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Council Approves $23M For Market Square Arena Site
Updated March 18, 2014 7:05 AM
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(INDIANAPOLIS) - The Indianapolis City-County Council has approved bonds for the development of a new mixed-use facility at the site of the old Market Square Arena.

The proposal gives developer Flaherty and Collins 23-million dollars in incentives for the construction of the 28-story building consisting of 300 luxury apartments, 43,000 square feet of retail space and a 550-space parking facility.

The project is expected to cost a total of $81-million dollars.

During Monday's meeting of the council, Democratic Councilor Angela Mansfield said the incentives for the developer are excessive. Mansfield and fellow Democrat Brian Mahern, said the city already has trouble funding its public safety and infrastructure needs. Mansfield said the city could have provided incentives for the project, but not to this extent.

Both Mansfield and Mahern said the city should be making better use of taxpayer dollars. However, Republican Councilor Jeff Miller said this project would transform the city even more and will bring in more property and sales tax revenue into the city.

Despite concerns, the proposal passed by a vote of 18-9.

The proposal now heads to Mayor Greg Ballard's desk for approval.

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