6/7/2006
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Mayor praises MDC for support of plan to spur revitalization of near-eastside neighborhoods
INDIANAPOLIS – The city's Metropolitan Development Commission (MDC) today approved Mayor Bart Peterson's proposal to spur redevelopment and private investment on the city's near-eastside.
The focused redevelopment efforts are part of a strategy outlined in the Mayor's State of the City address in March. Using a financing plan that first proved successful in Fall Creek Place, the proposal approved by the MDC creates a redevelopment area on the city's near-eastside where infrastructure improvements will be funded through additional tax revenue generated by revitalization and private investment.
The near-eastside redevelopment area, which has been planned for weeks, includes the 500 block of North Hamilton Avenue, where last week's tragic shootings occurred.
"One of the ironies of last week's terrible tragedy is that we had been working with residents and neighborhood leaders over the last several weeks on a focused plan to lift up the near-eastside," said Mayor Peterson. "The city, the neighborhood and its residents are committed to ensuring that there are much brighter days ahead for the near-eastside, and the financing plan approved today is a big step forward toward that goal."
The special financing district, which captures funding from increased tax revenue generated by redevelopment and improvements being made, will bring in approximately $1.4 million annually. This funding will then be reinvested back into the neighborhood and used to leverage additional private investment.
Some of the possibilities for improvements funded by the additional revenue include new sidewalks, street repairs and the demolition and redevelopment of abandoned houses. According to the city's survey of vacant properties, the near-eastside has the highest concentration of abandoned and vacant houses in the city.
"This $1.4 million annual investment by the city will leverage millions more in private redevelopment dollars," Peterson said. "Creating this redevelopment area means improved infrastructure and focused redevelopment near our public schools, in our residential neighborhoods and along the commercial corridors on the near-eastside."
The Mayor emphasized that the targeted redevelopment projects will be driven from the input by the neighborhoods. The city expects to begin construction on infrastructure improvements this fall.
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Near-Eastside Map
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