Lebanon Reporter

March 26, 2013

Dow deal on hold

By Matt Werner
For The Lebanon Reporter

Zionsville — Officials hope a decision can be made on the Dow Chemical land purchase by Memorial Day weekend.

Andy Buroker, attorney for the Zionsville Redevelopment Commission, told the commissioners Monday night, March 25, that they were still waiting to hear back from Dow after submitting another amendment to extend the closing date. The deal initially was slated to close in December, but has been delayed several times, mostly by environmental concerns.

The plan calls for Zionsville Community Schools to take $5.7 million from a 2005 bond to buy about 100 acres along 106th Street east of Zionsville Road. At closing, ZCS would give 90 acres to the RDC, and keep 10 acres to develop a maintenance facility that will house equipment now kept at the old Union school. The RDC would pay $285,000 per year to the schools until the Tax Increment Finance District expires in 2028.

“The previous agreement expired at the end of February,” he said. “This new amendment was signed, and we are waiting to hear back from Dow. It would extend everything to May 23. We asked for additional time to receive input.”

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