The Indianapolis International Airport, the City of Indianapolis, and Develop Indy have commissioned a study to research land use in the West Washington Corridor. The study spans north to south from Washinton to Morris and east to west from Bridgeport to the interstate. The study will recommend development in the corridor and TIF allocation.
What is a TIF?
The Indianapolis International Airport includes a TIF that generates $12 million annually and can be allocated for development. TIF is an acronym for Tax Incremental Financing and is an essential tool for redevelopment in our state.
A TIF captures the increased tax dollars generated by the development. This method originated in California, and all states have passed TIF legislation.
A TIF can be used in Indiana as a matching fund for grants and development. This includes the planning and construction phases or making principal and interest payments. A TIF is a proven strategy for infrastructure projects, including streets and sidewalks.
The undeveloped acres surrounding the airport present opportunities and challenges to planners, including building height restrictions. However, the land could be used for modern housing or commercial development.
According to a community survey, residents are apprehensive about short-term lodging and donation centers in addition to warehousing or heavy industrial facilities that increase semi-truck traffic. Instead, residents want development that adds recreation and restaurants to the corridor.
We want to advocate for your business. Please share your opinion about development in the West Washington Street Corridor in our survey for members with the link below.