Two major land and property developments were presented at the Noblesville Common Council meeting on Tuesday in the City Hall Council Conference Room.
One would replace and develop a former Marsh location, the other will develop 240 acres of land.
The former Marsh building on 17901 River Rd. would be converted into a self-storage facility. The development was proposed to the council as a last-minute addition.
The former Marsh parking lot will also have other buildings constructed including a two-story office building, a casual dining restaurant or retail and a fast, casual restaurant with drive-thru, all of which are ordered north to south across the parking lot area.
At the back end of the meeting, Boomerang Development, a Fishers-based company, presented a resolution for consideration to the council regarding an economic development agreement.
The Noblesville northeast business park and crossroads occupies 240 acres of land east of Presley Drive and on the north and south side of State Road 32.
According to materials presented to the council, the existing assessed value of the area is $2,242,200. After development, the assessed value will be $157,858,000 which is the estimated total cost of the project.
The materials also said the existing property taxes are at $46,1665 and projected property taxes will be $3,828,912.
Andrew Murray, assistant director of the department of economic development, said at the meeting that Boomerang is asking to issue a $6,300,000 tax increment financing bond.
The development is split into five areas. Area A will be industrial, area B is senior multi-family residential, area C is multi-family residential, area D is senior two-family attached residential and area E is commercial.
No specific plans or businesses have been laid out for the industrial area. Construction for the senior multifamily and multifamily residential projects is estimated to be completed by 2021, with taxes paid by 2023.

Regional public and other improvements include:
• Rehabilitating 1880s farmhouse for commercial/public use
• Legal drain improvements
• Sanitary sewer interceptor improvements
• Water main extension improvements
• Public thoroughfare improvements
• Public pathways along State Road 32 and 38
These improvements are all together estimated to cost $5,400,000.