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Redevelopment commission moves to create pilot fund for Cambridge Square rehabilitation
Summary
The Greenwood Redevelopment Commission approved directing staff to define a pilot fund that would accept pilot payments under a recent Indiana pilot statute to support a proposed $6.5 million rehabilitation of Cambridge Square of Greenwood; the action is subject to legal review and a city‑council ordinance.
The Greenwood Redevelopment Commission on Wednesday directed staff to define a new city fund and to prepare a resolution that would allow pilot tax payments to be deposited in support of a proposed full rehabilitation of Cambridge Square of Greenwood.
Ad Richter, executive vice president and general counsel for the Genevieve company, told the commission the project would be a roughly $6.5 million hard‑cost construction program to fully rehabilitate the 50‑year‑old affordable housing complex, including kitchens, bathrooms, windows, mechanical systems and exterior repairs. "This is a very common way for affordable housing," Richter said, describing a financing package built around federal and state tax credits plus a local pilot payment to reduce the property tax burden during bond financing.
The commission’s action focused on the procedural step the city must take under a relatively new Indiana pilot statute (adopted in 2022), which Richter said requires funds paid under a pilot agreement to be diverted into a fund designated for future affordable‑housing development. Commissioners questioned how the fund would be governed, whether the request would trigger a two‑meeting rule for commitments over $100,000 and what restrictions might attach to the money.
Richter said the statute appears to restrict use to housing‑related purposes but that local practice has left room for interpretation. He described the project as serving primarily older and disabled residents with very low rents — "around $200 to $300 a month," with a couple of residents paying as much as $600 — and said the operator uses an experienced construction partner to do occupied rehabs. He described the displacement plan used in similar projects: residents are moved briefly (typically one night; up to a week for ADA conversions), put up in hotels and provided a stipend; the project will convert 14 units to ADA accessibility.
Commissioners approved the motion to have staff define the fund and to prepare a resolution, with the final pilot agreement and any ordinance to be considered by the city council and subject to legal review. The motion passed by roll call with all members present voting in favor.
The commission did not approve a final pilot agreement or commit TIF or RDC funds beyond the directive to prepare the fund‑creation materials; the project still requires council action and a finalized pilot agreement before payments begin.
