Commercial Focus
Mar. 20, 2014

Commercial real estate impact of the Homeowner Flood Insurance Affordability Act
Indiana Commercial Board of Realtors
Commercial Properties were among the hardest hit by the implementation of Biggert-Waters. NAR heard your concerns with implementation loud and clear and with your help successfully lobbied for the passage of the Homeowner Flood Insurance Affordability Act, S. 1926 in the Senate and H.R. 3370 in the House. NAR is working to ensure that the House bill is taken up by the Senate. Below is a summary of the current-law and House bill provisions on flood insurance rates for commercial properties.More

Indiana lawmakers pass package of business tax cuts
Indianapolis Business Journal
The General Assembly has sent the governor a package of business tax cuts that supporters say will create jobs by luring more companies to the state. Senate Bill 1 cuts the corporate income tax rate and lets local officials reduce or eliminate property taxes on business equipment. But it doesn’t go as far as had been proposed by Gov. Mike Pence, who sought a complete phase-out of the personal property tax. More

City to consider $7.7 million bond issue to assist Broad Ripple project
Indianapolis Business Journal
The city of Indianapolis is considering issuing $7.7 million in bonds to assist in the development of a controversial $30 million apartment-and-retail project in Broad Ripple. Developer Browning Investments Inc. says it is seeking $5.7 million from the bond issue to help finance the project along the Central Canal. On March 17, the City-County Council referred the request to the Metropolitan and Economic Development Committee, which could consider it March 31. More

Council backs city financing plan for $81 million tower
Indianapolis Business Journal
A proposal by Flaherty & Collins Properties to build an $81 million, 28-story apartment tower on part of the former Market Square Arena site passed its last big hurdle recently. The Indianapolis City-County Council voted 18-9 to provide up to $23 million in city financing for the project, with the stipulation that 30 percent of the workers hired to build the tower live in Marion County.More

Major construction projects taking shape in Northwest Indiana
The Times of Northwest Indiana
Commercial construction has been rebounding as a growing number of projects get underway in Northwest Indiana. Nationally, construction grew to about $930 million in December, a 5.3 percent improvement over December 2012, according to U.S. Census Bureau data. Nonresidential construction surpassed $311 million in December, the second highest it has been in the last five years though a slight decrease from December 2012. More

Neighbors keep fighting East Indiana fish farm plans
The Associated Press via The Washington Times
Neighbors of an eastern Indiana fish farm say they’ll oppose its proposed expansion after negotiations over odor and other complaints broke down. Bell Aquaculture is planning a $30 million expansion of its fish farm near the Delaware County town of Albany that would more than double its current production of about 3 million pounds of fish a year.More

Annual property tax appeals could be thing of past
Current in Carmel
A bill authored by State Sen. Scott Schneider, R-Indianapolis, who also represents Carmel, to help Hoosier property taxpayers frustrated by the appeals process cleared its final passage in the Indiana General Assembly. Senate Bill 266 now moves to Gov. Mike Pence’s desk where it could be signed into law.More

Optimism high in national commercial real estate market
The Journal Record
According to a survey conducted by Akerman LLP, a top 100 U.S. law firm, investor and lender confidence in the national commercial real estate market are reaching new heights since the recession. The Akerman Real Estate Industry Outlook Survey indicates that domestic investors have a stronger appetite for real estate assets than in recent years. Capital availability from a wide range of equity sources also is expected to improve in 2014, with increased activity by institutional forces. More

Village of West Clay developer suspending operations
Indianapolis Business Journal
Brenwick Development Co. is suspending operations at the Village of West Clay mixed-use community in Carmel, claiming its lender won’t release the deeds on undeveloped land—halting about $7 million of sales in the company’s pipeline. “We haven’t been able to do business since the end of September,” Brenwick CEO George Sweet told Indianapolis Business Journal.More