A City-County Council committee granted tentative approval Monday night of proposals that would create two tax-increment financing districts on the west side of Indianapolis—one to encompass the Infosys site at the airport and another to try to spur economic activity in a nearby distressed commercial area.
The council’s Metropolitan and Economic Development Committee voted unanimously to approve the creation of the allocation areas, which would capture new tax revenue generated within the sites and spend it on items such as infrastructure improvements and brownfield remediation.
The full council still needs to vote on the proposals.
The TIF district for the Infosys project is expected to help “support comprehensive redevelopment of 132 acres of vacant land” as part of the tech company’s $245 million investment in Indianapolis, according to Andy Mallon, the city’s corporation counsel. The India-based tech firm plans to hire 3,000 workers locally.
The infrastructure investment from the city includes a $10 million renovation of the existing parking garage on the site, which will eventually be used by Infosys employees and trainees.
The other TIF district would encompass sites at the intersection of High School Road and West Washington Street, immediately north of the Infosys campus.
“It’s a node that has several distressed commercial buildings and retail centers,” said Emily Mack, director of the city’s Department of Economic Development. “It also has some connectivity and infrastructure challenges.”
Mack said that when redevelopment of that site happens, the TIF "gives us a tool in place to help support that redevelopment.”
Lisa Bentley, executive director of Indy Gateway, a community development organization on the west side, spoke in favor of the proposals. She said the west side is “very excited” to have Infosys come to the community, but the surrounding area needs help from the city.
“This is an area that’s teetering on blight,” Bentley said. “The possibilities are endless in that area for redevelopment, but we definitely need tools in place to help make that happen."
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