8fbd035081bd09934004bfc61d79c31c5d5d9ee4

Tagged: ariel cycleworks

Popeye’s developer gets land rezoned | News

GOSHEN — The fast-food chain Popeye’s is on its way to opening in Goshen following rezoning by the Goshen City Council Monday night.

The council amended the zoning ordinance for property on the west side of High Street, south of Pike Street, from Residential R-2 to Commercial B3. That property will be joined with three other lots that are already B3 — 1102, 1106 and 1110 W. Pike St. According to information provided by the Planning Department, the “The High Street parcel will likely be used primarily for stormwater drainage.”

No one spoke at the meeting. Assistant Planning and Zoning Administrator Rossa Deegan said his department had three inquiries about the zoning change at the outset of the request, but has had none since.

Those making the request were: PRIMECO Inc., Aby Mohamed of Aby Groups, and Woolpert.

The council approved the rezoning unanimously.

The council also approved an ordinance authorizing the city to issue a taxable Economic Development Revenue bond for the Ariel Cycleworks Apartment Project, and the issued bonds will be purchased by the developer, or their bank, to fund infrastructure components for their project.

The city through the Redevelopment Commission will issue its bonds, maturing no later than 25 years after the date of issuance, in the aggregate principal amount not to exceed $6,250,000. The interest rate will not exceed 6%.

Ariel Cycleworks Apartment Project is located along Ninth Street and is a brownfield site. The total cost of the project is about $30 million and will create 135 apartments and commercial space. According to AP Development’s website, the project will be “funded through a combination of the HUD 221(d)(4) program, Indiana Regional Economic Acceleration and Development Initiative funding (READI) and Tax Increment Financing.”

Bonds will be payable as to principal and interest from TIF Revenues collected

Read the rest