The Metropolitan Development Commission Wednesday passed the resolution that allows the Indianapolis Bond Bank to issue the bonds for the North of South Project.

The City is involved with $9 million in infrastructure improvements and will back the $86 million bond issue up to ten years and then can opt out of the project.

The project consists of development, in a mixed use format, of approximately 12 acres of land owned by Eli Lilly and Co. north of South Street between Delaware and Virginia Avenue in the southeast quadrant of Indianapolis.

It would consist of 320 for-rent residential units, a 150 room hotel, an 18,000 square foot conference center, 40,000 square feet of retail, 10,000 square feet of office/ lab space and a new YMCA.