The City of Fishers is still in talks with the owners of 70 acres of land on Geist Lake to purchase the property and establish a city park, the first public space on Geist Lake. The Fishers Redevelopment Commission approved an amendment to the economic development plan of that area and okayed a bond issue as steps toward acquiring the land and establishing the park.
City Controller Oscar Gutierrez told the commission the city is asking for $12 million of authority for property tax backed bonds. The controller also said he does not expect to actually utilize the entire bond authority, saying the actual purchase price is more likely to end up at between $9 million and $9.5 million.
The city has made a clear declaration that if an agreement to purchase the property from the current owners is unsuccessful, the mayor is prepared to condemn the property and acquire it under the laws of imminent domain. State law provides a specific procedure to determine the fair market value of the property, which, if condemned, would be the city’s purchase price.
In another matter before the commission, Tax Increment Finance (TIF) bonds and changes to the development plan were approved for The Yard culinary project, to be constructed near the new IKEA location. The Yard items will now go the Fishers Plan Commission, then the Fishers City Council, before returning to the Redevelopment Commission for final approval. Construction could begin this fall or the spring of 2018, depending on how the approval process moves along.