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Learn about Projects for The Indianapolis Local Public Improvement Bond Bank, including CIB Fieldhouse Project (2020 & 2019), Infosys US Education Center (2020), and Fire Training Facility Project (2019).
As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza (rendering right). In 2020 and 2019 BANs were issued in the amount of $31.4 million and $133.9 million to fund Phase 1 of the project. The BANS are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues. The BANS will come due in 2021 and will be taken out as part of a larger bond issuance to fund the remaining phases of the project.
On December 9, 2019 the City County Council unanimously approved Special Ordinance No. 14 ( Proposal 397, 2019) approving the issuance of $45 million in Airport TIF Revenue Bonds for costs of financing the property acquisition, infrastructure and parking garage for the Infosys U.S. Education Center Since at former airport site. Two series of bonds, 2020Bs (tax-exempt) and 2020Cs (taxable) were issues in 2020 secured by a pledge of the Airport TIF. As part of the Infosys U.S. Education Center project, Infosys has committed to 2,000 jobs by 2021 including it's tech and innovation hub in Downtown Indianapolis. The 125 acre campus with 786,000 sq. ft of facilities will return the property to tax rolls since it's vacancy in 2008. The term of the bonds are five years.
On September 23, 2019 the City County Council unanimously approved Special Ordinance No. 11 ( Proposal 338, 2019) approving the issuance of $15 million in G.O. Bonds for costs of financing the acquisition, construction, installation, and equipping of a fire training facility for the Indianapolis Fire Department, to be located just south of the Community Justice Campus. Since November 1980, IFD has been renting training space while training 30 classes and 1,005 recruits. 314 of those - 25 percent of sworn personnel - were hired since 2014. The proposed Fire Training Facility will include a two-story training building, a three-story Class A live burn structure, modernized durable fire training tower, flashover and backdraft training modules and apparatus vehicular EVOC course. The training facility G.O bonds utilize a public safety levy set to roll off in 2020 ensuring no levy increases to finance the project. The term of the bonds are 15 years.
On December 14, 2015 the City County Council adopted Resolution No. 50, 2015 which approved the issuance of $50 million in Stormwater Revenue Bonds. In 2016, the City of Indianapolis issued $50 million in short term notes to begin approved projects. This issuance was a planned long term take out of the short term debt. To take advantage of the market, on September 11, 2019 the Board of Public works approved Resolution No. 49, 2019 which approved additional projects to be included as uses of proceeds. The purpose of stormwater projects and improvements are to provide for the safe and efficient capture and conveyance of stormwater runoff, mitigate the damaging effect of stormwater runoff and address flooding and drainage problems. The 2019 issuance are the first Stormwater Revenue Bonds secured by a pledge of net revenues of the District, which includes Stormwater user fees imposed on the amount of impervious surface area on all residential and non-residential property in the District's service area based on the Based Billing Unit (BBU) system implemented in 2015. The credit was rated AAA by S&P.
On September 10th, 2018 City County Council unanimously approved the issuance of a maximum of $120 million in revenue bonds over the next three years. $40 million will be issued in 2019 for road, bridge, and sidewalk repairs. These bonds are secured by County Option Vehicle Taxes (wheel tax and excise surtax) and Gas Taxes (MVH and local roads and streets) revenues. No new taxes will be levied to secure these revenue bonds. On September 10th, 2018, Special Ordinance 14 (Proposal 18-326) received unanimous council approval and authorized the issuance of $120 million in revenue bonds. On September 9th, 2019 Fiscal Ordinance No. 18, 2019 (Proposal No. 315, 2019) was unanimously passed by the City County Council and endorsed the 2020-2023 Transportation Capital Plan. The bonds will fund projects such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.
In July of 2019, the Bond Bank issued $28.8 million in tax-exempt bonds to finance public infrastructure. The 2019C Series are backed by Consolidated TIF Allocation Area revenues. Covering 170 acres on the city’s near-Westside, the 16 Tech Technology District is designed and marketed to attract research firms, contract service providers, and high-tech companies in such industries as information technology, health information technology, motorsports, biotechnology, and clean energy. The master plan creates a vision for a district in which residents and workers can live, work, play, and learn in close proximity to downtown, the IUPUI campus and Indiana University School of Medicine. The 2019C Series will finance work for greenspace, walking and biking trails, a new bridge over Fall Creek, structured parking, roads and stormwater infrastructure.
In March of 2019, the Bond Bank sold $623 million of tax-exempt bonds to finance the Community Justice Campus project. 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.
On September 10th, 2018 City County Council unanimously approved the issuance of a maximum of $120 million in revenue bonds over the next three years. $30 million will be issued in 2018 for road, bridge, and sidewalk repairs. The revenue bonds are a piece of the financing for the 2019-2022 Capital Plan which includes $405.6 million in infrastructure projects. These bonds are secured by County Option Vehicle Taxes (wheel tax and excise surtax) and Gas Taxes (MVH and local roads and streets) revenues. No new taxes will be levied to secure these revenue bonds. On September 10th, 2018, Special Ordinance 14 (Proposal 18-326) received unanimous council approval and authorized the issuance of $120 million in revenue bonds. The bonds will fund projects such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.
$26 million will be issued in 2018 with the proceeds used to fund design work on both the Purple Line Rapid Transit and the Blue Line Rapid Transit projects, as well as local bus and paratransit infrastructure improvements and bus fleet replacement. IndyGo (Indianapolis Public Transportation Corporation) received approval from Marion County voters and the City-County Council for a 0.25% Transit Local Income Tax (LIT) to help fund the Marion County Transit Plan which includes rapid bus transit, increased route frequency, and transitioning to electric buses. These bonds are secured by Transit LIT revenues. The projects included in this issuance are a part of the larger Marion County Transit Plan which will commit $522 million over the next five years to improving and expanding public transportation in Marion County.
2018 Transit LIT Bond Project List:
In 2017, as part of the Criminal Justice Reform Task Force, the Bond Bank started the financing process of a four-building complex that will serve as the future site of the Marion County Courts, an Adult Detention Center, a Professional Services Building, and an innovative Assessment and Intervention facility. The project is expected to be completed in 2021.
The Bond Bank helped to finance the first $5.5 million in infrastructure development. Covering 170 acres on the city’s near-Westside, the 16 Tech Technology District is designed and marketed to attract research firms, contract service providers, and high-tech companies in such industries as information technology, health information technology, motorsports, biotechnology, and clean energy. The master plan creates a vision for a district in which residents and workers can live, work, play, and learn in close proximity to downtown, the IUPUI campus and Indiana University School of Medicine.
The Coil is a mixed-use apartment community located along College Avenue just north of Broad Ripple Avenue and the Broad Ripple Canal. This project includes 151 new units and a 33,500 sq. ft. Fresh Thyme store. The development opened in 2017. The City has committed $5.7 million dollars from the sale of bonds for the North-Midtown TIF District to support this development.
Approximately $1 million of the bond proceeds helped to fund improvements to Tarkington Park.
On March 12, 2015, the Indianapolis Bond Bank sold $35 million of revenue bonds for the city. The proceeds from this bond issue funded needed street and infrastructure improvements throughout Marion County. A pledge of the city’s gas and excise tax revenues serve as the repayment of these bonds.
360 Market Square is a 28-story mixed-use residential apartment tower that will feature 292 one, two, and three-bedroom apartment residences. The development will stand nearly 300 feet tall and will also feature a 40,000 sq. ft. Whole Foods Market. In 2014, the Bond Bank sold $17.1 million of TIF Revenue Bonds to support this development.
In 2014, the Bond Bank sold approximately $3.5 million in bonds to support the Pulliam Square multi-use development. Located at 152 East New York Street, Pulliam Square is Phase I of a new apartment and townhome development located in the heart of downtown Indianapolis on the former site of the Indianapolis Star.
In 2014, the Bond Bank sold approximately $4 million in Consolidated Downtown TIF bonds to support the Millikan on Mass project. This multi-use development is located in the heart of the Mass Ave cultural district and serves as one of the newest Affordable Indy downtown communities.
In 2014, the Bond Bank sold $27.5 million of TIF Revenue Bonds to support the development of the Penrose on Mass development. The bond proceeds also were used for the acquisition and construction of a new Indianapolis Fire Department Headquarters and fire station. Located at the intersection of N. New Jersey St. and Massachusetts Ave, Penrose on Mass will sit next to the Old National Centre and will rest in the heart of Indy’s Mass Ave neighborhood. The development will have retail shopping and restaurants on the main level with residential units located above. Construction began March, 2017.
In 2011, the Bond Bank secured approximately $97 million for the CityWay development, a modern, cutting-edge mixed-use development in downtown Indianapolis. Situated north of South Street between Delaware Street and Virginia Avenue, City Way is close to several major Indianapolis employers, such as Eli Lilly and Company, Indiana Farm Bureau and Anthem. Close to the heartbeat of Indy’s urban core, CityWay adds to the city’s big ideas and growth.
In 2011, the Bond Bank assisted the City in selling $14 million of Economic Development TIF Bonds to assist in the completion of the new IU Health Neurosciences Center. The Center is located along 16th Street on the campus of IU Health Methodist Hospital and features 270,000 sq. ft. of state-of-the art facilities, equipment, and resources allowing for further advancement in clinical and research capabilities.
In 2010, the Bond Bank assisted the City in selling $17.3 million of tax-exempt Economic Development TIF bonds to assist in the expansion of Dow’s existing global headquarters and research facilities located in Marion County. By the end of 2016, Dow invested over $340 million in its facilities and has an active workforce of over 1700 employees.
In 2010, the Bond Bank assisted the City in selling approximately $5 million in tax-exempt bonds to assist AIT Laboratories in capital improvements to their Indianapolis campus.
On December 7, 2013, Health & Hospital Corporation opened its new $754 million Sidney & Lois Eskenazi Hospital (formerly known as Wishard). The new Eskenazi Health campus provides patient-centered care on 37 acres at the western end of the Indiana University-Purdue University Indianapolis campus. The 1.3 million-sq. ft. facility includes 315-inpatient beds with 19 operating rooms, four interventional labs, 12 labor and delivery rooms, a 90-bed treatment room emergency department with a 20-bed clinical decision unit, and 200 ambulatory clinic exam rooms and an adult Level I trauma center. On behalf of the Indianapolis-Marion County Building Authority and the Health & Hospital Corporation of Marion County, the Bond Bank issued approximately $700 million (2010A1 & A2, 2010B1 & B2, and 2013A) in bonds to help finance the cost of building this new state-of-the-art medical facility.
The Indianapolis Bond Bank issued approximately $60 million to finance a portion of the JW Marriott Convention Center and Hotel. The JW Marriott Indianapolis is a 34-story hotel in downtown Indianapolis adjacent to the Indiana Convention Center. The hotel is the tallest hotel in Indiana and the largest JW Marriott hotel in the world with 1,005 guest rooms and 950 underground parking spaces.
In 2007, the Bond Bank sold approximately $74 million of bonds for the City of Indianapolis for the construction of Lucas Oil Stadium. Pursuant to a development agreement, bond proceeds were loaned to the Indianapolis Colts to fund a portion of its required contribution toward the construction of the stadium.
In 2007, the Bond Bank issued $6 million in Taxable Economic Development Revenue Bonds to assist with installation, partial demolition and equipping of a portion of the Glendale Mall Shopping Center. The Mall boasts 685,000 sq.ft. of retail space, including Macy’s Department Store and Target.
In 2004, the City’s Metropolitan Development Commission issued approximately $15.5 million of bonds to build a parking garage adjacent to the Simon Properties World Headquarters located in downtown Indianapolis. The bonds for this project matured in 2014.
The Consolidated Fall Creek Area covers approximately 160 acres. The City of Indianapolis – Marion County and King Park Area Development Corporation secured a $4 million HUD Homeownership Zone Grant to subsidize a 322-new home initiative to help low to moderate-income households. Through the Bond Bank’s help, the city contributed $11 million in infrastructure.
In 1999, the Bond Bank assisted the City in securing funds to support the development of an office complex for Anthem, Inc., a major health insurance provider. The project assisted Anthem in consolidating up to 2,300 of its employees into a simple complex located in the downtown area.
In 1992, The Bond Bank issued $293 million in Direct TIF Bonds to help with the construction of Circle Centre Mall, which covers more than four city blocks. The Mall created more than 2000 jobs and was a catalyst for change, becoming the centerpiece for Downtown revitalization.