Ballard’s People Admit Everything Is Up For Grabs, Including City Hall
Remember earlier this week when I said Indianapolis Mayor Greg Ballard has put every piece of municipal real estate, including City Hall, on the potential auction block? Yeah, that’s totally true. If you don’t believe me, read this story in today’s Indianapolis Business Journal:
The Mayor’s Office has quietly agreed to consider selling some of the city’s more than 1,100 properties, including police stations, maintenance buildings and parks, in a bid to raise cash to help balance the budget. The city awarded the potentially lucrative no-bid contract to Venture Real Estate Services, a politically connected real estate firm led by John Bales.
The local firm has the responsibility of scouring the city’s real estate holdings for cost-saving opportunities that could result in sales or sale-lease-backs of everything from Bush Stadium to the former state museum. Even the City-County Building is on the table.
City officials say the idea is to make sure taxpayers are getting the best value out of properties they own. The move sets the stage for a potentially aggressive drive toward privatization of city assets.
“Nothing is off the table,” said Michael Huber, director of enterprise development for Mayor Greg Ballard. “If your costs of owning an asset are much higher than your cost of leasing that asset, then the taxpayers are paying too much.”
Every property is different, and any disposition of property would require public input and local government approval, Huber said.
Several of the city’s top real estate professionals say a city review of its property holdings is a good move, but they question the two-year exclusive deal with Venture. The agreement provides a strong incentive for the firm to find potential buyers for city properties: It won’t be paid a dime unless deals are made or savings are realized.


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