The program's stated goal is to bring affordable housing, beautification and public amenities to an area while ensuring long-time residents benefit from the change.

A redevelopment plan was unveiled Tuesday for Sherman Park, an abandoned 50-acre lot that was once the site of the RCA plant on Indianapolis' near-east side.

The mayor says a new neighborhood will be selected for the program every year, through a data-driven and competitive process.

A new study will analyze the location of the demolished RCA plant, and high levels of contamination could make residential projects expensive.

A series of public input meetings about the redevelopment starts August 1 at the John H. Boner Community Center.