NewsPublic Affairs / March 28, 2014

Midtown Economic Council Explains Projects, Funding

The Midtown Economic Council held a public hearing, Thursday, to discuss using Tax Increment Financing money to pay for two projects, one in Broad Ripple and the other at 39th and Illinois streets.2014-03-28T00:00:00-04:00
Midtown Economic Council Explains Projects, Funding

Just over a year ago, the City County Council created the North Midtown Tax Increment Financing (TIF) District as a way to help reduce blight and vacancy in commercial areas.

Now, two proposals are under consideration – including one in Broad Ripple, "which will help to significantly liven the canal, as well as to create significant momentum in terms of residential density, day time traffic in Broad Ripple Village," said Michael McKillip, executive director of Midtown Indianapolis Inc.  

TIF funds would pay for more than $5.5 million of the roughly $30 million project which includes apartments, parking, and a Whole Foods grocery store at what is now a vacant gas station along College Avenue.

Thursday, McKillip met with residents about the proposal and the process during a public meeting.

Opponents question the level of financial support and whether the grocery store will hurt local businesses.

The other project is at 39th and Illinois streets.  It would receive a million in TIF funds for $5 million in upgrades at Tarkington Park.  McKillip believes, ultimately, that investment can encourage more businesses to come to that community.

"At Tarkington Park, the investment of TIF resources is being used to catalyze investment in a public realm space and Tarkington Park as a tool to help leverage private investment around the park," he said. 

Funding for the projects still need committee and council approval.



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