INDIANAPOLIS -- City leaders are hoping a new tool will help spur development at the site of the old GM stamping plant.
There isn't much left of the old plant, since GM closed it in 2011.
City-County Councilor Jeff Miller is proposing to extend the downtown tax increment finance, or 'TIF' district, to include the property.
He said he believes it could free up some money to improve nearby streets and sidewalks, and to make the site more attractive for a future buyer.
Miller says the difference in value between the property taxes generated once the site is included in the TIF district - from when it wasn't - can be captured and used for new projects in the designated area.
But it's a controversial tool that could be hard to sell at the CCB.
These new plans come after the plans for an outdoor amphitheater were taken off the table and the proposed $390 million criminal justice center was voted down last year.
Racer owns the property and will take care of the bidding process, but the city still has to sign-off on any project agreement for the site.
A committee could vote on the proposal in as little as two weeks.
