GREENFIELD — The city aims to spend about $10.3 million in tax increment financing over the next five years on infrastructure projects, such as upgrades to the industrial park and city streets.
The Greenfield Redevelopment Commission met last week to discuss the status of the city’s two TIF districts — one on the north side of town and the other downtown — and the projects planned through 2023. The city has 11 proposals slated for the two districts.
In a TIF district, tax revenue from new development is set aside for redevelopment commissions to use for improvements throughout that district. Buzz Krohn, the city’s financial consultant, said the north side district currently has $2.14 million in revenue and the downtown district has $15,000.
Jason Koch, city engineer, said the five-year list approved on Jan. 3 can change depending on projects that pop up. Koch said he retools the list almost quarterly.
When BeijingWest Industries announced in 2017 it would build a manufacturing facility in Greenfield’s Progress Park, the city decided to spend about $3.6 million in TIF funds for infrastructure improvements over other, smaller projects. The city also invested about $2 million from utility funds for the park.
“This is kind of a road map to get to where we want to go,” Koch said. “We have to make sure it’s fluid enough and changeable enough that it’s a living document.”
The top priority for the city is completing infrastructure at Progress Park, located near State Road 9 and County Road 300N. About $250,000 in construction costs remain for upgrades near BWI, Krohn said.
The fourth phase of the Progress Park project will continue Opportunity Parkway from the north side of BWI to a 60-acre parcel of land to the west, extending the road about 1,100 feet, Koch said. The area near the road is a wetland, so the city has to go through federal permitting before proceeding.
Opportunity Parkway is the main entrance street to the industrial park off State Road 9.
Koch said the city is in the beginning design phase for the project, which could end up costing $1.5 million in TIF money. He’s hoping the street extension can be completed by the fall.
The city could also use TIF funds to pay for the design and construction of landscaping at the Interstate 70 exit and an access control project along State Road 9.
The landscaping design, which will complement the six large pillars that light up at the highway exit, will go hand-in-hand with an Indiana Department of Transportation project along State Road 9, from I-70 to McKenzie Road. Crews will resurface the state highway and install several large medians with a unique design, Koch said, replacing the middle turn lane. Both projects are slated for 2020.
The I-70 exit proposal could cost about $325,000 for design and construction and the median project could cost about $300,000, according to the TIF five-year plan.
Other projects on the TIF plan include widening and reconstructing Franklin Street, improving West New Road and building the Franklin Trail between Muskegon Drive and Beckenholdt Park.