SRC Adopts Declaratory ResolutionThe Speedway Redevelopment Commission (SRC) adopted the Declaratory Resolution on January 30 that gives it the authority to redevelop 291 acres. This adoption is the first of several steps in what the commissioners deem as the only viable solution to mitigate stagnant growth along Crawfordsville Road and High School Road corridors. Because Speedway is a land locked town, redevelopment is essential to jumpstarting economic growth opportunities. The Declaratory Resolution also gives the SRC the ability to capture taxes from this area to pay for the improvements. The base year would be March 1, 2007. Any increased in assessed valuation after this date would be allocated to the tax-increment-financing district (TIF). Shane Burkhardt of American Consulting presented the “findings of need” to create a second tax-increment-financing district. It was definitely not a rose colored presentation that everything is fine in Speedway. The report displayed some real concerns that need to be addressed, especially the loss of population and increasing rate of crime in the area. Speedway’s population has declined by 1.1 percent during 2000-2005 while the rest of the Marion County area grew by 6.6 percent. “The lower demand for rooftops has a downward pressure on retail demand. The commission should consider this in the future plans,” Burkhardt said. This area is highly vulnerable towards crime. The statistics indicated violent crime is four times higher in the proposed redevelopment area compared to the rest of the town and non-violent crime is three times higher than the rest of town. The report indicated that 1975 is median year for buildings. The report stated the single use structures that would require significant remodeling to alter the architecture style and functional use. Single use structures are gas stations, hotels, and chain restaurants. Commissioner Vince Noblet wanted to know if the retail shopping centers parking lots were evaluated in the report. It would be easier and cheaper to tear up pavement than demolish buildings. The parking lots are under utilized, especially the Speedway Super Shopping Center’s rear lot. “There is a tremendous amount of pavement that is not being used,” he said. The report also examined the two traffic areas with high accident rates: 25th Street and High School Road, and Cunningham Road and Crawfordsville Road. It cited Crawfordsville Road’s excessive road cuts for hindering traffic flow. Remedying these traffic congested areas were part of the “to-do” list. The commission cannot move forward to the March 19 public hearing until town council gives approval. The initial plans were to have the redevelopment area completed by February 28, so March 1, 2006 would have been the base year. “The commission preferred to takes its time and not rush the plan,” Harris said. The difference is base year assessments would not have a significant influence on the redevelopment area. The SRC is still not with finished the first redevelopment area called the Speed Zone. The SRC plans to add another estimated 42.98 acres to the 350 acres located in the industrial section of town. The Speed Zone has been in existence for about a year now. “These are two different areas with separate issues and opportunities,” Harris said. |
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