INDIANAPOLIS — The Indianapolis City-County Council voted yes to approve the city to borrow $625 million in bonds to finance the Signia Hotel portion of the Pan Am Plaza redevelopment.
The 40 story, 800 room hotel would be ran by Hilton and will be built across from the Indiana Convention Center.
The Hogsett Administration announced they would take over the funding of the hotel in May, after the orginal developer, Kite Realty group, said they were not able to secure private financing based on current market conditions.
According to the Hogsett Administration, there will be no new taxes involved in funding this project, as it will be funded through hotel revenue bonds.
Visit Indy estimates that this development could bring in 2.9 billion dollars over the next 10 years. They say that large conventions have already reached out about booking their convention at the Indiana Convention center is this hotel is built.
Mayor Hogsett thanked the City-County Council for their approval in a statement.
Thank you to our partners on the Indianapolis City-County Council for voting yes on Proposal 147. Today’s vote will help protect and expand the 83,000 hospitality jobs in our community. It will increase business across our tourism economy and secure our spot as one of the top host cities in the country. Instead of sliding backwards through complacency, we are building a stronger, more vibrant downtown.