The Indianapolis Metropolitan Development Commission has given final approval to a $12.5 million loan request involving the sale of an apartment complex. Meadows Community Foundation says it wants to purchase and ultimately demolish the Phoenix Apartments as part of neighborhood improvement efforts. The city-county council must sign off on the loan before it moves forward. News Release
Originally posted June 30, 2014
Indianapolis, IN — The Indianapolis Metropolitan Development Commission will vote Wednesday on a resolution to approve a $12.5 million federal loan to go toward the purchase of the Phoenix Apartments by the Meadows Community Foundation.
The City of Indianapolis believes this will increase neighborhood improvement efforts in the Meadows. Previously known as the Phoenix Apartments and now named the North Keystone Apartments, the complex has been one of the city's most notorious crime hotspots for decades.
City officials and area stakeholders are expected to testify at the public hearing for the resolution at the meeting.
Source: Indianapolis Metropolitan Development Commission