An Economic Improvement District (EID) is being pursued for Downtown Indianapolis’ Mile Square.
Indiana State statute enables local areas to create EIDs as a way for property owners within that area to benefit from additional services above those already provided by their local government. Indy has one of the largest downtowns in the country without an EID.
A board of directors comprised of commercial and residential property owners controls the EID (not the City) for such services as enhanced streetscape beautification and maintenance, additional public safety patrols and the managing/reducing of the homeless population, plus increased litter/weed control. EIDs funds can also be used to create neighborhood enhancements such as dog parks, playgrounds, etc. The EID exists as a vehicle to fund improvements that otherwise would go undone; property owners will benefit from their investment in their neighborhood.
The majority of property owners must agree to the EID and if approved, residential owners would pay a small, set, annual fee while commercial property owners would pay a fee based on a percentage of their assessed value. The proposed EID would generate approximately $3 million per year and be governed by a board of property owners.
By state statute, EID funds cannot go towards services already provided by the City, nor can the City cut services because of this additional funding. EID funds will only be spent within the EID footprint for services that go well beyond what the City traditionally provides.
An EID puts the control of the district in the hands of only those who own property and lasts for 10 years, unless renewed. Similar cities have been renewing 99 percent of the time due to demonstrated results and outcomes. Follow the links below to learn more about the need, opportunity, process and timeline.
Property owners within the Mile Square seeking more information should contact us via the link above.