Zionsville Times Sentinel

Local News

May 15, 2013

Dow deal approaches completion

Zionsville — At a Friday, May 10, meeting of the Zionsville Redevelopment Commission, RDC attorney Andy Buroker announced a May 23 closing date has been set on the Dow property the town will purchase — if all the final details come together.

After hearing a tax increment financing revenue analysis, followed by extensive discussion, the commissioners approved a resolution for the property acquisition, as well as an exclusive development agreement with Rockland Development LLC. Commissioner Luke Phenicie presented highlights of the TIF analysis, stressing that the analysis, done by Crowe Horwath, has been updated and revised several times and is strictly a basis to provide parameters with which to work.

“It gives us a tool to make decisions,” he said.

Phenicie’s purchase- and cost-basis analysis started with a $37,000-per-acre purchase price on the 91.3 acres, or $3,378,100 total. Zionsville Community Schools will purchase almost 9 acres at the same price, so less their portion, the RDC would need $3,046,358. Improvements, such as water, sewer, roads, surveys and other expenses, were estimated at $1.5 million, bringing the total cost to $4,546,358.

“It’s hard to determine what to do because we don’t know what companies will be in there,” he said while discussing infrastructure development costs.

Looking at the return to RDC, Phenicie said not all the acres can be developed, so assuming 50 acres can be developed, the land must be sold at $90,000 per acre for the commission to break even on its investment. At an average sale price of $120,000 per acre — a $29,073 per acre gain — the RDC could earn nearly $1.5 million just on land sales.

Using a “base case” scenario and a “conservative” scenario, Phenicie showed his fellow commissioners the estimated TIF buildup from the project and the expected total return. All told, the total gain to RDC could be $5,290,851.

 

1
Text Only
Local News
  • Ford Road bridge to close about Aug. 1 Construction of a detour is nearly complete, and the Ford Road bridge over Eagle Creek will be closed on or about Aug. 1, Boone County Highway Superintendent Rick Carney said Monday, July 21.

    July 23, 2014

  • Library patrons learn about herb gardening There are more than 300 species of thyme, which has antiseptic properties and has had many uses throughout the ages, including rubbing it into the eyes to bring about visions of fairies. "Which I would imagine, if you grind herbs into your eyes, you'd be seeing fairies," quipped Amy Mullen, The Fraudulent Farmgirl blogger and lead designer at Spotts Garden Service in Indianapolis.

    July 23, 2014

  • Zionsville ranked No. 1 safe place in state An analysis by staff at the Movoto Real Estate Blog found that the safest city in Indiana is Zionsville.

    July 23, 2014

  • Whitestown to have commuter bus service Commuter bus service is coming to Whitestown through the Central Indiana Regional Transit Authority.

    July 23, 2014

  • Plan Commission recommends approval for downtown study The downtown parking study and market analysis is one approval away from being added to the town's comprehensive plan.

    July 23, 2014

  • Downtown plan outlines strategies, goals The town of Zionsville is about to have another tool to help market and shape the future of the Village. A draft of the downtown Zionsville market study and parking analysis was presented to the working group Tuesday morning, June 24. It outlines several strategies and goals to help make downtown Zionsville more economically viable. The plan comes after the town adopted a strategic plan for the southeast quadrant of Zionsville as well as a comprehensive plan for the town.

    July 16, 2014

  • NWS ZT071614 Miss Boone County pic2 Zionsville local is crowned Miss Boone County Rachel Miller of Zionsville was crowned 2014 Miss Boone County 4-H Fair on Sunday, July 13. The 2013 Miss Boone County, Kate Emmert, was at the Witham Health Services Pavilion on the 4-H Fairgrounds to pass off her crown to Miller.

    July 16, 2014 2 Photos

  • Work set to begin on summer projects The Zionsville Community Schools Board of Trustees, at it's Monday, July 14, meeting, approved all summer construction projects and purchases for the corporation.

    July 16, 2014

  • NWS ZT071614 house fire.jpg ZFD Knocks Down Fire

    The Zionsville Fire Department was dispatched to a structure fire at 7880 Circle Drive around 6:45 p.m. Wednesday night, July 9.

    July 10, 2014 1 Photo

  • july9a.jpg VIDEO: Fourth of July celebration fills Lions Park

    Residents swarmed into Lions Park for Zionsville's Fourth of July celebration. The event included a watermelon eating contest, food, a kids area with inflatables, music, and of course, fireworks.

    July 9, 2014 1 Photo

Order Times Sentinel photos


Photos from July 2014

Facebook
Twitter Updates
AP Video
Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide