It was just over 4 months ago that Fishers announced a new sports complex planned for the Saxony area, near Exit 210 along I-69, to be developed by GK Sports and Entertainment.  It appears the plan has experienced a setback after appraisals pegged the value of the project below expectations.  The lower valuations will likely make it more difficult for the developer in securing financing for the deal.

Fishers Mayor Scott Fadness told LarryInFishers he will not present the municipal incentives plan to the City Council until a financing package is in place.  At this point, there is no financing for this project.

The mayor emphasized the city will not provide any further incentives above what has already been offered, including a 10-year tax abatement for the parking garage and arena components of the complex.  Those incentives are to be formally approved once the financing is in place.

The proposed complex, tentatively named the Fishers Sports Pavilion, is planned for a now vacant plot of land near 136th Street and Olio Road.  More details on the project can be found at this link.

Bottom line, the Fishers Sports Pavilion project isn’t dead, but it is now facing some major obstacles.