INDIANAPOLIS— Neighborhood groups are expressing frustration over the city’s proposal to buy the Broad Ripple Park Family Center.
In January, the center opened and offers an indoor walking track, gymnasium, exercise rooms, a children’s play area, party rooms and other amenities including a multi-disciplinary care site operated by Community Health.
“I think because of the great success that we’ve seen at the Broad Ripple Park Family Center we know that it is so much in the public benefit to pay off this building so the city can own it,” said Councilor Keith Potts who represents District 2.
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Right now the city isn’t making any payments on the lease. Potts says the plan was always for the city to buy the building at the end of this year.
“We think since we have a financing mechanism available to us and we’re able to do so that’s what we’d like to do,” said Potts.
Using that financing mechanism is what’s drawing concerns. The proposal is to approve the issuance of bonds in the Redevelopment District in an aggregate principal amount not to exceed $26 million.
Most of that money will come out of revenue generated through the midtown tax-increment financing district.
“The key to TIF is that it works primarily by investing in things that generate tax revenue and that pay them back,” said Michael McKillip, the executive director of Midtown Indy.
McKillip says the city will take $22 million from the TIF district. It was created more than a decade ago with the purpose of strategically investing money to address community needs in Midtown. It’s a 25 year economic strategy that is in year 11. McKillip says they knew the city would always buy the family center, but didn’t know they would take TIF money.
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“We really do want to work with the city to get transparency and communication,” said McKillip.
Some of the priorities they’re looking at include a pharmacy and grocery store at 30th and Central.
“The 38th street corridor, finding some solutions to improve school safety, and street safety specifically along Central,” said David Bacon with the Mapleton Fall Creek Development Corporation.
Right now TIF generates about $2.25 million dollars a year.
“We’re not opposed to the city buying the Broad Ripple Family Center. Our number one priority is finding a compromise between the city and the midtown organizations which preserves our development priorities,” said Bacon.
The city is trying to get a deal done by the end of the year. If they don’t, they’ll have to pay $1 million per year in lease payments and it could delay other parks projects through out Indianapolis.
The proposal is on the agenda for Tuesday night’s Metropolitan and Economic Development Committee meeting.
