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Muncie panel approves $407,200 match for developer to build 42-home northwest subdivision
Summary
The Muncie Redevelopment Commission voted 3-2 to approve a $407,200 city funding match to support infrastructure for a proposed 42-home premium subdivision off the Riggan Road extension. Commissioners debated subsidy levels, anticipated tax revenue and whether public funds should back higher-end housing.
The Muncie Redevelopment Commission voted 3-2 on a funding agreement to provide a $407,200 city match to a private developer for infrastructure to support a proposed 42-home subdivision on a site off the Riggan Road extension.
Commissioners and staff said the project includes a county match and sanitary-district participation, and is intended to convert currently untaxed Ball State-owned acreage into new housing and tax revenue. Staff and the developer said the site is presently an empty field and would generate new assessed value once built out.
City staff estimated the fully developed site will create roughly $20 million in assessed value, and projected about $24 million in tax and fee revenue over a 50-year period based on current assumptions. The developer said the plan emphasizes upscale details — metal roofs, high-efficiency systems, small upscale floor plans and neighborhood…
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