The council’s approval of the Midtown tax-increment financing (TIF) district came after a debate over whether to include the Broad Ripple parking garage within its boundaries.
Now under construction, the garage could provide an estimated $4?million to $5 million in borrowing power to kick-start projects elsewhere in the district, supporters say.
The council opted to keep the garage in the TIF district, rejecting Democrat Zach Adamson’s bid to remove it.
In a TIF district, the city generally collects the growth in property taxes that results as the tax base expands. The money supports new development and improvements within the district. But government entities that receive property tax proceeds wouldn’t benefit from higher tax collections for up to 25 years.
The Midtown district will connect commercial and industrial areas between Fall Creek and Broad Ripple, including those in Meridian-Kessler and Mapleton-Fall Creek.
