A new tax increment financing proposal helps create 52 apartment units near the downtown Indianapolis area.
A City-County Council committee recently approved incentives for the Kennedy and the Chloe and created a new taxing district known as the Kennedy/Chloe Economic Development Area.
As part of the TIF proposal, six units will be set aside for affordable housing for families earning less than 30% of the area median income.
A Metropolitan and Economic Development Committee voted yes on the proposal during their first meeting of the new year this week.
Brooke Dunn, legal counsel for developers, said the developments bring housing to two new sites.
“Prior to that they were undeveloped and the addition of quality housing will benefit the community,” Dunn said.
The TIF bonds provide more than $2.2 million for the development.
The Chloe will be at 14th and Dr. Martin Luther King Jr. Street, one percent of the project cost will go toward a new public art project.
The Kennedy is already constructed just south of that location on MLK Street, near the Indiana University Indianapolis and the Cultural Trail. The total project cost for both complexes is more than $13 million.
The proposal now heads to the full council for a final vote.
Contact WFYI Managing City Editor Jill Sheridan at jsheridan@wfyi.org.
