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Converted from paper version of the Broad Ripple Gazette (v11n13)
Good-bye Shell, Hello Canal Pointe - by Thomas P. Healy
posted: Jun. 27, 2014

by Thomas P. Healy
Canal Pointe, the largest Broad Ripple development in decades, will move forward now that the Indianapolis City-County Council has approved Proposal 77, which authorizes issuance of an economic development bond not to exceed $7.75 million to support public infrastructure improvements that are part of the project.

Good-bye Shell, Hello Canal Pointe - by Thomas P. Healy

On June 2, 2014, the full council debated the measure and voted against an effort to strip the $30 million project from the proposal. Bipartisan support was evident in the 22-7 vote to pass Proposal 77, which was co-sponsored by at-large Democrat John Barth, council vice president, and Republican Will Gooden, whose District 3 includes Broad Ripple.
Proposal 77 also includes provisions for the issuance of up to $1.5 million in redevelopment bonds to fund improvements to Tarkington Park.
City officials determined that the projected annual revenue from the North Midtown Tax Increment Finance District (called "Midtown TIF") would be $580,000 - enough to support debt service for both Canal Pointe and Tarkington Park. TIF district revenues come from new commercial development in the area, not from existing businesses.

The yellow on the map indicates the North Midtown Economic Development Area - the district highlighted by the City as in need of investment. The orange indicates the North Midtown Tax Allocation Area aka Midtown TIF. The 5 circles indicate nodes identified at various planning efforts during the past 7 years as having potential to catalyze additional development in the district. The first two TIF projects were strategically selected to accomplish that goal.
The yellow on the map indicates the North Midtown Economic Development Area - the district highlighted by the City as in need of investment. The orange indicates the North Midtown Tax Allocation Area aka Midtown TIF. The 5 circles indicate nodes identified at various planning efforts during the past 7 years as having potential to catalyze additional development in the district. The first two TIF projects were strategically selected to accomplish that goal.

Community leaders, elected officials and metropolitan development staff crafted the Midtown TIF district to stimulate strategic investments in five key nodes. The projects funded under Proposal 77 are in two of those nodes.
The intended effect of such catalytic investments is to provide better neighborhood services, stimulate private investment, create jobs, recycle blighted and obsolescent properties, upgrade infrastructure and link stronger markets to weaker ones.
The mixed-use Canal Pointe project on College Avenue will include 35,000 square feet of retail space and 119 apartment units. An estimated $5.7 million in TIF funds will be used for an improved public transit stop on College and enhancements along the north bank of the Central Canal. Developer Browning Investments, Inc. will provide an additional $5.8 million to complete public infrastructure improvements.
The project fulfills the Envision Broad Ripple Plan's goals of increasing residential density and daytime activity in the Village, improving connectivity, spurring mass transit use and enhancing the Central Canal into a linear park.
Tarkington Park has long been a key community asset. Approximately 30,000 people live within a 15-minute walk of the 11-acre park. Phase 1 improvements slated for the park's southwest corner include half-court basketball courts for younger players, a splash park for families, restrooms, improved parking and a new home for the weekly farmers market.
In addition to $1 million in TIF funds, the park-centered redevelopment strategy will receive $1 million from the Indy Parks Foundation and $3 million from Rebuild Indy 1 monies.
The effort to stimulate additional investment is already working. Midtown Indianapolis, Inc. and Mapleton-Fall Creek Development Corporation partnered to obtain Community Block Development Grant funds to aid façade improvements along the Illinois Street commercial corridor immediately north of 38th Street.

Thomas P. Healy is a volunteer director of the Broad Ripple Village Association.

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