Dow property set to close

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The Dow property deal has passed through a series of environmental and financial hurdles and is set to close on May 23.

On May 10, the Zionsville Redevelopment Commission met to discuss in detail the Crowe financial analysis, the exclusive development agreement with Rockland Development LLC and to reaffirm that the environmental concerns were investigated thoroughly. The Zionsville Community School Corp.’s Board of Trustees ordered an additional six borings from the site that ZCS plans to purchase and the results of all six borings came back “non-detect.” The results of all borings taken throughout the proposed site were satisfactory to the commissioners and the ZCSC’s Board of Trustees.

Luke Phenicie, RDC commissioner, presented a high level, detailed analysis including the projected TIF revenues. Phenicie provided a “best case” scenario of the TIF revenue build-up for the project based on the Crowe Analysis and a “conservative case” scenario based on information supplied by Rockland regarding development costs. The total acreage is 91.3 acres at a price per acre of $37,000 for a total purchase price of $3,378,100.00. Additional costs for improvements such as roads and utilities came in at an estimated $1.5 million dollars.

The RDC is preparing all the necessary documents and finalizing all details of this deal with all the concerned parties with an expectation of a May 23 closing.

A full report of the TIF benefits and closing details to come.

 


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