A new redevelopment area will be created on the north side, as the Indianapolis City-County Council voted 23-5 Monday night in favor of the North Midtown tax-increment finance district.
The new TIF district stretches from Fall Creek to the White River along College Avenue, encompassing 748 acres of land with an assessed value of $361.7 million.
While some council Democrats have questioned the need for new TIF districts, which capture the growth in property-tax revenue for redevelopment projects, at-large Councilor John Barth argued that North Midtown is different because it will be driven by the needs of neighborhoods, rather than developers. Specific redevelopment projects will be identified by a Midtown Economic Council, which will include representatives from each neighborhood in the TIF district.
Financing for those yet-identified projects will come from the property taxes on Keystone Construction Corp.'s parking garage and retail space in Broad Ripple, which is included in the district. Keystone's project was financed in part with $6.5 million in parking-meter revenue.
The boundaries of the new TIF area include seven neighborhoods along the College Avenue-Monon Trail corridor: Broad Ripple, Butler-Tarkington, Chatard-Forest Hills, Crown Hill, the Indiana State Fairgrounds, Mapleton-Fall Creek and Meridian Kessler.