By Jarred Meeks
At its Dec. 23 meeting, the Zionsville Redevelopment Commission adopted a resolution creating a tax increment financing district for Holliday Farms, a local development project that promises $1 million homes and commercial space.
Previously, the redevelopment commission adopted a declaratory resolution, and Zionsville’s town council and planning commission passed resolutions approving the TIF district. For the final step in the legal process, the redevelopment commission held a public hearing before adopting a resolution to give its final approval for the TIF district.
In 2018, the council voted to rezone nearly 600 acres on the west side of Michigan Road, north of Willow Road, from rural residential to a planned unit development for the project.
Holliday Farms is expected to feature $1 million homes, an 18-hole golf course, an additional 9-hole course, commercial spaces, amenities and other future municipal projects that have yet to be defined.
Town officials said the district will promote employment opportunities in Zionsville, assist in attracting new businesses and protect and increase property values in Zionsville.
The project, which is expected to take up to 10 years to complete, now turns to the Henke Development Group for the next step.
The developers are now tasked with creating a financing proposal for specific aspects of the project to present before the town redevelopment commission, something Henke expects to do in the first quarter of 2020.
Steve Henke, developer at Henke Development Group, said at the meeting that he expects new trails in Zionsville to be created by 2021. Prospective plans include developing a trailhead at the junction of Turkey Foot Trail and future trails connecting from Michigan Road to Eagle Creek.
“Trails are beneficial to everyone,” said Henke, adding that the development group’s plans for trails will be brought before the town in early 2020.