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The Indy Penn Center Hotel Project is a 316-room Hyatt Place, Hyatt House Hotel, and parking garage at 130 S Pennsylvania St. across from Gainbridge Fieldhouse. The total Hotel Project is a $95 million investment that included a pledge for 100 full-time jobs, a 1% public art contribution, and a pledge for XBE participation. The Project was completed and opened in March 2019.
On May 8, 2017 the City-County Council passed Special Ordinance No. 2, 2017 (Prop. 68, 2017) to issue up to $18.5 million in Economic Development Tax Increment Revenue Bond Anticipation Notes secured by a pledge of Consolidated TIF and site-specific revenues related to the Indy Penn Center Hotel Project. On May 15, 2017 the Bond Bank Board approved Resolution No. 1 in which the Bond Bank and Indy Penn Center Hotel set up a successful developer-backed bond deal where Indy Penn Center Hotel Owner would pay a BAN Interest Deficiency Amount and a BAN Principal Deficiency Amount when the BANs are due if Penn Center TIF revenues were not sufficient.
On February 1, 2021, the City and Bond Bank issued $18,225,000 in Economic Development Tax Increment Revenue Bonds, Series 2022A to pay off the 2017 Bond Anticipation Notes. These Bonds will have a 20-year term and will be payable from HRI Penn Center TIF revenues and the Consolidated TIF if HRI Penn Center revenues are not sufficient. The 2022A Bonds were purchased by Regions Bank through a private placement.