Mike Wolanin | The Republic A entrance to the FairOaks Mall in Columbus, Ind., pictured Wednesday, Aug. 29, 2018.
COLUMBUS, Ind. — The city is moving forward with a funding mechanism for improvements in a section of town that includes FairOaks Mall.
The Columbus Redevelopment Commission approved a confirmatory resolution Wednesday to create a Midtown Allocation Area. This Tax Increment Financing (TIF) district will allow the redevelopment commission to siphon off increasing property taxes within the midtown area to fund improvements within that zone.
According to a memorandum from city/county Planning Director Jeff Bergman, redevelopment officials have indicated that the Midtown TIF will be used to fund infrastructure and other improvements, specifically those associated with redevelopment of the mall as the NexusPark community wellness facility.
NexusPark is a joint venture between the city of Columbus and Columbus Regional Health. The two entities partnered in 2018 to purchase the mall facility and property, with the city retaining majority ownership for parks and recreation and sports tourism development.
For the complete story, see Friday’s Republic.
