NORTH MIDTOWN TIF BOND UPDATES

 

River House

(6311 Westfield Boulevard)

 

-Total Development Budget: $18.1 M

-Residential Rental Units: 86

- Retail Space: 3,875 sq. ft.

-Office Space:3,195 sq. ft.

- Acres: .86 acres

-Total Parking Count: 98 spaces

 

TIF Request:$2.46M (Developer Backed)

 

Use of TIF Funds:

  • Monon Trail improvements
  • Riverwalk Promenade along Riviera Drive
  • Pedestrian street lighting
  • Public street, sidewalk, and landscape improvements
  • Public plaza
  • Structured parking
  • Demolition, site excavation, and prep
  • Utility relocation and storm water management

 

 

 

 

 

 

 

City of Indianapolis Midtown Plan Goals

  • Provide tools for stimulating private investment
  • Protect and create jobs
  • Recycle obsolecent public property
  • Upgade infrastructure
  • Encourage mixed-use developments and day-time activity

 

View the Envision Broad Ripple Plan here.

 

MEC Project Evaluation Criteria:

Site Control - Secured

Financial Feasibility – Developer Bond Guarantee

Brownfield, Depressed Market, Long Term Vacancy – Not all present, property and redevelopment in flood plain

 

Zoning :

Neighborhood/ Land-Use Support: Broad Ripple - Yes

Metropolitan Development Commission – Pending

Council Approval – Pending

Officials – Mayor’s Office - Pending

 

Financial Support :

City Indianapolis Economic Development Commission (5-0) - Pending

Local Councillor Endorsement – Yes

Metropolitan Economic Development Committee – Pending

 Full City County Council- Pending

 

Existing Conditions:

 

 

 

Previous TIF Bond projects