INDIANAPOLIS --
Indianapolis International Airport leaders have approved a 30-year plan aimed at developing land to allow the airport to grow and support itself financially for years to come.
The plan focuses on leveraging land assets for increased revenue as well as economic development efforts around the old and new terminals, along with reliever airport properties, including the former Speedway Airport,
reported.
"It will give us the opportunity to go forward and get the highest and best use of our land," said airport CEO John Clark.
The plan calls for tearing down the old terminal and bringing in new development to create a central airport city, including passenger, cargo and aviation service facilities, along with hotels, conference centers and offices.
"In its simplest sense, an aerotropolis is a strategically planned, fully integrated urban development that drives economic development," the plan reads.
One of the first proposals to be developed will be a 60-acre solar farm that officials said would power the new development and feed energy to Indianapolis Power and Light.
When the mini city is done, consultants said it will generate $30 million to $60 million a year in rent from tenants, key to eliminating the airport's $1.1 billion debt.
"We are taking every effort to drive that debt down," Clark said. "By creating opportunities to generate alternative revenue sources, I believe puts us in a position to accelerate that over time."
Airport officials said about a dozen private investors have shown interest in the plan.
More Information:
Indianapolis International Airport 30-Year Land Use Plan
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