Commission to Keep TIF Funds

(posted July 11)

The Speedway Redevelopment Commission will be sending out a letter informing the other taxing units there is no money to spare from the tax increment financing revenues.

Each year the commission reviews its tax increment revenues to see if there are surplus funds that can be sent to the library, school and town to offset the loss in tax revenue as the assessed valuation rises above the 2005 base rate.

President Vince Noblet said "since we are in the throws to get things going we are going to need all of the money we can get our hands on."

The commission also voted to modify the special zoning districts along Main Street and the southern section of 16th Street between Polco and Holt Road.

Executive Scott Harris explained the modifications included making museums and educational facilities a permitted use. It also changed to allow set backs in the area.

The glass guideline requirements for Main Street will be reduced from 60 percent to 40 percent. He also said that signage will change to allow window painting so Dawson's On Main Street and Main Attraction Antique Mall will be in compliance. As for Main Street, drive-thrus will now be allowed on side streets that connect to Main Street. Two story buildings are now "very acceptable" along with three and four story buildings to retain the 1920s and 1930s character of Main Street.

Harris said the ordinance does not prevent petitioners from seeking variances from the permitted uses and zoning requirements.

The ordinance is scheduled for council vote July 14. The final approval rests with City County Council but also needs approval from the Metropolitan Development Commission. Harris said there are five councilors willing to sponsor the ordinance.

The commission also approved to have a 15 member committee to make recommendations for the 16th Street Streetscape. The members include John Welch, Carol Ochs, Margaret Zore from the CDC, Liz Glover, D.R. Shuck, two commission members, and representatives from the Old Speedway City Neighborhood Association, IMS, Hulman Memorial Way and DPW. Noblet said the DPW will be a member because they will be responsible for maintenance.

Commissioner Ron Fisher requested the video cameras be placed on the July 21 agenda. He believes it is imperative that a camera system be installed to assist the police. Fisher is becoming concern with the recent robbery at 22nd and Fisher Avenue.

He predicted that crime will escalate as the economy continues to sag.

The commission also approved Mansur Real Estate Service and Greenstreet LTD as the master developer for Area Two. The firm is serving as the master developer for the Speed Zone. Mansur President Chuck Cagann said "Of course we're excited and eager to increase our involvement in helping to develop the future of Speedway, and appreciate the confidence and support of the SRC."

Commissioner Bill Jones said Mansur's discussion of using a synergy effect between Speed Zone and Area 2 struck him as critical to prevent the two areas from competing against each other. He also like Mansur's suggestion of hiring associate developers to redevelop Area Two.