When you hear the sales pitch from the developers of the proposed Saxony Sports Complex, there are a few messages that come through crystal clear.
First, the bonds to fund the project are going through the Fishers Economic Development Commission and the City Council only to allow part of the bond issue to contain tax exempt bonds, which are easier to market to institutional investors, but the city will not be backing these bonds in any way. The complex will be owned and operated by a nonprofit organization.
Second, there will be no Tax Increment Financing (TIF) for this sports complex. The development will be located in a TIF District. But there is no TIF, only the issuance of Revenue Bonds.
Third, since nonprofit organizations are not required to pay property taxes under state law, the owners of this project have committed to pay Payments In Lieu of Taxes (PILOT), which is a way for nonprofits to pay the equivalent of property taxes.
The complex is expected to cost $70 million to construct, with a ceiling of $75 million that can be borrowed. The nonprofit running the undertaking will use any funds over expenses to support amateur sports.
Those backing the project claim it will become a center for regional, national and even international sporting events.
The City Council passed a resolution moving forward, with Council President David George voting no, saying he is still concerned about the size of initial payments to the developers as the project gets started. But George did vote to suspend the rules and approved the bonds financing the complex. Both measures passed, allowing the plans to move forward.
Developers say the bonds should be sold within 30 to 45 days, with construction starting as early as fall of this year.
Here are some numbers about the complex itself:
On the first floor:
- 265,482 square-foot turf field house, which includes six turf fields
- Separate 17,600 square-foot turf area for baseball training
- 87,530 square-foot hard surface court fieldhouse which includes 12 hard surface courts that can be used for a variety of court sports
- 32,231 square-foot ground floor commons and fitness area
- 29,225 square-foot center support area
On the second floor:
- Viewing area concourse
- Walking/jogging track
- Family lounge
- Offices
The facility will also feature on-site parking containing approximately 600 parking spaces.