Speed Zone Expansion Delayed

(posted Feb 26)

The Speedway Redevelopment Commission had to delay the Feb 26 public hearing to expand the Speed Zone due to improper notification to a property owner.  The expansion includes the manufactured home parks and Indy Screen Print on Georgetown Road, Conkle Funeral Home, the east side of Cole Street from 16th Street to Crawfordsville Road, and properties from the Winton / Auburn Avenue area at Tenth Street extending to Lynhurst Drive.

The SRC has been trying for over a year now to expand the Speed Zone by 20 percent of its original 350 acres as plans reformulate to the exact properties they want to add. The hearing has been rescheduled for March 17 at the library.

Commission President Vince Noblet assured the Tenth Street residential owners that it is nothing more than misinformation circulating around that the SRC wants to acquire the property to tear down the homes for commercialism. To the contrary, the SRC wants to protect the residential area from eroding from the stresses of commercial and industrial pressures that surround them. The SRC wants to prevent this area declining into a commercial area of home conversions to business use.

Noblet insisted the reason the SRC wants to take the area in is to help beautify the area and help residents invest in the area since it is part of the gateway to the Speed Zone.

The SRC continued with the second public hearing that created a tax increment financing district for the Crawfordsville Road - High School Road corridor. Some potential land marks included in the TIF are the Capri Apartments, Post Office, Hardees, Union Jacks, Meadowood Shoppes, International Village, Motel Six, West Wind Terrace, Red Roof Inn and Marsh Shopping Center.

The tax impact study reported that it would not have a negative impact on the overlapping tax districts that support Marion County Health and Hospital, Speedway Public Schools, Wayne Township, Indianapolis Consolidated City, Town of Speedway, and Speedway Public Library "at this time", according to Herschel Frierson of Crow Chizek. The tax increment financing district will start capturing taxes from the increase in assessed valuation. March 1, 2007 is the base year.

Resident Jack Norris asked the SRC to slow down after he read that the redevelopment project is about $400 million to $500 million and became concerned that if the TIF does not generate enough money it would be costly to the taxpayers.

Executive Director Scott Harris said that figure represents the total investment from all development including private investment dollars. He expects the town to invest about $50 million to $65 million for the $130 million road projects. He said the state and city should help with the paying for the infrastructure because these entities also benefit from Allison Transmission and IMS.

Attorney Jim Gutting said that Speedway has the luxury of existing businesses like Allison Transmission producing funds for the TIF District before "we start doing anything." Other communities like Greenwood and the stalled Cabela's project have only raw land to generate TIF funds. He explained the TIF down south deals with vacant land that must have development to fund the TIF to make any of it work.

Ernest Williams asked the SRC not to delay. "If we are going to improve, we've got to go now. We can't wait." Williams thinks once the redevelopment happens that it will also create additional sales tax as commerce increases in the area.

Commissioner Ron Fisher explained that TIF is the "only vehicle" to get developers to invest in the area. He does not see anybody stepping up to the plate to buy International Village and the hotels and tearing them down. He would like to see International Village and the motels torn down to increase the tax base. International Village was billed over $325,500 in property taxes in 2006.

The SRC agreed to enter into a contract with Ice Miller for its Washington lobbyist to petition for federal funds to start the project to extend Holt Road from I-70 to I-65.

The north-south corridor is needed to replace the proposed closing of Georgetown Road from 16th Street to 25th Street. Harris said they are still negotiating a contract, so he had no cost for the company's lobbying effort.

Georgetown Road is not in the Speed Zone tax increment financing district because Noblet said that IMS would be using private dollars for Georgetown Road.

He said Georgetown Road is critical for the development of the overall structure of the Speed Zone. The SRC wants to create an environment to attract developers that want to invest millions of dollars.

The SRC gave a concurrence to seek an RFP for 22 video cameras for security surveillance throughout the town. The bid specs include the ability to monitor the cameras at the police department and in patrol cars.

They also concurred to seek a RFQ to find a master developer for Area Two.