City moving forward with Tipp Plaza property
The city of Tipp City is ready to move forward with exploring and deciding the fate of the Tipp Plaza property following the closing on its purchase by the city Feb. 24.
With the closing, the city issued a statement saying the following actions are on the way: parking lot improvements, landscape beautification and improvements and mechanical improvements as needed. Also planned are evaluating exterior lighting and making recommendations for repairs/additions for the safety of those who visit the property.
Conceptual drawings for the property’s redevelopment should be available to share with the public within the next 60 days, said City Manager Eric Mack.
The property, located east of Interstate 75 and south of West Main Street, had been the target of complaints to city council about its appearance and its vacant spaces in recent years.
The city last year disclosed it was, through the Community Improvement Corp. (CIC), working to purchase the property that includes the main shopping center as well as a small area of businesses east of Tippecanoe Drive and the former Burger King building in the center parking lot. The purchase was for just less than $7 million.
About one-half of the property purchase cost is expected to be recovered through grants from the federal and state governments and issuing Tax Increment Financing (TIF) debt, Mack said. The TIF debt is later paid through increased property taxes generated by the redevelopment.
The city also has discussed working with the Miami County Land Bank/Community Improvement Corp. on environmental mitigation, demolition and holding real estate over multiple years.
A memorandum of understanding between the city and the county is in the works, said Kelly Fackel, county development director.
Matt Spring, city development director, is among those working along with consultants from Woodard Development of Dayton, on the redevelopment concept.
Among areas the city will need to look at during this process, Spring said, are:
Step 1: General Assessment
1. Site Evaluation
a. The property’s physical condition, including buildings, parking lots, leasing structure/timing, infrastructure, and utilities.
2. Market Analysis
a. Evaluate local demographic trends, economic conditions, and consumer behaviors.
b. Identify gaps in the market and analyze competing properties to determine viable uses.
3. Stakeholder Input
a. Continue to solicit input from City Council, Planning Board, and residents to understand needs and preferences.
b. Continue to work with Woodard Development for insights into market feasibility.
4. Review of the existing zoning requirements
a. This may include possible modifications to existing zoning to facilitate the project as delineated by the stakeholders.
Step 2: Development of a concept plan
1. Identify potential uses (e.g., commercial, mixed-use, community spaces, etc.)
2. Conduct cost analysis and create preliminary designs aligned with market needs.
3. Identify/consider potential sources of financing including TIF, New Community Authority, etc.
Step 3: Implement the plan
1. Secure funding sources, make any need modifications to code.
2. Engage the community and oversee redevelopment.
Also planned is demolition of the former Burger King building, which was built in 1986.
“The main reason for demolition is to provide a cleared site. The existing Burger King building is nearly 40 years old and is looking dated,” Spring said. “A cleared site will foster City Council’s goal that the area reflect high quality, innovative site design, efficient land usage, and development standards which will encourage other capital investments.”
As the city works toward a future for the plaza, she anticipates the market will drive what businesses will invest in the new development, said Kathryn Huffman, city council president and also chair of the CIC.
“My understanding is the city has already had meetings to discuss opportunities for development. There has been limited input from citizens to this point,” Huffman said. “We are all aware of the desire to have a grocery store and more restaurant options. A goal of the city taking ownership is to look at what is needed in the community and work to make that happen.”
“I have always thought we could have a grocery option. It may be a smaller model of the chains that are in neighboring communities or something new,” she said. “I think with our growth in the last several years and when the Plaza area is improved, we will see a lot of interest in developing here and we can be selective about businesses that complement our community. There will be more opportunity for public input once the concepts are released.”