The Noblesville Common Council unanimously approved an economic development agreement resolution with East River Partners during its Jan. 12 meeting.
The project, East Bank, will encompass 3.4 acres at the southwest corner of Conner Street and Sixth Street. East Bank is a $47 million-plus investment by the developers for the mixed-use project, consisting of 219 luxury apartments, 5,295 square feet of commercial and retail space and a 295-space parking garage.
“Every morning, I get up and as I come into work with my cup of coffee, I travel east on State Road 32, head down the hill by Riverview Health, the beautiful gateway to our city, and cross the Conner Street bridge and immediately look to the left and have nothing but nostalgia for my hometown, and then I immediately look to my right and wonder how that filling station is still there,” Noblesville Mayor Chris Jensen said before outlining what the redevelopment would look like.
Jensen said the parking garage will be privately owned and used by the development’s residents and business patrons. He said the project will revitalize underutilized space along the White River and enhance the vibrancy of the river and the Riverwalk Trail.
The economic development agreement creates a tax increment financing, or TIF, district allocation area. It also approves the bond issuance of $9.9 million by the council. The bond will be used for costs not related to the parking garage.
Noblesville Economic Development Director Andrew Murray said size of the bond is based on reasonable TIF projections, but if growth occurs, the agreement calls for the city and developer will share the excess TIF dollars in a 70-30 annual split to allow the developer to recoup a portion of costs. The agreement also states the city will cover 15 percent of the $1.2 million in impact fees.
Construction is expected to begin in August or September and take two years to complete. For more, visit cityofnoblesville.org.