School, town team up for massive land deal

ZIONSVILLE, Ind. (WISH) - The town of Zionsville and Zionsville Community Schools are teaming up with the intent to put a large plot of land back into play – and back on the town’s tax roll.

The two entities plan to buy about 125 acres at 106th Street Parkway east of Zionsville Road from Dow Chemical Co. for $5.7 million. The school would use bond funds issued in 2005 in the deal and would keep about 10 acres to build a warehouse and maintenance facility. The town would subdivide the rest of the land for commercial development and would install necessary underground utilities. The deal would allow the city to repurpose the land for development without incurring debt, as it would make payments to the school system instead.

"It is a unique opportunity," said Scott Robison, Superintendent of Zionsville Community Schools. "The revenue from the town's installment payments through 2028 creates a new revenue stream for Zionsville Community Schools beyond property taxes.”

The company had refused to sell the property in pieces, which had spoiled many potential land deals over the past few years, Zionsville Redevelopment Commission president Mike Latz said.

After discussion and questions in its Monday public meeting, Board of School Trustees members unanimously ratified the resolution on the partnership agreement. The agreement now
moves to the Zionsville Redevelopment Commission for consideration.