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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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redevelopment tool that will exist in this sub -area and which is not <br />available in any of the other three sub -areas is a secondary, dedicated <br />funding source which will be generated through the establishment of an <br />economic development project district. A district allows for the collection <br />of sales tax increment and the designation of a sales tax increment <br />finance (STIF) allocation area. The economic development project district <br />will be centered around the Ireland and Miami intersection and will include <br />the mall property and the two commercial centers on the southwest and <br />northeast corners of the intersection. A map of the proposed South Side <br />Economic Development Project District is included as Map 3. <br />D. South Side Economic Development Project District Overview <br />The South Side Economic Development Project District ( "District ") is <br />basically a mirror of the Erskine Hills Sub -Area with the major difference <br />being its inclusion in the rights -of -way of Ireland Road from Ironwood <br />Drive to Michigan Street and a similar length section of Bypass property. <br />The project district is 217.70 acres in size (including the rights -of -way) and <br />contains three sub - districts which are the Erskine Village Sub - District, the <br />Erskine Plaza Sub - District and the Broadmoor Plaza Sub - District. The <br />three sub - districts include the principal center development and also <br />adjacent parcels that are either necessary for or are affected by the <br />projected improvements. The majority of new investment in the district will <br />occur within the Erskine Village Sub - District on the site of the Scottsdale <br />Mall development site. The two other sub - districts will see reinvestment <br />and facility expansions, but will probably remain in an as -is condition for <br />the foreseeable future. To help facilitate the traffic movement and <br />circulation into the district, the rights -of -way of Ireland Road (from <br />Ironwood Drive to Michigan Street), Miami Street (from Jackson Road to <br />Ireland Road), Ironwood Drive (from the Bypass to Ireland Road) and <br />Michigan Street (from the Bypass to Ireland Road) have been included <br />within the district boundaries. <br />The major benefit for the development and designation of this project <br />district is to allow for the use of the additional financial tool that is <br />available through the creation of a sales tax increment finance (STIF) <br />allocation area. The STIF area, through existing Indiana legislation, is <br />eligible to generate up to a maximum of twenty (20) million dollars over its <br />twenty (20) year lifespan. The addition of STIF funds to the projected TIF <br />funds will allow for many of the proposed improvements to be completed <br />in a reasonable time period. <br />A map of the project district and the sub - districts is included as Maps 3 <br />and 4 respectively. <br />t <br />
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