The Midtown Economic Council (MEC) will hold a public meeting on December 15, 2022 at 5:30 p.m. Limited in-person seating is available at COhatch Broad Ripple, 6151 Central Avenue, for those who RSVP in advance to firstname.lastname@example.org. The public may also join via Zoom.
The meeting will culminate with the MEC voting whether or not to make a formal recommendation to the City-County Council and Metropolitan Development Commission in support of the subsidy request regarding the former Broad Ripple grocery store site.
Former Broad Ripple Grocery Store Site
The team of Gershman Partners, Milhaus, and Citimark are proposing a $72 million redevelopment project that will consist of 232 multi-family units with 245 parking spaces and approximately 3,600 sq. ft. of of retail space for an as-of-yet-unnamed restaurant tenant.
On October 5, the Metropolitan Development Commission (MDC) adopted a Declaratory Resolution to remove the Kroger parcel from the North Midtown Economic Development Area and to create a single Tax Increment Financing (TIF) site, the Guilford Midtown Economic Development Area and Allocation Area. The project will now receive scrutiny from the City-County Council’s Metropolitan & Economic Development committee.
The development team argued that the move was required since the Midtown TIF expires after 25 years, as stipulated by the Indiana General Assembly. With seventeen years remaining in the Midtown TIF lifespan, and high interest rates, the development team needed more time to finance such a large deal. Creation of the single-site TIF will allow for a 25-year financing window.
An analysis conducted for the City of Indianapolis Department of Metropolitan Development (DMD) found that removing the Kroger site from the Midtown TIF would not have adverse affects on current bond obligations. The MDC resolution capped the single-site TIF at $7,500,000. After additional review of the subsidy by the public and a vote by the City-County Council, the measure will return early next year to the MDC for a Confirmatory Resolution.
About the MEC
The Midtown Economic Council (MEC) was formed to support, promote, and advocate for the economic development goals and objectives of the North Midtown Economic Development Area and related Tax Increment Finance (TIF) district in 2013. The MEC is organized as an affiliate board of Midtown Indy and is comprised of representatives appointed by five stakeholder organizations which serve a dozen neighborhoods in or near the North Midtown Economic Development Area. The five stakeholder organizations include Midtown Indy, Mapleton-Fall Creek Development Corporation, Butler Tarkington Neighborhood Association, Meridian Kessler Neighborhood Association, and Broad Ripple Village Neighborhood Association. The first project bonded was The Coil on the Central Canal in 2015 which started the 25-year countdown.
Advance Questions or Comments
Advance comments or questions will be accepted electronically or by mail until 5 p.m. on December 14.
Electronic comments and questions can be sent to email@example.com. Written questions can be mailed to:
MEC c/o Midtown Indianapolis, Inc.
3965 N. Meridian St., Suite G
Indianapolis, IN 46208