Council to Vote on $66M Loan for Old City Hall

The redevelopment plans include apartments, condos, hotel rooms, and retail space, connecting the Old City Hall and a new skyscraper.

Source: WISH-TV / WISH-TV

INDIANAPOLIS — The Indianapolis City-County Council will vote in April on a proposal to loan $66 million for the redevelopment of Old City Hall.

The loan would go to TWG Developers, who plan to redevelop the historic building and build a new mixed-use development next door. The $66 million will help cover rising construction costs.

Chase Smith from TWG says construction costs have jumped significantly, and interest rates are higher than expected, making this loan necessary. The city will pay $9.3 million in interest for the first three years, but TWG will repay that amount as part of the deal.

The redevelopment plans include apartments, condos, hotel rooms, and retail space, connecting the Old City Hall and a new skyscraper. Some of the apartments will be affordable for people with lower incomes.

There’s some debate about whether all this funding should be focused on downtown. City-County Council Minority Leader Michael-Paul Hart says the city is putting a lot into downtown, and not enough into other areas. Others, like Councilor John Barth, support the project, saying it’s a chance to save a historic site and bring positive change to the area.

The final vote on the proposal could happen at the next City-County Council meeting on April 7. The proposal to loan $66 million for the redevelopment of the Old City Hall in Indianapolis is waiting for final approval from the City-County Council in April.