By Sophie Pappas
At last week’s special meeting of the Zionsville Redevelopment Commission, the group discussed amendments to the Hat World purchase agreement, which was finalized between the town and Hat World, LLC on Thursday.
This comes after the Zionsville Plan Commission approved plans for Hat World to be move forward with the building of a 150,000 square–foot facility at Creekside Corporate Park in February.
Hat World is expected to spend more than $21 million in the construction of a new corporate center.
“This purchase agreement was the one dated Jan.11, 2014,” said RDC president Luke Phenicie. “This one already expired.”
The group approved a motion that will allow Phenicie and Commissioner Bradley Johnson to legally make minor changes and sign the purchase agreement.
“You guys have been working very hard on this, so thank you,” said Commissioner Katie Culp.
The next RDC meeting is at 6:30 p.m., June 23 in the Community Room of Zionsville Town Hall, 1100 W. Oak St.
What does the amended purchase agreement say?
- The first purchase agreement between Hat World and the town was automatically terminated for failure to close in a timely manner.
- The purchase agreement was reinstated and closed on June 19.
- There is a contribution agreement between Hat World and the town, which states Hat World will pay $15,000 per year to the town.
- The town will assist Hat World in paying for unanticipated drainage costs. The total of this amount is $400,000.
- Hat World agrees that if the building project is not complete by Dec. 31, 2015, then the real estate and personal property tax abatements offered to Hat World may be cancelled or terminated.
