City of Westfield considering $6 million loan repayment resolution • Current Edition

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Westfield town leaders are considering a resolution that sets out terms for repayment of a $6 million loan made in 2014 for Grand Park.

Westfield City Council is expected to vote on the resolution at its September 12 meeting, which would mean the loan would be repaid in full by the end of 2023. Council members had approved a resolution in 2014 that loaned $6 million of proceeds from the sale of utilities to the city for use in Grand Park, which is owned by the Westfield Redevelopment Commission.

The original agreement did not specify a repayment structure for this resort loan. Board members had previously proposed annual loan payments of $500,000, but the resolution submitted to the board at its August 22 meeting stated that $3 million would be paid by December 1, while the rest would be paid. paid no later than December 1, 2023. .

However, the council decided to advance the first installment to be paid before January 1st. This was done so council would not have to make a special appropriation on Dec. 1, Councilman Mike Johns said.

Johns said the goal was to repay the loan in full by the end of next year. The resolution is the final step related to Grand Park issues, as the city plans to eventually sell the complex or enter into a public-private partnership to operate it.

The 400-acre complex, which serves as the Indianapolis Colts’ training camp, has 31 football fields, 26 baseball diamonds, two administration buildings, seven concession stands and a 378,000 square foot multi-purpose event center . City spokesman Chris Proffitt said earlier this month that the city had received seven bids for the resort, although the identities have not been made public.

The city is waiting to release the identities of the nominators until a nomination review committee meets, according to Proffitt.

Mayor Andy Cook’s five-nomination committee includes a nominee from Westfield City Council and will be tasked with reviewing bids. The panel will make a recommendation to the Westfield Redevelopment Commission and Westfield City Council regarding Grand Park.

The two entities will eventually vote on a buyer or operator of Grand Park or choose not to sell the campus, which has a minimum price of $85 million based on the average of two appraisals the city has already received.

If Westfield were to sell Grand Park, city officials previously said they would use the proceeds to pay off the park’s debt. The city still owes nearly $80 million for the complex.

Jeremy Lollar, who is the town’s chief of staff, told the Westfield Redevelopment Commission at its August 18 meeting that a recommendation was not expected any time soon.

“We are months away from any recommendation to this body,” Lollar said.

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