PAST MIDTOWN TIF BOND PROJECTS

 

2016 - Central@29

 

(2800-3000 block of Central Ave)

-Estimated Cost: $20.1M

-114 Residential Rental Units

-All 60% AMI

-5.55 Acres

-Total Parking Count: 140

 

TIF Request:$2.8M (Developer Backed)

 

Use of TIF Funds:

-Site Excavation & Prep

-Utility Relocation

-Alley Improvements

-Surface Parking

 

 

Click here to view a powerpoint of the project overview or view below.

 

 

City of Indianapolis Midtown Plan Goals Mid-North Quality of Life Plan Goals
-Provide tools for stimulating private investment 6.2 Create new and innovative uses for vacant and abandoned properties
-Protect and create jobs 1.2 Improve conditions of infrastructure elements in the Mid-North area
-Recycle obsolecent public property 1.3 Increase access to greenspace and recreation, including community gardens, parks, and rain gardens
-Upgrade infrastructure 7.2 Provide a continuum of housing and housing services that allow seniors to age in place in the neighborhood
-Provide for affordable housing  

 

View the Mapleton-Fall Creek Development Corporation 20/21 Plan here.

 

MEC Project Evaluation Criteria:

Site Control - Secured

Financial Feasibility – With Requested Subsidy And Developer Bond Guarantee

Brownfield, Depressed Market, Long Term Vacancy – All Present

 

Zoning:

Neighborhood/ Land-Use Support: Mapleton Fall Creek -Yes

Metropolitan Development Commission – Yes

Council Approval – Yes

Officials – Mayor’s Office - Yes

 

Financial Support:

City Indianapolis Economic Development Commission (5-0) - Yes

Local Councillor Endorsement – Yes

Metropolitan Economic Development Committee – Pending Review

 Full City County Council- Pending Review

 

Existing Conditions:

 

 

 

 

2014 - Proposal 77

 

JUNE 2ND, 2014:

At our 90th public meeting to date, the City County Council voted in favor of Proposal 77, with a vote of 22 in favor and 7 opposed. Two community visions that began with planning initiatives just five years ago are now a reality! The long sought North Midtown TIF District is poised to help leverage precisely the kind of catalyst investments into our community that it was projected to deliver. Proposal 77 uses a single TIF bond to support such investments at two key commercial nodes: College Avenue and the Central Canal in Broad Ripple, and at Tarkington Park at 38th and Illinois. Such developments lead the way for other investment in Midtown. Thank you to anyone and everyone who participated in public meetings, spoke to their City Councillors, and shared our vision with their friends, family, neighbors, and colleagues. Strong communities and tools like TIF can help move Midtown forward!

 

MAY 19TH: The Metropolitan Economic Development Committee votes in favor of Proposal 77!

With a strong showing of support from you and many Midtown neighbors we packed the room at the City County Building last night and waited very patiently for what was our 89th Public Meeting over five years related to the proposed projects, the TIF, and now Proposal 77.   Our wait and determination has paid off and the projects are now pending their final vote for approval after the Committee voted 5-1 to move Proposal 77 to the full Council.

 

 

MARCH 27TH: The Midtown Economic Council (MEC) has voted unanimously to support the first public bond issuance against the North Midtown TIF District.  The 5-0 decision comes after MEC representatives reviewed their recommendation of support before a packed house of over 100 residents, Midtown area business owners, and local City Councillors in a public meeting held on Thursday evening at North United Methodist Church. The meeting represented the final stage of the MEC’s evaluation of the proposed bond, Proposal 77. Citing the nearly $36 million total investment the bond would leverage in two of the MEC’s five priority development nodes and the wide-spread catalyst effect of the two projects it would support, MEC representatives detailed how their respective neighborhoods and the district as whole would benefit. The MEC and its five member organizations will now issue a joint recommendation of support for the proposal and urge the Metropolitan and Economic Development Committee to schedule the bond, Proposal 77, for a hearing and vote at its next meeting. (Read More)...

 

Click here to view the powerpoint slideshow from the MEC Public Meeting on March 27th.

 

CLICK EACH PROJECT TO LEARN MORE:

Click here to view the legislation regarding the bond.