Urban Indiana

Council committee OKs $15.5 in TIF bonds for Cole Motor Redevelopment

The planned $120 million revamp of the former Jail II building and Arrestee Processing Center in downtown Indianapolis by 1820 Ventures could be aided by $15.5 million in tax-increment financing bonds, pending full City-County Council approval.

The council's Metropolitan and Economic Development Committee OK'd the creation of a new allocation area and the TIF bonds for the Cole Motor Redevelopment project, named after Cole Motor Car Co., the original tenant for the buildings. The next full council meeting is scheduled for Dec. 5.

Once completed, the properties will include street-level retail off of Washington and Market streets, an education component, a co-working space and a second location for longtime Broad Ripple music venue The Vogue.

More below:
https://www.ibj.com/articles/council-committee-oks-15-5-in-tif-bonds-for-cole-motor-redevelopment