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A number of key Downtown development projects were approved Wednesday by the Metropolitan Development Commission. One planned project will recieve millions more in funding.
The Pan-Am Plaza redevelopment brings more convention space and hotels to the site. It was 2020 when the Indianapolis City-County Council first committed to expansion with 155 million dollars in city backed bond proposals.
This new measure will allow for an increase in TIF bond rates to provide up to 25 million dollars in additional support as costs have risen.
Another TIF backed development proposal that creates housing for the 1827 North Meridian project was also approved by the commission.
DMD acting director Rusty Carr said they support the measure. "This adds a number of housing units along a transit line and supporting growth in the 16th and Meridian corridor," Carr said.
In that corridor is another huge project. The commission also heard from leaders at IU Health who are involved in a $1.6 billion dollar hospital improvement project for downtown.
Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org.
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