The city is looking to incentivize denser residential development along transit routes by providing developers with tax-increment financing deals (TIFs).
In case you were wondering, TIFs “capture” future increased tax dollars that are generated due to the development. They’re used as a tool for targeting economic development in a specific part of the city and they can be used for roads, sidewalks, street lighting, and other public improvements, as well.
Right now, the following developments are pending approval from the City-County Council:
- Lofts along Meridian Street
- The Guilford development at the old Broad Ripple Kroger
- The former White Castle operations center in Fountain Square
In total, 606 units + an investment of more than $155 million is encompassed with these three developments. Affordable units, commercial space, in addition to more walkability and safety along the transit line are included in the plans.
