Mike Wolanin | The Republic
An entrance to the FairOaks Mall in Columbus, Ind., pictured Wednesday, Aug. 29, 2018.
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.
The redevelopment commission wrote in its economic development plan for the area that officials plan to capture TIF revenue from midtown “for the purpose of undertaking the projects that will help ensure a healthy business climate for the companies that locate within the area and promotes, enhances and grows amateur sports and sports tourism.”
Possible projects include, but are not limited to, work on streets, trails, utilities, site preparation and “the acquisition, demolition, rehabilitation, reconstruction and/or construction of buildings and other site improvements.” The estimated cost of the projects described in the plan is approximately $20 million.
Following the commission’s vote, Bradley Bingham with Barnes &Thornburg said that the firm will work with Andrew Lanam of STIFel Financial Corp. to make sure that the appropriate documents are filed with the county auditor and Department of Local Government Finance in time.
City officials have said in the past that about 30 days after the confirmatory resolution is approved, the new TIF will be created.
