Indianapolis City-County Council Approves $4.6M Economic Enhancement District (EED) for Downtown

As expected, the Indianapolis City-County Council approved the Economic Enhancement District or EED proposal late last night. The $4.6M assessment will include approximately a 1.48-mile square area of commercial properties in the downtown Indy area, including Mass Ave., south of I-65, and north of South St. The tax rate will be 0.17% and is based on a building's assessed value (AV).  The next step will include the creation of a board to oversee and submit a budget for the EED. The board members will consist of the following appointees:

• 4 Individuals from Governor
• 2 from City-County Council 
• 1 from Indiana House Speaker 
• 1 from IN Senate President Pro Tempore 
• 1 from Indianapolis Mayor

A majority of the board members must own property in the district.  Earlier this year, the state legislature removed all apartments and residential property from the EED at the urging of the Indiana Apartment Association. If a multi-family property has commercial space on the first floor, i.e., a restaurant, bar, or retail, that portion will be assessed the tax. 

Permitted use of the funds include: Partial Low-Barrier Shelter Funding Homeless Street Outreach Team Continuation of the Safety Ambassador Program Off-duty Foot and Bike Patrols Additional Crime-Fighting Technology  Additional Cleaning Crews Beautification Initiatives

We will continue to provide updates on the board appointments and any further information we can provide.