Excerpts from wthr.com | By Mary Milz |
Tuesday afternoon, members of the mayor’s staff and three City-County councilors shared plans to help finance a multi-million Whole Foods/apartment project in Broad Ripple along with $5 million in improvements for Tarkington Park at 39th and Meridian streets.
The controversial retail/residential project proposed a Whole Foods, a 119-unit apartment complex and parking garage at the northeast corner of College and the Central canal.
Browning Investments indicated it would need city incentives to help cover infrastructure improvements along with the four-story parking garage.
Developers hoped to use some of the revenue from the new north side Tax Increment Financing – or TIF district. A TIF district is where tax dollars generated by a new development are reinvested in that district.
The allocation of TIF money for the two projects is expected to go before the full council by the end of March. The move also needs approval of the Metropolitan Development Council. If that happens, construction on the Whole Foods project could begin immediately. Construction on the park improvements could in the fall and take a year.