Panel approves public financing for Broad Ripple development

A City-County Council committee approved public funding Monday for a proposed $30 million residential and grocery complex in Broad Ripple.

By a 5-1 vote, the Metropolitan and Economic Development Committee agreed to a $7.75 million bond issue for the project north of 64th Street on College Avenue. Tied to the development is a $1.5 million bond to rebuild Tarkington Park on Illinois Street north of Meridian Street.

Democratic Councilman Zach Adamson voted against the plan.

The borrowed funds would be paid off with future property taxes generated by the Broad Ripple development, which is in a newly created tax increment financing district.

The measure now heads to the full council for final approval.

The hearing room at the City-County Building was standing room only, but almost everyone there favored the project, judging by a show of hands.

The development would be five stories, have about 120 apartments, a parking garage and a grocery on the first floor, presumed to be a Whole Foods, though that deal has not been finalized.

Deron Kintner, the deputy mayor for economic development, told the committee the Broad Ripple project would generate an estimated $580,000 a year in taxes and the projects, combined, would total an investment of $35.9 million.

Joseph Scimia, an attorney for the developer, Browning Investments, Carmel, said much of the borrowed money would go for improvements in public spaces. They include a plaza, a walking and biking path along the canal and a bus shelter.

The Tarkington Park improvements would include two basketball hoops, a parking lot, concession stand, splash park, a stage and space for a farmers market.

The city would pay for the park with $3 million from the city's RebuildIndy infrastructure fund; a $1 million allocation from the Indy Parks Foundation; and $1 million from the Broad Ripple project.

Adamson said he agreed that both projects were worthwhile but objected to linking them because it was an abuse of TIF funds, which were designed to rebuild dilapidated areas, not thriving neighborhoods such as Broad Ripple.

"I think it is important that TIFS only consume what it creates, and this violates that cardinal rule," he said. His motion to separate the two projects failed for lack of a second.

Officials said the new park, combined with financial grants, would encourage businesses in the area to upgrade their exteriors.

Call Star reporter John Tuohy at (317) 444-6418. Follow him on Twitter: @john_tuohy.