Ibj   fishers tif 19 mil for auto dealership - 4-1-10
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Ibj fishers tif 19 mil for auto dealership - 4-1-10

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Ibj   fishers tif 19 mil for auto dealership - 4-1-10 Ibj fishers tif 19 mil for auto dealership - 4-1-10 Document Transcript

  • 4/1/2010 Indianapolis Business News - Latest Indi… Fishers approves $19M auto mall development April 1, 2010 The Fishers Town Council unanimously approved on Wednesday night an economic development agreement for Butler Automotive Group, which intends to build a $19 million auto mall along State Road 37 housing up to five car dealerships. The town’s Advisory Plan Commission had approved the project. Construction is expected to begin this spring on a new Butler Nissan dealership with completion of the entire development slated for 2013. About 230 jobs could be created, according to Butler. A Butler Nissan dealership already sits on part of the property the company wants to redevelop. The town has agreed to create a tax-increment financing district to help fund infrastructure improvements. The Butler property would receive $2.8 million in improvements. The town would spend an additional $4.14 million on the surrounding area. The Butler auto mall is planned for the west side of State Road 37 on the former Davidson Lumberyard property and would stretch from 131st to 141st streets. Lumberyard structures would need to be demolished to make way for the dealership. The site is across from the former Britton Park Golf Course. A major water park, hotel and retail project had been slated for that property, but developers have run into financial troubles that are severely threatening the development. The $80 million project, led by Indianapolis-based Puller Group, includes plans for a 16-acre water park and 244-room Wyndham Hotel within Fishers Marketplace, a mix of shops, restaurants and offices. Old National Bank foreclosed in August on the south half of the 104-acre site, which was owned by Indianapolis developer Skjodt Thomas & Associates. Fifth Third Bank is attempting to foreclose on the other half owned by the Puller Group. The case is pending in Hamilton Superior Court.http://www.ibj.com/article/print?articleI… 1/1