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Planning commission finds two Simon CRE TIF allocation changes conforming; council will review
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Summary
The commission found two Redevelopment Commission declaratory resolutions conforming under Indiana Code so they can prune parcels and form separate allocation areas for Simon CRE retail projects estimated at roughly $91 million and $21 million in private investment. The items will be sent to the city council for legislative action.
The Planning Commission reviewed two declaratory resolutions from the Redevelopment Commission that modify allocation areas within the Southport Economic Development Area for proposed Simon CRE retail projects.
Dan Bodich explained the statutory requirement under Indiana Code 36-7-14-16(a) that any amendment or pruning of an allocation area be sent to the planning commission for a finding that it conforms to the city’s comprehensive plan. He said M-13-25 removes a parcel at the southeast corner of US-6 and Airport Road to create a separate allocation area for a proposed roughly 336,000-square-foot retail anchor tenant project described in the filing as about $91,000,000 of private investment. He said M-14-25 prunes a 25.5-acre parcel to create a separate allocation area for a proposed roughly 127,000-square-foot retail anchor (~$21,000,000 private investment).
Bodich characterized these actions as financing/administrative rather than land-use changes; he said the Southport Economic Development Area plan itself is not being altered, only the allocation-area boundaries for TIF purposes. The commission moved to find both resolutions conforming to the comprehensive plan and approved the motions by voice vote. Per the statutory process, the planning commission's findings and the declaratory resolutions will be forwarded to the city council for legislative consideration.
What this means: the actions permit the redevelopment commission to pledge tax increment from the new allocation areas to repay bond issuance tied to these specific Simon CRE projects, subject to the city council’s legislative review and any subsequent steps required by law.
