Indianapolis Mayor Joe Hogsett has announced the proposed designation of the Brookville Road and Irvington Plaza Economic Development Area on the city’s east side. The designation is designed to attract or retain permanent jobs, increase the property tax base, and improve the economic health of the area.
The Department of Metropolitan Development staff will lead upcoming efforts to strategically boost economic development in the two areas.
Designation of Economic Development Areas increases the chances of obtaining state and federal grants, tax credits, and potentially Opportunity Zone investments, according to city officials.
“At one time, this area was really thriving and healthy, that employed thousands before the Navistar and Ford’s Visteon plants closed about a decade ago,” said Councillor Susie Cordi. “This is an opportunity to bring us the resources to attract potential jobs to the area and lift up the neighborhood.”
Prior Economic Development Area designations include North Midtown, the airport and the West Washington Street Corridor.
The proposal passed through the Metropolitan Economic Development Committee on April 22. It is scheduled to go before the City County Council pending approval on May 13 and will be finalized by the Metropolitan Development Commission on June 5.