Officials have high hopes for the proposed Federal Hill Park – a year-round community amenity that mixes fun, art, history and green space and serves as an economic driver. The 6.75 acre park will be between Ind. 19 and Logan and Conner streets.
Deputy Mayor Mike Hendricks said the project study began in 2007 as a way to “incorporate the west side to downtown.”
“How do we merge the two and get rid of the river barrier,” he said. “We want that as an area that is a focal point and be everlasting like our 100-year-old Forest Park.”
Hendricks said the Logan Street TIF district would be the funding source for the park, which would compete for dollars with the façade grant program and other downtown improvements.
“We purchased the ground and could leave it as a floodable area. We really want to make an impact and we’re utilizing a park to accomplish that end,” he said.
The city has already paid $900,000 to acquire the land for the park. The estimated cost to construct the park is $10 million or $34 per square foot.
The estimated economic benefit for the city would be approximately $1.3 to $1.6 million annually, with a return on investment between six and eight half years. Surrounding properties to the park are estimated to see a 12 to 15 percent property value increase with its completion. It is also expected to create more private development in the area.
Officials said the park would significantly improve the city’s west gateway.
“There’s got to be something. Something has to start that change or else it will look the same for 15 to 20 years,” Hendricks said.
“It’s not just a park, not just economic development or a planning goal,” Noblesville Planning Director Christy Langley said.
The project’s cost is a concern for officials.
“We have 184 acres for Eastside Park. It’s planned and I believe it is more beneficial to move forward with this out there,” councilor Steve Wood said, adding unused dollars from the Logan Street TIF could be given to the Noblesville School district.
“We want to get it all and we want to get it all today. I don’t know if I can make the numbers work together,” councilor Brian Ayers said.
“I am worried about the price tag,” said councilor Rick Taylor. “I don’t want to drain the TIF money.”
Langley said the park meets 13 of the 84 objectives on the recently completed 10-year comprehensive master plan.
“There are very, very few projects that we could do for this amount of money and do 15 percent of the comp plan,” she said.
Noblesville Parks Director Brandon Bennett said the park has endless possibilities from symphony concerts to fitness classes, garage sales to ticketed events and special events like weddings and corporate retreats. Plans also call for traditional events to move there like the farmers market, Shakespeare in the Park, summer concert series and outdoor movie series.
“The way this facility is designed, we expect it to just explode,” he said.
If approved by the Noblesville Common Council, the park will break ground in 2015 and be completed in 2016.
Price breakdown
$900,000 – Land acquisition
$1.3 million – Demolition, earthwork and utilities
$2.6 million – Hardscape, parking and event lawn
$1.7 million – Market building, story wall and water feature
$1.7 million – Market shelters, playground and cascade
$2.7 million – Pavilion, technology and public art
$10.9 million – Total estimated price for park and land
