Lebanon Reporter

May 10, 2013

Zionsville acts on PNC Bank property

By Matt Werner
For The Lebanon Reporter

Zionsville — The Zionsville Town Council hopes to work out the purchase agreement with PNC bank for the property at 390 S. Main St., Zionsville.

The council approved Monday night, May 6, to spend $650,000 from the Rainy Day Fund to purchase the property. The council must still come to an agreement on the purchase agreement before the deal is official. Councilman Steve Mundy said by approving the appropriation, the council will have a 30-day contingency period.

“During that period to do any environmental studies, survey work or anything else so we are sure that this purchase is in the best interest of the town,” he said. “Once that period is over, we will have 15 days for closing.”

The council had the property appraised by two separate firms. Council President Jeff Papa said the appraisals were $650,000 and $750,000.

Papa said state statute says the council cannot spend more than the average of the two appraisals.

The town plans to reimburse itself through revenues from the Tax Increment Financing district. The Rainy Day Fund will have just more than $1 million left.

Town Manager Ed Mitro said the council will not need to take any further action on the acquisition.