Carmel Bond Bank to issue taxable bonds for development projects
The Carmel Redevelopment Authority and Redevelopment Commission, along with Clerk Treasurer and Carmel Bond Bank Executive Director Christine Pauley, invite Carmel residents to purchase a series of bonds in support of several development projects in the City of Carmel. Although a large number of bonds typically are sold to institutional investors, the underwriters will give priority to local Indiana residents.
On June 28, the City’s Local Public Improvement Bond Bank authorized the issuance of taxable bonds for portions of two projects: City Center II and Midtown Phase 1A, consisting of landscape and streetscape projects, lighting upgrades to public ways; parking facilities, improvements and upgrades to water and sewer drainage; site work and preparation to support mixed use development; and other necessary public infrastructure related to the projects. The City Center project is just east of the Palladium near the intersection of Range Line Road and City Center Drive. The Midtown project will be between City Center and the Arts & Design District.
“With a desire for transparency and open government, we wanted our local residents to know of this opportunity to purchase bonds in support of local projects,” Pauley said. “The approval of the Bond Bank resolution was the final step in the public approval process for the issuance of bonds for these projects.”
The Carmel City Council, the Redevelopment Authority and the Redevelopment Commission had previously approved the projects at meetings dating back to 2014.
The bonds are expected to be sold by Stifel, Nicolaus & Company, Incorporated and City Securities on or about July 20 with funds estimated to be available for the projects around Aug. 4. If anyone would like additional information regarding the bond issue or is interested in purchasing these bonds or any future bonds, they are encouraged to contact a registered representative at Stifel at 317-571-4600 or City Securities 317-808-7256.
Source: City of Carmel