Financing for the Fishers Community Center took a step forward Monday as the Fishers Redevelopment Commission held a legally required public hearing on bonds for the under-construction facility, which is expected to open later this year. No members of the public offered comments during the hearing.

State law mandates one additional public hearing, which is scheduled for the Commission’s next meeting on June 9.

City Controller Lisa Bradford informed Commission members that the $65 million bond issue is being pursued now to get ahead of changes to Indiana’s property tax laws, set to take effect July 1. The project is being developed through a “build-operate-transfer” (BOT) agreement, a public-private partnership model.

When asked about the potential impact on local property tax rates, Bradford said the city’s portion of the rate would remain unchanged. As older debt is retired, the new bonds will take its place, keeping the overall rate steady.