SRC Makes More Purchases on Main Street(posted Apr 17) The Speedway Redevelopment Commission's April 16th approval to purchase 1552 and 1556 Main Street adds to its real estate portfolio that includes 1010-1018 and 1564 Main Street. Helen Kellam agreed to sell her property to the SRC for $250,000. This was higher than the public notice estimate of $210,000. Commissioner Ron Fisher said the SRC does not want to be in the real estate business and the commission's goal is to attract developers to redevelop Main Street. In previous meetings, the SRC discussed buying several properties to combine the parcels into a larger site to be more attractive to developers. The SRC has not stated their plans because the Main Street Master Plan is not finished. Commission President Scott Harris said the current tenants are welcome to stay and to enter into leasing arrangements with the SRC. The commission also agreed to use the town's insurance company of Gregory and Appel to cover the properties. The annual premium is $3,487 for a $1,000 deductible. Fisher's request to raise the deductible from $1,000 to $5,000 received commission approval. The higher deductible should lower the premium amount. The SRC also indicated they wanted to sponsor a Main Street event called "Rally in the Alley" on Carburetion Night during the month of May. The event would start at 7 p.m. and include live bands. The goal of the event is to drive consumers to Main Street as well as raise money for the Speedway Community Development Corporation to relocate the historic building at 4900 West 16th Street onto Main Street. This was one of the recommendations at the April 11 meeting the SRC and American Structure Point had with the Old Speedway City Neighborhood Association. OSCNA member Don Katterhenry's vision is to move the building to the Bussard Rental Property to function as a visitor's center and historic office. The transportation plan is recommending a road cut from Crawfordsville Road to Main Street to help drive more traffic down Main Street. The building could be in jeopardy of being destroyed if this plan is implemented because its site provides a straight road alignment from Crawfordsville Road to Main Street. |
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