From the Indianapolis Business Journal:
A local developer plans to build a 260-unit apartment complex on 22.5 acres on the southwest side, and is asking the city of Indianapolis for a tax break to help defray costs.
Herman & Kittle Properties Inc. has proposed developing the $16.2 million project on vacant property southwest of Mann and West Mills roads. The market-rate apartment community would consist of 29 residential buildings, a clubhouse, covered parking and a pool, according to its tax abatement request with the city.
An analysis by city development staff estimates that the project will add $11.4 million in assessed value to the tax base. In addition to the $16.2 million cost of developing the project, Herman & Kittle expects to pay the city about $600,000 for infrastructure improvements to the Mann and West Mills intersection.
Herman & Kittle has requested a three-year tax abatement, which would save the firm about $452,000 in property taxes, according to city staff. During that time, it still would pay an estimated $229,000 in property taxes.
After the abatement expires, the firm would pay about $227,000 annually in property taxes for the apartment development.
The company is seeking the tax break to help offset the cost of the $600,000 in roadway improvements, according to city staff.
The project would create four jobs at an average wage of $22 per hour.
The Metropolitan Development Commission will consider the abatement request during its meeting at 1 p.m. Wednesday. MDC staffers have recommended that the commission approve the abatement.
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http://www.ibj.com/developer-seeks-tax-break-on-162m-apartment-project/PARAMS/article/44042
