Zionsville Times Sentinel

November 21, 2012

Commission discusses agreement for Dow land

By Matt Werner/Times Sentinel reporter
Zionsville Times Sentinel

— More details about a plan for Zionsville schools and the town are known.

The Zionsville Redevelopment Commission spent nearly two hours Nov. 14 going through the proposal to buy 126 acres from Dow Agroscience. The board talked about everything from how the deal would be funded to remediation issues on the site.

The plan calls for ZCS to take $5.7 million from a 2005 bond to purchase the 126 acre parcel along 106th Street east of Zionsville Road. At closing, ZCS would give 116 acres to the RDC, and keep 10 acres to develop a maintenance facility that will house equipment now kept at the old Union school. The RDC would pay $285,000 per year to the schools until the Tax Increment Finance District expires in 2028.

“That would cover the 5 percent interest on the school bonds the schools are currently paying,” RDC President Mike Latz said during the special RDC meeting. “(The schools) will be able to do what they wanted and not be out any money.”

See Wednesday's paper for the full story.