The Fishers City Council approved the project agreement for a mixed use development at 106th Street and Kincaid, near I-69. The vote was 6-2, with council members Jocelyn Vare and Crystal Newmann voting no. Councilman David George did not attend Monday’s session.
Developer Envoy says there will be a $52 million investment in the plans, with Tax Increment Financing provided by the city. 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.
Tax Increment Financing (TIF) will be utilized to fund roughly $8 million toward the project, with a 25-year bond. Envoy has committed to fund a walking trail and improvements to Pearl Street. Envoy will be responsible for the debt service funding the plans. The city is waiving some fees and imposing others (inspection, parks, roads & bridges).
The development, named Highline, already is receiving interest from several restaurant operators, according to attorney Steve Hardin, representing Envoy.
Councilor Jocelyn Vare listed several reasons for her no vote. She was only made aware of this project agreement vote 3 days ago. She is not convinced TIF is needed for this project, and she has concerns about State Senator Scott Baldwin’s involvement as CEO of Envoy, saying this was not transparent to the public.
Councilman John Weingardt responded, saying Scott Baldwin and Envoy contain all the ingredients he seeks in a development project. He also emphasized that HSE Schools will receive $150,000 per year despite the TIF, because of a referendum exception to the TIF under state law.
Councilor Crystal Newmann cited concerns about sustainability parts of the project in voting no.
The project agreement sets the financing for Highline, now a rezone must be approved with a Planned Unit Development (PUD), a process that includes a public hearing with the Fishers Plan Commission.
In other City Council items from Monday night’s meeting:
–Council had first reading on a proposal for the city to purchase the assets of HSE Utilities sewer system within the Fishers City Limits.
–Council members gave final approval for two residential developments near 113th Street and Florida Road, Milford Place and The Cove.
–Council gave final approval to a text amendment for the Nickel Plate Code, to close a loophole in the ordinance that allowed some, according to city staff, to avoid fees and standards by building under residential rules and converting the property to commercial.
–First reading was done for a proposed increase in park impact fees.
–Mayor Scott Fadness opened the meeting, requesting a moment of silence for three Fishers teenagers that died in a crash in South Carolina in the early hours of Monday.