$25M bond proposal calls for new fire station, park pavilion, City Market upgrades
INDIANAPOLIS (WISH) — A $25 million bond proposal on Tuesday night passed a Indianapolis City-County Council committee.
The money would be used for several improvements:
- A pavilion at Dr. Martin Luther King Jr. Park.
- The replacement of plazas and an upgrade to the inside of Indianapolis City Market, 222 E. Market St.
- The replacement of a fire station on the city’s east side.
- Upgrades at other fire stations throughout the city.
City Controller Ken Clark says the bond is part of the city’s Circle City Forward initiative, which includes projects to upgrade streets, parks, sidewalks, trails and greenways.
Clark told News 8, “We’re excited about making another investment in Circle City Forward and we’ll continue to make investments in the Circle City Forward initiative and this is just another example of that.”
The bond would be repaid in no more than 20 years with an interest rate of no more than 7%. Property taxes would be used to pay off the bond.
With the backing of the Administration and Finance Committee, the bond proposal now will head to the full council for a vote. If it passes, Mayor Joe Hogsett would have to sign off on the plan.