The Indianapolis Airport Authority says all 320 acres of property that it put up for auction over the weekend sold in a matter of hours. The authority says the land, located in Marion and Hendricks counties, was sold to multiple bidders for a total of nearly $3 million.
Last weekend’s auction is part of a larger effort by the authority to return around 2,000 acres of land it no longer needs to productive use. The IAA says the land could potentially be used for development, farmland, residential building lots and industrial sites.
The authority says the land itself will result in $75,000 in additional tax revenue per year, as well as $200,000 for every investment of $10 million made on the land.
As part of its long-term effort, the IAA is also considering proposals for the development of land near the old airport terminal site. It plans to announce a final selection in early 2016.