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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 intellectual and developmental disabilities are integrated into the development and intended to remain in perpetuity.
Justin Moffat (presenting for the development team) said Phase 2’s eight-acre parcel required higher-density housing and that adding at least 72 units was necessary to make the overall trust and operations financially sustainable. He described a design that includes townhome-style rental units, a senior-living product, a public plaza and a trail plaza that will connect to the Monon Trail.
Redevelopment Director Henry Mistetsky gave fiscal figures: the undeveloped parcel currently produces about $20,000 in property tax revenue annually; phase 2 is expected to generate about $463,000 in annual property tax revenue when completed, with approximately $67,000 of that new revenue estimated to go to the schools. Mistetsky said the assessed value per acre would increase from roughly $148,000 to about $4,260,000 after buildout.
Developers emphasized a long-term financial model that uses a community trust to retain mission-oriented ownership of the attainable units and produce an “evergreen” revenue stream from market-rate components to subsidize ongoing operations. Old Town and partners said the project is designed to be financially sustainable and to create employment and vocational opportunities for residents living in the North End community.
Councilors asked technical questions about traffic, tree preservation and park access. Developers said the project includes a roundabout and frontage road to manage traffic flow and preserve existing stands of trees where feasible; they also said public access to the urban farm and park space is part of the plan and that a parcel of land would be transferred to the city for park use if the mission changed.
Councilors referred the TIF-bond introduction to the appropriate committee for review; no bond sale or TIF commitments were approved at the May 5 meeting. Staff said the item will receive a finance committee review and additional council hearings before any bond issuance.
