CHICAGO — Indianapolis would float $86 million of tax-increment financing bonds to finance construction of a new corporate campus for Eli Lilly and Co.— the pharmaceutical giant that is the city’s top private-sector employer — under a plan Mayor Greg Ballard will submit to the City-County Council next week.

The project relies on a mix of public and private money for the private hotel and retail ­development. Officials hope to tap Indiana’s allocation of Midwestern disaster-area bonds under the 2008 program, allowing the debt that would benefit a for-profit company to be sold as tax-exempt.

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