If you are trying to track the Consolidated Downtown TIF on the Marion County TIF districts map, they are districts 140, 142, 143, 144, 145, 146, 153, and 157.
One clear question that needs asking is: Why not create a new stand-alone TIF district? A couple of possible reasons come to mind.
These proposed expansions of the Consolidated Downtown TIF should be raising concerns for all taxpayers, since this are is already a 'dead zone' for tax collections and the rest of us have to chip in more tax money to cover vital services to the area. Then they cry about the tax caps, which are the only protection we have from their tax-commandeering ways.
What is curious from the outset is that the expansion being proposed for the Fall Creek Area TIF is at least a mile and a half from the other two areas. The expansion is just south of the intersection of Binford and Keystone, west of the State Fairgrounds and in the Meadows area. There has already been redevelopment proposed here, backed by Warren Buffet. As Scott Olson of the IBJ reported :
East Village at Avondale is a $27 million project with eight layers of financing, including an investment from Atlanta-based Purpose Built Communities, co-founded by Buffett.The developer of the project is a joint venture of Chicago-based Strategic Capital Partners, Mishawaka-based The Sterling Group, Meadows Community Foundation, Purpose Built Communities and the city of Indianapolis.
Strategic Capital Partners received $19 million in tax credits that were sold to Chicago-based National Equity Fund to help finance construction of the 248-unit apartment complex. It is being built on about 15 acres of land that Strategic Capital put under contract in 2010.
The city of Indianapolis also kicked in $5 million in tax credits....
East Village at Avondale is the first phase of a larger, $150 million development that is to include additional housing—both apartments and single-family—and retail development fronting 38th Street.It is not clear if the purpose of this expanded TIF is to secure funds for the initial phase or subsequent phases.
Those of my readers who are concerned about, or even just interested in, the burden on taxpayers should remember the establishment of these TIF district expansion areas every time a politician crys about property tax caps. There very well may be adequate reasons for all of these project, or just some, but they are tied to a bigger picture that reaches into every Marion County taxpayer's pocketbook. Hopefully somebody on the Council will ask enough questions so that the public can have confidence that these TIF districts are absolutely necessary.