Hogsett to Announce Treasury Department Funding

Indianapolis Mayor Joe Hogsett at the the official ground breaking of the Sports Legends Experience at the Children's Museum.

Indianapolis Mayor Joe Hogsett will unveil details Tuesday of a major allocation awarded to the city by the U.S. Department of Treasury. Hogsett’s office says the $55 million New Markets Tax Credit will help attract private investment and jump start neighborhood development.

The city plans to use the funding to provide "gap financing" for various development projects in at-risk communities. Hogsett will be joined by Deputy Mayor of Community Development Jeff Bennett and Ivy Tech Foundation Assistant Treasurer Kevin Honigford at Tuesday’s press conference.

The announcement is scheduled for 10:00 a.m. at the Ivy Tech Culinary School and Conference Center, which received New Markets Tax Credit financing in 2012.