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Capital Improvements Board agrees to pay into Downtown economic enhancement district; $1.3M hit to budget
Summary
The board approved a memorandum of understanding to pay Downtown Indy Inc. roughly $1.3 million annually as a payment-in-lieu to support cleanliness, security, outreach and public-space activation in the Economic Enhancement District; the board said it will offset the cost by reducing existing line items such as support for Spark and fireworks.
The Capital Improvements Board voted to approve a memorandum of understanding (MOU) to make an annual payment to Downtown Indy Inc. equal to a property-fee assessment in the city’s Economic Enhancement District, an agreement the board said will total about $1.3 million and will be paid from the board’s operating budget.
Board members said the payment is intended to fund downtown cleanliness, beautification, visitor engagement and outreach services that the Economic Enhancement District (EED) statute authorizes. The board’s contribution will be routed through Downtown Indy Inc., which the board and Downtown leaders said will operationalize services on behalf of the EED board beginning in July.
Board staff and Downtown Indy representatives said the payment was calculated on the same per-value basis as the district fee and represents the…
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