Council to Hear Plans For $76M ComplexPosted: Updated:
Plans for a $76 million sports and entertainment complex will go before the full Fishers City Council Monday for the first time. Officials say the 4,200-seat arena and connected 245,000 square-foot fieldhouse will be privately-owned and have an estimated $110 million economic impact. News Release
Originally Posted April 13, 2015
FISHERS, Ind. - Mayor Scott Fadness today introduced a proposal for a $76.4 million privately owned and operated, multi-purpose sports and entertainment project to be constructed near the Lake District at Saxony Village in Fishers. The planned complex will bring an estimated $110 million in economic impact to the area while meeting the growing community need for indoor recreational space. The City Council will hear the full proposal on Monday, Apr. 20 and a series of community information meetings will follow.
"This project will have a significant positive impact on the local economy and adds to the quality of life that makes Fishers a great place to live," said Mayor Fadness. "It also provides a unique opportunity to partner with the private sector to provide needed indoor recreation space for our residents."
The complex - to be privately owned and operated by GK Sports and Entertainment - plans to include a 4,200-seat arena, an adjoining 245,000 sq. ft. fieldhouse and a 600-space parking garage to be built on a site near the intersection of 136th Street and Olio Road. The project will be thoughtfully designed and adaptable for professional and amateur sports with the ability to host a variety of hard-court or turf sports. The development is also expected to include a medical office building and future hotel.
"I am excited about the prospect of this facility coming to our community, and I look forward to engaging our residents in a discussion about moving forward," said Mayor Fadness. "Not only will our youth sports programs have additional space to recreate, but the adults and seniors in our community will have an indoor walking/jogging track to use five days a week."
The proposal to be considered at the Monday, April 20 City Council meeting includes:
-A 10-year tax abatement for the arena and parking garage ($200K annually)
-Waiver of impact and permit fees for the entire project
-A 20-year lease agreement with the City of Fishers for a portion of the fieldhouse, which includes:
-Use of 12 courts or turf Monday-Thursday 3 - 9 p.m. (reduced to 3.5 hours/day during summer)
-Community access to walking/jogging track six hours a day Monday-Friday
-Annual lease payment of $805,000 to be paid by project property taxes, park impact fees and ticket fees
Projections detailed in a study commissioned by the Hamilton County Sports Corp. estimate an economic impact of over $110 million annually, in addition to bringing nearly $80 million in new assessed value to the Saxony Village, home to diverse housing and retail options, IU Health Saxony Hospital, Community Health Network and St. Vincent, and other businesses.
Fishers will also host three community information sessions to discuss the project with the residents in the coming weeks:
-April 22 - Crosspoint Church; 13678 Silverstone Drive, 6 p.m.
-April 30 - Launch Fishers; 7 Municipal Drive, Fishers at 6 p.m.
-May 7 - City of Fishers Auditorium; 1 Municipal Drive, Fishers at 6 p.m.
The City Council is expected to vote on the project at the May 18 City Council meeting.
Source: The City of Fishers