The Indianapolis City-County Council will consider a proposal next week to sell $75 million in bonds to fund infrastructure upgrades around the 16 Tech development. The downtown district is designed to attract high-tech and life sciences businesses to the 60-acre development.

A recent report from the Columbus, Ohio-based Battelle Memorial Institute suggested establishing an innovation district as a key strategy to regional growth. As part of that effort, Indiana’s life sciences initiative BioCrossroads is considering locating the $360 million Indiana Biosciences Research Institute in 16 Tech.

Earlier this year, IBRI Chief Executive Officer David Broecker told Inside INdiana Business Television the center was on its way to becoming “a catalyst for a much larger innovation community.” The ultimate goal is for the facility to move into space that can accommodate up to 200 researchers and their teams.

The ordinance for the bond was filed this week and was made public today.

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