CHICAGO — Indianapolis will head to market next week with $98 million of debt that taps the Midwestern disaster-area bond program to finance a new private development to benefit Eli Lilly and Co. — a project officials say will transform the city’s central downtown business district.

The $155 million hotel and retail project, dubbed North of South, relies on a mix of public and private money. It features a hotel with a small conference center, 300 apartments, retail, and a new YMCA. The development is located on a site currently owned by Lilly, and adjacent to the pharmaceutical giant’s headquarters, that represents the largest chunk of vacant land ­downtown.

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