INDIANAPOLIS — The Metropolitan Development Commission recently advanced a declaratory resolution to enlarge the Brookville Road/Irvington Plaza Economic Development Area and create the Irvington – Brookville Road Allocation Area. This gives the City-County Council the ability to establish a TIF district that includes portions of Irvington and Christian Park.
In 2019, the city approved the Irvington Plaza as an economic development area. Tax Increment Financing (TIF) is a tool that may be used to help overcome redevelopment obstacles that have not been, and are not likely to be, overcome by normal operations of private enterprise. TIF is the use of new property taxes generated by redevelopment to help pay for the cost of removing the obstacles. TIF may be used to help remove obstacles in the district such as the acquisition and rehabilitation of existing structures, removing contamination, and creating public infrastructure.
The proposed district includes the former International Harvester site, Irvington Plaza, Ellenberger Park, Christian Park, Irving Circle Park, portions of the Pennsy and Pleasant Run trails, and portions of English Avenue, Ritter Avenue, and Washington Street. New property taxes generated within this district are captured over the next 25 years and can be spent within this district to support redevelopment of Irvington Plaza, multimodal and pedestrian connectivity projects, and capital projects within the three parks.
The Department of Metropolitan Development. DMD will hold a public meeting or will attend neighborhood meetings in January or February to get public input on the proposal. City-County Council approval may come in February or March.