Funding for two major development projects – a new north-side interchange for Interstate 69 and the creation of “shovel-ready” industrial sites – is coming into focus.
Although the item was removed from today's agenda so details could be ironed out, the Allen County Commissioners and Indiana Department of Transportation are working on an agreement to cover the cost of improvements to county roads that will be needed when the state adds a $24 million interchange at Union Chapel Road and I-69 in late 2012.
County Highway Director Bill Hartman said the additional traffic created by the interchange near Parkview Hospital's new regional campus will require new lanes, signals and other improvements to Union Chapel and Diebold roads that could cost $650,000 or more. As proposed, today's action would have committed the county to provide $300,000, mostly from its share of federal transportation funds. But the scope of the agreement needs to be reviewed before the commissioners consider it, Hartman said.
State and Parkview officials have said a new interchange is needed to accommodate traffic generated by the hospital's new $500 million campus near I-69 and Dupont Road. The hospital is also contributing to the project – about $10 million, according to some sources.
Also today, commissioners were expected to authorize $4.7 million toward the purchase of industrial sites that economic development officials say are needed to attract companies looking to relocate or expand quickly.
County officials have said they hope to buy or control about 300 acres of land ready for development, and earlier this month opened proposals from owners of 16 parcels offering to sell land for between $9,000 and $66,667 an acre. Officials originally said the total cost might reach $7 million, but the lower figure presented today will allow officials to negotiate a deal with owners of the most-preferred properties, said Mark Royse, deputy director of economic development.
If approved by County Council next month, the $4.7 million would come from money in the county's general fund; from economic development income taxes; and from an account containing contributions from companies that got tax breaks in return for investments in new equipment, buildings and jobs.
The largest concentrations of land being considered are near Lafayette Center, Pleasant Center, Paulding and Tillman roads. “Shovel-ready” sites are properly zoned and equipped with roads and utilities, speeding the development process.
