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Commission approves TIF allocation area to support senior housing at former Homan Elementary site
Summary
The commission approved a declaratory resolution to establish the Homan Heritage tax-increment financing allocation area to support income-based senior apartments near the Ivy Tech campus; TIF percentages and term lengths will be set later by the economic development authority.
The Planning Commission voted to approve a declaratory resolution that sets up a tax-increment financing (TIF) allocation area called Homan Heritage to support senior housing near the Ivy Tech campus, the site that previously housed Homan Elementary School. The declaratory resolution was presented by Jim Ted of the Miami County Economic Development Authority and passed by roll call with five votes in favor and one absence.
Ted told the commission his board approved a declaratory resolution on June 10 and is asking the commission to find the revision to the city’s consolidated development plan consistent with that decision. "This resolution is basically approving a declaratory resolution that my board passed along with the revision to the city's overall consolidated development plan," he said, and described the allocation area as preparation for a senior-living development at the Ivy Tech site.
Ted said the authority and its board plan to follow a sequence of steps: his board’s declaratory resolution, commission approval that the change is consistent with the city plan, city council approval of a similar resolution, a public hearing before his authority and then a confirmatory resolution. He said the authority planned to complete the steps by July 22.
A resident asked whether any units would be required to be low-income. A representative for the developer, present with Ted, said the apartments would be "income-based" with specified percentages of units targeted to different wage groups and that the buildings would be intended for residents 55 and older. The representative also said the project is not "federally subsidized housing" as described in the meeting and would rely on state credits to support income-based or worker housing; specific TIF reimbursement percentages and the number of years for reimbursement have not yet been finalized and will be presented at a later meeting of the economic development commission.
Commissioners approved the declaratory resolution by roll call; the transcript records yes votes from Joe Molineaux, Mike Sabolish, Dennis Cephas, Jeremy Brittenbach and Jim Baker and one absence (Drew Stevenson). The approval sets up the allocation area but does not finalize TIF reimbursement percentages or term lengths; those details will be decided later by the economic development commission and by city council actions required in the review sequence.
Next steps: city council consideration of a matching resolution, a public hearing before the economic development authority, and a later confirmatory vote to set reimbursement percentages and terms.
