The Zionsville Redevelopment Commission approved a $125,000 development grant for Forza Real Estate, LLC, and Jackson Investment Group’s planned infrastructure improvements at the forthcoming Hotel Tango Zionsville location, exhausting nearly half of the commission’s budgeted economic development incentive line item.
Forza Real Estate and Jackson Investment Group, the redevelopment agencies spearheading renovations at Hotel Tango’s planned tasting room at 10615 S. Zionsville Road, sought the grant to help facilitate improvements made to the property, which sits on a septic system and is served by a well.
The grant will be used for long-term building improvements including the installation of a new grease trap to serve Hotel Tango; connecting the entire development to public water and sewer resulting in the termination of well and on-site septic systems; and the replacement and upgrade of damaged, aesthetically inconsistent or end-of-life building materials on the interior and exterior of the building to comply with current building codes and ordinances. The exterior would also receive major renovations.
The grant will be disbursed in phases as the property is developed, each marked by specific metrics. For example, once a grease trap is installed and has made connections to public water and sewer, the first metric would be satisfied and the first $50,000 would be disbursed.
Annually, the redevelopment commission has allocated $250,000 in its economic development incentive line item, meaning the single development grant awarded to Forza Real Estate and Jackson Investment Group would exhaust nearly half of the commission’s budget. Zionsville Director of Planning and Economic Development Wayne De Long said the commission’s line item has occasionally in the past had remaining reserves, but he doesn’t expect that to happen this year because of the impact of the COVID-19 pandemic.
Town officials said at least two more businesses would be requesting COVID-19 relief funding, likely totaling an estimated $50,000. At least six other additional businesses have inquired about the relief funding process. De Long said the commission could request an additional appropriation from the town council if it completely exhausts the line item.
“These are unprecedented times, and I think we have to do a little more than we have done in the past,” Zionsville Economic Redevelopment Commission Member Kent Esra said.
Adam D’Angelo, principal at Forza, said the property was acquired for more than $700,000, and Hotel Tango invested more than $800,000 in infrastructure improvements at the location.
D’Angelo said work on the tasting room is on track to be done by the end of December and that it would take another 30 to 45 days for Hotel Tango to get operations online.
The tasting room is expected to bring 22 jobs and $15,948 in annual property taxes to Zionsville.
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September 13, 2020 at 10:49PM
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Zionsville RDC approves $125,000 grant for Hotel Tango development - Current in Carmel
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