When recording a podcast with Mayor Scott Fadness August 5th, I remarked that when moving to Fishers in 1991, one could not envision a condo project with homes selling for up to $1 million, yet the city announced the REV development at about the same time of that recording session with that price tag.  The mayor was very upbeat about the mixed use plan, including commercial as well as residential space directly south of the municipal complex on 116th Street.

I was unable to attend the August 15th City Council meeting (my grandson turned 2 years old, so I had a legitimate excuse).  Councilors voted 6-2 approving the economic development package for the $35 million development.  The two Democrats on the council, Jocelyn Vare and Crystal Neumann, voted no.  Councilor Pete Peterson was absent, although there were unsuccessful attempts to connect him to the  meeting remotely.

The incentive package includes a $99,000 waiver of sewer and wastewater initial fees, but such fees would be paid for ongoing service.  There will be a $3.1 million Tax Increment Financing (TIF) bond, which essentially means property taxes assessed go to paying-off the bond.  There will be a connection to the Nickel Plate trail available to the public.  There will be right-of-way provisions allowing the current traffic signal on 116th Street at the municipal complex connecting to the REV development.

Land  owner Mike Alboher told the council he had been pitched many development ideas for that land but was “blown away” by the plans by Tony Birkla.  Birkla’s firm plans to develop the REV project.

The Hamilton Southeastern Schools would continue to receive property tax money from the TIF project property tax assessment as long as the referendum remains in place.  That referendum ends in 2023 and must be renewed by another vote. The local school board is considering how to move forward on a referendum proposal to be placed on the ballot next year.

Mayor Scott Fadness emphasized that income tax revenue from those residing in the REV project would end up with the City of Fishers.

Councilor Jocelyn Vare raised concerns  about condos selling in the range of $600,000 up to $1 million, saying that would be a prohibitive price point for most Fishers residents.  Others on the council, and developer Birkla, say the availability of this housing would prevent many in Fishers from moving to Carmel in search of higher-end housing.

So, the REV development is moving forward with the approval of the economic development agreement.  I have a feeling the discussion of housing in Fishers is just getting started.