CIC discusses Plaza and Long property development

Tipp City’s Community Development Corporation (CIC) members met on Tuesday, May 13, and discussed the city’s two major development projects, the Uptown Plaza and the Long property (SW corner of 571 and 25A). The greenhouse and flower shop property owned by the city on W. Main Street was also mentioned. City Manager Eric Mack explained the city is working with Tipp Schools to partner in a 30-year TIF (Tax Increment Financing) agreement, which will help fund the projects and eventually pay the city 75% and the schools 25% of the projects’ profits (a TIF takes the increase in taxes generated from an area being redeveloped and uses the increase to fund the redevelopment).

Redevelopment of the Plaza is already underway. The lighting has been fixed, shrubbery cleaned up, and the deteriorated Burger King building has been demolished. The city is now defining parcels of various sizes within the Plaza which could be occupied by new businesses. Mack noted that the available Plaza land is smaller than it appears, since CVS has a 50-year lease on the land it occupies and on all sides of its building, all the way to the Main St. Plaza entrance. And Dos Lunas, on the other side of Tippecanoe Dr., has a 10-year lease on its location.

Tipp Council recently approved the purchase of the Long property, and Mack said the city has already had conversations with some interested businesses. “There’s a lot of opportunity for the property,” he said. However, he mentioned that the project is only in the “due diligence” period right now, and that there are presently no utilities on the land, e.g., water, sewer, etc. The estimate for the utilities is about $8M. Still, Mack insisted he was confident that businesses would come, but if not, the city could sell the land and make a profit, for residential development, for example.

Matt Spring, Community Development, said he’s already working on zoning and façade standards for the properties, with the goals of flexibility and an upscale look.

Near the end of the meeting, Mack was asked about several city projects, including the current 25A road closing south of the 571 intersection. He said it should be back open by the end of May. He also mentioned the sewer project on Main St., near 25A, should be completed in May, but the project will then turn north and the east lane of 25A will be closed until sometime later in the summer.

There was also a brief discussion about the Broadway School property. Although the Tipp Board of Education owns the property, CIC members expressed hope that they and/or city Council members can work with the board to develop the property for the benefit of the entire city. The CIC then adjourned.