On Wednesday morning, the Shelbyville Redevelopment Commission is scheduled to hold a special public meeting on a $22 million plan to remake the city's downtown.

Three developers have proposed the components of the plan.

Greg Martz, 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 developers listed in a 26-page written proposal for the project.

The developers have asked the city to chip in $22.4 million for infrastructure and a parking garage.

Shelbyville Mayor Tom DeBaun stated after the regular monthly meeting of the Redevelopment Commission on April 1 that he doesn't think a new property tax will be needed to cover the cost.

“With the refinancing we did with the Knauf TIF bonds, we've freed up an additional $1 million a year now. And so we think we can finance this without using a property tax burden, you know, as an additional rate,” DeBaun said.

The three components of the Shelbyville Downtown Redevelopment Proposal include:

• The Hamilton-Major Subdivision – 13 executive homes built on the old Major Hospital site on West Washington Street;

• Redevelopment of the Methodist Building into housing and commercial retail space;

• Complete rehabilitation and renewal of the Public Square.

Chris King, a senior vice president at Runnebohm Construction Co., has led the effort for the Hamilton-Major Subdivision.

King owns and plans to live in the former Hamilton House right next door once his house is remodeled.

The developers' presentation to the Shelbyville Redevelopment Commission is scheduled for 10 a.m. on Wednesday in City Hall, 44 W. Washington St.