The Fishers City Council voted 6-2 to on Aug. 16 approve a financial agreement to support a $52 million mixed-use project by Envoy that includes six buildings, a walking trail along the perimeter of the park, in Delaware Park between Kincaid Drive and Lantern Road with 106th Street to the north.
The development is planned to include 280 multi-family apartments, more than 23,000 square feet of retail space, a stand-alone restaurant, new public infrastructure and space for a corporate business park.
“The developers have focused on creating this park as an amenity and the resources with it, not just for the future residents but also for the companies that call Delaware Park home,” said Megan Baumgarter, Fishers director of economic development.
Per the agreement, Fishers would give 100 percent of tax increment financing dollars collected through the project to the developer to repay the 25-year bond funding the development. TIF collects tax revenue generated by redevelopment in a specific area to pay for improvements.
The agreement also waives stormwater and sewer fees, an expected $40,000 in savings for the developer.
TIF funding is expected to generate up to $10.13 million, with $8.57 million usable for the project, while the rest goes to an assortment of fees. Approximately $2.5 million will go to the construction of a trail and a new east/west road, Pearl Street, that will connect Lantern Road to Kincaid Drive.
The developers will then pay the city back the bond through the course of 25 years, plus interest, with payments of approximately $807,350 a year.
The project is dependent on rezoning the residential portion of Delaware Park to a different place in the development. The amendment for such rezoning is expected to be submitted by the developer on Sept. 13, with a public hearing before the Plan Commission Oct. 6 and before the City Council on Oct. 18.
“We are agreeing to the financial agreement, but if we don’t rezone it, the project isn’t going to happen,” councilor John Weingardt said. “We’re not just voting this thing through tonight. We are going to have a process that we are going to go through.”
The two dissenting votes were cast by the council’s two Democrats. Crystal Neumann was expecting more sustainable elements incorporated in the proposed design than what was presented to council at the meeting. Jocelyn Vare said she voted against the project funding because did not find the city’s proposed $6 million investment either “necessary nor wise” and objected to State Sen. Scott Baldwin being the CEO of Envoy, which she did not find was properly disclosed to the public. She also did not feel she was given proper notice to fully evaluate the project.
“I learned about this project for the very first time only three business days ago. I don’t know why this is the case, but I find it unacceptable,” Vare said.