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A City County Council committee is committing more than $7 million in tax increment financing for a pair of development projects.
The Metropolitan Economic Development Committee voted 5-1 in favor, Monday, in an effort to reduce blight and vacancy.
Of the approved funding, $5.7 million is for a $30 million mixed-use development along College Avenue in Broad Ripple. It will include parking, apartments, and a Whole Food grocery store. Another $1.5 million is for renovations at Tarkington Park near 38th and Illinois streets.
Democratic Councilor John Barth backs the projects because he says success of TIF districts is based on balanced stability throughout its communities.
"A project in Broad Ripple is not good enough. Just a project at 38th and Illinois is not enough," he said. "Doing these things together and setting that template for the future is how we've got to do it. That way, everybody wins and that's what I think about this proposal. It's a win-win proposal."
Democratic Councilor Zach Adamson cast the lone vote of opposition. He thinks there is enough growth occurring in Broad Ripple now, so it doesn’t need TIF assistance.
"Broad Ripple has the capacity to act as it's own catalyst. I understand that this particular plot of land has been blighting the area for a number of years and I agree wholeheartedly in the desire to see that Shell station remediated. But, I don't believe this is the tool to do it," said Adamson. "I just can't support the TIF portion of this because I don't believe it's the right tool for this job."
The proposal now goes to the full City County Council for approval.
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