SRC Proposes Changes to Speed Zone

by Jay Thompson
(posted Dec 20)

The Speedway Redevelopment Commission changed course again in its expansion of redevelopment area one to include 10th Street to Lynhurst Drive instead of the two areas on the IMS property.

The commission agreed to have Wabash Scientific add the new area, which includes properties on the north side of 10th Street from Winton to Lynhurst and from the west end of Allison's property on the south side to Lynhurst, into the findings of fact study necessary to expand the area. At previous meetings, the SRC decided to include the IMS Brickyard Resort Inn and pro shop and turn two in area one.

SRC President Scott Harris said it would take the IMS longer to reparcel the current area than anticipated, so the SRC decided to abandon the area and return its focus on the Lynhurst and 10th street corridor. The IMS must reparcel the land into smaller parcels because there appears to be a legal issue with a TIF area subdividing a parcel.

Commission member Ron Fisher asked if the Winners Circle is still included in the proposed expansion area. Fisher has been vocal about this area in numerous meetings. Harris reassured Fisher that the Winners Circle remained in the expansion area. The SRC also wants to expand to include 16th Street to Cord Street and pick up the parcels to include the manufactured homes on Georgetown Road.

Commission member Benny Grove updated the commission of Main Street property purchases, saying that the phase two
EPA inspection had been completed on the Busard properties and that the commission was waiting on the results to determine what work would need to be done to finalize purchase.  The commission has also ordered market appraisals for the Praxair parcels that need to be purchased for the 16th Street realignment right of way.

Harris said the next step in the approval process for the proposed zoning changes would be a Department of Metropolitan Development review, followed by a Metropolitan Development Commission hearing and finally a City County Council vote .  He anticipated the final adoption would occur in April if all the regulatory processes are passed. The Speedway Town Council approved the zoning district changes at its December 10 meeting.  According to Angela Nussmeyer with the DMD, the town is required to hold a public hearing on the proposed changes.

The commission is negotiating fee structures and legal agreements with Mansur and Green Street for the master developer contract for area one.

Commissioner Vince Noblet said the 16th Street realignment  and Gilman Street extension survey is about 99% complete.
The commission passed a resolution to adopt a contract with American Structurepoint not to exceed $627,000 to continue with the project through March 31. The commission anticipates its next TIF deposit to be $674,000.

The commission has negotiated a 12% reduction in 2007 contract fees with American Structurepoint for 2008 projects.

The commission, with Harris abstaining, approved a 90 day extension of its contract with Scott Harris to server as Executive Director.

Commission Steve Bishop has been having meetings with stakeholders in redevelopment area two looking to define the processes to be used.  Bishop said American Structurepoint has been working with INDOT to define the timetable for the 465 and 74 interchange project.  The latest estimates are that the US 136 changes will start in 2009 and the 465 / 74 interchange in 2010.