Westfield closes in on bidder for Grand Park purchase

Posted By: The Reporter July 30, 2022

The REPORTER & WISH-TV

In March, the Westfield Redevelopment Commission (RDC) released a request for proposals (RFP) seeking companies interested in purchasing the Grand Park Sports Campus or operating the campus through a public-private partnership. A total of 16 entities met an April deadline to submit an intent to bid on Grand Park.

Subsequently, according to statute, the City of Westfield began appraisals of the property to determine the minimum price for the land and buildings. The expectation, as stated in the RFP, is that the bidders add considerable value to the business intangibles not appraised. The bid deadline was extended twice to allow for those appraisals to be completed. That process has concluded, and the city plans to release the appraisals to the public before the Monday, Aug. 8 bid deadline.

Cook

“This is about bringing the campus to a new and more competitive level with private investment. This is not a fire sale of Grand Park,” Westfield Mayor Andy Cook said. “Grand Park has exceeded its original forecasted financial expectations by a wide margin, creating 1.6 billion dollars of commercial investment to our city in its wake. However, either a purchase of Grand Park or a public-private partnership is absolutely necessary to keep this incredible asset relevant in an increasingly competitive market. We look forward to letting the process unfold with open eyes to new ideas and will give the bidders and their proposals the professional and diligent attention that they deserve.”

The 400-acre, multisports complex serves as the training camp of the Indianapolis Colts. It also hosts various prep school sports and tournaments, concerts and political rallies.

Gilbert

Jake Gilbert, a Republican member of the Westfield City Council, said, “It’s the most unique asset in the Midwest. I don’t think we should sell it. I feel like it serves our people in several ways.”

Proponents of selling Grand Park say while it’s brought in revenue, it isn’t enough money for the city to pay down its debts. The city owes $80 million on the park that opened in 2014.

Gilbert adds that land around Grand Park is also increasing in value. “It’s the identity for our entire city of Westfield. It brings in economic development consistently, and last year we made $2.6 million in profits. II don’t know why we would sell it now.”

Once bids are received by the Aug. 8 deadline, they will be reviewed by an independent committee which will then provide recommendations to the Westfield Redevelopment Commission and to the city council. Both will then vote on either a buyer or operator of Grand Park or choose not to sell the campus.

By statute, Grand Park cannot be sold for less than its appraised value.

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2 Comments on "Westfield closes in on bidder for Grand Park purchase"

  1. Dan Montgomery | August 3, 2022 at 4:59 pm |

    How else are we going to service the debt?

  2. Frank | August 4, 2022 at 1:38 pm |

    1 – public pays for asset
    2 – mismanagement, poor planning & vision on the part of elected officials result in forced sale to private entity.
    3 – Private entity buys property for pennies on the dollar & subsequently severs public partnership & applies for zoning variance to redevelop property for their own most profitable outcome. ( more apartments )
    All filed under ; in the public’s best interest – as is their sworn duty after all.

    Congratulations Westfield, you certainly have the best & brightest looking after your interests.
    .

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