Under a pending agreement, Zionsville Community Schools plans to purchase 126 acres at 106th Street east of Zionsville Road fromDow
Agrosciences for $5.7 million.If approved by both the school and town board, the school district then would keep approximately 10 acres, on which it would build a warehouse and maintenance facility — a project for which the district issued bonds in 2005. The district then deferred the project to a later time "until economic conditions improved and a suitable site was found," according to a press release Tuesday from the school district.
The town of Zionsville, under the agreement, would then purchase the remaining acreage from the school district and install underground utilities for the entire parcel. The town plans to subdivide the property for commercial development.
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"This partnership is a creative way to benefit taxpayers," Norton said in a prepared statement, "while expanding assessed valuation by creating a market-ready economic development opportunity."
The president of the Zionsville Town Council agreed.
"New economic development on this land will increase the Town's tax base," said Tim Haak in a prepared statement, "lowering tax rates and minimizing tax cap losses for all local government entities. … New economic investment
creates more local jobs, benefits existing local businesses and all taxpayers."Zionsville Schools Superintendent Scott Robison expressed hope that the school and town boards would approve the deal.
"It is a unique opportunity," he said in a prepared statement. "The revenue from the town's installment payments through 2028 creates a new revenue stream for Zionsville Community Schools beyond property taxes. This use of existing and very restricted funds
is an either-or situation. Either these funds lay dormant until a bond refinancing is possible in 2015 or they simultaneously locate the needed warehouse/maintenance facility and aid the Town's efforts in commercial development. The resulting assessed valuation expansion will help all taxpayers for decades to come."...
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