The Zionsville Town Council completed first readings of three separate bond authorization requests at its Aug. 1 town council meeting. Authorization requests are for Adler Apartments, The Farm and the Carpenter Nature Preserve. The council will vote on the authorizations in future meetings.
Adler Apartments
The Adler Apartments development team requested nearly $5.7 million in bonds via tax increment finance revenues for the early phases of the mixed-use project that includes Adler Apartments and the Hy-Vee supermarket.
“The commercial component of the project looks not only viable, but it’s progressing tangibly,” attorney Matt Price said.
Price said Adler Apartments will generate revenue for Zionsville through some taxation immediately, but the town will see greater revenue in 25 years when the bonds expire.
“It’s an eye towards a long-term return on the investment,” Price said. “While we’re spending increment to pay for infrastructure, we’re also planning for the future.”
Bond counsel Heather James said the developers will have further information about the economic benefits of the project at the next council meeting after council member Josh Garrett said he was concerned about the 25-year waiting period for the city’s return on investment.
The Farm
The Farm at Zionsville, a mixed-use urban development project, requested $12.2 million in bonds paid by tax increment finance revenues for Phase 1 of development.
The 50-acre project includes office space, retail and apartments. Developer Steve Pittman of Pittman Partners said The Farm will generate economic growth in Zionsville.
“We want to bring in very high-end restaurants,” Pittman said. “People used to think that had to happen downtown at the convention center, and now we’ve learned that you can do those in downtown Carmel, you can do those in downtown Fishers.”
Phase 1 involves installation of basic infrastructure, such as sidewalks and utility mains, and the multifamily units, including the apartments, parking garage and community pavilion.
Pittman said The Farm differs from how people may picture mixed-used developments, which can conjure images of strip malls rather than walkable communities.
“We’re literally trying to put (it) together where people are living in the apartments and they’re walking across to the restaurants and vice versa,” Pittman said.
Carpenter Nature Preserve
The Zionsville Parks and Recreation Dept. requested $4.5 million in bonds in the first phase of its Carpenter Nature Preserve project.
Future phases would require funds anywhere from $4 million to $10 million each, but Zionsville Parks Dept. Supt. Jared Logsdon said the focus now is on acquiring the land.
The public park would be located at the former Wolf Run golf course.
“I believe the Carpenter Nature Preserve has the potential to be the heart of our parks system as we continue to grow,” Logsdon said.
Carpenter Nature Preserve will be the largest public park in Boone County. Logsdon said the project pertains to his department’s mission of conservation, as the preserve contains several biomes and self-sustaining ecosystems.
“We’re talking about multiple environments that could support and sustain sensitive species that are found in Central Indiana,” Logsdon said.
For infrastructure on the site, Logsdon said the department has considered a nature center, public art installations and an event-gathering space.
“I believe the Carpenter Nature Preserve has the potential to be the heart of our parks system as we continue to grow,” Logsdon said.
