Indy Roads - Revenue Bonds (2018)
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.
IndyGo - Transit Local Income Tax (LIT) (2018)
$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:
- Purple Line Rapid Transit – is a bus rapid transit (BRT) project that extends north from downtown Indianapolis, connecting to the City of Lawrence. This service will include both transit improvements, including enhance stations, new vehicles, and partial dedicated lanes, plus major improvements to infrastructure, including pavement reconstruction, new sidewalks, and new drainage infrastructure.
- Blue Line Rapid Transit – is a BRT project that extends east-west from the Town of Cumberland to the Indianapolis International Airport. This service will include both transit improvements, including enhance stations, new vehicles, and partial dedicated lanes, plus major improvements to infrastructure, including pavement reconstruction, new sidewalks, and new drainage infrastructure.
- Local Bus and Paratransit Infrastructure – would install necessary physical improvements to accommodate improved frequency and transfer opportunities for local bus routes and paratransit services. This work would include the construction of bus stops, sidewalks , and curb ramps; installation of new shelters, benches, and signs in select locations along upgraded bus routes; and facility construction to support the operation.
- IndyGo Bus replacement – the bust replacement project includes the purchase of 16 new buses in 2018 to replace existing buses which are beyond their useful life resulting in increased maintenance costs and decreased customer satisfaction
Community Justice Center (2017)
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.
16 Tech Technology District (2016)
The Bond Bank helped to finance the first $5.5 million in infrastructure development. Covering 170 acres on the city’s near-Westside, the 16 Tech Technology District is designed and marketed to attract research firms, contract service providers, and high-tech companies in such industries as information technology, health information technology, motorsports, biotechnology, and clean energy. The master plan creates a vision for a district in which residents and workers can live, work, play, and learn in close proximity to downtown, the IUPUI campus and Indiana University School of Medicine.
Broad Ripple (The Coil) and Tarkington Park Projects - North Midtown TIF (2015)
The Coil is a mixed-use apartment community located along College Avenue just north of Broad Ripple Avenue and the Broad Ripple Canal. This project includes 151 new units and a 33,500 sq. ft. Fresh Thyme store. The development opened in 2017. The City has committed $5.7 million dollars from the sale of bonds for the North-Midtown TIF District to support this development.
Approximately $1 million of the bond proceeds helped to fund improvements to Tarkington Park.
Indy Roads - Revenue Bonds (2015)
On March 12, 2015, the Indianapolis Bond Bank sold $35 million of revenue bonds for the city. The proceeds from this bond issue funded needed street and infrastructure improvements throughout Marion County. A pledge of the city’s gas and excise tax revenues serve as the repayment of these bonds.
360 Market Square (2014)
360 Market Square is a 28-story mixed-use residential apartment tower that will feature 292 one, two, and three-bedroom apartment residences. The development will stand nearly 300 feet tall and will also feature a 40,000 sq. ft. Whole Foods Market. In 2014, the Bond Bank sold $17.1 million of TIF Revenue Bonds to support this development.
Pulliam Square (2014)
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.
Millikan on Mass (2014)
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.
Penrose on Mass (2014)
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.
CityWay I and II (2011)
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.
IU Health Neuroscience Center (2011)
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.
Dow AgroSciences, LLC (2010)
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.
AIT Laboratories (2010)
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.
Sidney & Lois Eskenazi Hospital (2010-2013)
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.
JW Marriott Hotel (2008)
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.
Lucas Oil Stadium (2007)
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.
Glendale Mall (2007)
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.
Fort Harrison Reuse Authority (2006-2009)
In 2006, the Bond Bank issued $11.795 million to build a new Post Exchange Commissary (PX Commissary) for the United States Army. In 2009, The Bond Bank issued a little over $11.085 million for the improvements of the Fort Harrison Military Base. The improvements included new streets, sidewalks, parks, bicycle paths and many more. Today, it is a vibrant residential, retail, and business community that is widely recognized as the model for reuse and redevelopment of a military installation.
Indianapolis Airport Authority - Midfield Terminal Project (2006-2010)
Between 2006 and 2010, The Bond Bank assisted the Airport Authority, in financing the construction of a new Midfield Terminal. The new Midfield Terminal at the Indianapolis International Airport, which opened in 2008, features a modern terminal designed to incorporate artwork, provide public event space and enable visitors to sample the character of Indianapolis and the region. It has consistently been rated the best airport in North America.
Simon Properties - Parking Complex (2004)
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.
Fall Creek Place (2004)
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.
Anthem Complex (1999)
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.
Circle Centre Mall (1992)
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.