An economic development proposal crafted by community leaders between Broad Ripple and Fall Creek is aimed to entice businesses
, mixed-use apartment buildings and other dense development back to such blighted corners, many of which lost their vibrancy decades ago.It's the same story, if not as stark, on some commercial corners along College Avenue as well as areas near the Monon Trail and 38th Street where businesses once hummed.
The idea, now under consideration by the City-County Council, is to create a Midtown tax-increment financing district around those commercial areas. The city would collect the growth in property taxes as the tax base expands. That money could then be used to support new projects and other public improvements within the district.
Indianapolis long has used the TIF tool outside Downtown to help revitalize neighborhoods, including Fall Creek Place on the Near-Northside, and to encourage development in certain areas, including near the airport.
But the proposed Midtown TIF marks an ambitious foray into wide-scope urban redevelopment in old core neighborhoods.
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