Tipp City announces purchase and plan for Tipp Plaza
Tipp City announced on Tuesday morning, September 10, that it will purchase the Tipp Plaza property. The property lies at the corner of S. Tippecanoe Drive and W. Main St. and is bordered on the West by Garber Rd. The announcement also described potential redevelopment plans for the entire Tipp Uptown area.
In August, the Tipp City Council heard the first reading of an Ordinance to purchase the land and voted on the Ordinance on Tuesday, September 16. The Plaza has been mostly vacant for several years, and Tipp City’s Community Development Corporation (CIC) began partnering with Woodard Development more recently to develop a plan to purchase and redevelop the property.
The redevelopment plan has three objectives: spur development along Main St. westward towards CR 25A; partner with Woodard Development to purchase the Plaza property from the current owner; and work with Woodard to develop plans for the Plaza and other Uptown areas, including the types of businesses that might reside there and elsewhere, such as residential housing, food services, and other retail establishments.
The Ordinance for purchasing the Tipp Plaza property authorizes the City to borrow up to $4.5 million in short-term notes and provide $2.5 million in cash, for a total of $7 million. The City expects to recover over half this cost through State and Federal grants and increased property taxes related to the redevelopment and to recover all the costs within 15 years.
City Manager Eric Mack noted, “I am thrilled to see this economic development project moving forward. We recognize that the condition of this area has been a longstanding concern for the community, and we truly appreciate everyone’s patience as we’ve worked toward a viable solution. This project represents a great opportunity to transform a key gateway into our city, creating new potential for future development.”
Mack continued, “Additionally, I’d like to address some initial feedback and clarify a few important points:
No Tax Increase for Residents: This project will not result in increased taxes. Instead, the rising property values in the plaza area due to this redevelopment will help recover the City’s investment in the redevelopment.
Attracting a Grocery Store: We understand the community’s strong desire to see a grocery store in this location. While the City cannot mandate a grocery store’s presence, we will actively work to attract one, along with other desirable businesses, to the development.
City Involvement in Redevelopment: Normally, the City does not intervene in private development. However, this property has been largely vacant and deteriorating for 15 years, and private developers have shown little interest in revitalizing the area. The City stepped in due to strong community demand, recognizing that without action, this area will continue to decline”.
At this month’s CIC meeting, held just a few hours after the Plaza announcement was released, CIC members expressed their gratitude that the group’s many years of work on the project had finally culminated in a chance to purchase the Plaza property. And they were enthusiastic about the potential for revitalizing the entire Uptown area.
In other CIC business, Finance Director John Green reported that in August, Council had approved the requested $100,000 seed money to fund the CIC’s Revolving Loan Program for small Tipp businesses, which should be up and running by the end of this year. Council also had approved the CIC’s request of $50,000 for Woodard Development to perform a Phase 2 Environmental Study of the Plaza land. City Manager Eric Mack noted that the study was underway and had encountered no problems so far.