A new mixed-use development is coming to Fishers, but this will not be located downtown. Instead, the project will be located along 106th Street and Kincaid Drive.
The developer says there will be a $52 million investment in the plans, with Tax Increment Financing of $10.1 Million provided by the city. The proposal will be considered by the Fishers City Council Monday night.
The project calls for 280 residential apartments and 18,600 square feet on the first floor for restaurant, commercial and retail operations. 4,800 square feet will be set aside for a restaurant, generally located at the south-east corner of 106th Street and Kincaid Boulevard.
As part of the economic development deal with the city, developer Envoy will design and construct the streetscape and other infrastructure improvements. Envoy has also committed to building a multi-use pedestrian trail around the entire perimeter of Delaware
Park (Kincaid Drive south to Sunlight Drive, east on Sunlight to Lantern Road, north on Lantern to 106th Street, 106th Street west to Kincaid). In addition, the developer will handle a forced right-turn road improvement from Kincaid onto Pearl Street. Finally, Envoy will construct Pearl Street to city engineering standards.
So the Fishers residents are paying for 20% of this, plus we have 280 residences that will be added to the school system that aren’t paying the right amount of property taxes to support the schools?
Why are TIFs being used on properties that contain residences? How is that at all a fair thing to do to the community?
I agree, TIFs were supposed to be used to spur investment when developers needed some incentive. In this climate, there is no need for the city to be using TIFs. The owners of this development will do just fine once the apartments and retail are leased.
It makes me wonder if there is some sort of backdoor dealing going on.