• Brownsburg Redevelopment Commission votes to expand TIF district to include Ronald Reagan Parkway corridor

    October 05, 2012 No comments

    The Brownsburg Redevelopment Commission (RDC) adopted a resolution to expand the municipality’s Tax Increment Financing (TIF) district at its October 2 meeting. The RDC also approved a restated economic development plan for the entire North Beltway Economic Development Area, originally established in 1992.

    The expansion area includes approximately 2,143 acres surrounding the current and proposed location of Ronald Reagan Parkway, which was annexed into the Town last year. The area also includes Lucas Oil Raceway, Nitro Alley and several existing industrial properties, but much of the area is undeveloped or underdeveloped due to a lack of adequate infrastructure.

    Due to this lack of infrastructure, the potential for development is lessened and the timeline for growth is lengthened.  The Redevelopment Commission and the Town hope that the expansion of the TIF district will improve the development potential in the area and allow for developers to view the property located there as developable and not simply as available and vacant land.

    The Ronald Reagan Parkway north/south corridor will eventually connect Interstates 70 and 74, and provide connectivity between the Towns of Plainfield, Avon and Brownsburg. The Town of Brownsburg’s recently-adopted Comprehensive Plan identifies that the completion and development of Ronald Reagan Parkway may have the most significant impact on long-term commercial development within both the community and the larger area.

    The expansion area is ideally suited for large-scale, office and industrial, and single and multi-family residential development. The Comprehensive Plan for this area anticipates development over the next 10 to 15 years and would likely include a regional campus of offices, hotels, restaurants and shopping facilities.

    Brownsburg Town Manager Grant Kleinhenz said, “The Town recognizes the need for extensive capital improvements in the Ronald Reagan Parkway area to spur economic development. Capturing TIF dollars from future development as the primary source of funding allows the Town to complete those infrastructure projects without increasing property tax rates or raising levies. ”

    The restated economic development plan adopted by the RDC this week is designed to provide financing for the much-needed infrastructure improvements which would promote full economic development of the area.

    The RDC approved a list of infrastructure projects with a $181.5 million budget, including:

    • Roadway and intersection improvements including Ronald Reagan Parkway from US 136 south to CR 300 E;
    • Bridges;
    • Stormwater and drainage improvements;
    • Improvements to the town water and wastewater transport and treatment capabilities;
    • Transportation and parking facilities;
    • Establishment of development plans and standards and land use requirements;
    • Fiber optic cable and other similar telecommunication infrastructure;
    • Recreational trails; and
    • Streetscape, landscape, signage and similar aesthetic improvements.

    The Redevelopment Commission has the authority to acquire rights-of-way and land necessary for the construction of the improvements. No additional specific parcels are presently identified in the development plan, but the project list includes potential funding for the purchase of property to support as-yet unidentified economic development facilities.

    The Town of Brownsburg expects the plan to complete much-needed infrastructure improvements will attract new industrial, service, retail and commercial development. The RDC estimates the creation of 1,000 to 1,500 permanent jobs opportunities, as well as a significant increase in the Town’s property tax base due to the potential commercial and industrial growth. Additionally, the Town’s traffic congestion and transportation issues will be alleviated and health concerns will be addressed with sewer, water and drainage improvements.

    Both the Advisory Plan Commission and the Brownsburg Town Council will have to approve the expansion area and economic development plan and state whether the plan meets the goals of the recently completed Comprehensive Plan. A public hearing on the topic will be conducted at the December Redevelopment Commission meeting where the commission will consider adoption.

    The full resolution, economic development plan and approved project list, and the statement of impact are available on the Town of Brownsburg’s website, www.brownsburg.org. For frequent news and updates from the Town of Brownsburg, like us on Facebook.com/TownofBrownsburg or follow us on Twitter @BrownsburgIN.

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