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Council hears North End Phase 2 TIF bond introduction; developers cite permanent affordable units and park amenities
Summary
Developers and city redevelopment staff introduced the North End Phase 2 project and a proposed TIF revenue bond to support it. Presenters described 40 permanently set-aside attainable units, an urban farm, trail connections and projected tax revenue increases for the parcel.
The council received an introduction on May 5 for an ordinance that would authorize economic-development tax-increment-financing (TIF) revenue bonds to support North End Phase 2, a mixed-use project adjoining the Monon Trail.
Old Town representatives and redevelopment staff presented the project's goals: add at least 72 additional housing units (including a planned Viva Bene 55+ community), expand the Monon Trail connection, build an urban farm and preserve a long-term community trust to hold attainable housing in perpetuity. Rebecca McGuckin of Old Town described more than 250 residents currently living in North End phase 1 and said 40 attainable units for people with…
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