The Farm could bring something else to Zionsville besides a new grocer, retail and office space – more money.
The Farm, a proposed mixed-use development on the southwest corner of Michigan Road and Sycamore Street, could provide up to $349,000 to the town per year and up to $842,000 to Zionsville Community Schools. Chad and Steve Pittman, whose family owns the property, submitted a fiscal impact study to the town along with its project filing Tuesday, May 14. The project will go before the plan commission during its Monday, June 17, meeting. The commission will give a recommendation to the town council to approve or deny rezoning related to the project.
Chad Pittman said the project would be a needed boost to the town and schools’ budgets.
“My feel is that over the last several years, the town and schools have been trying to survive in the new tax caps and diversify the tax base,” he said. “This is a quality project that will provide quality revenues that will add to the whole of the community.”
According to the Phoenix-based Applied Economics impact study, the development could include 400 multi-family units and six single family estate homes in addition to 122,000 square feet of retail space, 20,000 square feet of restaurant space and 40,000 square feet of general office space. The study looks at both options of having rented and owner-occupied multi-family residences. If rented, the residences would be capped at 2 percent property tax rate; the rate would be capped at 1 percent if owned.
See Wednesday's Times Sentinel for more on this story.