Midtown Economic Council (MEC) will hold a public meeting at 4 p.m on June 18 at the Hatch, 6161 Hillside Avenue, to consider a proposed developer-backed bond, not to exceed $5 million, supporting a development project approved for 6201 N. College Ave. Bond proceeds would support qualified development costs and eligible onsite and off-site public improvements.
Due to COVID- 19 safety precautions, public attendance will be limited to 25 people. All attendees are asked to wear a mask and observe social distancing recommendations. Register to attend and/or submit comments or questions in advance either electronically or by mail. Email: email@example.com Mail to: MEC c/o Midtown Indianapolis, Inc., 3965 N Meridian St. Ste G, Indianapolis, IN 46208. Advance comments must be received by 5 p.m. June 17. A brief period for comments will be offered at the meeting and all advance comments will be read into the record.
On June 18th the MEC will consider a request from Midtown Development Partners, LLC for support of a $4.8M developer-backed tax increment finance bond in support of a $24M mixed use project located at 6102 North College Avenue. Located along College Avenue, a key transportation and commercial corridor, the project is among the first Transit Oriented Developments (TOD) proposed in the Midtown TIF since the city’s first Bus Rapid Transit (BRT) service – the Red Line – opened in October, 2019.
The project has received support from the Broad Ripple Village Association, and Midtown Indianapolis, Inc. Land use and zoning approvals were approved by the City of Indianapolis Metropolitan Development Commission, and the City-County Council. The MEC has reviewed the request for financial assistance to support key public infrastructure, public art, streetscape improvements, and eligible development costs for site preparation and structured parking and will hold a public meeting June 18th to formally review and act upon the request.
The two four story buildings will be located at the corner of 62nd and College Avenue and located a half block from the Red Line BRT Station. The development will provide 51 onsite parking spaces below grade, with the balance provided off site in the adjacent Broad Ripple Parking Garage. The development will include office, retail, and residential uses. It is anticipated that the project will create significant high wage employment opportunities and bring much needed day time activity to a key Broad Ripple Village gateway.
- Location: 6201, 6207,6211, 6215 North College Avenue.
- Total Development Budget: $24 million
- TIF Request: $4.8 million (developer backed)
- Residential Space: 36 units of workforce housing totaling 21,171 sq ft.
- Office/Commercial Space: 59,300 sq. ft. Class A
- Lobby Space: 1,901 sq ft.
- Onsite Parking Count: 51 spaces/ Offsite Parking Count: 80 spaces
- Estimated Bondable Increment Generated: $5,760,000
- Requested TIF Support: $4,800,000 (80%) of total bondable increment.
Project Employment Profile (Anchor Tenant)
- 205 existing jobs
- 33 minority/97 women/103 Marion County residents
- $16,557,000 existing wages (approx. $38/hour)
- 330 new jobs (over 5 years)
- 209 minority/women
- 166 Marion County resident
- $26,000,000 projected new wages
Use of Midtown TIF Funds:
- Public street, sidewalk, and landscape improvements
- 1% For Public Art
- 1% Developer match to support the Broad Ripple Avenue Streetscape redevelopment
- Structured parking
- Demolition, site excavation, and preparation
- Utility relocation, and storm water management
Developer: Midtown Development Partners, LLC