Dickey details public investment in mixed-use development

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By Dan Domsic

The potential mixed-use development in front of town hall, Fishers Station, was formally presented to the Fishers Town Council on Jan. 22, marking the beginning of the public input portion of the approximately $34-million project.

Tom Dickey, director of community development at the Town of Fishers, said the project could not happen without public investment, which totals $10.75 million.

Current in Fishers spoke with Dickey to get a better understanding of how the investment would occur.

To bank-roll the town’s investment, a $13-million bond (which will fluctuate because of interest rates, Dickey said) will be issued. That bond will be backed by county option income tax.

According to Dickey, the portion of COIT received from Hamilton County is used to pay debt services for projects and help fund operations.

Dickey said that projected through 2036, the town had six to 16 times the amount of revenue coming in than what it had to pay down with COIT.

But, the town does not intend to pay the bond with COIT. Instead, the bond will be paid with tax increment funding dollars captured from existing TIF districts and this project’s.

“The bonds are more marketable with COIT,” he said.

The bond market, or those that buy bonds, see COIT as a “defined revenue source,” he said.

To accomplish a $900,000 annual debt service, the developer, Flaherty & Collins Properties, agreed to pay a defined amount from the project’s TIF dollars, with the town responsible for the remainder.

According to Dickey’s presentation to the council, the project itself is projected to garner $532,000 TIF dollars annually.

The town’s largest TIF district is the I-69 Downtown TIF area, which runs much of the length of I-69.

Dickey said in 2013 the town would receive $808,000 from that district alone, provided taxpayers file and do not appeal those taxes.

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