The Richmond Redevelopment Commission has approved a measure involving funding for tearing down and cleaning up the former Reid Hospital site. The Palladium-Item reports the resolution would allow for tax increment financing district funds to help offset future costs if the project gets moving.
The publication reports the total price of remediation and demolition on the property has not yet been determined and final allocation of the TIF funding is contingent upon the city receiving a zero interest loan from the Indiana Brownfield Program. Between $7.7 million and $10 million could go toward the work through the TIF mechanism.
The city could receive word about loan approval in September or October. The Palladium-Item reports work could begin as early as next year. The site served as a health care campus for more than 100 years and has been abandoned since 2008.