Noblesville Common Council Approves Memory Care Facility Preliminary Resolution

April 28, 2015
Noblesville Economic Development

The Noblesville Common Council has approved the preliminary resolution for Poets Walk of Noblesville, a 37,000-square-foot memory care facility with 60 rooms (68 beds) of memory care private pay assisted living facility at 9600 E. 146th St.

“This is another opportunity to create jobs and additional economic development for the City of Noblesville,” Mayor John Ditslear said.

Poets Walk will be built by Noblesville Senior Real Estate, LLC., whose parent company is Silver Companies, a real estate developer who has been a family-owned business since the 1940’s out of Boca Raton, Fla. Total capital investment for this project will be approximately $10.9 million. Real property capital investment is estimated at $4.9 million.

“As Noblesville’s population grows, we need facilities like this to take care of our citizens countywide,” Economic Development Director Judi Johnson said.

As part of the resolution, the common council has approved the location as an economic revitalization area eligible for a four-year tax phase-in. Currently, the City of Noblesville receives no property taxes on the land. Subject to the adoption of a confirmatory resolution, the tax phase-in allows 100 percent of the assessed value of the building to be deducted the first year and 25 percent less each of the following three years.

During those four years, the city will earn $221,852 of net property taxes and the developer will save $369,754. In exchange, Silver Companies will create 55 new jobs with an average wage of $37,400 with benefits.

“We have a health care corridor at 146th Street and Cumberland Road. We have Prairie Lakes Health Campus, Hamilton Healthcare Campus, Community Surgery Center, some doctor offices on the west side of the surgery center and this memory care facility,” Johnson said. “It improves the industry we have established at that location in the city.”

April 28 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with council. Because the “first look” resolution was passed, a public hearing and confirmatory resolution will be held at the next council meeting on May 12.

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