CHICAGO - Indianapolis plans to sell approximately $290 million of bonds this week, the bulk of which will be used to refund debt sold in 1988 to help finance a still unbuilt retail mall in the city's downtown. To be sold through the Indianapolis Local Public Improvement Bond Bank, the bonds will be secured by the city's moral obligation pledge and property tax revenues from a 150-square-block tax increment finance district. The area incorporates much of the city's downtown.
The refinancing covers $208 million of outstanding bonds sold for the controversial Circle Centre Mall in 1988 and $22 million of bonds the bond bank sold in 1986 for other projects within the district, according to Kenneth Gibbs, a senior vice president at Lazard Freres & Co., the senior manager on the deal. The deal could include some new money, he added.