The analysis looked at the Tipp City Plaza, located east of the 75-571 interchange and south of Main Street. The analysis included the main shopping center building, an independent CVS building on the property and a shopping center with auto repair and other businesses across from the plaza and east of Tippecanoe Drive.
Tuss said options for those properties are few because with a 50 to 75 percent occupancy rate in the main plaza building (where an anchor grocery store is vacant), a viable CVS operation and 90 percent occupancy of the building across Tippecanoe Drive, it is unlikely the out-of-state owners would sell at this time. Without more information on financials, it is difficult to project a purchase cost, and firmer costs would be needed for any demolition.
“Patience and continued code enforcement is most likely the best near-term strategy for the city,” Tuss said.
He recommended the city stay the course with the plaza property, continue to monitor it, take enforcement actions when possible and allow market forces to work.
Two actions were recommended:
* Contracting with a development company to create a predevelopment plan for the interchange area, with the Plaza being a “piece of the puzzle” but not the only focus of a plan.
* Establishing a strategic acquisition fund to allow city administrators to acquire targeted properties identified in that plan for future development.
An estimated $100,000 would be needed for the preliminary development plan and $400,000 for the start of a strategic acquisition fund.
The city council several years ago set aside money for an economic development fund for use in development efforts as needed. City Manager Tim Eggleston said that money is in general fund reserves, if needed.
Council initially approved $500,000, with any expenditure requiring council approval. Over the years, $8,000 was authorized to help a company pay some of its CAUV taxes as it was purchasing a lot in an industrial park.
Today, Tuss said the next step would be for council to discuss if it wants to take measures to “try to influence what does or doesn’t happen within the defined area.”
Council will discuss the presentation and report at a future meeting. A date was not set.
Council members heard comment from city resident Abby Bowling following the presentation. She called for a development plan that is logical and meets community needs and not just what a person with a piece of property wants to do with it.
“I hope … you take the bull by the horns, and you make a plan, not letting the market come in and just dictate what is happening,” Bowling said.
Councilman Doug Slagel said the city has its work cut out for it and must be ready to invest time and patience.
“We have to take a long look at this and plan this right,” he said. “It is going to be uphill all the way.”
Councilman Ryan Liddy agreed that council has its work cut out. “There is no easy quick-fix solution to this problem. I look forward to working with the rest of council to make it happen,” he said.
Contact this contributing writer at nancykburr@aol.com
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