Sarah S. Riordan
The Indianapolis Local Public Improvement Bond Bank
The Indianapolis Local Public Improvement Bond Bank
Learn about The Indianapolis Local Public Improvement Bond Bank including our ESG Program, News & Press Releases, Projects, and Finance Team.
Have questions? Reach out to us directly.
Learn about The Indianapolis Local Public Improvement Bond Bank including our ESG Program, News & Press Releases, Projects, and Finance Team.
In 1985, with the assistance of the Indiana General Assembly, the City of Indianapolis established the Indianapolis Local Public Improvement Bond Bank, the first municipal bond bank in the country. The Bond Bank is a municipal corporation that serves as the debt issuance and management arm of the City of Indianapolis and related “Qualified Entities.” These entities include special taxing districts, political subdivisions, and building/leasing authorities. Since its inception, the Indianapolis Local Public Improvement Bond Bank has issued nearly $13 billion in bonds and notes on behalf of various Qualified Entities of the City of Indianapolis and Marion County.
The Bond Bank’s structure allows for the centralized management and supervision of all debt issued by governmental entities throughout Marion County. By coordinating all locally-issued debt, including general obligation and revenue bonds, the Bond Bank provides leadership and guidance through the capital markets and the sale of municipal bonds and other debt instruments. For example, the Bond Bank coordinates the timing of all city and Qualified Entity bond sales. The Bond Bank also maintains relationships and regular communications with representatives from the national credit rating agencies and assists with securing ratings when necessary and providing frequent updates to the agencies on the City’s economy, employment figures, major developments, and the annual budget and audit process. The Bond Bank actively monitors local and national bond markets, as well as financial and economic trends that impact bond issuance structures, timing, and interest rates.
With the assistance of the professionals employed by the various Qualified Entities, the Bond Bank also prepares documents related to bond issuances, manages trustee banks and the collection and disbursement of bond proceeds. The Bond Bank is also primarily responsible for investor outreach and communication, including obligations under continuing disclosure agreements. By centralizing the management of all debt issued by local government entities, the debt management process is simplified and the Bond Bank can provide organization, structure, and consistency to investors interested in purchasing securities issued by Indianapolis entities.
Learn about our environmental, social, and governance program, and how we bring those values to life with green bonds, sustainable projects, and more.
Pacers Sports & Entertainment plans to spend $78 million build a dedicated training complex for the Indiana Fever on a portion of the former Marion County Jail I property in downtown Indianapolis.
The three-story, 108,000-square foot facility, to be called the Indiana Fever Sports Performance Center, is expected open by May 2027, just ahead of that year’s WNBA season.
The complex will be built on the northeast corner of Maryland and Delaware streets, on the western half of a property that has long been occupied by the former correctional facility, which is now being demolished. The property is across Maryland Street from the Virginia Avenue Parking Garage, about a block from Gainbridge Fieldhouse.
The project is being developed through an interlocal agreement between PS&E, the city of Indianapolis and the Capital Improvement Board of Marion County. Construction could begin as early as August.
Certain details for the complex are still being finalized, but initial plans call for two regulation-size basketball courts, a full-service kitchen, a private outdoor courtyard and a spa-style retreat space with amenities including infrared light therapy, sauna, steam, heat studios, a float tank and multiple hydrotherapy pools. It will also offer yoga and Pilates areas, a strength and conditioning space and mental performance areas.
The project will feature office areas for Fever personnel, along with a hair and nail salon, childcare space and content- production areas for players, including a podcast studio. It will also house a team store and offer opportunities for players to engage directly with fans.
The facility will be connected to the Virginia Avenue Parking Garage by a skybridge over Maryland Street. The parking garage is connected to Gainbridge Fieldhouse via a skybridge over Delaware Street.
“We are excited to partner with Indianapolis Mayor Joe Hogsett to identify the perfect location for the Indiana Fever Sports Performance Center,” PS&E Owner Herb Simon said in written remarks. “The city of Indianapolis continues to be a tremendous partner as we elevate our team, players and community.”
The construction will be led by Shiel Sexton, while design firm Populous will be the architect of record.
In addition to the planned investment in the Fever, the Simon family has made or promised significant investments in the area surrounding Gainbridge Fieldhouse in recent years.
In 2023, it completed the $65 million Bicentennial Unity Plaza as part of a larger (mostly tax revenue-funded) renovation of the now-25-year-old arena. In 2024, the company debuted the Commission Row property along Delaware Street that features a restaurant, speakeasy and event space.
An affiliate of the Simon family this year also plans to begin construction on a $312 million redevelopment of the former CSX property at 230 S. Pennsylvania St. That property will become a 170-room high-end Shinola Hotel and a 4,000-seat live performance venue operated by Live Nation, featuring an enclosed parking garage and a skybridge connecting to the fieldhouse.
While the Indiana Pacers have had their own dedicated practice facility—the $50 million Ascension St. Vincent Center that opened in 2017—the Fever have their own practice and training facilities in Gainbridge Fieldhouse. The team’s current facilities and practice court were renovated in 2020. Those facilities are expected to remain in place after the new complex opens, largely for game-day hospitality activities, PS&E officials said.
The Ascension St. Vincent Center is a five-story, 130,000-square-foot structure connected to the fieldhouse that features two courts, high-tech training and recovery facilities and staff offices.
Mel Raines, CEO of Pacers Sports & Entertainment, said the continued growth of the WNBA and upward trajectory of the Fever made it imperative for the organization to have a facility of its own. She said the design of the project will also feature a specific focus on serving the needs of female athletes.
“We’re excited about what we’re able to really build from the ground up, to be the best performance center for female athletes, hopefully anywhere in the country and maybe anywhere in the world, to really holistically think about helping them compete at the highest level,” Raines told IBJ.
Several teams across the WNBA have announced plans for dedicated practice facilities, including the Las Vegas Aces (whose facility opened last April), Seattle Storm and Phoenix Mercury. The Chicago Sky said in July that it would move forward with construction of a team-specific training complex, while the owners of the New York Liberty have made a similar commitment.
Conversations with city leaders about creating a new Fever-specific facility have unfolded over the past several months, dating to before the 2024 season that saw the team make its first playoff appearance since 2016, led by back-to-back WNBA No. 1 draft picks Caitlin Clark and Aliyah Boston and veteran Kelsey Mitchell.
Last year, the Indiana Sports Corp. announced its Vision 2050 plan, which includes the goal of making Indianapolis the epicenter of women’s sports. Raines said the new facility—set to break ground in August, shortly after Indianapolis hosts the 2025 WNBA All-Star weekend on July 18-19—will help further that goal.
“When [we were] looking at the best possible site for this, and upon understanding that the Jail I site was coming down, we approached the mayor’s office with our idea … and what we thought it could potentially look like,” she said. Hogsett “was very supportive; he’s been a Fever season ticket holder for years, and I think saw the vision of what this could be.”
The facility is expected to be constructed by an affiliate of Pacers Sports & Entertainment. The Capital Improvement Board is expected to own the land on which the structure will be built following a transfer of the property from the city.
The CIB, as it did for the Pacers and Indianapolis Colts training facilities, will have an operating agreement with the PS&E affiliate that will allow the facility to be donated to the public body at the conclusion of the agreement term, details for which have not been finalized. The jail property is now being torn down, with that work expected to continue through July.
Spurred by interest in Clark, the Fever saw home attendance explode from an average of 4,067 in 2023 to 17,036 in 2024. League-wide attendance jumped 48% with games featuring Clark driving most of that increase.
“Last year, we experienced an unprecedented boom in interest and attention on women’s sports around the world, led in large part by our very own Indiana Fever,” Indianapolis Mayor Joe Hogsett said. “Indianapolis is proud to see this significant investment from Pacers Sports & Entertainment drive further momentum in women’s basketball in our community and continue to elevate our status as a major league sports city.”
The eastern portion of the jail property is not part of the project and is expected to be held by the city as part of the Hogsett administration’s continued efforts to secure a Major League Soccer franchise.
The city has already been working with a Simon affiliate, 101 S. Alabama Development LLC, to acquire the Presidential Park lot at 301 W. Washington St., just west of the Julia M. Carson Transit Center, as part of its ongoing efforts to further redevelop the area surrounding the jail—either in connection with soccer or separately.
The Simon family affiliate since last April has acquired that site as well as two other properties that are thought to be integral to the city’s soccer push, although city officials have remained mum on whether the family is involved in the effort, while a representative for the family has said its interest in certain parcels “predates soccer.”
The city intends to hold onto the other 1-acre portion of the jail site as part of its push forward for development in the Market East Cultural District—including efforts related to Major League Soccer.
“We’re going to continue to move forward to try to land a soccer-specific stadium across the street from the eastern half, so that side of the jail parcel will play an active role in that planning and discussions,” said Dan Parker, chief deputy mayor for the city. “No decision [has been] made on that.”
The Fever project is expected to require approval from the Regional Center Hearing Examiner, said Parker. That process will likely occur in conjunction with the continued demolition of the jail, allowing the Simon company to move ahead with construction as soon as the site has been cleared.
Correction: This story has been updated to remove a reference to Ascension St. Vincent operations in the Pacers practice facility. Also, the location has been updated to reflect that the building will be at the corner of Delaware and Maryland streets. You can see more IBJ corrections here.
Purdue University’s new multi-use building planned for the northwest corner of Michigan and West streets in Indianapolis is expected to rise 15 stories and open in 2027.
Conceptual renderings, first shared with IBJ on Wednesday, outline the school’s proposed Academic Success Building, a 248,000-square-foot structure offering classroom and laboratory space, first-floor retail, community areas, student dining options with up to 400 seats and residential space for up to 500 students.
The $187 million project, which received formal approval from the Purdue board of trustees in June, will be the first structure built by the university in Indianapolis since it split from Indiana University last summer.
“The new Academic Success Building is Purdue’s first purpose-built facility at our Indianapolis expansion to serve our students, employees, and the surrounding community,” Jay Wasson, Vice President of Physical Facilities and Chief Public Safety Officer at Purdue, said in a written statement. “This investment reflects our commitment to providing a world-class residential and experiential learning experience supporting STEM-related needs critical to growing the Indiana economy.”
IUPUI—otherwise known as Indiana University-Purdue University at Indianapolis—broke into Indiana University Indianapolis, a standalone campus in the IU system, and Purdue University in Indianapolis, which is considered an extension of Purdue’s main campus in West Lafayette.
Early plans for the Academic Success Building call for a structure with a red-brick, four-story base and a stepped-back 11-story tower occupying the northern two-thirds of the building’s footprint. The tower would feature dark gray exterior building materials and light-colored glass, with Purdue University branding adorning the enclosed rooftop mechanical room.
The structure would be built directly across California Street from the Gateway Parking Garage and will have a main entrance on its southern facade, along Michigan Street.
While the exact footprint has not been finalized, the construction site has long been used as the Lot 73 surface parking area. The lot is part of about 28 acres gifted to Purdue in the northeast quadrant of the former IUPUI campus to allow the school to create its own physical presence in downtown Indianapolis.
Purdue is still shoring up which academic programs will be housed in the building, but planners expect the structure to offer a variety of makers spaces, allowing students to build and work on projects. Purdue last fall began offering a degree focused on integrated business and engineering and another focused on actuarial sciences.
Purdue will continue to use five existing buildings on the IU Indianapolis campus, largely to house programs that predate the split.
Funding for the Academic Success Building project will come from a mix of housing and dining fees ($105 million), funds from the Indiana General Assembly ($60 million) and donations ($22 million).
The first look at the plans comes just a day after IBJ first reported that Purdue had acquired the former American College of Sports Medicine property at 401 W. Michigan St. for $6.5 million. That purchase is one of several real estate moves the university has made downtown stemming from the dissolution of IUPUI.
(IBJ previewed IU’s plans for its Indianapolis campus in a story you can see here. It also covered Purdue’s plans for its Indianapolis extension in a story you can find here.)
Purdue secured a partnership with Dallara in May to house its motorsports engineering program at the company’s U.S. headquarters in downtown Speedway, along with a deal with Elanco for a new building at the former General Motors Stamping Plant site on the west bank of the White River. The school also has an agreement with High Alpha for the executive education program within the Mitchell E. Daniels Jr. School of Business.
And IBJ reported in August that representatives for the city of Indianapolis have asked Purdue to consider establishing a presence on Monument Circle, specifically encouraging the school to bring programs to either the former Anthem Inc. headquarters on the northwest portion of the Circle or the Emmis Corp. headquarters in the southwest quadrant, both of which are now for sale.
Construction on the Academic Success Building is set to begin this April and be completed by May 2027.
The architect on the project is Browning Day with support from Perkins & Will. Shiel Sexton has been selected as construction manager.
Redevelopment at the old Indianapolis City Hall will cost an estimated $100 million more than initially planned as developers look to gain final approval from the city's historic preservation commission and break ground on the site by the end of the year.
Local developer TWG and Mayor Joe Hogsett, who hailed the development as "precisely what we know our city needs," last August unveiled a $140 million plan to renovate the historic building, which has sat vacant since 2016.
Last week, the Central Indiana Regional Development Authority approved a budget of $264 million for the project, adding an additional $100 million that nearly doubled the price.
City officials suggested that historic preservation and complex architectural designs had added to the price tag, alongside rising interest rates.
The project includes a turnaround of the vacant 114-year-old building and the construction of a new 32-floor high-rise residential tower with retail space on the ground floor and four levels of parking garage space.
Director of Metropolitan Development Megan Vukusich said the city submitted the proposal to CIRDA with the $264 million total budget that included a request for $8 million in state READI 2.0 funds and a $14.8 million local match, which the City-County Council approved in the form of a single-site tax increment financing plan, or TIF.
Vukusich said it was her understanding that developers underwent "further due diligence on the site" that ultimately increased construction costs because of necessary architectural design. The Indianapolis Historic Preservation Association must approve redevelopment plans due to the age and historical significance of the building.
City officials directed questions on the site's design to TWG.
Chase Smith, TWG Vice President for Market Rate Development, confirmed the $264 million budget for the project to IndyStar but declined to answer further questions on why the budget increased or what preservation is planned for the site.
CIRDA requested funds for the project to be pulled from the Lilly Endowment. Those funds are awaiting approval by the Indiana Economic Development Corporation.
CIRDA last month approved two other downtown projects — a $650 million budget for the decade-long planned redevelopment of Circle Centre Mall and $298 million for the City Market campus overhaul.
TWG presented initial blueprints, designed by the Atlanta-based architecture firm Smallwood, to the city's historic preservation committee in November, three months after the announcement of the renovation.
Members of the commission expressed excitement about the overdue redevelopment of a downtown landmark, but pressed developers and designers on the preservation plans, particularly on the interior design, which was not presented at the initial meeting.
"I am excited to see this block restored after many years of vacancy. I am really in support of this project," commissioner Anson Keller said at the meeting. "But I think there is still a lot of work left to do on this project to get it to where it needs to be."
Among commissioners' chief concerns were what would happen to interior elements, such as the old council chambers, and how a modern high-rise would coexist next to a century-old building.
"We are the IHPC so we are really going to care about this historic building to a very high level and I can’t emphasize that enough," said commission president Bill Browne at the time. "Interior is not something that we do a lot of, but we appreciate the value that this interior has. The restoration of that is going to be important and the reuse of that is going to be important."
The old City Hall building will become home to a 21c Museum Hotel public art gallery ran by Louisville, Kentucky-based 21c Management LLC, which would also operate the hotel on the site, and allow a handful of tenants to rent space on the upper floors.
The tower will sit on the adjacent parking lot and house 190 new apartment units, including a mix of studio to three-bedroom units and 24 condominium units as well as 10 affordable units for residents making 30% and below of the area median income as part of the city's affordability requirements for projects with city financing. A multi-story parking garage and 150 hotel rooms will be situated on floors in between the ground-level retail floor and upper-level residences.
A two-level walkway will connect the first and second floors of the buildings, according to the design.
Old City Hall has had multiple past lives.
City services ran out of the site until 1962, when the City-County building opened. Then, the building served as a home for the Indiana State Museum from 1967 to 2002 and the Indianapolis Public Library from 2002 until 2007.
The city used the building for a hodgepodge of activities from 2007 until 2016.
Because old City Hall has been locally designated as a landmark since 1974 but is not a state-designated landmark, the Indiana Landmarks association is not working with the developers, said Mark Dollase, Vice President of Preservation Services at the association.
Dollase said he is sometimes asked to give input through public comment at IHPC meetings but has not been asked to do so yet regarding the old City Hall plans.
The project has not yet gone before the historic preservation commission for final approval. Developers still plan to break ground by the end of 2024, Smith of TWG said.
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