MDC to Hold Public Hearing on Abatement for 450 E. Market

The Metropolitan Development Commission is slated to hold a public hearing this Wednesday, September 2, on the proposed abatement for 450 E. Market Street. You may recall that this abatement is the central feature in a complex deal between the City and TM Miller Enterprises to rehab the old Bank One Operations Building into apartments and retail. Through the deal the City would become owner of the parking garage just north of the block TM Miller Enterprises would get for free.

Even if all goes as hoped for with the planned development, there will be a net loss of property tax revenues reaching over $1 million in the first two and half years and a net loss of property tax revenues of $43,000 each year after. In addition, the Capital Improvement Board stands to lose $800,000 per year in revenue from the surface parking lots it owns on the old Market Square Arena site, if the City gets its wish that a variance to avoid paving those lots is denied an extension. It is unclear how profitable the parking garage can be without the surface lots closure, driving customers to the garage. More on how these number are calculated in a later blog entry.

See here for a description of the deal. The hearing would begin at 1:00 pm in the Public Assembly Room of the City-County Building.