A plan to merge Frankfort’s two economic development areas took a step forward Monday with a passage of a resolution by the city’s Redevelopment Commission.
The move would allow tax increment financing funding to flow between the two zones. While that can be accomplished now, combining the zones would make it easier, according to Richard Starkey, an attorney with Barnes & Thornburg.
Redevelopment Commission President John Virtue said the idea is to streamline potential redevelopment efforts.
“It eliminates a process down the road, that’s the way I look at it,” he said.
The resolution must now go to the city’s Plan Commission, the City Council, and then back to the Redevelopment Commission for final approval.
The changes were made at the request of Mayor Chris McBarnes.
On Tuesday, McBarnes said the changes would allow the city to move forward on several quality of life projects.
“Quality of life is extremely important, and that starts with a strong Downtown,” he said. “These two areas are directly correlated, and making strategic investments in our historic downtown and our industrial park is important.”
One zone includes areas within the Frankfort Industrial Park, the other encompasses Downtown Frankfort, and also reaches out to the west, east, south and northwest along the city’s major roads.
Initially it is expected that funds would move from the industrial park area to be used in Downtown.
Virtue said one possible use of the funding would be to purchase several buildings, 260 E. Clinton, 258 E. Clinton and 57 N. Jackson streets.
“The two buildings we’re looking at purchasing (on Clinton) are in really bad shape and are more of an eyesore. Discussions are open as to what we do with those,” he said.
McBarnes said he wants to establish a pocket park at the corner of Jackson and Washington streets. The property is now vacant.
The other project is the Prairie Creek canal walk.
He said the original proposal presented as part of last year’s Stellar Communities grants program was probably too expensive, but he said the creek could be cleaned and walkways developed.
Part of that would involve the demolition of the two buildings.
“I’d say we’re 2-3 years out from starting the project,” McBarnes said. “In the next year it’s my hope the Redevelopment Commission can secure the property needed.”