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Stephanie Wiechmann
Ball State University, as a state government entity, is exempt from property taxes. It's owned most or all of that land since 2014, when it planned to build a university owned and run hotel and restaurant. When that project was canceled, it became a gravel parking lot. Now, Ball State has leased the land to a private developer for the current hotel project and property taxes can be collected.

00;00;20;03 - 00;00;23;09
Stephanie Wiechmann
Matt Ehinger with Ice Miller represents the hotel developer.

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Matt Ehinger
This will allow the hotel to get up and running. During that initial ten years, because the projections indicate that, some assistance is needed for to become stabilized.

00;00;36;09 - 00;00;49;09
Stephanie Wiechmann
Under the agreement instead of paying property taxes, the developer will give Muncie $50,000 a year for the first five years and $60,000 a year for the second five. Councilman Brandon Garrett said the agreement is more than the city is getting now.

00;00;49;10 - 00;00;59;03
Brandon Garrett
I like the, parking lot being a hotel that we get taxes on. I mean, that's what that's what we kind of do is to try to bring businesses to build up our our core.

00;00;59;10 - 00;01;09;02
Stephanie Wiechmann
Tax abatements are common with new business developments. But the vote wasn't unanimous, with Councilman William McIntosh, Sr., voting no. In Muncie, Stephanie Wiechmann, IPR news.