That's the city's total cost in a new proposal to rejuvenate Shelbyville's downtown and adjacent areas.
Components of the plan include:
Infrastructure and other improvements to the former Major Hospital site on West Washington Street so executive-style single-family homes can be built there, plus demolition and improvements at a site across the street so upscale townhomes can be built on it;
Building a 110-space parking garage adjacent to the Methodist Building on the Public Square as part of that building's rehabilitation;
Reconstruction and reconfiguration of the Public Square including Harrison Street from Mechanic to Broadway, and West Washington Street from Tompkins to the Square.
City attorney Jennifer Meltzer presented the proposal to the Shelbyville Redevelopment Commission at its regular meeting Monday evening.
Following the Board of Works meeting Tuesday morning, Shelbyville Mayor Tom DeBaun outlined how the city plans to pay for the nearly $22.4 million project.
“So we're looking at TIF revenue, relinquishment dollars and racino dollars. If you look at the 2018 and 2019 budget, in racino we've budgeted $500,000; in EDIT we've budgeted $200,000 for downtown projects. And so we've looking at, and as we said last night, we'll be now negotiating with the contractors driving those prices down. Plus there'll be a timeline; not everything starts at once. We'll also be looking at a bond anticipation note which will be essentially like an equity line of credit. So we would only draw down if expenses come in. So we think we'll be able to pay some of that off and not have to finance any long-term debt. But the overall goal is to do all of it with the existing, what we'll call cash on hand, and not have a property tax assessment for the project.”
Besides the $22.4 million proposal under consideration, a separate downtown project, the $2.4 million reconstruction of East Washington Street from the Square to the railroad tracks east of Noble Street, is set to begin soon.
Greg Martz, owner of GM Development Companies LLC, in Springport, Indiana; Bill Poland and Ron Kelsey, co-owners of Genesis Property Development Inc. of Shelbyville; and Ratio Architects of Indianapolis, are the three developers listed in the written downtown redevelopment proposal submitted to the Redevelopment Commission on Monday.
In addition, Chris King, an executive vice president at Runnebohm Construction Co. in Shelbyville, has been leading the effort to build executive housing on the old Major Hospital site.
King owns and plans to live in the former Hamilton House which is adjacent to the site.
Their written, 26-page “Downtown Redevelopment Proposal” is available in the mayor's office at City Hall, 44 W. Washington St., for anyone to read.
At 10 a.m. on April 24, the developers are due to present their plan to the Shelbyville Redevelopment Commission and answer questions.
At 6 p.m. on May 6, the commission is scheduled to hold a public hearing on the proposal.
Both meetings are to take place in City Hall, and both are open for anyone to attend.
In other matters at the Board of Works meeting Tuesday morning, City Engineer Matt House delivered some good news to the board.
The state recently awarded Shelbyville a $1 million Community Crossings grant for street repair.
House said that makes $3 million the city's gotten since the program was established in 2017, ranking the city fourth in the state in the amount of funding received.
Also the Board of Works approved closing West Washington Street from the Public Square to Tompkins Street for the annual Wine Walk event on June 21.
In addition, the board voted to allow local chef Melvin Pierce to set up his barbecue stand on the Public Square from 4 to 9 p.m. this Friday and Saturday.
And Mayor DeBaun read a proclamation declaring April “Safe Digging Month,” and presented the document to Brad Fix, superintendent of the city's Water Resource Recovery Facility.
Fix was wearing a green “Call 811” shirt to mark the event.
811 is the number to call before digging to avoid damaging sewer or water lines, buried electrical or telecommunications lines, or other underground utility structures.