River Place, a $335 million project slated to include stores, restaurants, hotels and residences, has been in limbo for the last three years, after a zoning change was made to allow a 69-acre parcel along the White River to be developed.

Monday night, councilors approved an economic development agreement for the project, which will include reconfiguring 96th Street and Allisonville Road, one of the metro area's busiest intersections, 6News' Rick Hightower reported.

"We've specifically designed it so the taxpayers are not at risk. The only thing the taxpayers could be at risk on is the $2.5 million for the intersection improvement," which needs to be done, regardless, said Fishers Town Council President Scott Faultless.

The intersection could be turned into a so-called Michigan Left, where no left turns are allowed, and drivers must go down the road to make a U-turn.

Construction on the intersection could begin in about two years.

Advocates of the plan said the development could generate an estimated $5 million a year in property taxes for the town and create 2,500 jobs with a $152 million annual payroll.

Developer Centre Properties said they believe the economy can support the project.

"Certainly, in this economic environment, the project could not get done without the town's participation, and the town encouraging the type of development they would like to see here," said spokesman Scott Hardin.

Fishers resident Greg Purvis said he was opposed to the plan at first, but said it's taken some steps forward.

"There are still some questions, and I question some of the assumptions on the new traffic plan, but it's interesting," he said.

No timetable has been set for the project.