INDIANAPOLIS, Ind. (June 2, 2014)–
City-County councilors will take a final vote Monday evening to approve millions of dollars in TIF and redevelopment bonds for two major projects. The organization Midtown Indianapolis Inc. is asking for $7.5 million in tax increment funding for the Broad Ripple Canal Pointe project. The mixed-use development will feature more than 100 apartments and a grocery store.
“There have been 89 meetings leading to the identification of what we wanted, how to get there, and finding the right developers and partners to make it happen and it’s all in the hands of the city-county council on Monday,” said Michael M McKillip, the Executive Director of Midtown Indianapolis.
McKillip said he feels confident the council will approve the funding, despite several locally-owned businesses in Broad Ripple speaking out in opposition to the development.
“The folks who have been working to make this happen for the last five years don’t see it as controversial at all, but long overdue,” said McKillip.
If approved the project would open its retail elements by 2016 and its residential phase by 2017.
The second part of the funding vote Monday is for the Tarkington Park redevelopment project. Midtown Indy has requested $1.5 million in redevelopment bonds to turn the area near 39th and Illinois into a “destination park” complete with a dog park, tennis courts, a performance stage, a café and improved lighting and pathways.
“There are about 30-thousand residents within a 15-min bike ride of this park and we’d like this to be the destination for them and their families,” McKillip said.
If funding is approved for the Tarkington Park project, portions of it could be ready by fall of 2015.
People interested in attending the final hearing for the projects can gather in the public assembly room at the City County Building at 5:30 Monday before the 7:00 p.m. council meeting.