indianapolis is on sound financial footing.”

In October of 2018, Kroll upgraded the City’s General Obligation rating to AA+ stable. In November 2018, Moody’s affirmed the City’s Aaa rating and upgraded the municipality’s financial outlook to stable. In December 2018, S&P upgraded our outlook to AA+ Stable and in February of 2019 Fitch affirmed a AAA stable rating for the city.

KBRA is a full-service credit rating agency registered within the U.S Securities and Exchange Commission.  To learn more, click here.

Taylor Schaffer
Deputy Chief of Staff - Communications
Office of Mayor Joe Hogsett – City of Indianapolis


P: (317) 327-2793  C: (317) 694-0463

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Market snaps up Indianapolis/Marion County justice center debt
Market snaps up Indianapolis/Marion County justice center debt

By: Nora Colomer

**Published: March 21 2019, 6:13pm EDT **

Good timing and strong retail participation set the stage for a strong reception of Indianapolis and Marion County's $623 million of tax-exempt bonds.

The consolidated city-county government priced the deal Thursday after a retail order period Wednesday. It consists of $610 million of bonds for the long-anticipated justice center project, plus roughly $13 million of bonds to finance an assessment and intervention center. 

The finance team received $3 billion in orders, allowing it to trim yields from the initial pricing.

“The timing on this sale was impeccable in that there was really very low supply of about $3 billion and with the Federal Reserve notes coming out and saying they are not raising rates.” said Evercore Wealth Management Municipal Bond Research Director Howard Cure. “I think that really increased the institutional buyers demand at the rates they were showing. They couldn’t have timed it much better."

A 2024 maturity in the Aa1 and AAA-rated deal with a 5% coupon landed at a yield of 1.76%, or five basis points over the Municipal Market Data's top-rated benchmark. A 2044 maturity with a 5% coupon landed a yield of 2.97% or 22 basis points over MMD. A 2054 maturity with a 5% coupon landed a yield of 3.20% or 40 basis points over MMD, according to MMD's daily market close column.

Bank of America Merrill Lynch and UBS Financial Services are co-senior managers. Faegre Baker Daniels LLP is bond counsel. Sycamore Advisors LLC is the financial advisor.

Most maturities were repriced 5 to 7 basis points lower across most of the curve but the team did not reprice the 30-year and the 35-year maturities, said Diana Hamilton, president of Sycamore Advisors.

The city and county took retail orders on Wednesday with more than $218 million in orders received including $53 million from Indiana buyers. Hamilton said it was “incredibly strong” retail participation for an Indiana deal.

Hamilton said the city was pushing for retail participation.

"From the city's perspective, they wanted this deal to have local support and from a pricing standpoint, strong retail participation gives us a good anchor for the deal going into the institutional order period," Hamilton said.

"The project itself as interesting as it is about the city and county taking over what was a privatized facility, I don’t think it is coming into play very much," Cure added.

The Federal Reserve on Wednesday scaled back their projected interest-rate increases this year to zero and said they would end the drawdown of the central bank's bond holdings in September after holding policy steady.

The bonds tap a new revenue pledge to fund a criminal justice complex billed as a cornerstone of reform plans.

The $610 million, 35-year, Series A bonds that finance construction of the city-county’s adult detention facility and local courthouse are secured by lease rental payments, which are repaid with a local income tax. The deal marks the first time the city has pledged the revenue source to secure bond payments.

The $12.6 million, 20-year, Series B bonds that finance the assessment and intervention center will be secured by lease rental payments backed by a property tax. The center will be operated by the Marion County Health and Hospital Corporation.

“It is ultimately appropriation with some abatement risk but I don’t think people are concerned about that because it is pretty typical structure,” Cure said.

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Press Release
Bonds fund a new criminal justice approach in Indianapolis

Indianapolis and Marion County on Thursday will sell more than $623 million of tax-exempt debt that taps a new revenue pledge to fund a criminal justice complex billed as a cornerstone of reform plans.

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Bonds fund a new criminal justice approach in Indianapolis

By: Nora Colomer

Published: March 19 2019, 2:39pm EDT

Indianapolis and Marion County on Thursday will sell more than $623 million of tax-exempt debt that taps a new revenue pledge to fund a criminal justice complex billed as a cornerstone of reform plans.

The consolidated city-county government is pricing $610 million of bonds for the long-anticipated project, plus roughly $13 million of bonds to finance an assessment and intervention center.

The three-building complex, which will house the county’s civil, criminal, juvenile and probate courts, jail and sheriff’s department, in addition to the assessment and intervention center, will repurpose a formerly vacant industrial site with the intent of revitalizing a long-underserved neighborhood on the Eastside.

Indianapolis has recognized the need for a new jail for more than a decade but previous efforts to build one have stalled. “Like other large metros the criminal justice infrastructure in Indianapolis is aging, inefficient and overcrowded,” Mayor Joe Hogsett said in an investor presentation.

Hogsett created a criminal justice reform task force three years ago to make recommendations. It found that nearly 30% of inmates suffer from mental illness and nearly 85% of inmates suffer from substance abuse or addiction. They recommended primary goal or reform should be to identify these non-violent inmates and send them to treatment rather than prison.

“With that in mind we are creating something new; a modern justice campus for entire community,” Hogsett said in the investor presentation.

The assessment and intervention center, run by the county‘s public health department, is designed to be a place where people can be diverted at the beginning of the process, assessed and offered the medical intervention needed rather than sending them to a jail bed, Sarah Riordan, executive director and general counsel of the Indianapolis Local Improvement Public Bond Bank, said in a phone interview. The bond bank will issue the debt.

“There is significant population of people in our jail facilities that are cycled in and out,” Riordan said. “They are not violent offenders but people who came into police interaction for whatever reason whose real problems are undiagnosed or untreated mental health issues or substance abuse.”

The building will be owned by the Indianapolis-Marion County Building Authority and will then be leased back to the city-county government.

The $610.5 million, 35-year, series A bonds will finance construction of the city county’s adult detention facility and local courthouse. The proceeds will also current refund $75 million of direct placement debt related to the project the city and county issued through the bond bank in 2017 and 2018. The first was for $20 million and was placed with PNC Bank. The second was for $55 million and was placed with Fifth Third Bank.

The new bonds are ultimately secured by lease rental payments, which are repaid with a local income tax. Local income tax is derived from an income tax with a flat rate structure imposed on state adjusted gross income of county taxpayers that is authorized by statute and available to all Indiana municipalities.

The deal marks the first time the city has pledged the revenue source to secure bond payments.

The $12.6 million, 20-year, series B bonds that finance the assessment and intervention center will be secured by lease rental payments backed by a property tax. The center will be operated by the Marion County Health and Hospital Corporation.

Bank of America Merrill Lynch and UBS Financial Services are co-senior managers. Faegre Baker Daniels LLP is bond counsel. Sycamore Advisors LLC is the financial advisor.

The bonds are scheduled to price on Thursday after a retail order period Wednesday.

“We have had positive meetings with some exiting bondholders and other investors,” Riordan said. “The reception has been good.”

Fitch Ratings has assigned the bonds its AAA rating and Moody’s Investors Service rates the bonds Aa1. Both Moody's and Fitch also affirmed the city's Aaa/AAA issuer ratings, with stable outlooks.

Moody’s rates the bonds one notch below the city/county rating “due to abatement risk if the facilities cannot be occupied,” the rating agency said.

“The dedicated tax revenue structure provides ample financial resilience in the event of a moderate economic downturn and incorporates strong legal protections to mitigate abatement risks,” Fitch said. “The city/county plans to capitalize interest on the bonds through the projected construction completion date. Additionally, the city/county will maintain two years of rental interruption insurance to mitigate abatement risks post completion.”

Andy Mallon, corporation counsel for Indianapolis, said in the investor presentation that relocating the justice functions to a single campus will generate significant operating and cost savings to make the project effectively budget neutral.

About $35 million in annual savings are expected from the expiring leases for those offices currently located in privately owned buildings.

“We determined for the 2019 budget what it costs to operate all of our criminal justice facilities and when those are no longer used we will apply that same amount of money to debt service,” Riordan said.

The assessment and intervention program is designed to improve people’s lives but may pay off financially.

“We are not banking on any type of savings to be generated from this in terms of our ability to pay back our bondholders but we predict there will be savings generated from fewer occupancies ultimately of the adult detention facility making it less expensive to run and also lower medical care costs,” Riordan said.

Mallon said that vacating the existing justice facilities would also create significant opportunity for private investments and jobs through the redevelopment of the real estate.

The local income tax-backed base is a new structure for Indianapolis. The city's pledged component of its LIT is 1.72% and the current all-in rate, which includes unpledged IndyGo LIT, is 1.97%. The maximum allowed all-in rate in the county is 2.75%.

The tax represents the second largest city revenue source with the city’s portion of the certified distribution a projected $336 million for fiscal 2019 up 41% from 2014, according to the presentation. The city and county have covenanted not to reduce the rate or otherwise impair LIT while the 2019 series A bonds are outstanding.

“The bonds have 3 times additional bonds test and nearly 8.7 times coverage, so we have a lot of LIT revenue and there is an irrevocable pledge of LIT revenue to service these bonds,” Riordan said. “There is a tremendous amount of capacity not only for these bonds but also for the city to raise revenues in the future should it decide to do that.”

For the series B bonds the city will continue using a levy that was instituted for healthcare-related projects. Riordan said there will be no new increase in the property tax rate or debt burden as a result of the financing.

The structure also provides safeguards to mitigate construction and abatement risks. The detention center and courthouse are expected to be completed by Dec. 31, 2021 and the assessment and intervention center has an earlier completion date of July 1, 2020. The facility will be constructed at the site of the former Citizens Energy coke plant.

The bonds benefit from additional security provisions to mitigate the risk of abatement if construction delays were to push the completion date back. The capitalized interest, funded with bond proceeds, is enough to cover debt service payments six months beyond estimated project completion date. There is also the revenue stabilization fund, which is equal to 25% of maximum annual debt service, that can be drawn on in first instance if rent is interrupted due to abatement or other causes. The debt service reserve fund will be funded equal 100% of maximum annual debt service or $38.7 million.

Riordan said the bonds also benefit from rental interruption insurance to cover two years' rental interruption to cover lease payments in event the property is unavailable for use or occupancy. Bonds will also have 100% coverage against physical loss or damage sufficient to fully repair property or call outstanding debt.

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Press Release
Fitch awards its highest rating to Indianapolis Community Justice bonds

Fitch awards its highest rating to Indianapolis Community Justice bonds
_National ratings service assigns a “AAA” rating to bonds that will fund new Community Justice Campus in the Twin Aire neighborhood _

INDIANAPOLIS – Fitch Ratings Service (Fitch) awarded its highest rating – “AAA” – to the Indianapolis Public Improvement Bond Bank’s two Community Justice Campus (CJC) bonds. Rarely, if ever, has Fitch awarded a ‘AAA’ rating to a lease abatement financing of this kind in Indiana. The series 2019A and 2019B bonds total more than $623 million and will fund the new consolidated adult detention facility and courthouse, as well as an assessment and intervention center being built on the 140-acre site formerly occupied by the Citizens Energy Group Coke Plant in the Twin Aire neighborhood.

“We worked diligently to assess and ensure the affordability of this project – without a tax increase,” said Mayor Joe Hogsett. “The ‘AAA’ rating represents the fiscally conservative and taxpayer-first mentality of our team, potentially resulting in millions of dollars in interest savings.”

Series 2019A, valued at approximately $610.5 million, will fund the consolidated county jail that replaces existing correctional facilities, as well as a consolidated county courthouse that joins civil, criminal, juvenile and probate courts into one building. Series 2019B, valued at approximately $12.6 million, will fund an assessment and intervention center to provide temporary shelter, case assessment and treatment referral services to individuals suffering from addiction or mental illness. The 2019A bonds are backed by a pledge of local income tax revenues, while the 2019B bonds are backed by a pledge of property taxes.

Fitch explains its ‘AAA’ rating on the 2019A bonds reflect anticipated income tax revenue growth based on the city’s expanding local economy, grounded in positive trends in population growth, employment and personal income. Fitch cited a 6% cumulative increase in taxable assessed values in 2018 and 2019, due in large part to a boom in residential and commercial development. Fitch also noted that the city’s unemployment rate has been trending below the national rate since 2015, likely attributed to the swift expansion of the technology sector in Marion County. The ‘AAA’ rating on the 2019B bonds reflects the city’s strong underlying credit strength.

For More Information:
Emily Koschnick

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Moody's assigns Aa1 to Indianapolis Local Public Improvement Bond Bank's (IN) lease bonds; outlook stable

Rating Action: Moody's assigns Aa1 to Indianapolis Local Public Improvement Bond Bank's (IN) lease bonds; outlook stable

New York, March 06, 2019 -- Moody's Investors Service assigns a Aa1 rating to the $610 million Community Justice Campus Bonds, Series 2019A (Courthouse and Jail Project) and $12.6 million Community Justice Campus Bonds, Series 2019B (Assessment and Intervention Center Project). The bonds are issued by the Indianapolis Local Public Improvement Bond Bank and are ultimately secured by lease payments made by Indianapolis-Marion County (the city). Concurrently, Moody's has affirmed the city's Aaa issuer rating. The outlook is stable.

The issuer rating represents Moody's assessment of hypothetical debt of the city supported by a general obligation unlimited tax (GOULT) pledge.

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Fitch Rates $623MM Indianapolis Local PIB Bond Bank, IN Lease Revenue Bonds 'AAA'; Outlook Stable

Fitch Ratings-New York-05 March 2019: Fitch Ratings has assigned 'AAA' ratings to the following
Indianapolis Local Public Improvement Bond Bank, Indiana bonds:

--$610.5 million Indianapolis-Marion County Building Authority (the Building Authority) Community
Justice Campus lease rental revenue bonds, Series 2019A ;
--$12.6 million Indianapolis-Marion County Building Authority (the Building Authority) Community
Justice Campus lease rental revenue bonds, Series 2019B.
Fitch has also affirmed the City of Indianapolis' $60 million limited tax general obligation (ULTGO)
bonds at 'AAA'.   

The Rating Outlook is Stable.

The 2019A and B lease rental revenue bonds will sell via negotiation on March 21. The 2019A
bonds will fund a consolidated county detention center to replace existing correctional facilities
and a consolidated county courthouse that joins civil, criminal, juvenile and probate courts into
one building (and capitalized interest through April 1, 2022). The 2019B bonds will fund an
assessment and intervention center to serve as a facility for providing temporary shelter, case
assessment and treatment referral services (and capitalized interest through Jan. 15, 2020).

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Press Release
The Indianapolis Local Public Improvement Bond Bank Plans the Sale of an Estimated $625 Million

The Indianapolis Local Public Improvement Bond Bank (the “Bond Bank”) plans the sale of the following bonds (“Bonds”) for the Qualified Entity, the Indianapolis-Marion County Building Authority (“IMCBA”), to construct a new community justice campus and an assessment and intervention center.

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Fitch Affirms AAA City's Rating

City of Indianapolis receives fourth consecutive positive financial rating

Fitch Ratings affirms the City’s “AAA” score, states outlook is “stable”

INDIANAPOLIS – Today, Fitch Ratings, one of the four major national credit rating agencies, has affirmed Indianapolis’ “AAA” rating for ad valorem special benefits tax bonds – bonds based on assessed property tax value – as well as for the City’s unlimited tax general obligation (ULTGO) bonds.  Fitch also affirmed the City of Indianapolis’ Issuer Default Rating (IDR) at “AAA.”  The rating outlook remains “stable.”

This most recent “AAA” rating is the fourth in a series of positive financial reports for the City of Indianapolis since late last year.  In December, S&P Global upgraded its long-term rating on the City’s ad valorem tax-secured bonds to “AA+” and affirmed the City’s “stable” outlook.  Last November, Moody’s Investors Service affirmed the City-County’s “Aaa” issuer and the City’s “Aaa” General Obligation Limited Tax Ratings and revised the outlook on all Indianapolis ratings to “stable,” removing the “negative” outlook imposed in 2015.  In October of 2018, the Kroll Rating Agency gave the City a credit rating of “AA+” and upgraded its outlook from “stable” to “positive” for the City of Indianapolis General Obligation Funds.

“This fourth positive report gives the City of Indianapolis affirmation that we are moving in the right direction for our residents, while demonstrating to prospective businesses, developers, and employers that we are a city that supports growth and expansion,” said Mayor Joe Hogsett.  “When companies and their employees move here and see success, we can reinvest in our neighborhoods, bringing that financial prosperity to all of Indianapolis.”

Fitch explained its “AAA” rating for Indianapolis reflects the City’s ability to grow its general fund revenues, keeping it above the rate of inflation.  This revenue growth is based on the ongoing expansion of the local economy, due in large part to the residential and commercial boom happening in Marion County.  As evidence, Fitch listed developments such as the Waterside District along the White River and the downtown projects that will convert the former Coca Cola Bottling plant and the historic AT&T Building to mixed-use developments.

Also cited in Fitch’s release is the City’s unemployment rate – which has been trending below the national rate since 2015 – and continued job growth, specifically within the City’s burgeoning tech sector: Salesforce plans to add 800 new jobs to its already 1,400 employees by 2021; last year, Infosys announced plans for a $245 million expansion at the site of the former Indianapolis International Airport, expected to bring nearly 3,000 jobs to the area over the next three years; and Fed Ex’s $1.5 billion expansion at the airport will add 20 new commercial gates by 2023.

Other key factors in Fitch’s decision to affirm the “AAA” rating include the observation that the City’s overall debt and long-term liability burden is relatively low in relation to income.  Local tax revenue is projected to increase by six percent in 2019.  Fitch also expects the City to be on solid financial footing and able to maintain stability should there be a moderate economic downturn.  Additionally, the ratings agency cites the City’s ability to control expenditures by managing the size of its workforce – mainly through employee attrition and by carefully managing service contracts.

For more information on the report from Fitch Ratings, click here.

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Moody's removes 'negative' outlook on city's credit rating

Moody's removes 'negative' outlook on city's credit rating

November 29, 2018   Hayleigh Colombo

Credit rating agency Moody’s affirmed the city of Indianapolis’ financial path under Mayor Joe Hogsett by revising its former “negative” outlook on the city’s overall Aaa credit rating to a “stable” outlook.

Moody’s also this week assigned an initial Aa2 rating to $30 million in revenue bonds issued this year by the Indianapolis Bond Bank to pay for long-term transportation planning.

Moody’s, in a press release, said the "stable outlook reflects our expectation for continued growth in tax base valuation and the maintenance of ample operating reserves." The city's Aaa rating is technically on $119.4 million of outstanding general obligation limited tax debt.

"These strengths should continue to offset credit challenges, positioning the city in the Aaa category for the foreseeable future," according to Moody's.

In a separate release, Moody's said its rationale for giving the Aa2 rating to the $30 million in new revenue bonds was “based on a diverse and growing revenue base that is anchored by” the city.

“Indianapolis sits at the center of a broad network of local and regional roadways, including four US interstate highways,” according to the Moody’s release. “This base should provide for continued growth in pledged revenues, which consist of a gas tax and other transportation-related revenue.”

Moody’s had previously rated all Indianapolis ratings as “negative” in 2015.

Hogsett, who spent the first two years of his administration trying to create a “structurally balanced budget,” cheered the news in a press release.

“This upgrade to our credit outlook affirms what we already know – Indianapolis is in a strong fiscal position,” Hogsett said.  “Our strong rating and improved outlook is emblematic of our city’s commitment to consistent and cost-saving initiatives. 

“In turn, these initiatives foster a climate that will continue to attract businesses, a talented workforce, and families who want to relocate to a city that is on firm financial ground and invests in its public safety, infrastructure and neighborhoods."

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New Tax Backs Deal for Indianapolis Transit

The Indianapolis mass transit system is set to price the first round of bonds to finance projects under the system’s $522 million, five-year capital plan.

Indianapolis Public Transportation Corporation, marketed to riders as IndyGo, will bring $26 million of local income tax revenue bonds Nov. 8. They are selling through the city's borrowing arm — the Indianapolis Local Public Improvement Bond Bank.

Indianapolis, IN | October 26, 2018
Nora Colomer, The Bond Buyer

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Mike Bloomberg Names Indianapolis Winner in Bloomberg American Cities Climate Challenge

Indianapolis is one of 20 cities total to be awarded with resources and technical support to help achieve their ambitious climate goals under Bloomberg American Cities Climate Challenge

INDIANAPOLIS – October 29, 2018 - Today, Bloomberg Philanthropies announced Indianapolis as a winning city in the Bloomberg American Cities Climate Challenge. The Bloomberg American Cities Climate Challenge is a $70 million dollar program that will accelerate 20 ambitious cities’ efforts to tackle climate change and promote a sustainable future for residents. Through the Climate Challenge – which is part of Bloomberg’s American Cities Initiative, a suite of more than $200 million in investments to strengthen city halls and advance critical policies – Indianapolis is accepted into a two-year acceleration program and will be provided powerful new resources and access to cutting-edge support to help meet or beat the city’s near-term carbon reduction goals.

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Indy's Improving Finances Earn It Outlook Upgrade

October 26 2018 - Indianapolis' growing record of keeping its finances structurally balanced has earned the city an outlook upgrade from Kroll Bond Ratings Agency.

Kroll raised the outlook to positive and affirmed its AA-plus rating on the city, saying that the city’s financial position continues to demonstrate an ascending trajectory.

“Indianapolis has continued to post improved financial results and, in recent years, has reversed a historical pattern of structural deficits in its General Fund,” Kroll said.

The upgraded outlook comes after the city-county council approved Indy Mayor’s Joe Hogsett's third annual budget on Oct. 15. The budget totaled $1.2 billion, an increase of 4% from the fiscal 2018 budget and the second consecutive structurally balanced budget. As in 2018, the budget does not rely on any reserve draw-down and estimates a small operating surplus and an $80.8 million Fiscal Stability Fund balance.

“In its budget for FY 2019, the city continues to forecast structurally balanced operations by extending its conservative revenue projections, diversifying its funding sources and holding the line of expenses,” said Kroll.

Kroll said that the city has managed to reduce the strain on its general fund operations while increasing overall financial transparency by establishing dedicated revenue sources to fund capital improvements.

Indy has budgeted more than $650 million in capital improvement spending between 2019 and 2022. The city’s storm water projects are funded through capital and debt. The city’s transportation projects, including bridges, streets, and streetlight repairs, are funded from a mix of funds and community grants generated from the state gas tax and matching funds, local funds such as the COIT reserves and external funds such as federal aid.

Kroll rates the city’s general obligations one notch lower than the city’s triple-A marks from Fitch Ratings and Moody’s Investors Service. S&P Global Ratings rates Indianapolis AA after downgrading its AAA rating in 2013.

Total direct debt and overlapping debt for the consolidated city/ Marion County government totals $1.2 billion.

As of Dec. 31, 2017, the City had $135.8 million of GO debt outstanding and another $867.4 million of debt backed by the city’s moral obligation pledge.

The Bond Bank serves as a conduit issuer and provides access to the capital markets for qualified entities, including the city, Marion County, all special taxing districts of the City and County, and all entities whose tax levies are subject to review and modification by the Council and certain authorities.

Indianapolis, IN | October 26, 2018
Nora Colomer, The Bond Buyer

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Justice Center Move Will Bring Changes to 2 Neighborhoods

Indianapolis, IN | September 28, 2018
Hayleigh Colombo, The Indianapolis Business Journal

The $572 million Criminal Justice Center won’t open until 2022, at which time scores of city and county employees—working for the courts, public defender, prosecutor, sheriff and other agencies—will move from downtown’s Market East Cultural District 2-1/2 miles east to the Twin Aire neighborhood.

But city officials and businesses are already thinking about how both neighborhoods will be changed by the shift.

Downtown, city leaders see potential for redevelopment that builds off recent successes near the City-County Building, including the opening of Cummins Inc.’s $30 million divisional headquarters and the $120 million Market 360 apartment tower.

They envision that the subtraction of the nearby Jail I and Jail II, and the relocation of a slew of bail bonds businesses, will liven up the area.

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Response to Charges Against Former Bond Bank Employees

Indianapolis, IN | July 20, 2018

In 2017, Director Riordan discovered possible evidence of fraud or abuse in the Bond Bank’s payroll and benefit records beginning as far back as 2008. Director Riordan immediately terminated the employees she had reason to believe were involved and notified law enforcement of potential fraud on June 26, 2017. The Bond Bank made all its records available to the Marion County Prosecutor for review and worked with investigators in a year-long investigation. 

Director Riordan implemented immediate corrective action in consultation with the Bond Bank’s external auditing firm. The Bond Bank will pursue all available remedies to recover such losses. 

The alleged misappropriation does not affect bond proceeds or bond debt service payments, all of which are maintained by outside Trustee banks and are subject to annual audit and disclosure requirements.

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Council Panel OKs Spending $55M for some Justice Center Construction Costs

Indianapolis, IN | January 17, 2018
Hayleigh Colombo, The Indianapolis Business Journal

An Indianapolis City-County Council committee on Tuesday night unanimously approved spending $55 million to pay for a fraction of the construction funding to build the city’s proposed criminal justice center.

The same proposal also authorizes the city to spend $4.2 million for the acquisition of 140 acres of land from Citizens Energy Group as the site for the new jail, courthouses and mental health center. The facilities are being built on the property of the former Citizens coke plant in the Twin Aire neighborhood.

The proposal also indicates the council’s support for the project, which is expected to eventually cost the city $571 million. The full council will have to vote on the $55 million construction funding and land acquisition proposal—as well as future spending on the justice center.

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City Seeks Submissions for Criminal Justice Center Services

Indianapolis, IN | June 16, 2017
Hayleigh Colombo, The Indianapolis Business Journal

The Indianapolis Bond Bank is looking for firms interested in working on the city’s new criminal justice center—from providing civil engineering services to mechanical, electrical and plumbing work.

The bond bank released a “request for qualifications” on June 9 for 17 design services associated with the project, with submissions due June 27. The city will select chosen contractors sometime after Aug. 1.

The new jail, an assessment and intervention facility, and the courts will be moving to a new complex at the former Citizens Gas and Coke Utility plant just southeast of downtown. The plant closed in 2007.

The new complex is expected to cost upwards of $575 million, and is part of Mayor Joe Hogsett’s overall criminal justice reform efforts.

The RFQ notes that selections are “not based on competitive bidding, but on professional qualifications, competence, documented experience and the expertise of key personnel."

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Indianapolis Council Approves $20M for Mayor Joe Hogsett to Plan Jail Campus

Indianapolis, IN | July 24, 2017
James Briggs, The Indianapolis Star

The City-County Council has moved Mayor Joe Hogsett's plan for a new Marion County criminal justice center one big step closer to reality, while also signaling that the project could face increasing scrutiny in the months ahead.

The council on Monday approved the Hogsett administration's request for $20 million to pay for planning and design work for a project that could cost up to $575 million. That money will allow the administration to shepherd the project through the rest of the year, completing engineering, site work, legal work and bidding.

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Indianapolis’ Jail Project Moving Closer to Reality Second Time Around

Dallas, TX | August 1, 2017
Nora Colomer, The Bond Buyer

Marion County and Indianapolis took a first step toward getting a long-anticipated criminal justice facility off the ground with the approval of an initial $20 million in financing.

The City-County Council of Marion County and Indianapolis approved the bond anticipation note issue in a 17 to 7 vote on July 24, providing a strong indicator on how it might vote next year on the 35-year, lease appropriation bonds that will take out the note and cover the entire $571 million of project costs. The Indianapolis Bond Bank will serve as conduit issuer for the debt on behalf of the consolidated council.

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Note Deal Would Mark City's Commitment to Indianapolis Justice Center Project

Indianapolis, IN | January 23, 2018
Nora Colomer, The Bond Buyer

Indianapolis officials are asking the City-County Council to approve $55 million of notes to proceed with a criminal justice center project.

It’s the second leg of financing needed for the $571 million project and follows a $20 million draw note approved in July 2017 to finance design work on the planned courthouse, sheriff’s office, jail and assessment and intervention center.

Both the $20 million approved in July and the $55 million in bond anticipation notes are secured by local auction income tax but the borrowing will ultimately be paid off by bond proceeds. The Indianapolis Bond Bank will serve as conduit issuer for the debt on behalf of the council, the legislative body for the combined government of Indianapolis and Marion County.

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Moody's Assigns Aa2 to Indianapolis (IN) Local Public Improvement Bond Bank Refunding Bonds, Ser. 2017C

New York, NY | December 13, 2017
Moody's Investors Service

Moody's Investors Service has assigned a 'Aa2' rating to $159.5 million Indianapolis Local Public Improvement Bond Bank Bonds (IN), Series 2017C (PILOT Infrastructure Project). Moody's maintains the Aaa rating on Indianapolis-Marion County (the city), IN's outstanding general obligation (GO) debt.

The Aaa GO rating reflects a diverse economy, improved financial position and moderate pension liabilities. These attributes are balanced against challenges that include weak resident income indices, a restrictive revenue raising environment and high debt levels.

The Aa2 rating on $159.5 million of Refunding Bonds, Series 2017C (PILOT Infrastructure Project) reflects the credit characteristics inherent in the city's GO rating. The MO rating on the current bonds is notched twice from the city's GO rating, reflecting the city's MO pledge to consider appropriating to replenish the debt service reserve (DSR), the risk of non-appropriation, and the more essential nature of the financed assets (wastewater system infrastructure improvements).

The outlook on all ratings is negative. The negative outlook reflects weak resident income indices and a restrictive revenue-raising environment, both of which will challenge the city to grow revenues that keep pace with ongoing cost growth, particularly in the areas of public safety, capital maintenance, debt service, and pensions.

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Moody's Affirms Indianapolis, IN's Aaa Issuer Rating; Outlook Negative

Chicago, IL | October 4, 2017
Moody's Investor Service

Moody's Investors Service affirms the 'Aaa' issuer rating on Indianapolis-Marion County (Indianapolis), IN. The rating reflects a diverse economy; improved financial position; and moderate pension liabilities. These attributes are balanced against challenges that include weak resident income indices; a restrictive revenue-raising environment; and high debt levels.

Concurrently, Moody's affirms the following ratings:

  • The Aaa rating on $82 million of outstanding general obligation limited tax (GOLT) debt. The GOLT pledge is subject to Indiana's (Aaa stable) Circuit Breaker taxing limitations. It is rated on parity with Indianapolis' issuer rating given the ample margin under its rate limitation as well as the city's first budget obligation to levy ad valorem taxes for debt.
  • The Aa1 rating on $515,000 of Certificates of Participation (COPs), Series 2010A and 2010B. The rating is notched once from the issuer rating because the pledge to make lease payments is subject to appropriation and the financed assets (public safety vehicles) are more essential.
  • The Aa2 rating on $160 million of Bond Bank Bonds, Series 2010F (PILOT infrastructure Project - Build America Bonds). The Aa2 rating is notched twice from the issuer rating due to the moral obligation (MO) pledge to consider appropriating to replenish the debt service reserve (DSR) and because the financed assets (wastewater system infrastructure improvements) are more essential.
  • The Aa3 rating on $376 million of MO debt issued for economic development projects. The Aa3 rating is notched three times from the issuer rating due to the MO pledge to consider appropriating to replenish the DSR and because the financed projects are less essential.

The outlook on all ratings is negative.

While the city has made progress in improving its financial profile by reducing expenses, its debt burden and limited flexibility to raise revenues weakly position its issuer rating in the Aaa category. If there is no further improvement in financial or leverage metrics over the next 12 to 24 months, the rating could be pressured.

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Fitch rates $70MM AD VALOREM Tax Bonds Series 2017 A & B 'AAA'

New York, NY | January 18, 2017
Fitch Ratings

Fitch Ratings has assigned a 'AAA' rating to the following Indianapolis Local Public Improvement Bond Bank, IN bonds:

  • $58 million series 2017A bonds (ad valorem property tax-funded projects);
  • $11.99 million series 2017B bonds (taxable) (ad valorem property tax-funded projects).

The Rating Outlook is Stable.

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Indianapolis Local Public Improvement Bond Bank Issuance 2017 A & B

Indianapolis, IN | February 1, 2017
The Indianapolis Local Public Improvement Bond Bank

The Indianapolis Bond Bank’s first bond issue of 2017 assisted four Qualified Entities to raise $71.325 million, through Indianapolis Local Public Improvement Bond Bank series 2017A and B. The General Obligation Bonds were issued to finance infrastructure and capital needs for Consolidated City, Park District, Metro Thoroughfare District and Public Safety and Communications District. The Consolidated City used the funds for solid waste equipment, police vehicles, City-County Building generator, voting machines, two firehouses, and fire apparatus. The Park District used its funds for its capital improvement needs. The Metro Thoroughfare District used its proceeds on roads and streets improvements and other major capital equipment. Finally, the Public Safety and Communications District funded a computer-aided dispatch (CAD) system, record management system and E-911 system. Series 2017A and B Bonds were rated AAA by Fitch and AA by Standard & Poor’s.

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ILPIBB Moody’s – Indianapolis Airport Authority Rating 2016A-1

New York, NY | June 14, 2016
Moody's Investor Services

Moody's Investors Service has assigned a rating of 'A1' to the Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority Refunding Bonds (AMT), Series 2016A-1.

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ILPIBB S&P – Indianapolis Airport Authority 2016A Rating

Chicago, IL | May 3, 2016
S&P Global Ratings

S&P Global Ratings has assigned a rating of 'A' to the Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority Refunding Bonds (AMT), Series 2016A. 

The Rating Outlook is Stable.

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ILPIBB Fitch Ratings – Indianapolis Airport Authority Rating 2016A-1

New York, NY | April 25, 2016
Fitch Ratings

Fitch Ratings has assigned a rating of 'A' to the Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority Refunding Bonds (AMT) Series 2016A-1. 

The Rating Outlook is Stable.

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KBRA General Obligation Bonds Ratings Letter 2015

New York, NY | October 30, 2015
Kroll Bond Rating Agency

Kroll Bond Rating Agency, Inc. ("KBRA") has assigned a long-term rating of AA+ with a stable outlook to the City of Indianapolis, General Obligation Bonds. The KBRA long-term rating does not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

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Moody’s highlights Indy’s continued Job Growth and Bolstering Economy but cautions continued operating budget pressures that pose significant long-term hurdles

Chicago, IL | August 31, 2015
Moody's Investor Services

Indianapolis, IN’s (Aaa negative) strong credit profile is supported by a fundamentally healthy economy, as evidenced by job growth that has outpaced other Midwest regional hubs. However, escalating operating costs under a somewhat restrictive revenue-raising environment have weighed on the city's finances. The region’s strong economy and a recent influx of cash from the sale of the city’s water and sewer utility will buoy credit quality in the short term, but continued operating budget pressures and elevated leverage pose hurdles in the long term.

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Indy Wins Triple-A on Stormwater Debt

Chicago, IL | July 24, 2015
Caitlin Devitt, The Bond Buyer

Indianapolis won a coveted triple-A rating from Standard & Poor's on its stormwater system bonds as the city heads into market with a $15 million borrowing and puts the final touches on a new $300 million capital plan.

The deal will fix out a chunk of stormwater bonds the city privately placed in 2011 that are scheduled to shift into a variable-rate mode in 2020. The city has almost all of its $4.1 billion debt portfolio in a fixed-rate mode, with the exception of some airport debt. The stormwater system is a mix of natural and manmade infrastructure managed by the city's public works department. It's one of the city's last publicly managed utilities, after Indianapolis sold its water and sewer departments to a non-profit in a high-profile privatization in 2011.

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Standard & Poor’s Rating Services Raises its Rating on Bond Bank’s Existing Stormwater Senior-Lien Bonds to ‘AAA’

Chicago, IL | July 21, 2015
Standard and Poors Rating Services

Standard & Poor's Ratings Services raised its rating on The Indianapolis Local Public Improvement Bond Bank, Ind.'s existing stormwater system senior-lien revenue bonds to 'AAA' from 'AA+'. At the same time, we assigned our 'AAA' rating to the bond bank's series 2015H refunding bonds.

The outlook is stable.​​​​​​​

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Fitch Rates Indianapolis Local Public Improvement Bond Bank (Health & Hospital Corp.), IN 2015B Series Rfdg Bonds “AA+”

New York, NY | June 5, 2015
Fitch Ratings

Fitch Ratings assigns an 'AA+' rating to the following Indianapolis Local Public Improvement Bond Bank (Health and Hospital Corp. of Marion County), IN bonds:

  • $16,750,000 refunding bonds, series 2015 B (the bonds).

The bond proceeds will be used to currently refund the bond bank's outstanding series 2005 D bonds for an estimated present value savings of $2.1 million with no extension of the final maturity date of 2025.
In addition, Fitch affirms the following ratings:

  • Approximately $170 million unlimited tax general obligation bonds (ULTGOs), series 2010A-1 and 2010A-2 affirmed at 'AA+';
  • Approximately $19 million general obligation bonds, series 2005D affirmed at 'AA+';
  • Approximately $502 million lease revenue bonds, series 2013A, 2010B-1 and 2010B-2 affirmed at 'AA'.

The Rating Outlook is Stable.

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Standard & Poor’s Raises Rating on Bond Bank’s Marion County Convention and Recreation Facilities Authority’s (MCCRFA) Senior Obligation Bonds

Chicago, IL | June 8, 2015
Standard & Poor's Rating Services

Standard & Poor's Ratings Services raised its rating on the Indianapolis Local Public Improvement Bond Bank, Ind.'s series 2011D, 2011I, and 2012B bonds (senior obligations) to 'AA' from 'AA-'. The outlook is stable. The rating improvement reflects strong revenue performance, which continues to support very strong debt service coverage (DSC).

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Citites, Towns See Historic Savings on Bond Refinancing

Indianapolis, IN | May 16, 2015
Jared Council, The Indianapolis Business Journal

Officials who manage the Indianapolis Airport Authority’s $1.1 billion in bond debt typically refinance bonds when they can shave at least 3 percent off total remaining debt payments.

The Indianapolis Local Public Improvement Bond Bank handles what the industry calls bond refundings for entities including the airport, and it recently helped refund a $165 million airport bond to chop total projected debt obligations by about 9 percent.

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Indianapolis is on Moody’s Ratings List of Successful US Cities

New York, NY | November 13, 2014
Moody's Corporation

During and in the wake of the US recession, many large local governments in the country have proven just how resilient their credit quality has been to the systemic economic downturn and other challenges such as pension underfunding. In fact, 34 of the 50 largest US cities have either improved or maintained their credit quality since the onset of the Great Recession.

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Fitch Affirms Indianapolis Local Public Improvement Bond Bank, IN Bonds at 'AAA'; Outlook Stable

Chicago, IL | January 29, 2015
Fitch Ratings

Fitch Ratings affirms the 'AAA' rating on the following Indianapolis Local Public Improvement Bond Bank, Indiana (the bond bank) bonds: ­­

  • $61.3 million series 2013B taxable refunding bonds;
  • ­­$12 million series 2013C multipurpose refunding bonds; ­­
  • $55.1 million series 2008A ad valorem bonds; ­­$55 million series 2007D multipurpose refunding bonds.

The Rating Outlook is Stable.

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