Indianapolis Local Public Improvement Bond Bank Board Regular Meeting - May 18, 2026
Indianapolis Local Public Improvement Bond Bank Board Regular Meeting - May 18, 2026
The Board of Directors of the Indianapolis Local Public Improvement Bond Bank (ILPIBB) held a regular meeting on May 18, 2026, from 12:02 p.m. to 12:27 p.m. at the City-County Building. Members present included Norman Gurwitz (Chair), Tom Jeffers, Frank Short, and Melody Park. The meeting covered approval of prior minutes, a presentation from IndyHub, the 2025 audit review, and project updates.
Consent Calendar
- Approval of March 16, 2026 Meeting Minutes (April meeting was cancelled): Motion by Frank Short, seconded by Tom Jeffers. All voted in favor. Approved.
Discussion Items
IndyHub Presentation
Greg Stowers, Board President of IndyHub, presented on the organization's mission to attract and retain young professionals in Indianapolis. IndyHub receives $50,000 in qualified entity support from the Bond Bank. Stowers highlighted programs such as Evolved (volunteer introduction), 1828 (leadership development with 200+ alumni), Welcome Party (new resident connection), and Shape Our City Summit. The funds will support operational costs including staffing and outreach. Board member Jeffers asked about social media outreach; Stowers confirmed IndyHub uses all major platforms and a newsletter.
2025 ILPIBB Audit Presentation
Laurie Canatsey, CFO, introduced the audit team from CBIZ — Becky Quintana (shareholder signing partner) and Sharon Linville. Key results:
- Clean, unmodified opinion.
- No auditor-proposed adjustments.
- No disagreements with management.
- No fraud or illegal acts identified.
- Internal controls strong.
- Net position increased from $7.1 million in 2024 to $8.4 million in 2025 (a $1.3M increase).
- Total assets approximately $5 billion, up $80 million from prior year.
- Bond and note issuances in 2025 totaled $867 million, compared to $252 million in 2024.
- Outstanding bonds payable: $4.993 billion, offset by loans receivable.
- GASB Statement No. 103 (financial reporting improvements) will be adopted for the 2026 audit, requiring more concise management discussion and analysis.
Board comments: Gurwitz asked about market rating stability; auditors confirmed stability and expressed confidence in management.
Project Updates
Director Joe Glass provided updates on upcoming bond issues:
- $40 million in debt for Department of Public Works (DPW) street improvements, already approved by City-County Council, pending Board of Public Works approval. Expected to come before the Bond Bank in August or September 2026.
- Approximately $20 million in bonds for Health and Hospital Corporation (HHC) capital improvements to build three new ambulance bays for emergency medical services. Expected in late summer or early fall 2026 for final approval.
Key Outcomes
- Approved the March 16, 2026 meeting minutes.
- Received the IndyHub presentation and noted the $50,000 qualified entity support allocation.
- Reviewed the 2025 audit with a clean opinion; final audit approval scheduled for the June 2026 meeting.
- Heard updates on upcoming bond issuances for DPW street improvements and HHC ambulance bays.
- Recognized Director Joe Glass for being named to IBJ's 40 Under 40.
- Motion to adjourn by Melody Park, seconded by Tom Jeffers. All in favor. Meeting adjourned at 12:27 p.m.
2026 meeting dates were listed (June 15, July 20, etc.), subject to change.
Meeting Transcript
Okay, this is the uh meeting for the Indianapolis Bond Bank. Uh we're gonna start with the approval of the minutes from the March 16th. Uh April was canceled. Move to approve the minutes is presented, Mr. Chairman. Do you have a second? All in favor. Approval of the minutes. Uh the next issue for business. Is the Indy Hub presentation? Uh thank you, Mr. Chairman. Uh, today we have uh familiar face uh Greg Stowers. Um I think we all uh know Greg who was uh the chief administrative officer and policy director for the council. Um now he is uh the vice president for local government affairs at the Indy Chamber. He's also the board chairman of Indie Hub, which brings him here today. Um Indy Hub is a local organization that works to attract and retain uh talent. Um Indianapolis, um so it does dovetails nicely with um the um uh uh with with the bond bank and that that's a critical area to uh maintain our uh our credit ratings, which is is obviously important for for the city and our other qualified entities. Uh so the Indie Hub um will receive a $50,000 um amount in uh qualified entity support, which is in line with uh support that has been granted the organization previous years, and so we asked Greg uh to come today to talk about um how that uh how that uh money will be allocated. So, Greg, thank you so much for joining us. Well thank you. Um thank you for the opportunity to be here today. Um, as Joe said, my name is Greg Stowers, and I'm a native son of Indianapolis. Um I lead with all tourism, build for what's next, and calculate every step. I'm grateful for the opportunities I've had throughout my career across campaigns, nonprofits, the corporate sector, and public service. Um, but I tell many people success, rather the idea of success is often like a general gem and is not as linear as it seems. Today I have the privilege of serving as the board chair of Indy Hub, which makes uh this moment especially meaningful, meaningful for me personally. Back in 2015, I was trying to figure things out like many young professionals. Uh, but during that time, Indie Hub provided a space for me to better understand the civic dynamics of our city, build meaningful relationships, and grow both personally and professionally. What stood out to me was that Indie Hub made Indianapolis feel more accessible, it created opportunities to connect, engage, and see a pathway forward. That experience is a big part of why this work matters uh to me today, and is a big part um about uh how I've uh arrived at the spaces that I'm in today as well. A little bit of background. Uh, Indie Hub exists to help people connect Indianapolis in meaningful ways. At its core, this organization is about creating belonging. We know people are far more likely to stay in a city when they feel connected to it socially, professionally, and civically. Indie Hub helps bridge that gap by creating pathways for young professionals and emerging leaders to plug into Indianapolis to see a future for themselves here. That work sits at the intersection of talent retention, civic engagement, and long-term city growth. Some of our programming uh Indie Hub's programming is designed to move people from connection to leadership and evolved, which is our uh signature program. Introduces residents to nonprofits, volunteer opportunities, and community organizations across the city. 1828 is our leadership development cohort. Uh, has developed more than 200 alumni uh leaders and continues to build a pipeline of emerging civic and community leaders in Indianapolis. Welcome Party helps new residents build relationships early, create stronger long-term connections in the city, and the Shape Our City Summit creates space for residents to engage directly with conversations about Indianapolis' future. Together, these programs help turn engagement into long-term investment in the city. This work uh is ultimately about the future competitiveness of Indianapolis. Cities across the country are competing for talent, and the cities that succeed are the ones where people feel connected and invested. And he helps Indie Hub helps create that sense of belonging. When people build relationships, uh engage civically and see opportunities for leadership, they are more likely to stay contribute and invest in Indianapolis long term. That creates stronger neighborhoods, stronger civic participation, and a stronger city overall. Vision 20. So uh Indie Hub has IndieHub was started in 2005, and we reached 20 years.
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