Redevelopment staff says 2024 investments leveraged roughly $32 million; Ready 2.0 award, housing and Main Street work highlighted for 2025

Staff gave a broad strategic update at the Jan. 14 Madison City Redevelopment Commission meeting, saying the commission’s 2024 investments of roughly $3.08 million helped leverage about $32 million in additional public- and private-sector investment. Staff outlined projects funded or moving toward construction in 2025, described awards and grants, and flagged possible fiscal risks from pending state legislation affecting tax and TIF policy.

Tony (staff member) — who delivered the briefing — said the commission planned to invest $3,008,000 in 2024 and reported actual spending of about $3,077,000. He said that leverage produced a little more than a 10-to-1 multiplier, producing roughly $32 million in related investment. Tony said the commission was preparing to implement Ready 2.0 projects after receiving a $5,500,000 award; staff submitted additional requested materials to the Regional Development Authority and the IEDC and expected the Riverfront Housing Project and the Bicentennial Amphitheater to move into design and community-engagement stages. Staff cautioned the amphitheater would require additional consensus building and a more complex funding and operations plan.

Staff provided project-level updates: the Clifty Drive reconstruction remains active with a planned completion in fall 2025 and a $1,000,000 RDC commitment; sidewalks work will continue in spring with repaving scheduled to extend to US 421; and the Crystal Beach Aquatic Park operated at or above breakeven after one-time capital investments, with staff expecting an improved summer season in 2025.

Downtown commercial activity was highlighted. Staff said the downtown Dollar General market ranked in the top 10% of Dollar General stores nationally in its first full quarter; the store recorded roughly 17,000 visits in one quarter with an average shopping time of about 15 minutes. Sunrise Crossing regional shopping center data showed December visits of about 110,000 and approximately 800,000 visits in the roughly one-year period since the center reached full operation. Staff said the Sunrise Crossing mixed-use development should deliver roughly 100 housing units by late 2026 and that construction on “The Residence at Sunrise Crossing” would begin as weather permits.

Staff reviewed the PACE (Property Assessed Clean Energy-style rehabilitation) program results: approximately 31 PACE projects in 2024 produced about $4.5 million of total investment and a roughly 7-to-1 leverage of public dollars; since program changes in 2020 the city has participated in roughly 289 projects totaling about $14 million in investment. Staff noted the program is targeted at blight elimination and rehabilitation, and that a PACE committee meeting that evening would review about 17 applications for 2025.

Other items covered included the Madison–Hanover connector trail (funded with an Indiana Department of Natural Resources grant, local matches and a $10,000,000 Lilly grant to Hanover College for a later phase), Welch Park (a redesign as a multigenerational “play on” park with public restrooms and space for teens), Main Street reconstruction and safety projects (federal highway grants and an NDOT safety grant for signal upgrades), and a Main Street infrastructure bond closed Dec. 19 to fund reconstruction work beginning in 2025. Staff said about $20,000,000 in work over the next three years will cover roughly 75% of the corridor, with later phases addressing the most difficult central business segment.

Staff also discussed housing strategy and funding options, including the possibility of a TIF bond to recapitalize redevelopment funds; staff said modeling for a TIF bond was underway and the commission should consider action no later than the end of Q2 2025. Tony warned that pending state legislation to change property tax and TIF rules could reduce revenue available to local government and said the commission was monitoring bills and engaging with state representatives.

Finally, staff described transportation and economic-development items: an expanded transload facility added three additional rail spurs, supporting five businesses and about 42 jobs (welders and related positions); the Port Authority received a $7,000,000 grant for a bridge on the line; the airport received a large federal grant to reconstruct a main runway; and VISIT Madison Inc. will operate a second trolley with ADA access expected by Regatta. Staff asked commissioners for feedback on priorities and emphasized external legislative risks that could prompt acceleration of local projects.