Indianapolis, IN
Council Committee approves $625 million in bonds to finance Pan Am Plaza hotel
INDIANAPOLIS — As of Monday night, the city of Indianapolis became one step closer to taking over the construction and cost of a downtown hotel project.
The Metropolitan and Economic Development Committee within the City-County Council voted in favor of a proposal to issue up to $625 million in bonds to finance the Signia Hotel portion of the Pan Am Plaza redevelopment.
The Signia Hotel is part of the larger effort to redevelop Pan Am Plaza and expand the convention center.
Revenue from the hotel will be used to pay off the bonds. This means it will not require any new taxes for residents.
Visit Indy says the hotel and expansion are necessary to make sure Indianapolis can keep bringing conventions to town.