IBJNews

Neighborhoods back new 'north-midtown' TIF area

Back to TopCommentsE-mailPrintBookmark and Share

The Indianapolis City-County Council will have more than one big tax-increment finance issue to consider at a meeting Monday night.

A new TIF district stretching from Fall Creek to White River along College Avenue will be introduced at the same meeting where the council is expected to vote on a controversial expansion of the downtown TIF to include Massachusetts Avenue and 16th Street. Mayor Greg Ballard has proposed expanding the boundaries of the downtown TIF to motivate redevelopment in key sections of the city. 

Council Vice President Brian Mahern and members of a TIF study commission have questioned the wisdom of creating and expanding TIF districts because they capture increases in property tax revenue that otherwise would flow to city coffers. Mahern tried to block the downtown TIF expansion while the council considers a new set of TIF policies, but he was overriden by fellow Democrats.

Some Democrats are also backing creation of the "north midtown" TIF to pay for various neighborhood projects, which proponents hope will spark further redevelopment in the area.

The first of those “catalyst” projects would likely be financed with property-tax revenue from Keystone Construction Corp's $15 million parking garage and retail space in Broad Ripple, said John Barth, an at-large City-County councilor and one of four sponsors of the proposed north-midtown TIF. The other sponsors are fellow Democrats Steve Talley and Monroe Gray and Republican Will Gooden.

While the garage would provide a financial kickstart, Barth said, it's not the driving force behind creating the TIF district. Barth hopes that factor will win over councilors who see TIF districts being created or expanded to provide subsidies for large commercial developments. Keystone's project was financed in part through a different public source, $6.5 million in parking meter revenue.

"We have worked hard to reach out to people and explain how what we're doing is different than the downtown TIF," he said. "It’s neighborhood, up.”

The projects could include face-lifts for storefronts around 30th and Illinois streets, or improvements to Tarkington Park, among other things, Barth said. The decisions will rest with a new Midtown Economic Council, composed of representatives from each affected neighborhood, he said. The TIF area would encompass 748 acres of land with an assessed value of $361.7 million, or 44 percent of the surrounding economic development area.

The economic development area, defined last year, covers 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.

The proposed TIF area covers commercial and multifamily residential property along the College-Monon corridor, plus 38th Street in the Butler-Tarkington neighborhood and Central Avenue from around 34th Street to Fall Creek.

ADVERTISEMENT

  • Obstructionist
    Mahern is just like his uncle, an obstructionist. Both want an Indianapolis of the 1970s. Those two are clueless on developing an essential core to the city.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

ADVERTISEMENT