The Carmel City Council on Monday night unanimously approved nearly $50 million worth of tax increment financing bonds to support the construction of the future Republic Airways headquarters and training facility planned off U.S. 31.
Republic Airways and Carmel announced at the end of September that the airline would move its headquarters from northern Indianapolis to Carmel and build a 105,000-square-foot training center.
The total cost of the bonds is $49.5 million, which will be spent on infrastructure improvements, according to a September news release.
The bonds will be backed by the city of Carmel and Republic Airways, according to the release.
“I think that this is both a huge win for the economic development team for the mayor,” Councilor Tim Hannon said Monday. “I think this is just a textbook use of TIF, and I appreciate that.”
The infrastructure improvements will include Carmel financing and building a new parking garage at the property with commercial and residential buildings attached, according to the September release.
According to the bond ordinance approved Monday night, the financing of the project “results in the diversification of industry, the creation of jobs and the creation of business opportunities in the city.”
The bond ordinance was first introduced Sept. 20. It was sent to the Finance, Utilities and Rules Committee before returning to the City Council.
Contact IndyStar’s Carmel and Westfield reporter Brittany Carloni at firstname.lastname@example.org or 317-779-4468. Follow her on Twitter @CarloniBrittany.