Redevelopment commission wins Sixteenth Street corridor grant; SRC trims operating budget

The Speedway Redevelopment Commission (SRC) reported a $100,000 Indianapolis Metropolitan Planning Organization (MPO) grant award for a Sixteenth Street corridor study, with a required local match of $25,000, and presented a modestly reduced operating budget for 2026.

Kyle (SRC staff) told the council he attended the MPO policy committee meeting and confirmed SRC’s Sixteenth Street corridor study application was selected for $100,000. Kyle said the contract will be held by the MPO, the study will begin in January and the SRC will have input during the consultant selection and study process. He noted the commission may need to amend its 2026 budget to account for the match.

SRC staff presented an operating budget proposal of $345,893, a reduction of about $22,000 from the prior year. Kyle said the cuts came from line-item reviews and more realistic year-over-year estimates, and he also noted some savings stemmed from a lower salary for the SRC director position compared with predecessors while the new director settles in.

SRC members and staff discussed key redevelopment sites including the former town hall parcel, the Sixteenth-and-Mickley site (where rough site remediation and surveys are expected), and other properties the SRC hopes to move to private redevelopment. Kyle said an RFP for potential residential development at the Mickley site is planned and that the SRC is coordinating tree surveys and preliminary clearing work prior to marketing.

Ending: Staff said the grant and budget adjustments will be incorporated into the town’s budget timetable and that SRC will return to the council with any required budget amendments and consultant selections.