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Stephanie Wiechmann
Without a tax abatement from the city. Muncie Mayor Dan Ridenour says Horizon Companies is ready to sell the land it already bought. That's what he confirmed to Muncie Redevelopment Commission President Jeff Howe on Wednesday.

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Jeff Howe
And you tell me, are they walking if it doesn't happen?

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Dan Ridenour
They are.

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Stephanie Wiechmann
The developer from Georgia says it will spend about $52 million on the 276 unit apartment complex known as Michael's Place on Memorial and Tillotson. The MRC has approved and voted on what it's calling a plan B, negotiating an economic development agreement that would pay Horizon Companies the value of the tax abatement for Michael's Place, if it doesn't pass as presented to the City Council.

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Stephanie Wiechmann
The abatement is estimated to be worth $1.6 million. The value of an MRC agreement, which Ridenour says will be used for infrastructure around the future apartment complex, is $2.5 million over five years. Isaac Miller is both a city councilman and member of the MRC. He says one body isn't taking away the power of the other.

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Isaac Miller
Council still has the ability to take whatever action they prefer to do, and that's fine. But then this also allows us, as the commission, to do our due diligence and do our job, which is to redevelop property in Muncie.

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Stephanie Wiechmann
The MRC voted on two resolutions on Wednesday. The first supports the tax abatement that's been tabled at the City council. The second approves the negotiation and execution of an economic development agreement with the Michael's Place developer, if the tax abatement dies on the table or fails. In Muncie, Stephanie Wiechmann, IPR news.