Committee postpones vote on Midtown tax incentives
Plans to jump start development on the city's north side have been put on hold again.
A council committee has postponed a vote on tax incentives for the Midtown area, which includes Broad Ripple, Meridian-Kessler and Butler-Tarkington.
Neighborhood leaders have been pushing for a TIF district as a way to help redevelop empty buildings and vacant lots. With a TIF, all new tax revenue generated goes to new projects and the infrastructure they need.
Proponents say it's not about beautification, it's about economic revitalization of an area on the decline.
"We have a vacancy rate 20 percent higher than the county average, we have an area that generates 229 percent of tax density struggling daily to attract and sustain families. In the last 20 years, we've lost 26 percent of families from Midtown to downtown and other communities and that's taking away valuable resources for IPS and local government," said Michael McKillip.
Opponents, though, worry the TIF will mean few tax dollars for those entities. The council committee will take up the issue again January 14.