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Indianapolis Airport Authority land auction returns more than 320 acres back to the tax rolls
Our community speaks and we listen. The Indianapolis Airport Authority (IAA) continues to honor its promise to give land back to the people we serve, one of the few airports in the country returning land to our community’s property tax rolls. This past weekend, the IAA had great success with a land auction that put more than 320 acres of property back into productive use. 100% of the tracts, located in Marion and Hendricks counties, sold in just a couple of hours during the Saturday morning auction at The Palms in Plainfield.
The land, which was determined to no longer be needed for use by the Indianapolis International Airport (IND), was sold to a variety of bidders for nearly $3 million dollars. Land auctioned included potential development land, productive farmland, residential building lots and industrial/commercial sites. Schrader Real Estate and Auction Company, in cooperation with Colliers International, conducted the weekend auction.
“We are extremely pleased with the results of the auction,” said Mario Rodriguez, IAA executive director. “Land is back in the hands of those who can put it to good use and back on the tax rolls. Plus, the proceeds will help us maintain IND, the best airport in North America, for many years to come. Everyone is a winner.”
The benefits to area communities will be both immediate and long-term: the “Land only” tax benefit is estimated at $75,000 of additional annual tax dollars with an additional value of $200,000 in tax benefit for every investment of $10,000,000 in improvements placed upon the Land.