Speedway Redevelopment Area 2 Master Plan

SPEEDWAY REDEVELOPMENT AREA 2 MASTER PLAN

AUGUST 28, 2014

Adopted by Town Council, September 8, 2014

REDEVELOPMENT AREA 2 MASTER PLAN TABLE OF CONTENTS

Introduction...... 1

Acknowledgements...... 3

Purpose of Master Plan...... 4

Vision...... 11

Vision Introduction...... 12

Area 2: Existing Conditions...... 12

Area 2: Issues...... 13

Site Context Map...... 15

Vision...... 16

Vision Forming into Goals...... 18

Goals...... 18

Objectives...... 21

Objective Overview...... 22

Land-Use Objectives...... 25

Transportation Objectives...... 39

Economic Development and Policy Objectives...... 55

Appendix...... 67

Public Involvement...... 69

Community Profile...... 77

Detailed Studies...... 89

Blight Study...... 90

Market Analysis...... 95

Maps...... 115

ii INTRODUCTION

Acknowledgements

Speedway Redevelopment Commission Speedway Town Council Vince Noblet, President Eileen Fisher Benny Grove, Vice President Jeff S. Hartman Ron Fisher Lucinda Hillmer* William Jones David Lindsey Nancy Lawrence Gary L. Raikes Scott Harris, Executive Director Bill Suffel Ian Nicolini, Town Manager Barbara Lawrence, Town Manager* Monty Combs, Clerk Treasurer

Redevelopment Area 2 Steering Committee Betsy Combs John Dizney Dean Farmer Bill Jones Barbara Lawrence Nancy Lawrence Roger Williams

Consultant American Structurepoint 7260 Shadeland Station Indianapolis, Indiana 46256 317.547.5580 www.structurepoint.com

*Denotes participation during planning process but not at time of adoption.

3 INTRODUCTION REDEVELOPMENT AREA 2 MASTER PLAN

purpose of master plan

The Speedway Redevelopment Commission (SRC) was authorized under the Indi- ana law as a result of actions of the 2005 Indiana Legislature. The SRC officially began its organizational activity on July 1, 2005, and since that time, the SRC has conducted a series of public meetings to discuss a broad range of issues related to the role, activities, and projects of the SRC in pursuit of redevelopment within the Town of Speedway. The SRC undertakes its role in the community in accordance with Indiana statues and the following stated goals for all its redevelopment efforts: » To restore economic growth to the property tax base to the Civil Town of Speedway » To eliminate urban blight to the Civil Town of Speedway » To encourage reinvestment and property improvement within the Civil Town of Speedway » To enable the Civil Town of Speedway to capture new jobs, as well as retain existing jobs by being economically competitive in the Central Indiana mar- ketplace » To encourage and stimulate economic development in the Civil Town of Speedway » To stabilize and protect property values within the Civil Town of Speedway, including residential, commercial, and industrial property » To generate redevelopment in a manner that overcomes - to the extent possible - the limitation of old designs, layouts, and development standards in order to redefine the Civil Town of Speedway as a 21st Century community, which simultaneously recognizes the heritage and embraces its future. Since the Town of Speedway is landlocked and cannot grow through annexation or greenfield development, Speedway must turn to redevelopment as a means of ensuring its future economic viability and controlling the cost of government for its citizens. The SRC acknowledges that redevelopment is one of the most difficult and sensitive forms of community development and, therefore, must address growth through careful planning and a long term commitment to change for the betterment of all of Speedway. Unless there is substantial economic reinvestment within the Town of Speedway, the economic future of the community and prosper- ity of its citizens is threatened.

The Civil Town of Speedway recognized that the first redevelopment area, Re- development Area No.1, known as the Speed Zone, could not realize complete success without combating blight in other areas of the community. In order to achieve the goals and objectives of the Speed Zone Plan, the SRC committed itself to implement revitalization and redevelopment actions necessary to redevelop Redevelopment Area 2. The purpose of this redevelopment plan is to provide a general set of strategies for redeveloping the area that will ultimately help the community to overcome and correct those issues that have contributed to blight. The redevelopment plan addresses a plan to improve the area in areas of lack of development, cessation of growth, and deterioration. This section outlines a summary of findings based upon the following statutory criteria: 1. Lack of development

4 REDEVELOPMENT AREA 2 MASTER PLAN INTRODUCTION

2. Cessation of growth 3. Deterioration of improvements 4. Character of the occupancy 5. Age 6. Obsolescence 7. Substandard buildings 8. Other factors demonstrating need It is estimated that between 2000 and 2005, both the Civil Town of Speedway and Redevelopment Area 2 have experienced population declines of 1.1 percent and 1.2 percent respectively. During this same time period the Indianapolis metropolitan area has experienced an estimated population increase of 6.6 percent. This population loss shows a downward pressure on new housing opportunities and decreasing demand within Redevelopment Area 2. This population loss also has the effect of reducing retail demand for businesses along the Crawfordsville Road corridor. issues identification for redevelopment area 2

Occupancy A building survey was conducted to determine building and property conditions. One of the variables documented was occupancy status. Although 2.5 percent of the buildings within Redevelopment Area 2 were completely vacant, 50.6 percent were partially vacant. These vacancies are seen in both the residential and commercial uses within Redevelopment Area 2. It was also noted that uses in some of the occupied commercial spaces included low order retail such as liquor stores and check cashing establishments. These tenants often target low rent areas to locate their businesses.

Zoning The usage of zoning by a municipality is established to protect its residents’ health, safety, and general welfare. Under this definition and regulatory practice, government officials are able to restrict the location of an undesirable use, but not to restrict that type of use all together. As seen in many cases regulating adult- oriented uses, a municipality may restrict the location of an undesirable use, but must also give them the opportunity to operate in alternative locations within the community.[4] Since standard regulatory powers and market forces will not necessarily combat undesirable uses, it is necessary to employ redevelopment powers to encourage changes to the land use patterns within Redevelopment Area 2.

Building Character The building types within a community can often help or deter the overall character of a community due to their lack of upkeep in the property, type of business, or attracting additional undesirable businesses. The majority of these building types were obsolete motels and liquor stores. A majority of the motels received an overall condition rating of fair or poor on the Building Inventory Survey. According to the notes of the Building Inventory Survey, these hotels are in need of major

5 INTRODUCTION REDEVELOPMENT AREA 2 MASTER PLAN

exterior repairs, such as paint, roof replacements, structural replacements and parking resurfacing. All of the liquor stores within the redevelopment area were given a fair overall condition rating reflecting the need of improvements to those properties. Character of occupancy also refers to the effect of a business on the surrounding area. This effect can include its impact on the general welfare of the community’s citizenry. Off-premise alcohol stores, or liquor stores in which the consumption of alcohol is not within the establishment, have been linked to increased assault rates in the surrounding neighborhood dependent upon the density of the stores.{1] There is in fact a direct effect of off-premise alcohol establishments upon the vio- lence associated with a community[2]. The liquor stores within the redevelopment area are considered off-premise alcohol stores. Certain businesses within Rede- velopment Area 2 are associated with the fringe economy. A term popularized by Howard Karger[3], fringe economy refers to businesses such as cash advance uses, pawnshops, and rent-to-own stores, which participate in predatory financial relationships with low-income and disadvantaged individuals. These financial relationships are categorized by charging low income or extremely indebted residents with high interest rates, fees, or prices for goods and services. Often these short-term loans with high rates are classified as user fees, rental fees, or advance fees to step around state and federal regulations on loan interest rates. Within Redevelopment Area 2 there are ten businesses which would classify as fringe economy businesses. These include nine check cashing/pay day/tax refund businesses and one rent-to-own store. Single use structures are buildings that have architectural character associated strictly with their business use. It is unlikely that another business would be able to occupy that building afterwards without completely renovating or demolishing the structure. Single use structures are most commonly fast food restaurants; however, they can also include outside-corridor motels (which are have been increasingly disregarded as hotel stock for major hotel franchises) and gas stations. 23.1 percent of the buildings in Redevelopment Area 2 could be considered single use structures. Of these, 13.5 percent received a fair or less rating for overall building condition on the Building Inventory Survey and over half of these buildings had comments about exterior improvements indicating the need to be repainted.

Building Age Analysis of building construction by examining property tax records show that of all buildings assessed within Redevelopment Area 2, only six were constructed or significantly modified within the past five years. All buildings within Redevelop- ment Area 2 represent a construction range from pre-1930 at the earliest (earliest

[1] Kathryn, Graham. “Isn’t it time we found out more about what the heck happens around American liquor stores?” Ad- diction 101 (2006): 629-620. EBSCO. 25 Jan. 2007. [2] Gruenewald, Paul J., Bridget Freisthler, Lillian Remer, Elizabeth A. Lascala, and Andrew Treno. “Ecological Models of Alcohol Outlets and Violent Assaults: Crime Potentials and Geospatial Analysis.” Addiction 101 (2006): 666-677. EBSCO. 25 Jan. 2007. [3] Professor of social work at the University of Houston and author of Shortchanged: Life and Debt in the Fringe Economy. [4] Kelly, Eric Damien, and Connie Cooper. Everything You Always Wanted to Know About Regulating Sex Businesses. American Planning Association. Chicago: American Planning Association, 2000.

6 REDEVELOPMENT AREA 2 MASTER PLAN INTRODUCTION assessment records kept) and 2003 at the latest. The median year of construction of all structures within Redevelopment Area 2 was 1975. This represents a significantly aging building stock with little new construction. The factor of age refers to buildings, which, due to advanced age, require a higher level of maintenance and upkeep. Advanced age and related maintenance and management may vary depending on the size and type of structure. Generally, buildings which exhibit advanced age are impacted by a higher cost of maintenance and require replacement in buildings exceeding 20 years of age and become more costly to replace or maintain in buildings exceeding 30 years. Func- tional and economic obsolescence may also be present in buildings as a result of advanced age. An analysis of assessment data for all properties and improvements within Rede- velopment Area 2 shows a median age of 1975, which would place approximately half of all buildings at the 39 year age mark. Indeed 51.2 percent of all buildings were at least 39 years old. When looking at structures that were at least 20 years old, over 71.4 percent of buildings fell within this category. The character of many buildings along the Crawfordsville Road corridor is what could be considered “strip retail”. These buildings are typically constructed with shorter lifespan durations. Due to this factor, the age of the building may be more significant due to accelerated obsolescence of the structure.

Building Conditions The condition of properties within Redevelopment Area 2 varies from extremely neglected to well kept commercial establishments; however, the majority of properties show at least some degree of wear and physical defect. Properties adjacent to Crawfordsville Road are generally in good condition or exhibit minor defects, while properties with less commercial visibility show a greater degree of deterioration and major defects. 36.3 percent of buildings within Redevelopment Area 2 rate as either fair or poor when assessing overall building conditions. This represents a building stock in need of significant investment in order to improve property values, improve the property’s value for attracting higher rent tenants and improve the overall economic development potential of Redevelopment Area 2. Through visible observation, most public infrastructure was adequately maintained and in decent operating condition. It should be noted that although the infrastructure is not in a deteriorated condition, the obsolescence of design, especially in terms of traffic and pedestrian movement, do present specific safety issues. Substandard buildings within Redevelopment Area 2 were those structures rated Poor in their overall condition on the Building Inventory Survey (Blight Study). According to the survey, 3.4 percent of the buildings within Redevelopment Area 2 are considered substandard. There is not a relative concentration of these substandard structures, rather they are dispersed throughout Redevelopment Area 2, with half the substandard structures located in the western portion of Redevelop- ment Area 2 and the other half located in the eastern section of Redevelopment Area 2. Of the substandard buildings in Redevelopment Area 2, 33.3 percent were residential and an additional 33.3 percent were commercial structures. The remain-

7 INTRODUCTION REDEVELOPMENT AREA 2 MASTER PLAN

ing 33.3 percent were either vacant lots or listed in the other category. Overall, the major comments on the substandard buildings reflected long term neglect and poor roof structures, along with major exterior rebuilding and attention. An additional 32.5 percent of the structures were given a Fair rating on the Build- ing Inventory Survey reflecting structures that need repair and upkeep, just not to the large extent as the substandard (or poor rated) buildings. The majority of fair buildings are located in the northwest portion of Redevelopment Area 2, just west of High School Road., which can be seen in Figure 1. When buildings rated Fair and Poor are combined, there are evident areas (the area west of High School Road and an area north of Crawfordsville Road) that are in need of structural repairs.

Transportation & Pedestrian Safety There are several locations along existing arterial roadways where curb cuts to commercial properties are closely spaced, close to major intersections, located along curved roadways or densely conglomerated. Curb cuts can compromise effi- cient traffic operations and safety as well as impact bicycle and pedestrian safety. Improving the operations and safety by providing turn lanes, providing adequate separation of access points from major intersections, consolidating access points, eliminating redundant access points and improving access point visibility are all opportunities for improvements. Safety concerns of note along 25th Street in Redevelopment Area No. 2 include the intersection of 25th Street with High School Road and the “S” curve just east of High School Road. At the intersection of High School Road, westbound traffic turning left becomes difficult at high-volume periods, creating a situation where vehicles accept increasingly smaller gaps in the through stream to complete the maneuver. Vehicles exiting curb cuts through the “S” curve may not see ap- proaching vehicles as they enter 25th Street due to sight distance limitations and visual barriers. Pedestrian safety is a final area where public infrastructure improvements could be made. The current sidewalk and crosswalk layout does not provide adequate pathways for pedestrians to safely navigate between neighborhoods and across major thoroughfares. The only pedestrian crossing of Crawfordsville Road within Redevelopment Area 2 is at Lynhurst Drive, on the extreme east end of the neighborhood. Pedestrians wanting to cross Crawfordsville Road at High School Road are very unlikely to walk more than two miles out of their way to safely cross the road. Safe pedestrian crossings along Crawfordsville Road should be developed to encourage pedestrian and bicycle activity within the Crawfordsville Road corridor. The disjointed sidewalk layout found along High School Road also encourages pedestrians to walk along the street where their potential for serious injury is greatly increased.

Presence of Crime Another significant issue that would demonstrate a need for redevelopment is the presence of crime within Redevelopment Area 2. Although criminal activity is inherent of any populated area, crime rates within Redevelopment Area 2 are significantly higher in almost every major category than within the Civil Town of

8 REDEVELOPMENT AREA 2 MASTER PLAN INTRODUCTION

Speedway itself. For additional details, see Blight Study, Page 95.

SPEED ZONE MASTER PLAN

In 2006, the Speedway Redevelopment Commission (SRC) took the initial step in revitalizing the community by creating the Speed Zone Master Plan to redevelop 400 acres of under utilized industrial and commercial area south of the India- napolis Motor Speedway (IMS) and along Speedway’s Main Street. The strategic Master Plan included broad community consensus and supported the three pillars of redevelopment: realistic market forces, good urban design, and an eye towards community context. An interdisciplinary team of planners, economic development experts, environmental specialists, architects and engi- neers were engaged as part of the planning process to bring multiple viewpoints and expertise to the complex project. The yearlong planning process for the redevelopment area, branded as “The Speed Zone”, included a number of important public engagement sessions, including an education session on Main Street redevelopment, numerous presentations to community groups, a major three day design charrette workshop conducted in conjunction with planning and architecture students from Ball State University, a scientifically conducted consumer preference survey, and the use of outreach mechanisms, including the web and the Town’s cable access channel. In addition to public involvement, other components within the planning process included Stakeholder engagement which identified numerous issues with the local transportation network that needed to be addressed. A preliminary market analysis was conducted to determine potential support for retail and housing activities and numerous design options were vetted with the public to better define the look, feel and sense of place for the Speed Zone. The process culminated in a final plan that called for the revitalization of Speed- way’s Main Street into a mixed-use dense retail and residential corridor. The transportation network embraced a complete streets program that would vastly improve pedestrian accessibility as well as develop a network of shared-use paths that would connect the Speed Zone with the greater Indianapolis area. A motor- sports development area would provide ample space for development of racing related businesses that could capitalize on the close proximity to the Indianapolis Motor Speedway. Green development and architectural standards promoting the use of rain gardens, green roofs and other sustainable development principles were outlined in the Master Plan.

VISION VISION REDEVELOPMENT AREA 2 MASTER PLAN

Vision Introduction

The vision for Speedway Redevelopment Area 2 is a set of shared values, a ratio- nal hope, and a pragmatic dream. The vision itself is a description of the intent of the plan and what is to come. It does not explain how we are going to get there, but sets forth what the community hopes to achieve. The goals, objectives, and projects outlined in this plan serve as an extension of the vision, defining how the Speedway Redevelopment Area 2 is going to realize its vision as the western gateway to the community.

Area 2: Existing Conditions The redevelopment area is part of the western gateway of Speedway. It is generally the Crawfordsville Road commercial corridor from I-465 to Lynhurst Drive with and elongated section extending north along High School Road to approximately 31st Street. It is bounded by I-465 on the west and single and multi- family homes to the north, south, and east sides. Meadowood Park and Speedway High School are located to the north and north-east of the redevelopment area. The Indianapolis Motor Speedway is a huge attraction to the east of the redevelopment area, making the area a heavily traveled corridor between the track and the interstate. Crawfordsville Road is the major roadway that connects the track to the Inter- state. This road has high vehicular usage and contains few sidewalks, trails, or crosswalks for safe pedestrian and bicycle circulation. Cunningham Drive and 25th Street are roads that carry fewer vehicles, but are particularly unsafe where they intersect with Crawfordsville Road. High School Road and Lynhurst Drive are major north-south connections needing improvements at their busy intersections with Crawfordsville Road. While there is not a dedicated north-south connection through the redevelopment area, many drivers use the driveways and access drives through the commercial area to cut through from Crawfordsville Road to 25th Street. The redevelopment area is roughly 290 acres. The majority of the redevelopment area is made up of commercial uses. These uses focus on providing lower priced services such as fast food restaurants, convenience stores, gas stations and check cashing stations. The general structure of the commercial area features a double row of outlots with anchor stores and B shops behind them. The double row of outlots is a unique feature and not very successful as evidence by the vacancy of the second row of outlots. Some of the anchor stores and B shops behind the double row of outlots suffer from poor visibility from Crawfordsville Road. The other major land use is residential. The residential is almost entirely multi-family housing with the majority located on the western and eastern edges of the redevelopment area. As a result, most of the residential in the redevelopment area are rental units. Another unique district directly north of 25th Street contains some low priced commercial services, a post office, and senior retirement club surrounded by single family residential units. Currently, both the commercial uses and residential uses experience some vacancy. Other important features include the Conrail Trail and St. Andrew’s Lutheran Church. The Conrail Trail runs along the south side of Crawfordsville Road and provides a link to the Big Eagle Trail and the Speed Zone Trail. St. Andrew’s Lu-

12 REDEVELOPMENT AREA 2 MASTER PLAN VISION theran Church is located off of Crawfordsville Road and is the only other major land use found in the redevelopment area besides the commercial and residential uses.

Area 2: Issues

» Issue 1: Condition of Commercial Buildings The first issue is the current condition of commercial buildings in the redevelopment area. Properties immediately adjacent to Crawfordsville Road are generally in good condition, while properties with less commercial visibility display more deterioration and make up the majority of the vacant structures in the redevelopment area. Over half of the building structures within the redevelopment area are either vacant or partially vacant. Partial vacancy illustrates the need for quality commercial opportunities within the area while vacant buildings inside the redevelopment area demonstrate the lack of growth. The current structures in the redevelopment area display signs of age. The Blight Study identified 51.2 percent of all buildings were at least 30 years old and 71.4 percent were at least 20 years old. Buildings which exceed 20 years of age typically are impacted by a higher cost of maintenance and replacement and buildings exceeding 30 years require even greater maintenance. The character of many buildings along the Crawfordsville Road corridor are considered “strip retail” and are typically constructed with shorter lifespan durations. Due to this factor, the age of the building may be more significant due to accelerated obsolescence of the structure. Multiple commercial uses in the redevelopment area are low value uses such as check cashing and liquor stores. These uses provide an opportunity for redevel- oped into a variety of shopping destinations such as an entertainment district or upscale hotels and motels.

» Issue 2: Poor Transportation Connectivity and Circulation The redevelopment area is characterized by inadequate transportation connectivity and poor circulation. The major shopping area north of Crawfordsville Road has an internal system of streets that are frequently congested. The close proximity of major and minor intersections creates traffic flow problems. The lack of dedicated turning lanes at intersections or a continuous left turn lane on certain arterials contributes to congestion and vehicle conflict. The residential areas and the arterial roadways north and south of Crawfordsville Road are not adequately interconnected between High School Road and Lynhurst Drive. There are intersections that are important to local circulation that do not operate effectively, such as the 25th Street intersection with High School Road. Making a westbound left turn to southbound High School Road is difficult during higher volume periods. Pedestrian and bicycle access is also a major circulation issue. The current sidewalk and crosswalk layout does not provide adequate pathways for pedestrians to safely navigate between neighborhoods and across major thoroughfares. The only pedestrian crossing of Crawfordsville Road within the redevelopment area is at Lynhurst Drive, on the extreme east end of the neighborhood. Pedes- trians that want to cross Crawfordsville Road at High School Road are unlikely

13 VISION REDEVELOPMENT AREA 2 MASTER PLAN

to walk more than two miles out of their way to safely cross the road (walking south to the Lynhurst crossing). Therefore, to provide access for pedestrians, safe pedestrian crossings along Crawfordsville Road should be developed. The disjointed sidewalk layout found along High School Road also encourages pedestrians to walk along the street, where their potential for serious injury is greatly increased. » Issue 3: Quality of Rental Units There is a concern of the quantity of rental units in the redevelopment area. The Blight Study identified the exterior condition of the units as Poor. The number of police runs within the apartment complexes has lead to an increased perception of crime within the redevelopment area as well. The “International Village” apartments at 6363 Hollister Drive and the “Coppertree” apartments at 2202 Fair Oaks Drive show obvious signs of neglect and vandalism with vacancy rates that are well above average compared to the surrounding area.

» Issue 4: Inability to Geographically Expand The City of Indianapolis and its suburban growth has completely enveloped Speedway, and today it remains an excluded community within the Unigov structure. Due to Unigov, the boundaries of the Town are forever set, (and annexation is unlikely to occur.) This has denied Speedway the ability to capture new developable land for community expansion and has forced it to rely solely on redevelopment and reuse for economic expansion. It is estimated that between 2000 and 2005 both the Town of Speedway and the Redevelopment Area 2 have experienced population declines of 1.1 percent and 1.2 percent respectively. During this same time period, the Indianapolis metropolitan area has experienced an estimated population increase of 6.6 percent. This population loss shows a downward pressure on new housing opportunities and decreasing demand within the redevelopment area. This population loss also has the effect of reducing retail demand for businesses along the Crawfordsville Road corridor.

» Issue 5: Trail Extension Opportunities Another important issue is the need to extend the current trail system to provide better connectivity to the area, to schools and parks, and areas outside of the redevelopment area. Currently, the Conrail trail along the southern edge of Crawfordsville Road provides the opportunity to link other nearby existing trails, Eagle Creek Greenway and the Main Street Trail, as well as connectivity to future trails such as the linear park along the Georgetown Road corridor and the B&O Trail. The B&O Trail, when completed, will connect Speedway with Downtown Indianapolis and Hendricks County. The trail systems can also help address the poor circulation access for pedestrians and bicyclist.

» Issue 6: Crime A significant other issue is the presence of crime within the redevelopment area. Although criminal activity is inherent of any populated area, crime rates within

14 REDEVELOPMENT AREA 2 MASTER PLAN VISION

the redevelopment area are significantly higher in almost every major category than within the Town of Speedway itself. Within the four major sections the violent crimes against a person had a rate of 38.91 crimes to every 1,000 persons within the proposed redevelopment area to a rate of 8.87 to every 1,000 persons within the Town of Speedway. Violent crimes against a person had a rate of 31.94 for every 1,000 persons within the proposed redevelopment area

Site Context Map Indianapolis Metro Area

Thorntown town Cicero town

Ulen town Lapel town Lebanon city Noblesville city Westfield town Boone County Hamilton County Whitestown town Advance town UV431 ¨¦§69 Carmel city Zionsville town Fishers town UV431 ¨¦§865 Fortville town Jamestown town ¨¦§465 McCordsville town Williams Creek town Lizton town Meridian Hills town Lizton town Pittsboro town North Crows Nest town Lawrence city Crows Nest town Brownsburg town Rocky Ripple town Wynnedale town 37 Clermont town UV ¨¦§70 Cumberland town Speedway town UV67 Warren Park town Hendricks County Cumberland town Spring Lake town Danville town Avon town Indianapolis city (balance) Marion County New Palestine town Beech Grove city

Plainfield town Amo town Clayton town ¨¦§74 Clayton town 70 Homecroft town ¨¦§ Southport city

Mooresville town Greenwood city Fairland CDP ¨¦§70 Monrovia town Johnson County New Whiteland town Shelby County Brooklyn town Whiteland town Bethany town Morgan County Bargersville town UV37 Franklin city

Martinsville city

Legend 01.25 2.5 5 7.5 10 Town of Speedway Miles County Line N Incorporated Communities

15 VISION REDEVELOPMENT AREA 2 MASTER PLAN

to 10.91 for every 1,000 persons within Speedway. Property crimes within the proposed redevelopment area had a rate of 168.47 per 1,000 persons while the town had a rate of 48.31 per 1,000 persons.

Vision

The SRC established an overall 10 year vision for Redevelopment Area 2. This narrative description illustrates the future development that will occur if redevelopment powers are employed and a redevelopment plan is put in place. The vision is a pragmatic dream that is achievable assuming the plan is fully implemented. The vision for Redevelopment Area 2 is as follows:

It is now 2024. Over the previous 10 years, the Speedway Redevelopment Com- mission worked diligently to improve the area of the Town of Speedway that they declared as Redevelopment Area 2. This success is attributed to the comprehensive master planning of strategic action items including zoning regulations and transportation projects. Today, the redevelopment area is a place of vibrant retail activity. Through improvements to infrastructure, circulation, zoning regulations and tireless efforts by the Speedway Redevelopment Commission to develop partnerships and recruit businesses, the area now includes a healthy mix of desired commercial and residential uses that compliment and support each other. Redevelopment of the area has happened over time with this plan as a guide. Redevelopment was encouraged through the strategic efforts of the Town of Speedway to assist and progress of the projects with support of infrastructure and strategic funding and partnerships. In terms of commercial uses, there is a new destination retail anchor that attracts customers from miles around. This well known national retailer attracts people from a 4-6 hour drive to shop at the store. Surrounding this anchor and throughout the commercial area are complimentary retail. This commercial destination center as a northern anchor, and the Indianapolis Motor Speedway as its southern anchor, has breathed new life into the Crawfordsville Road retail corridor. Along with its mainstay anchors of Kohl’s and Kroger, Redevelopment Area No. 2 now boasts new mid-scale department stores, as well as numerous national and regional specialty stores. Speedway has become the place to shop on Indianapo- lis’s Westside. People from miles around now cruise the entire corridor from I-465 to connect with the Speed Zone, the new development of Museums and tenants centered on the international attraction, the Indianapolis Motor Speedway. Although retail and commercial are the focus of the Crawfordsville Road corridor, Redevelopment Area 2 now offers a diverse array of housing opportunities for Speedway residents. Town leaders were smart to recognize that the success of

16 REDEVELOPMENT AREA 2 MASTER PLAN VISION

Speedway hinged on diversifying its housing stock. New housing includes affordable housing opportunities for its growing senior citizen population to take advantage of the desire of Speedway residents to remain in Speeday as active residents through all stages of their life. Redevelopment area 2 also contains townhouses and a variety of multi-family condominiums that are attractive to the young professional demographic. These residential uses compliment the commercial and retail uses. The redevelopment area’s success is tied to its successful integration with the metropolitan area’s extensive transportation system. Access from I-465 and I-74 make the area easily accessible by automobile from miles around. The new I-74 interchange at I-465 and improvements to High School Road between Crawfords- ville Road and 25th Street were instrumental in the revitalization of Redevelop- ment Area 2. The redevelopment area also balanced the transportation network by adding a north-south connection to connect Crawfordsville Road and 25th Street as well as realigning Cunningham Drive to connect to this new north-south connection. This north-south connection provided a necessary thru access route that benefited the transportation network and transformed the redevelopment opportunities and commercial visibility. In addition to vehicular circulation and mobility, the Town of Speedway recognized that the automobile was not the only way that people could access Rede- velopment Area 2 for their shopping and entertainment needs. Speedway prides itself on its tight-knit small-town atmosphere within a big metropolitan area. Cre- ating a safe atmosphere for walking, bicycling and for people that cannot drive was important. Redevelopment Area 2 now includes sidewalks, safe road crossings, multi-use trails and bicycle parking connecting all of its housing, retail, and entertainment destinations with the surrounding community, as well as with Indianapolis’s extensive bicycle and trail network. Components of the Speedway Trails Master Plan was integrated. The area also is well integrated with IndyGo’s bus network and now includes a community circulator trolley route that connects Redevelopment Area 2 with the Speed Zone and major neighborhoods within the Town. The Town of Speedway recognized that the continuing success of the Speed Zone and its primary anchor, the Indianapolis Motor Speedway, hinged on improving the Town’s image to visitors from far and wide. Redevelopment Area 2 sets the mood for visitors entering Speedway through its grand gateways and well-streetscaped roadways. These gateways play on Speedway’s connection to the racing and transportation industry, while maintaining the sense of innovation and sophistication

17 VISION REDEVELOPMENT AREA 2 MASTER PLAN

that have built the Town and its successful industries. The streetscaping continued the theme of the original Hulman Memorial Way but improved on its design to make it more pedestrian and bicycle friendly through inclusion of sidewalks and pathways, improving sight lines and bringing a more international flair through the addition of public art and interest for motorists and pedestrians to enjoy.

Vision Forming Into Goals

Strategic plans are about preparing for and managing change. The plan acts as a management tool designed to help the Town of Speedway maximize the results of their efforts. Creating the strategic plan for Redevelopment Area 2 relied on gathering information; assessing the community’s resources and needs; identify- ing the strengths, weaknesses, opportunities and threats of the community; and adopting goals and objectives. All of this gathered information allowed the public to answer the ultimate question of “What does Speedway want Redevelopment Area 2 to be in ten to twenty years?” The strategic plan for Redevelopment Area 2 began to take shape with a vision for what the area should be in the next ten to twenty years. The vision statement was created for Redevelopment Area 2 to generally reflect how the area should look and function in the future. The vision served as the foundation for a variety of goals and objectives that were created to help determine and provide the framework on how to get from where the redevelopment area is today and where the redevelopment area should be in twenty years. Goals and objectives were created to serve as the basis for development decisions. Goals are concise statements that describe in general terms a desired future condition that further defines the vision. They are the future of the redevelopment area and address the things the Town wants to accomplish over the life of the plan. The goals also form the framework for more detailed decision making and will be used by the Town to establish priorities for public and private discussion and consideration, as well as to identify needed public improvements and services. The objectives describe a specific, measureable, future condition that is to be attained during a stated period of time, and, ultimately, the course of action required to achieve a stated goal. Furthermore, the objectives are tasks that recommend how a goal will be accomplished. Objectives are statements of community intent against which individual actions and decisions are evaluated. Objectives are sufficiently quantifiable in order to gauge the appropriateness of development applications and have a general timeframe and are understood by both the decision makers and the general community.

Goals

» Create a regional shopping destination for residents of western Indianapolis metropolitan area » Complement redevelopment efforts within the Speed Zone and be compatible and complementary to future expansion opportunities of the Indianapo- lis Motor Speedway

18 REDEVELOPMENT AREA 2 MASTER PLAN VISION

» Create a safe and low crime area for residents and visitors » Attract and develop a diversity of housing opportunities including tiered living for Speedway’s senior citizens, executive level housing and affordable opportunities for Speedway’s up and comers » Integrate Redevelopment Area 2 into the multi-modal regional transportation network » Increase walkability and transportation alternatives such as bicycling and transit access within Redevelopment Area 2 » Develop a common theme for streetscapes and gateways throughout Rede- velopment Area 2 » Develop areas for entertainment along the Crawfordsville Road corridor, including restaurants and venues for meetings and public gatherings

OBJECTIVES OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective Overview Timeframes The Speedway Redevelopment Area 2 Master Plan sets out 33 different objectives in support of the vision and goals. The objectives are organized into three categories, Land Use (10), Transportation (11), and Economic Development and Policy (10). Each of these project objectives (explained in detail in this chapter) are specific improvements within and around Speedway Redevelopment Area 2. The Town has limited financial resources and relies on funding from an established tax increment financing (TIF) district, as well as other available local, state, and federal funds. Because of finite resources, it was necessary to identify a preliminary timeline per objective. This timeline designation is intended to give a relative sense of feasibility at the time this master plan was completed. These objectives need further study to more definitively understand the implications, feasibility, and necessary resources. These timelines do not identify any specific order, nor do do they indicate any committment of specific funds. These objectives are anticipated to be completed over time as conditions and resources align while understanding the Town of Speedway has many responsibilities and priorities. Short term Timeline Short-term project objectives within this phase will continue to be progressed either immediately upon adoption of the plan or within two years of adoption.

Mid term timeline Mid-term project objectives within this phase will continue to be progressed upon completion of short-term projects or within five years of adoption.

Long term timeline Long-term project objectives within this phase will continue to be progressed upon completion of mid-term projects or within ten years of adoption. The vision and goals outlined in the plan are long term. There were many ideas and projects that came out of the public participation process that fit with the vision and were important to include as part of the long-term strategy. Unfortunately it is hard to assign a timeline for implementation to some projects that may happen down the road. Long-term designation is intended to a project that is not necessarily programmed for short- or mid-term.

22 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Guide Sheet: Objectives

The project objectives each have a page in this section explaining detailed elements of the proposed project. Each page has a brief description of what the project is intended to entail. Each page also outlines the project’s phase in which timeframe the project is to begin construction. Each page also gives an estimated cost range of what the individual project should cost. The following is a guide to help identify each element of the project objective.

Timeline: The phase outlines the time period in which the project is expected to begin initial construction. Phase I reflects project initiation in zero to two years after the plan is adopted. Phase II reflects project initiation in two to five years after the plan is adopted. Encouraged Land Use (for Land Use Objectives) Phase Future reflects a long-term strategy. Related Projects (for Transportation Objectives)

Project Title

Example Photographs: Photographs are provided Project Description: The project for each project to better Project Detail: The project detail description describes the project illustrate the intended look illustrates the project site in more title. Each description outlines key and feel of the proposed detail. elements of the project that are project. intended to be constructed during the appropriate phase.

23 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

24 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Land-Use Objectives Objective Timeline High School Road Corner Store Commercial District Provide for corner store commercial opportunities located east of High School A Short Term Road, north and south of 30th Street to cater to the retail and professional needs of the Speedway residents around High School Road. East I-465 Commercial Destination Center B Provide for a variety of regional commercial destination commercial uses Mid Term that would benefit from visual and vehicular access from I-465. 25th Street Commercial District C Provide for commercial uses that attract and are used by travelers from Mid Term I-465 and support the East I-465 regional commercial destination center. South Crawfordsville Road Neighborhood Commercial Center Provide for a neighborhood commercial center that would provide a mixture D of convenience goods and personal services for day-to-day living needs Short Term anchored by a supermarket for the Speedway community and surrounding neighborhoods. North Crawfordsville Road Commercial Center E Provide for a retail and commercial center that would provide a mixture of Mid Term specialty retail in a main street concept shopping center. East Crawfordsville Road Corner Store Commercial District Provide for corner store commercial opportunities north of Crawfordsville F Short Term Road, east of 22nd Street and surrounding the northern intersection of Crawfordsville Road and Lynhurst Drive. Institutional District G Maintain this district as an institutional district that is currently home to St. Long Term Andrew’s Lutheran Church Baseball Field Relocation H Relocate the baseball field on Speedway High School site to accommodate Long Term the new road network within the commercial center Design Standards I Implement design standards into the local zoning ordinance and building Short Term review process to improve and ensure the architectural character of the area. WayfindingS ignage Plan J Implement a Wayfinding Signage Plan to direct visitors to key sites within Long Term Speedway

25 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

land use objectives & districts

This section describes the zoning districts associated with the plan as well as specific land use objectives. The land use objectives identify land use-related projects that are integral to redevelopment and the vitality of Redevelopment Area 2. Each of the land use objectives include descriptions of the objective, architectural character, massing, orientation, landscaping, circulation and access, sustainability, encouraged land use, zone, timeline, and graphic illustrations or pictures to generally depict the components of the objective. The map below depicts all of the land use objectives and the zoning districts of the master plan.

26 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES speedway regional commercial district (SZ-3) Related Land Use Objectives Purpose B: East I-465 Commercial Center The Speedway Regional Commercial District (SZ-3) is intended to serve as a regional commercial attraction along I-465.

The SZ-3 District is designed to permit and facilitate a variety of regional commercial destination uses that would benefit from the visual and vehicular access from I-465.

The SZ-3 District is designed to permit and facilitate a healthy social and economic environment that is a regional destination for visitors of all ages. Building heights and signs may vary from one property to the next; however a general consistency shall be retained in order to create a continuous sense of character within the district. Sidewalks, pedestrian pathways, and parking areas shall give particular attention to streetscape, landscape continuity, and lighting.

Due to the traffic generation, nature of operation, or aesthetics of these uses, residential uses and industrial uses are prohibited.

27 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Related Land Use Objectives speedway South Crawfordsville Commercial district (SZ- C: 25th Street Commercial 4) District Purpose

D: Neighborhood Commercial Speedway South Crawfordsville Commercial District (SZ-4) is designed to Center permit and facilitate a neighborhood commercial center that that provides a mixture of convenience goods and personal services that meets the surrounding neighborhood’s day-to-day living needs.

Uses in the SZ-4 District may have an anchor tenant such as a supermarket. For illustrative purposes, such uses include drug stores, barbers, laundry services and food.

Due to the inherent risk, intensity, traffic generation, nature of operation or aesthetics of these uses, residential uses, and industrial uses are prohibited

28 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES speedway North crawfordsville commercial district (SZ- Related Land Use Objectives 5) E: Shopping Center Purpose Speedway North Crawfordsville Commercial District (SZ-5) is designed to permit and facilitate regional commercial uses and offices.

The SZ-5 District is designed to permit and facilitate for a retail and commercial center that would provide a mixture of specialty retail, offices, and mix-use shopping centers. For illustrative purposes, this area would create a pedestrian friendly and lively commercial center that would include uses such as retail stores, trendy restaurants, and entertainment retail.

29 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Related Land Use Objectives speedway neighborhood Commercial district (SZ-6) C: 25th Street Commercial Purpose District Speedway Neighborhood Commercial District Overlay (SZ-6) is designed to permit and facilitate a neighborhood commercial center that that provides a D: Neighborhood Commercial mixture of convenience goods and personal services that meets the surrounding Center neighborhood’s day-to-day living needs.

For illustrative purposes, such uses include drug stores, barbers, laundry services and food.

Due to the inherent risk, intensity, traffic generation, nature of operation or aesthetics of these uses, and industrial uses are prohibited

30 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES land use objectives

31 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Encouraged Land Use Objective a: High School Road Commercial District Mixed-Use Commercial and Residential Objective Statement Local Commercial Provide for corner store opportunities to be located east of High School Road, north and south of 30th Street. This area is envisioned to cater to the retail Timeline and professional needs of the Speedway residents around High School Road. Short Term This area could potentially provide space for uses such as doctors and dentist offices, dry cleaners, ice cream stores, lawyer or insurance offices, bakeries, small restaurants, or cafés.

Architectural Character » Maximize use of windows on street level » Entries should be unique, clearly identifiable, and pedestrian scale » Buildings should include a street level and a cornice » Blank walls are not permitted facing public right-of-way or parking area » Parking located behind the building Massing » 2- to 3-story, mixed-use commercial buildings Orientation » Buildings fronting street with rear vehicular access » Front of buildings should be accessible by common sidewalk Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large-scale parking lots Circulation and Access » Street connection to adjacent developments where accessible » Rear alley or parking lot access to maintain unified streetscape » Pedestrian access to adjacent retail and intuitional uses and regional path system » Local vehicular access to adjacent retail Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

32 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective b: East I-465 Commercial Center Encouraged Land Use Regional Commercial Objective Statement Provide for a variety of regional commercial destination uses that would benefit Mixed-Use Commercial and from visual and vehicular access from I-465. Located north of the I-465 and Office Crawfordsville Road interchange, between High School Road and I-465, this Timeline area is prime a comprehensive development that would be a regional destination Mid Term center that would include a mixture of hotels, office mid-rise complexes, big-box retail, and supporting automotive services and restaurants.

Architectural Character » Entries should be unique, clearly identifiable, and pedestrian scale » Building articulation, required every 75 feet, may be accomplished using windows, change in building material, etc » Blank walls are not permitted facing public right-of-way or parking area » Parking located in front of the building Massing » 1-story, mixed-use commercial buildings Orientation » Buildings set back with convenient parking in front » Front of buildings should be accessible by common sidewalk Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large-scale parking lots Circulation and Access » Street connection to adjacent developments, where accessible » Pedestrian access to adjacent retail and intuitional uses and regional path system » Local vehicular access to adjacent retail » Parking in front of buildings Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

33 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Encouraged Land Use Objective c: 25th Street Commercial District Mixed-Use Commercial and Office Objective Statement Provide for commercial uses that attract and are used by travelers from I-465 Timeline and support the East I-465 regional commercial center. This commercial area is Mid Term at a prime location at the intersection of High School Road, Crawfordsville Road, and I-465 interchange to attract commercial uses that rely on high visibility and adjacent access to the highway and regional destination centers. Uses in this area would include restaurants, retail shops, offices, and family entertainment.

Architectural Character » Entries should be unique, clearly identifiable, and pedestrian scale » Building articulation, required every 75 feet, may be accomplished using windows, change in building material, etc » Blank walls are not permitted facing public right-of-way or parking area » Parking located behind the building Massing » 2- to 3-story, mixed-use commercial buildings Orientation » Buildings set back with convenient parking in front » Front of buildings should be accessible by common sidewalk Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large scale-parking lots Circulation and Access » Street connection to adjacent developments, where accessible » Pedestrian access to adjacent retail and intuitional uses and regional path system » Local vehicular access to adjacent retail » Parking in front of buildings Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

34 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective d: South Crawfordsville Road Commercial Encouraged Land Use Center Commercial

Objective Statement Timeline Provide for a neighborhood commercial center that would provide a mixture of Short Term convenience goods and personal services for day-to-day living needs anchored by a supermarket for the Speedway community and surrounding neighborhoods. With the location off Crawfordsville Road and the size of the area, this commercial center would likely include uses such as drug stores, barbers, laundry services, and food. Since this area is geared to the resident use, the area will be connected to the regional and local pedestrian system to ensure multiple modes of transportation to this neighborhood center.

Architectural Character » Entries should be unique, clearly identifiable, and pedestrian scale » Blank walls are not permitted facing public right-of-way or parking area » Parking located in front of buildings Massing » 1-story commercial buildings Orientation » Front of buildings should be accessible by common sidewalk » Buildings set back from street with parking in front Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large scale-parking lots Circulation and Access » Street connection to adjacent developments where accessible » Pedestrian access to adjacent retail and regional path system » Local vehicular access to adjacent retail Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

35 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Encouraged Land Use Objective E: North Crawfordsville Road Commercial Mixed-Use Commercial and Center Residential Regional Commercial Objective Statement Provide for retail and a commercial center that would offer a mixture of specialty Timeline retail in a main street concept shopping center. This area would be created Mid Term around a new road system which would encourage development that creates a pedestrian friendly and lively commercial center that would include uses such as retail stores, trendy restaurants, and entertainment retail.

Architectural Character » Maximize use of windows at pedestrian areas » Entries should be unique, clearly identifiable, and pedestrian scale » Buildings should include a street level and a cornice » Blank walls are not permitted facing public right-of-way or parking area Massing » 2- to 3-story mix-use commercial buildings Orientation » Buildings fronting street with rear vehicular access is encouraged » Front of buildings should be accessible by the new promenade Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large-scale parking lots Circulation and Access » Street connection to adjacent developments where accessible » Rear alley or parking lot access to maintain unified streetscape » Pedestrian access to adjacent retail and intuitional uses by the promenade » Local vehicular access to adjacent retail Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

36 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective F: East Crawfordsville Road Commercial Encouraged Land Use District Mixed-Use Commercial and Residential Objective Statement Local Commercial Provide for corner store opportunities to be located north of Crawfordsville Road, southeast of 22nd street and surrounding the northern areas of the Crawfordsville Timeline Road and Lynhurst Drive intersection. This area is envisioned to cater to the retail and Short Term professional needs of the Speedway residents around Lynhurst Drive. This area could potentially provide space for uses such as doctors and dentist offices, dry cleaners, ice cream stores, lawyers or insurance offices, bakeries, small restaurants, or cafés.

Architectural Character » Maximize use of windows on street level » Entries should be unique, clearly identifiable and pedestrian scale » Buildings should include a street level and a cornice » Blank walls are not permitted facing public right-of-way or parking area » Parking located behind the building Massing » 2- to 3-story mix-use commercial buildings Orientation » Buildings fronting street with rear vehicular access » Front of buildings should be accessible by common sidewalk Landscaping » Tree-lined street network throughout commercial area » Landscaped islands, buffers, and bump-outs in large-scale parking lots Circulation and Access » Street connection to adjacent developments where accessible » Rear alley or parking lot access to maintain unified streetscape » Pedestrian access to adjacent retail and intuitional uses and regional path system » Local vehicular access to adjacent retail Sustainability » Bio-swales along local road network to improve run-off » Common open space requirements, which could include sidewalks, bicycle facilities, multi-use paths, and pocket parks

37 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective G: Institutional District

Objective Statement This project area is intended to maintain the existing intuitional use of land that currently exists. The site is currently the existing St. Andrews Lutheran Church and provides neighborhood institutional uses for Speedway Area 2 and the greater Speedway community. This area is intended to continue to be used as institutional use and retain access on both Crawfordsville Road and 25th Street.

Objective H: Baseball Field Relocation

Objective Statement This project will relocate the existing Speedway School Corporation’s baseball field to accommodate the construction of a street to connect 25th Street to a new street network within the comercial center. The street will be constructed immediately east of the Speedway Public Library and west of the track and football field, extending south through the Speedway school property and baseball fields. Alternate locations will be considered by the School Corporation for appropriate relocation of the baseball field with possible relocation on property immediately adjacent to the school.

Objective I: Design Standards

Objective Statement Design standards are guidelines for development that reflect location design priorities and concerns. They recommend how future commercial and residential development should be constructed to be more compatible with the community’s character. Design guidelines should apply to all residential and commercial development with Redevelopment Area 2 to ensure the architectural character is cohesive and produces the desirable aesthetics of the area. Design standards must be implemented within the local zoning code, along with a review process. Design standards commonly regulate building setbacks, building materials, building height, entry ways, parking, landscaping, and signage.

Objective J: Wayfinding

Objective Statement Wayfinding signage creates a cognitive map to guide visitors from one part of your community to another. Effective wayfinding systems consider all of the stages of a first-time visitor's journey. Wayfinding signage can either be signage that distinctly signifies a district or area with similar signage throughout or directional signage placed throughout the community to direct visitors to important attractions within your community. A common wayfinding signage system throughout your community would incorporate signage with common design elements, such as colors and like materials, to ultimately create a positive navigating experience for visitors to your community.

38 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Transportation Objectives

Objective Objective Name & Description Timeline Number Cunningham Drive Extension The goal is to create an effective north-south link connecting 25th Street and A Short Term neighborhoods to the north to the neighborhoods south of Crawfordsville Road, as well as access to the commercial district. Cunningham Drive Realignment The goal is to improve traffic operation by moving the existing intersection of Cunningham Drive with Crawfordsville Road to the southeast. When B Short Term considered along with the planned Crawfordsville Road intersections, the spacing of this intersection to adjust intersections will allow for access improvements and traffic distribution improvements. Parkwood Extension The goal is to provide a public street linking 25th Street with Crawfordsville C Road via an effective north-south connection. This will provide a link Short Term connecting 25th Street and neighborhoods to the north to the neighborhoods south of Crawfordsville Road, as well as access to the commercial district. Cunningham-Woolco Connector D The goal is to provide a connector for local mobility and provide access to Short Term future development. South Frontage Road E The goal is to provide a defined access route through the commercial Short Term development parallel to Crawfordsville Road. Crawfordsville Road Corridor The goal is to convert a suburban-type highway facility to an urban corridor more suitable for the adjacent existing and desired development. The F Mid Term urban corridor will include curbs, defined entrances and exits, appropriate approaches, adjustment of signalized intersections, sidewalks, pathways, and crosswalks. Parkwood-Woolco Connector The goal is to provide a connection through the large commercial area that G Mid Term links major north-south routes to accommodate internal circulation within the commercial area and access to outlots. Crawfordsville Road Gateway The goal of the gateway is to appropriately welcome visitors through a well H Mid Term designed entrance to the town of Speedway. This builds upon the momemtum created by the enhanced interchange access and improvements. Woolco Extension I The goal is to provide a connector for local mobility and provide access to Mid Term future development and improved access to Crawfordsville Road. Multi-Use Paths within Redevelopment Area J The goal is to account for connections to potential multi-use paths outside Long Term of the redevelopment area and part of the overall trails master plan. High School Road Sidewalks K The goal is to provide for pedestrian mobility and safety along High School Long Term Road between 25th Street and just north of 30th Street (about one-half mile).

39 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

transportation objectives

The transportation objectives identify transportation-related projects that are integral to redevelopment and the vitality of Redevelopment Area 2. Each of the transportation objectives include descriptions of the goal and intents of the project, the existing conditions, a project location map, general recommendations, related projects, timeline, and graphic illustrations or pictures to generally depict the components of the objective.

The map below depicts all of the transportation objectives of the master plan. The extent of each objective will be highlighted within the discussion of each individual objective.

40 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective a: Cunningham Drive extension Timeline Short Term Objective Statement The goal of the Cunningham Drive Extension is to provide an effective north- Related Projects south link connecting 25th Street and Crawfordsville Road and to connect the Cunningham Drive neighborhoods north of 25th Street and neighborhoods south of Crawfordsville Realignment Road. Parkwood Extension Existing Conditions Currently, there is no direct north-south connection between High School Road and Lynhurst Drive. Many drivers use the internal drives of the commercial center to access Parkwood Drive, causing heavy traffic flow through the commercial center but simply as a ‘cut-through.’ This additional traffic flow is a burden on legitimate users of the commercial center.

General Recommendations Cunningham Drive Extension is recommended to be a two-lane road, one lane in each direction with sidewalks separated from the curb and travel lanes. The alignment and recommendations of Cunningham Drive Extension are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail

Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements

Hollister Road Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Cunningham Drive Extension Lynhurst Lynhurst

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.29

41 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Timeline Objective B: Cunningham Drive realignment Short Term Objective Statement Related Projects The goal of the Cunningham Drive Realignment is to improve traffic operations by Cunningham Drive Extension moving the existing intersection of Cunningham Drive with Crawfordsville Road Crawfordsville Road Corridor southeast 850 feet to be in line with the Speedway Shopping Center entrance, approximately. When considered along with the planned Crawfordsville Road intersections, the spacing of this intersection to adjacent intersections will allow for access improvements and traffic distribution improvements.

Existing Conditions Currently, the way Cunningham Drive intersects with Crawfordsville Road has a substandard radius per the INDOT Design Manual.

General Recommendations Cunningham Drive Realignment is recommended to be an urban corridor with two travel lanes in each direction separated by a median and with curbs. It is also recommended there be 6-foot sidewalks with a 6-foot separation from the curb. The alignment of Cunningham Drive Realignment is designated for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

22nd Street Cunningham Drive Realignment

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

42 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective C: Parkwood extension Timeline Short Term Objective Statement The goal of the Parkwood Extension is to provide an effective north-south link Related Projects connecting 25th Street and Crawfordsville Road and to connect the neighborhoods Crawfordsville Road Corridor north of 25th Street and neighborhoods south of Crawfordsville Road. Parkwood-Woolco Connector Cunningham Drive Extension Existing Conditions South Frontage Road Currently, this route is treated as a ‘cut-through.’ It is utilized in conjunction with other drives through the Speedway Shopping Center to get to 25th Street. This causes unnecessary traffic through the shopping center and unsafe conditions for drivers and pedestrians.

General Recommendations Parkwood Extension is recommended to be an urban corridor with one travel lane in each direction with curbs and adjacent six foot sidewalks. The alignment and recommendations of Parkwood Extension are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

Parkwood Extension 25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

43 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Timeline Objective D: Cunningham/woolco connector Short Term Objective Statement Related Projects The goal of the Cunningham/Woolco Connector is provide for enhanced local Cunningham Drive Extension mobility and provide access to potential future development. Woolco Extension Existing Conditions Currently, this location is not a through access road. It is primarily used for loading and utilitarian uses of the commercial buildings. There is access to the adjacent apartment street network that contributes to the use of this location as a thoroughfare and access route.

General Recommendations Cunningham/Woolco Connector is recommended to be a two-lane road, one lane in each direction, with sidewalks separated from the curb and travel lanes. The alignment and recommendations of Cunningham/Woolco Connector are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst Cunningham/Woolco Connector

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

44 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective E: south frontage road Timeline Short Term Objective Statement The goal of the South Frontage Road is to provide a defined access road through Related Projects the commercial center with the Marsh grocery store. Multi-Use Paths within Redevelopment Area Existing Conditions Cunningham Drive Currently, this route is treated as a ‘cut-through.’ It is primarily a parking lot drive, Realignment but it stems from the existing Cunningham Drive west near CVS. Crawfordsville Road Corridor Parkwood Extension General Recommendations South Frontage Road is recommended to be an urban corridor with one travel lane in each direction with curbs and adjacent six foot sidewalks. The alignment and recommendations of South Frontage Road are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

South Frontage Road

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

45 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Timeline Objective F: crawfordsville road corridor Mid Term Objective Statement Related Projects The goal of the Crawfordsville Road Corridor is to convert a suburban-type South Frontage Road highway facility to an urban corridor that is much more compatible with the urban Cunningham Drive environment and the adjacent land uses. This redesigned corridor will improve Realignment vehicular, pedestrian, and bicycle mobility. Cunningham Drive Extension Existing Conditions Currently, the corridor functions at a sub-par level. This area is often congested, and there is a high number of traffic incidents. There are numerous curb cuts, driveways and access drives. These curb cuts create a dangerous enviroment and a broken traffic flow. There have been many changes to this corridor over time and haphazardly. These access drives and intersections require a systematic evaluation.

General Recommendations Crawfordsville Road Corridor is recommended to be an urban corridor that provides access for vehicles, pedestrians and bicycles through redesigned traffic lanes with curbs, sidewalks and trails. The general project extent will begin at the project limit of the I-465/I-74 interchange project, then east to Lynhurst Drive.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

Crawfrordsville Road Corridor

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

46 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective G: parkwood/woolco connector Timeline Mid Term Objective Statement The goal of the Parkwood/Woolco Connector is to provide an east-west connection Related Projects through the large commercial area that links the major north-south roadways Parkwood Extension and the intersections with Crawfordsville Road. With the other north-south Cunningham Drive Extension connections, this project ideally will operate less as part of the north-south access Woolco Extension route and more to accommodate internal circulation within the commercial area Cunningham Drive and access to outlots. Realignment

Existing Conditions Currently, this route is treated as a ‘cut-through.’ It is utilized in conjunction with other drives through the Speedway Shopping Center to get to 25th Street. This causes unnecessary traffic through the shopping center and unsafe conditions for drivers and pedestrians.

General Recommendations Parkwood/Woolco Connector is recommended to be a 2-lane road, one lane in each direction, with sidewalks separated from the curb and travel lanes. The alignment and recommendations of Parkwood/Woolco Connector are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro

Parkwood/Woolco Lynhurst Connector

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

47 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Timeline Objective H: crawfordsville road gateway Mid Term Objective Statement Related Projects The goal of the Crawfordsville Road Gateway is to provide a gateway experience Crawfordsville Road Corridor for Speedway from I-465 and I-74 via Crawfordsville Road. As the main entrance to the west end of Speedway, this is a significant gateway opportunity.

Existing Conditions Currently, there is no gateway feature as you enter the Town of Speedway from this side of town.

General Recommendations The Crawfordsville Road Gateway is recommended to be developed through a visioning process. For planning purposes, it was important to recognize the need for this gateway, although the details of the gateway will need to be developed. Gateways often integrate signage, lighting, landscaping, public art, and environmental design.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst Crawfordsville Road Gateway

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

48 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective I: woolco extension Timeline Mid Term Objective Statement The goal of the Woolco Extension is to provide enhanced access and increased Related Projects local mobility from 22nd Street and Crawfordsville Road through the eastern Parkwood/Woolco Connector section of the redevelopment area. Cunningham/Woolco Connector Existing Conditions Currently, these roads have curbs but do not have sidewalks for pedestrian connectivity. These routes are also used as ‘cut-throughs.’ Much of the adjacent land use is residential in this area.

General Recommendations Woolco Extension is recommended to be an urban corridor with one travel lane in each direction with curbs and 6-foot sidewalks with a 6-foot separation from the curb. The alignment and recommendations of Woolco Extension are defined for planning purposes only. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

Woolco Extension

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

49 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Timeline Objective J: multi-use paths within redevelopment Long Term area

Related Projects Objective Statement High School Road Sidewalks The goal of the multi-use paths within the redevelopment area is to account for Crawfordsville Road Gateway connections to potential multi-use paths just outside of the redevelopment area.

Existing Conditions There are plans for paths or pedestrian facilities to be constructed along 25th Street and High School Road near the I-465/I-74 interchange project just outside of the project area.

General Recommendations The multi-use paths are recommended to be 10-foot-wide paths separated from roadway curb by five feet. The specific alignment will depend on right of way, utilities, and adjacent land uses.

50 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective K: high school road sidewalks Timeline Long Term Objective Statement The goal of the High School Road sidewalks is to provide improved pedestrian Related Projects mobility and safety along High School Road from 25th Street to north of 30th Multi-Use Paths within Street. Redevelopment Area

Existing Conditions Currently, this segment of High School Road does not have continuous sidewalks. Some sidewalks travel through parking lots or vehicular access drives, creating an unsafe environment.

General Recommendations It is recommended to have 6-foot sidewalks with a 6-foot separation from the curb on both sides of the street. Additional evaluations will need to be made nearer to the implementation of this project and as development or land use needs change.

Transportation Objectives

General Project Area 30th Street High School Road Sidewalks Proposed Multi-use Trail Other ProposedLynhurst-Moeller Trail Connector Sidewalk Improvements Road/Intersection Hollister Improvements Redevelopment Area 2

NORTH Parkwood

High School Road I-465

25th Street

C ad rawfordsville Ro Lynhurst Lynhurst

22nd Street

Cunningham Drive Speedway Drive

Crawfordsville Road

Revised 2012.03.21

51 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

intersections

There are several intersections within the redevelopment area that will require an operations analysis in advance of improvements being constructed to ensure that the most effective alternative is implemented. Travel patterns and land uses will change over time, so this master plan recommends conducting the specific intersection analysis closer to the time of implementation. Here we will identify the existing intersections that are likely to require improvements in the future, as well as discuss the potential new intersection locations.

Existing intersections

Crawfordsville Road / US 136 / High School Road / I-74 This intersection is currently being reconstructed by INDOT in conjunction with the reconstruction of the interchange of I-74 and I-465. The reconstructed intersection will no longer have a direct connection to I-74, i.e., the west leg will be removed. It is not anticipated that modifications to the new intersection will be necessary; however, an analysis may be required depending upon future land use changes in the redevelopment area, particularly the area west of High School Road and north of US 136.

25th Street / High School Road 25th Street terminates as a “T” intersection with High School Road. The intersection is stop controlled for westbound 25th Street. The existing intersection is close in proximity to the existing Crawfordsville Road/US 136/High School Road/I-74 intersection, which creates operational difficulties for the subject intersection. Specifically, it is difficult to make a left turn from westbound th25 Street onto southbound High School Road during high-volume periods. The I-74/I-465 interchange reconstruction will shift the Crawfordsville Road/US 136/High School Road intersection southward and will eliminate the direct connection to I-74. These modifications, when implemented, may result in significant improvements to the operation of the subject intersection. Additionally, future changes in land use between High School Road and I-465 along with reuse of vacated rights- of-way for I-465 and I-74 may influence the operation of this intersection. It is recommended this intersection be evaluated nearer to the time that land development activity occurs to ensure the optimum modification is implemented.

Shopping Plaza (Marsh, etc.) / Church / Crawfordsville Road This existing 4-leg intersection is a 2-way stop with flow uninterrupted along Crawfordsville Road. Making a left turn out of the shopping plaza onto Crawfordsville Road can be difficult during high-volume periods. A new intersection (Parkwood Drive Extension/Marsh Drive/Crawfordsville Road) is anticipated immediately southeast of this location. At the time that occurs, it is likely the subject intersection will be reconstructed as right-in/right-out only access onto Crawfordsville Road.

Cunningham Drive / Crawfordsville Road This existing 4-leg, signalized intersection is recommended to be modified at the time the Parkwood Drive Extension is constructed (to intersect with Crawfordville Road) and/or the Cunningham Drive realignment is constructed.

52 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Woolco Extension / Crawfordsville Road This intersection is currently an entrance into the Speedway Shopping Center north of Crawfordsville Road. The master plan recommends extending Woolco along a semi-circular alignment to intersect Crawfordsville Road at the existing intersection location. It will be necessary to evaluate this intersection near the time of implementation to determine its operational relationship with the next intersection upstream and downstream from this location to determine the access type (full or right-in/right-out) and ensure a desirable level-of-service along Crawfordsville Road.

22nd Street / Crawfordsville Road This intersection provides access to residential areas along 22nd Street between Crawfordsville Road and Lynhurst Drive. It will be necessary to evaluate this intersection near the time other adjacent projects are implemented to determine if any alterations to the full-access configuration are necessary to ensure a desirable level of service along Crawfordsville Road.

Lynhurst Drive / Crawfordsville Road An intersection study should be conducted in conjunction with improvements to the Crawfordsville Road corridor nearer to the time of implementation. Lane configurations and traffic signal phasing may be modified depending on the results of the study.

25th Street / Parkwood Drive* An intersection study should be conducted in conjunction with the Parkwood Drive Extension nearer to the time of implementation. Lane configurations and traffic signal phasing may be modified depending on the results of the study. potential intersections

Parkwood Drive Extension / Marsh Drive / Crawfordsville Road This intersection is proposed as a new 4-leg intersection. The existing 2-way stop, 4-leg intersection immediately northwest of the subject intersection is proposed to be reconstructed as right-in/right-out only. A complete analysis of this intersection and its coordination with the adjacent signalized intersections upstream and downstream should be conducted nearer to the time that Marsh Drive is implemented. A traffic signal warrant analysis should also be conducted at the appropriate time to determine the need for a traffic signal installation.

Cunningham Drive Realignment / Cunningham Drive Extension / Crawfordsville Road This intersection is proposed to replace the existing intersection of Cunningham Drive/Shopping Center/Crawfordsville Road. It is anticipated the new intersection will be signalized; however, a traffic signal warrant analysis should be included in the intersection analysis nearer to the time of implementation.

53 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Cunningham Drive Extension / 25th Street* This new intersection is proposed to form a “T” with 25th Street. The intersection lane configurations should be determined nearer to the time the Cunningham Drive Extension is implemented.

Cunningham Drive Realignment / Cunningham Drive (repurposed section) Once the Cunningham Drive Realignment is completed, the existing intersection of Cunningham Drive at Crawfordsville Road will be eliminated. The section of Cunningham Drive between the Cunningham Drive Realignment and Crawfordsville Road will be repurposed to function as a public access road to the commercial areas west of the realigned Cunningham Road. The new intersection of the realigned Cunningham Drive and repurposed Cunningham Drive should be evaluated to determine the most desirable treatment option nearer to the time the project will occur.

Internal Intersections – Speedway Shopping Center The master plan identifies recommended internal public streets to be constructed to better control traffic flow and access within that area. Public street intersections in this area should be evaluated near the time of implementation to provide the desired operation and service. These intersections include: • Parkwood-Woolco Connector/Parkwood Extension • Parkwood-Woolco Connector/Cunningham Drive Extension • Parkwood-Woolco Connector/Woolco Extension • Cunningham-Woolco Connector/Cunningham Drive Extension • Cunningham-Woolco Connector/Woolco Extension

*Denotes location outside of Redevelopment Area 2

54 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Economic Development and Policy Objectives

Objective A Create a targeted tax abatement program for business expansion and attraction. B Create a Business Improvement District for Redevelopment Area 2. C Promote, attract, and retain regional retail stores and restaurants to the area. D Implement commercial loan program for key sites on Crawfordsville Road and High School Road. Prepare a market-based development strategy for the East I-465 Commercial Center and the North Crawfordsville E Road Commercial District. Implement a Tax Increment Finance District for Redevelopment Area 2 to help with development along Crawfords- F ville Road. With public and business community input, create and maintain a retailer wish-list that the Redevelopment Com- G mission and Town leaders can use to proactively promote development and investment in Redevelopment Area 2. H Work with existing merchants to identify potential business expansion opportunities. Actively solicit developers to consider available parcels in the area for a mix of residential housing development, I ranging from medium to high density residential development. Ensure that Redevelopment Area 2 is sufficiently represented in all promotional and marketing materials for the J Town of Speedway.

55 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective I: Create a targeted tax abatement program for business attraction and expansion Communities use tax abatements as tools to expand their economy by increasing or maintaining the basic employment base, encourage redevelopment of deteriorated areas, and stimulate investment in specific areas. Once a tax abatement is approved on the improvements of the small business, property taxes are then phased in based on the increased assessed value. Offering tax abatements helps the community by: • Forming relationships with employers to create and maintain jobs • Allowing the community to compete with other communities for new employers • Encouraging new investment into deteriorated areas of the community • Creating a larger tax base • Creating additional revenue for local government • Building a stronger local economy

Action Step Responsible Resources Completion Party Date Establish definition of Town Attorney, 1 Indiana Code Short Term qualifying business Town Council Town Attorney, Create schedule for 2 Town Council, Town Attorney Short Term abatement process MDC Pass tax abatement Town Council, 3 ordinance that applies Town Attorney Short Term SRC/ MDC to small businesses Follow schedule for Facilities tax abatement process 4 Town Council for public Ongoing that includes periodic meetings public meetings

56 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective II: Create a Business Improvement District for Redevelopment Area 2 A business improvement district (BID) involves the partnership of the public and private sectors in which an area is defined and contributions are given to the maintenance, safety, and promotion of the district. A BID is modeled after regional shopping malls where tenants pay a fee that goes to the maintenance and promotion of the whole mall. These fees are assessed to the property owner who can in turn assess it to the tenant if the lease allows. Business improvement districts are established in the Indiana Code under Economic Improvement Districts (IC-36-7-22).

Action Step Responsible Resources Completion Date Party Knowledge of those interested, at least three Establish BID members, and 1 SRC Mid Term board of directors majority of members own property within BID Boundaries of district, name/ address of Petition filed for BID Board parcel owners, 2 the establishment of Directors, description of Mid Term of district Town Attorney projects, proposed revenue collected, and majority of owners’ signatures Local media, input from 3 Public Hearing Town Council impacted property Mid Term owners, if applicable Adoption of 4 Town Council N/A Mid Term Ordinance Establishment Funds received of Economic BID Board of 5 from assessment Long Term Improvement Directors revenue Fund BID Board Economic Begin of Directors, Improvement implementation of Town of Funds and 6 Long Term projects outlined Speedway, detailed project in petition BID property descriptions from owners petition

57 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective III: Promote, attract, and retain regional retail stores and restaurants to the area Bars, restaurants, and micro breweries can contribute to an area’s rejuvenation by attracting local residents and tourists to the area. They are places where people gather together during the evening hours and can be an attraction that keeps people downtown past normal business hours. A good mixture of bars, restaurants, and micro breweries would help create a balance for attracting people downtown throughout the evening. It is important to consider areas where nightlife would be desired and areas where nightlife would be discouraged. Allowing nightlife along Main Street would contribute to the theme of this area being a destination center for both tourists and residents. Bars can be dispersed along Main Street or clustered in a single area. Restaurants are essential components to a vibrant, mixed-use business district. They attract residents, tourists, and downtown employees. In many downtowns, restaurants are the largest retail category. A popular restaurant can often spark other restaurants to open in the area. Independent (local) restaurants often are attracted to downtowns due to the architectural character. A possible way of attracting restaurants to locate downtown is with a Forgivable Loan Program. This program would only apply to a designated area such as a Business Improvement District (BID) or Tax Increment Finance (TIF) District and would provide forgivable loans of up to one-third of the total costs associated with the conversion of a storefront for use as a restaurant. This funding could come from the income of the TIF or BID districts. Micro breweries are becoming an increasingly popular restaurant/bar theme that often acts as a destination restaurant.

Responsible Completion Action Step Resources Party Date Organizing an area Interested 1 SRC Mid Term restaurant committee members Speedway Determining the Market research 2 Chamber of Short Term Market analysis Commerce Speedway Understanding local Short Term 3 Chamber of Town attorney and state laws and Ongoing Commerce Inventory of available Buildings/land for Short Term 4 SRC space sale and Ongoing Speedway Financial resource Chamber of Money/ help to downtown 5 Commerce, partnership with Ongoing restaurants, bars, Town Manager, local lenders micro breweries Town Council Recruiting downtown Speedway Interested res- 6 restaurant, bar, and Chamber of taurant owners Ongoing micro brew owners Commerce database

58 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective IV: Implement commercial loan program for key sites on Crawfordsville Road and High School Road Small businesses growth and expansion creates the highest number of jobs across the country but faces the greatest challenges in accessing affordable or reasonable financing. In these uncertain financial times, many communities institute commercial loan programs, especially for smaller, entrepreneurial businesses, to encourage and assist business and job generation. In order to assist new and existing businesses, the Town should work to serve as a guarantor as part of the financing for qualified businesses. The financing will be underwritten in conjunction with financial institutions within the area. These institutions may provide both SBA and conventional loans for small, emerging private businesses or those that desire to expand operations or increase employment. The municipal guarantee will help serve as backing to conventional underwriting standards or add necessary support to facilitate the availability of capital to these businesses. The goal of this program is to provide an additional source of capital for businesses which can then be leveraged with funding available through the private-sector market to help facilitate the growth and expansion of businesses within the plan area.

Responsible Action Step Resources Completion Date Party Representatives Set up discussions Town Attorney, of local lending 1 with local financial Short Term Town Council institutions/ institutions SBA Town Attorney, Limit risk and Define the role of the 2 Town Council, exposure of Short Term Town in the process MDC taxpayers Establish local ordinance defining 3 Town Council Legal council Short Term participation standards Local media, Advertise call out for 4 Town Council business Ongoing applications representative

59 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective V: Prepare a market-based development strategy for the East I-465 Commercial Center and the North Crawfordsville Road Commercial District In order for any redevelopment effort to be successful, it is critical the effort have strong roots in realistic market conditions. There are several factors that impact redevelopment success, but none are more important than having market demand drive interest in development opportunities. With this in mind, work must be done to make it likely that private capital investment will support the vision created by the plan. The best way to accomplish this is by mitigating private investment risk. Risk can never be completely eliminated, but certain tasks can be completed to help make it safer for developers and businesses to invest in the area. One factor that is critical to this is understanding the market position of the area, where there are surplus and leakage opportunities, and determine the use types that will be most successful given the demographics and market position of the area.

Responsible Completion Action Step Resources Party Date Complete market Outside market 1 analysis for the study SRC Short Term consultant area Analyze the analysis for opportunities SRC, Town Outside market 2 Short Term and uses that can be Council consultant supported by the area Develop outreach plan Economic 3 based on findings in SRC development Short Term the analysis partners Implement outreach Local brokers, 4 SRC Ongoing plan developers

60 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective VI: Implement a Tax Increment Finance District for Redevelopment Area 2 to help with development along Crawfordsville Road Tax increment financing is one valuable tool allowing local government to finance the development or redevelopment of designated areas. A redevelopment commission may utilize TIF to freeze the assessed value of property within a given TIF “Allocation area” prior to the development or redevelopment of such area. TIF allows the government entity to then collect property taxes attributable to the value of the predevelopment property. Governments may also benefit from the incremental value created by new development or redevelopment within the “allocation area” in the form of increased property tax revenue to pay costs of infrastructure and other capital improvements associated with such improvements.

Responsible Completion Action Step Resources Party Date Town Create Redevelopment 1 Attorney, Town Attorney Short Term Plan Town Council Secure approval of Town Council, 2 Town Attorney Short Term Declaratory Resolution SRC/ MDC Plan Commission Town 3 certification of Council/Plan Town Attorney Short Term Declaratory Resolution Commission RDC publishes Public Hearing 4 SRC Town Attorney Short Term on Confirmatory Resolution Certification Filing 5 Town Attorney Town Attorney Short Term Completed

61 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective VII: With public and business community input, create and maintain a retailer wish-list that the Redevelopment Commission and Town leaders can use to proactively promote development and investment in Redevelopment Area 2 The retailer wish-list generated by the residents and local businesses represents the demand for needed goods and services in the area. By creating such a list, it increases the community’s visibility to attract interested investors and desired business owners to come to the redevelopment area. It does not only effectively save the time on communication and searching for the desired businesses, but also reduces the chances for the businesses to step into the red tape that could hinder business development, and the clarity would help to attract more merchants.

Responsible Completion Action Step Resources Party Date Create neighborhood roundtable discussion Local business 1 SRC Short Term to discuss desired target representatives businesses Post list from roundtable 2 on website for further SRC Website host Short Term public comment Merchant groups, Consolidate data collected chambers of 3 and distribute list to SRC Short Term commerce if appropriate parties available

62 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective VIII: Work with existing merchants to identify potential business expansion opportunities Besides attracting new businesses, redevelopment also cannot forget the input from the existing local businesses. It is often easier for existing businesses to relocate than to expand, and for this reason, successful communities know that is it critical to grow your own and keep them at home. Nearly three quarters of new job growth comes from existing, smaller businesses, and this represent the vast majority of most local business bases. By working with the existing merchant, the local economic development authorities can understand the trend and the demand of the local businesses. The authorities would be responsible to cultivate the suitable climate for future business expansion, take up the opportunity, and be prepared for the future economic growth.

Responsible Completion Action Step Resources Party Date Develop survey for all Outside 1 businesses within study area SRC Short Term consultant collecting key information Implement annual visitation Town 2 program for key businesses SRC Short Term Coucil, SRC within area Develop monthly email outreach/newsletter for 3 SRC Staff Short Term interested businesses within the area Develop expansion toolkit for interested businesses within 4 SRC Staff Ongoing the area and distribute it to the local businesses Develop internal communication policy to 5 efficiently route those looking SRC Staff Short Term for information on expansion efforts

63 OBJECTIVES REDEVELOPMENT AREA 2 MASTER PLAN

Objective IX: Actively solicit developers to consider available parcels in the area for a mix of residential housing development, ranging from medium to high density residential development Successful planning projects require a strong vision, committed stakeholders, and an aggressive implementation strategy. No matter how hard the public sector works toward these items; however, true success cannot be achieved without strong public/private partnerships. By bringing together public vision with private capital and know-how, great things can be developed in communities.

Responsible Action Step Resources Completion Date Party Identify property Local business/ 1 that is available for SRC Short Term developer partners development Define preferred 2 development scenario SRC Town Council Short Term for the property Determine what incentives may be 3 SRC Town Council Short Term available for the properties Issue request for proposals from Local broker/ 4 SRC Short Term potential developers developers of selected sites Review proposals and negotiate potential 5 development SRC Town Council Short Term agreement for selected sites

64 REDEVELOPMENT AREA 2 MASTER PLAN OBJECTIVES

Objective X: Ensure that Redevelopment Area 2 is sufficiently represented in all promotional and marketing materials for the Town of Speedway Marketing plays an important part in getting the visibility and attracting the desired businesses. The involved authorities should ensure the message of redevelopment of the area is received by the targeted audiences. Besides ensuring the targeted audiences are informed, the authorities should play a progressive role in following up and touching basis with the interested parties. It is also important that all the authorities have consensus toward the redevelopment of the area, so that the message sent out to the audience would not be lost in communication and stagnate the whole redevelopment process. The development requires participation from multiple stakeholders; however, all the stakeholders should be acting as one and the messages broadcast throughout different means should be consistent in order to produce resonance in the audience.

Responsible Completion Action Step Resources Party Date Coordinate meeting Town Council among all economic or Economic 1 N/A Short Term development marketing Development agencies for the Town Representative Ensure that clear and correct message Economic 2 is being delivered SRC development Short Term on redevelopment agencies opportunities Develop one-page marketing piece for the development area that Outside 3 SRC Short Term drive individuals to a consultant web-based source for additional information

APPENDIX

PUBLIC INVOLVEMENT PUBLIC INVOLVEMENT REDEVELOPMENT AREA 2 MASTER PLAN

The prerequisite of any master plan is developing a strategic vision and strategy. Numerous components contribute to redevelopment, making it imperative to set in place a strong vision and strategy for accomplishing the many elements desired in creating an attractive and functional community. A strategic planning process involving residents, business owners, local officials and numerous other stakeholders has helped create a master plan that incorporates several projects that will create an inviting and successful corridor along Crawfordsville Road.

Steering Committee The Speedway Redevelopment Commission appointed eight members to serve on the Speedway Redevelopment Area 2 Steering Committee. These individuals are residents, business owners, city officials and/or community leaders acting on behalf of the public interest throughout the planning process. The members included: » Nancy Lawrence, Citizen Representative » Dean Farmer, Business Owner » Bill Jones, Speedway Redevelopment Commission » Betsy Combs, Citizen Representative » Barbara Lawrence, Town Manager » John Dizney, Speedway Public Schools » Roger Williams, Citizen Representative » Scott Harris, Speedway Redevelopment Commission Members of the Steering Committee met throughout 2008 and 2009. Steering Committee members played a key role in building public consensus for the project and also were decision makers on the contents of the Redevelopment Area 2 Master Plan.

Speedway Redevelopment Website The Speedway Redevelopment Commission’s website, www.speedwayindiana.com has provided the public with information on the status of the planning process and master plan for Redevelopment Area 2. The website is continually updated with public meeting results, studies and concepts to keep the public informed on the status of the project.

Consumer Preference Survey Over 4,500 surveys were sent out from random from American Structurepoint, Inc. in January 2007. Surveys were to be returned by February 1, 2007 giving households between one and two weeks to return them. Surveys were produced in both English and Spanish languages. Both copies of the survey were sent to each household in attempts to include the vast majority of the population and increase the return rate for the survey. 542 surveys were returned and recorded by American Structurepoint staff. 139 surveys were returned to American Struc- turepoint as addressed to those who did not live at the location; these surveys were not included in calculating the total rate of return for surveys, resulting in a 12 percent return rate.

70 REDEVELOPMENT AREA 2 MASTER PLAN PUBLIC INVOLVEMENT

Surveys were sent to both residents and non-residents of Speedway to help gauge the potential market demand within the Speedway community. Since it was a community wide survey, the survey results were used throughout the planning process for both the Speed Zone Master Plan and Redevelopment Area 2 Master Plan. The survey helped identify a market gap in Speedway in which services are not being offered, causing residents to travel to other locations. These results helped identify potential redevelopment opportunities throughout Redevelopment Area 2.

Stakeholder Meetings Due to the location and existing businesses within Redevelopment Area 2, along with the nature of the redevelopment process, it was important to identify and engage various stakeholders. Individuals from the American Structurepoint, Inc consulting team and the Speedway Redevelopment Commission met numerous times with individuals from the Indianapolis Department of Metropolitan Devel- opment, Indianapolis Department of Public Works, Indianapolis Department of Parks and Recreation, Centro, IndyGo, Marsh, M.A.B. Paints, AAA Hoosier Motor Club, United Package Liquors, Indy Body Works, as well as others.

Community Workshop I: S.W.O.T. Analysis The first public meeting was held at the Speedway High School on February 28, 2008. Over 75 people were in attendance to hear about the redevelopment planning process and to participate the first public meeting. Meeting participants were divided into eight groups of approximately 10 people to discuss their opin- ions on the strengths, weaknesses, opportunities and threats that face the Speed- way community currently and in the future. Each group presented their S.W.O.T Analysis to the other groups. Each participant received seven Avery dots in which they could place an Avery dot on the items they felt most passionate about. This helped to create a list of prioritizations of strengths, weaknesses, opportunities and threats that the community felt needed to be addressed, maintained or improved in the master plan. The combined results are listed below. Individual group results can be found at the end of this section.

Strengths Strengths are those elements of the community that define its greatness. These are elements that must be preserved and protected throughout the planning process. The following list identifies all the listed strengths from every group and prioritizes them based on the number of votes received. » Local public services – post of- » Important thoroughfare fice, library, etc. » Kohl’s » Schools » Small town community/atmo- » Low Taxes sphere » Location » Existing abandoned property » Variety of Shopping » Design/appearance of Hulman » Restaurants Way Road » IMS/Indy 500 » Public Safety » Good Parks/trails » Churches

71 PUBLIC INVOLVEMENT REDEVELOPMENT AREA 2 MASTER PLAN

» Free Parking » Affordable housing » Convenience of existing stores in » History of area area » Bus route » Wide customer base » Youth Sports » Diversity » Industry » Local service clubs

Weaknesses Weaknesses are issues or problems within the community that can be changed, corrected, or turned into strengths through local control or influence. The following list identifies all the listed weaknesses from every group and prioritizes them based on the number of votes received. » Apartments/multi-family/rentals » Upscale housing in RA2 area » Poor visibility/access of busi- » Crime nesses » Quality of motels » Lack of public transportation » Vacancies » Infrastructure: sewers, roads » Lack of entertainment options » Traffic flow » Dangerous transportation issues » Lack of restaurants » Over abundance of mulit-family/ » No community center rental housing » Proposed Interchange at 465 » Building age » No cultural activities or attrac- » Lack of senior housing tions » Transient population » Parking cars in yards during » Lack of business variety races » No pedestrian/bikeways, parks, » Bus routes trails, recreation » Lighting in public areas » Lack of shopping opportunities/ » IMS variety » Population decline » Lack of medical facilities » No school buses

Opportunities Opportunities are those elements of the community that may not necessarily be strengths, but could potentially be built upon. An opportunity is a positive that hasn’t yet be realized. The following list identifies all the listed opportunities from every group and prioritizes them based on the number of votes received.

» Parks/trails/recreation » Improve intersections/roads/ » Increase/improve variety of shop- streetscapes ping » Better restaurants » Senior housing/amenities » Improve housing opportunities » Upscale motels and hotels (quality, kind) » Community center » Healthcare/Medical Center » Entertainment complex » Redevelop existing parcels » High rise Headquarters at Corpo- » Casino rate Square » Mixed use buildings » Provide office space to attract » Race related shops/businesses businesses » Overpass for pedestrians

72 REDEVELOPMENT AREA 2 MASTER PLAN PUBLIC INVOLVEMENT

» Better buffers between land uses » Celebrate IMS events » Limit rental property » Expanded oasis center » Daycare » Gateway to speedway » Increase public transportation » Schools » Move post office to main street » Higher paying jobs » Bigger library

Threats Threats are those issues or problems felt by the community that have not yet happened and are not necessarily within local control. The following list identifies all the listed threats from every group and prioritizes them based on the number of votes received. » Consolidation (government, » IMS-Leaving schools, library, public services) » Terrorism/IMS security/Homeland » Effects/attraction of fringe Security economy » Loss of existing retail or busi- » Illegal immigrants nesses » Decline of surrounding neighbor- » Aging population hoods/areas » Real estate stability » Rental Units – Existing and in » Negative media future » Increase traffic on Lynhurst Dr. » Uncertain of property taxes- (il- » Lack of money legible) fund » I-465 interchange » Expansion and development of » Brownsburg-racing theme com- Avon, Plainfield, other suburbs petition » Population decline due to people » Proper use of incentives moving out » Big box stores » Crime rate Area 2 » Businesses not investing in area » Infrastructure maintenance with loss of tax base

Community Workshop II: Public Planning Charrette - Input Over 25 residents and interested citizens attended a three day Public Planning Charrette August 21-23, 2008 at the John Knox Presbyterian Church. Speedway residents assisted planning and architecture consultants from American Struc- turepoint, Inc. in sketching plans and character drawings for Redevelopment Area 2. The public participants were divided into two teams. At the beginning of the Charrette, the two teams reviewed the S.W.O.T Analysis results from the first public meeting held in February 2008. The public input results from the initial meeting helped the Charrette teams identify the strengths, weaknesses, opportunities and threats citizens identified as affecting Speedway today and in the future. The teams then created a site context map by locating major paths, nodes, edges, districts and landmarks that currently exist in Redevelopment Area 2. Based on the information gathered from the S.W.O.T Analysis and Site Context Maps, each team, through consensus, began designing a concept plan for what they believed

73 PUBLIC INVOLVEMENT REDEVELOPMENT AREA 2 MASTER PLAN

the redevelopment area should look like and incorporate. At the end of the Char- rette, each team presented their concept plan to the entire Charrette team, the public and the Speedway Redevelopment Commission.

Public Planning Charrette Concept 1 (Team Trotter Con- cept Plan) Commercial Centers » A new Town Center design serves commercial business and as a social hub » Civic functions are relocated to the Town Center » A walkable interconnected path system exists throughout the Town Center » The Commercial Center on the south side of Crawfordsville Road was redesigned to attract more office users and enhance existing retail » The area adjacent to I-465 presented an opportunity for an office park, big box retail, a hotel complex, and commercial outlots along High School Road.

Town Center » Includes anchor stores and in-line commercial businesses. » Focus on the streetscape and an environment of well-planned streetscapes and pedestrian connections to surrounding neighborhoods. » Central green is located on the main boulevard to create pocket parks at inter- vals throughout the plan. » A Community Center east of the lifestyle center draws residents from the surrounding neighborhoods. » Existing businesses can be accommodated on this new plan, including Kroger and Kohl’s.

South of Crawfordsville Road » Design improvements help attract a range of commercial businesses and tenants seeking office space. » This Commercial Center will complement the Town Center. » Cunningham Road has been realigned to connect into the main boulevard entrance to the Town Center complex.

East of I-465 » The site has excellent visibility and access to I-465. » Area is well suited for an office complex, big box retail, a hotel facility, and support commercial outlots. » Desirable for auto-industry-related businesses in close proximity to Indianapo- lis Motor Speedway. » Hotel complex can serve track event days, as well as City of Indianapolis events. » A transportation system that may include trolleys for bus routes can serve pa- trons at this complex during events.

74 REDEVELOPMENT AREA 2 MASTER PLAN PUBLIC INVOLVEMENT

Residential » New townhomes located to the east side of High School Road help attract young adults to stay or locate in Speedway. » Townhomes are either 2- or 3-story and include an outdoor useable yard area. » Additional townhomes and condominiums are located on the north side of Crawfordsville Road ,east of the Town Center, which provide low-maintenance living. » An active adult 55 and over complex abuts Crawfordsville Road with direct access to the Town Center via a path system.

Transportation » A multi-modal path system exists throughout the redevelopment area. » Connections for pedestrians and bikers throughout the redevelopment area and into surrounding neighborhoods. » Public transit opportunities can be explored and appropriate shelter locations identified. » Pedestrian bridge proposed connecting the Town Center with the Commercial Center.

Public Planning Charrette Concept 1 (Team Allison Con- cept Plan) Commercial Centers East of I-465 » Highly visible site and convenient access off I-465 and Crawfordsville Road » Ideal for hotel and corporate development » Leisure walking trails and green space areas exist throughout office and hotel areas » Easily accessed, single-family residential neighborhood to the north » A central water feature and pedestrian paths will anchor this portion of the site » New sign and architecture ordinance guidelines

North of Crawfordsville Road » A rejuvenated retail area with an expanded Kroger grocery, movie theater, and department store as the anchors » A mixed-use lifestyle center with first floor retail shops and residential units above

Community Center » Serves students in the adjacent high school and residents in local neighborhoods » Activities are geared for users of all ages: classes, day care, fitness equipment, outdoor activity areas, and health and wellness services

75 PUBLIC INVOLVEMENT REDEVELOPMENT AREA 2 MASTER PLAN

Residential » 2-story, single-family homes proposed » Empty nester housing arranged in 1-story clusters of four units with a community center, convenient access to services, amenities, and proposed public transportation. » Five-unit brownstone townhomes attract young professionals. » All residential areas will have pedestrian access to all retail, service, and recreational areas. » New sign and architecture ordinance guidelines

Transportation » Shared-use paths and a transit system exist throughout the redevelopment area. » Crawfordsville Road has access points for multi-modal forms of transportation: walking, biking, public transit, and vehicular access to shops. » Public transit via trolley and/or bus routes provides more transportation options and helps with event congestion. » Pedestrian bridge functions as a gateway over Crawfordsville Road at the intersection of Crawfordsville and Cunningham Road. » A second pedestrian crossing is located at Crawfordsville Road and North Lyn- hurst Drive. » New sign and architecture ordinance guidelines Each concept was posted on the redevelopment website, the Speedway Library, Dawson’s on Main, and Charlie Browns. Residents were asked to visit the website or locations to view the concepts and provide feedback on each concept. The public was able to “score” each of the concepts and provide comment of their likes and dislikes. Those comments were taken into consideration in the production of the final master plan.

Focus Groups Ten focus groups met to assess the issues that each homogeneous group faces in terms of economic development, workforce development, land use, growth and other important factors that affect Redevelopment Area 2. The information obtained from each of the focus groups was dispersed to each of the Charrette teams in order to incorporate certain elements into their concept plans that would address issues or needs from each specific group. Each identified Focus Group had its own interview meeting between August 21st and 22nd with steering committee members. Meetings lasted 45 minutes and were conducted with a conversational type format. Focus Groups included: School Faculty/Administration, Youth, 35-55 Age Group, 25-35 Age Group, 55+ Age Group, Churches, Recreation Leagues, Social/Service Organizations, Home Owners, and Business Owners.

76 COMMUNITY PROFILE COMMUNITY PROFILE REDEVELOPMENT AREA 2 MASTER PLAN

Percent Change in Population 2000-2010

8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%

% Change in Population % Change 0.0% -1.0% -2.0% Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

2000-2005 2005-2010

Population The Town of Speedway and Redevelopment Area 2 have experienced a population decline between the years of 2000 and 2005. The town lost approximately 1.1 percent of its population between those five years while the Redevelopment Area lost 1.2 percent of its population. It is predicted that Speedway will continue to lose another 1.1 percent of its population while the Redevelopment Area is expected to lose 0.9 percent of its population by 2010. However, the Indianapolis Metropolitan Statistical Area (MSA) experienced population increase of 6.6percent between 2000 and 2005 and is expected to grow an additional 6.5 percent by 2010.

78 REDEVELOPMENT AREA 2 MASTER PLAN COMMUNITY PROFILE

Median Age: 2000, 2005, 2010

45 39.2 40 37.9 37.0 36.4 35.1 33.6 34.4 35 32.2 30.8 30

20 Median Age Median 15

0 Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

2000 2005 2010

In 2005, Redevelopment Area 2 had a higher concentration of a younger population compared to the populations of the Town of Speedway and the India- napolis MSA. The median age in Redevelopment Area 2 is 31.8. The Town of Speedway has a relatively older population than both the Redevelopment Area and the Indianapolis MSA with a median age of 37.9. The Indianapolis MSA population has a median age of 35.1.

79 COMMUNITY PROFILE REDEVELOPMENT AREA 2 MASTER PLAN

Race Distribution 2005

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% White African American Asian Pacific Some 2 or More Hispanic American Indian Islander Other Races or Latino Race

Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

Both the Town of Speedway and the Indianapolis MSA had similar racial profiles in 2005. These areas had a relatively homogeneous population with 79.3 percent of Speedway’s population being White and 80.4 percent of Indi- anapolis’ MSA being White. Similarly, Speedway’s African American population was only 0.1 percent larger than that of the Indianapolis’ MSA with 14.4 percent. The Town of Speedway and the Indianapolis MSA had a relatively similar percentage of Hispanic or Latino populations with 3.7 percent and 3.5 percent respectively. The Redevelopment Area showed a more diverse racial profile in 2005 with 44.9 percent of the population being White and 34.4 percent African Ameri- can. The Redevelopment Area also had a higher percentage of population considered Some Other Race, 14.4 percent (not American Indian, Alaska Native, Asian, Native Hawaiian or Pacific Islander) compared to only 1.7 percent of Speedway’s population and 1.6 percent of Indianapolis’ MSA population considered Some Other Race. Redevelopment Area 2 had a significantly higher percentage of Hispanic or Latino population in 2005.

80 REDEVELOPMENT AREA 2 MASTER PLAN COMMUNITY PROFILE

Percent Change in Number of Households 2000, 2005, 20010

8.0%

6.0%

4.0%

2.0%

0.0% % of Households % of

-2.0%

-4.0% Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

2000-2005 2005-2010

Both the Town of Speedway and Redevelopment Area 2 have experienced a decline in the number of households and are expected to further decline by 2010. The Indianapolis MSA has, and is expected to experience, a relatively high increase in the number of households (larger than the expected national growth). The Indianapolis MSA has experienced a 7.2 percent increase in the number of households between 2000 and 2005. It is expected that by 2010, the Indianapolis MSA will experience a 6.8 percent increase in the number of households. The Town of Speedway has experienced a -0.6 percent decline in the number of households between 2000 and 2005 and is expected to further see a decline of -0.9 percent between 2005 and 2010. The Redevelopment Area 2 has and is expected to experience a larger decline in the number of households. Between 2000 and 2005, Redevelopment Area 2 lost 2.6 percent of its households and is expected to lose an additional 2.5 percent between 2005 and 2010.

81 COMMUNITY PROFILE REDEVELOPMENT AREA 2 MASTER PLAN

Median Household Income 2005

$60,000 $52,434 $50,000 $42,348 $40,000 $34,397

$30,000

$20,000

$10,000

$0 Redevelopment Area Town of Speedway Indianapolis MSA No. 2

Both the Town of Speedway and Redevelopment Area 2 had a lower median household income than that of the Indianapolis MSA, which has a larger average household income than the national average in 2005. The median household income for the Redevelopment Area was $39,397. The Town of Speed- way had a slightly higher median household income in 2005 of $42,348, while the Indianapolis MSA had an even larger median household income of $52,434. The Redevelopment Area is expected to experience a 5.5 percent increase in the average household income by 2010. The Town of Speedway is expected to experience a 10 percent increase in the average household income by 2010, while the Indianapolis MSA is expected to have an increase of 13.2 percent, a similar projection for the national average increase.

Percent Change in Median Household Income 2000, 2005, 2010

14% 12.7% 13.0%

12% 10.1% 10%

8% 7.2%

6% 4.8% 3.8% 4%

0% Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

82 2000-2005 2005-2010 REDEVELOPMENT AREA 2 MASTER PLAN COMMUNITY PROFILE

Unemployment Rate 2005

3.5% 3.09% 3.0% 2.88%

2.5% 2.30%

2.0%

1.5%

1.0%

0.5%

0.0% Redevelopment Area No. Town of Speedway Indianapolis MSA 2

Redevelopment Area 2, the Town of Speedway, and the Indianapolis MSA have a relatively similar labor force. Of these study areas, the Redevelop- ment Area had the highest percentage of employed population. Sixty-three percent of the Towns population was employed while 67.2 percent of the MSA’s population was employed in 2005. While Redevelopment Area 2 had a higher percentage of population employed, they also had the highest unemployment rate of 3.1 percent among the three areas, leaving 27.9 percent of the population absent from the labor force. The Town of Speedway had a 2.3 percent unemployment rate with the largest percent of population, 34.0 percent absent from the labor force. The Indianapolis MSA had an unemployment rate of 2.9 percent with 29.8 percent of the population absent from the labor force.

83 COMMUNITY PROFILE REDEVELOPMENT AREA 2 MASTER PLAN

Occupation Classification 2005

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% Redevelopment Area Town of Speedway Indianapolis MSA No. 2

Blue Collar White Collar Service & Farm

Of those employed in the labor force within the three study areas in 2005, the Redevelopment Area had the largest percent of population holding blue collar type occupations (33.3 percent), service or agriculture work (21.1 percent), while the Town of Speedway had 23.7 percent of their population holding blue collar type occupations and 15.0 percent service or farm workers. The Indianapolis MSA had 23.9 percent holding blue collar type occupations and 13.5 percent holding service or farm work. The Redevelopment Area had a relatively lower percent of population with white collar type occupations with 45.6 percent. The Town of Speedway and the Indianapolis MSA had over 60 percent of their population holding white collar type occupations.

84 REDEVELOPMENT AREA 2 MASTER PLAN COMMUNITY PROFILE

Educational Attainment 2005

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

High School Degreee or Less Some College/Associates Degree Bachelors Degree or Higher

According to 2005 data, the majority of the Redevelopment Area No. 2 population had a lower educational attainment compared to the Town of Speedway and the Indianapolis MSA. Fifty-seven percent of the Redevelopment population received a minimum of a High School degree, GED, or less compared to 46.8 percent of the Town of Speedway’s population only receiving a High School Degree or less and only 46.6 percent of the Indianapolis MSA population receiving a High School Degree or less. The Town of Speedway had a relatively larger population percentage receiving some college education or an Associates degree with 30.9 percent while the Redevelopment Area only had 27.3 percent and the Indianapolis MSA had only 26.2 percent of their population receiving some college education or an Associates Degree. The Indianapolis MSA had the largest population percentage receiving a Bachelors Degree or higher with 27.2 percent while 22.4 percent of Speedway’s population and 15.4 percent of the Redevelopment Areas population had received a Bachelors Degree or higher.

85 COMMUNITY PROFILE REDEVELOPMENT AREA 2 MASTER PLAN

Redevelopment Area No. 2 Occupied Housing 2005

Owner Occupied 27.9%

Renter Occupied 72.2%

Indianapolis MSA Occupied Housing 2005

Renter Occupied, 31.3%

Owner Occupied, 68.7%

Town of Speedway Occupied Housing 2005

Owner Occupied, 46.1% Renter Occupied, 53.9%

The majority of housing units within Redevelopment Area No. 2 and the Town of Speedway were renter occupied in 2005. However there was a higher concentration, 72.1 percent, of renter occupied dwellings in the Redevelopment Area compared to 53.9 percent of dwellings in the Town of Speedway. The majority of dwellings, 68.7 percent, in the Indianapolis MSA in 2005 were considered owner occupied.

86 REDEVELOPMENT AREA 2 MASTER PLAN COMMUNITY PROFILE

Age of Housing Stock

45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1949 or 1950-1959 1960-1969 1970-1979 1980-1989 1990 or Earlier Later

Redevelopment Area No. 2 Town of Speedway Indianapolis MSA

Redevelopment Area 2 had a higher density of residential units in 2005 compared to housing structures in the Town of Speedway or the Indianapolis MSA. The majority of structures in the Redevelopment Area had 3-19 units, while the majority of dwellings in the Town of Speedway and the Indianapolis MSA were considered detached single units. The majority of dwelling units within Redevelopment Area No.2 were primarily built between 1960 and 1979. The Town of Speedway has an older housing stock than the Redevelopment Area and the Indianapolis MSA. There was a steady amount of housing structures built before 1949 through 1969 in the Town. The amount of housing structures built has consistently decreased since 1970. The Indianapolis MSA has experienced a relatively consistent building pattern of housing units before 1949 through 1989. The MSA experienced a relatively large increase in newer building units built after 1990, illustrating that the Indianapolis MSA has a larger percentage of newer housing stock compared to housing offered in the Town of Speedway and the Redevelopment Area.

DETAILED STUDIES DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Blight Study The SRC, in preparing this redevelopment plan for Redevelopment Area No. 2, finds that this area is a threat to the social and economic interests of the Town of Speedway and its citizens. It will be of best interest to the health, safety, and general welfare of citizens of the Town of Speedway for the SRC to exercise redevelopment powers within Redevelopment Area No. 2 to overcome conditions of blight to again allow regular governmental regulations and private market forces to operate optimally. The SRC finds, pursuant to IC 36-7-14-15, that: The purpose of this redevelopment plan and findings of need is to document blighting influences within the Redevelopment Area No. 2 and provide a general set of strategies for overcoming and correcting these influences. By establishing a redevelopment area, the SRC can implement strategies on several levels in cooperation with other organizations in order to achieve the benefit of economic development in these areas. Analyses of the Town of Speedway were undertaken to determine and support the findings of need, specifically, the following conditions and factors as defined and outlined in IC 36-7-1-3. Much of this analysis has already been presented within this document. This section outlines a summary of these findings based upon the following statutory criteria: 1. Lack of development 2. Cessation of growth 3. Deterioration of improvements 4. Character of the occupancy 5. Age 6. Obsolescence 7. Substandard buildings 8. Other factors demonstrating need

It is important to note that Indiana statute presents a flexible definition of need in setting standards for declaring a redevelopment area. It does not state that the area must be a complete eyesore, but must show that general government regula- tion and private market forces cannot alone overcome blight influences within the area and therefore redevelopment powers must be used to correct those blight influences. The following are the findings of need based upon statutory requirements. It should be noted that although these are separate categories, in no way are they discrete. Lack of development and cessation of growth can be construed as very similar as would be obsolescence and age. In some cases findings may be repetitive. Lack of Development Lack of development refers to both the area in general and to individual properties. The Town of Speedway, Indiana, was incorporated in 1926. Since that time the City of Indianapolis and its suburban growth has completely enveloped the Town. In 1970, the Town of Speedway was not included in the consolidation of Marion County and the City of Indianapolis, and today remains an excluded community within the Unigov structure. Due to Unigov, the boundaries of the Town are forever set, and no annexation can occur. This has denied Speedway the ability to capture new developable land for community expansion and has forced it to rely on redevelopment and reuse for economic expansion.

90 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

It is estimated that between 2000 and 2005, both the Town of Speedway and the Redevelopment Area No. 2 have experienced population declines of 1.1 percent and 1.2 percent respectively. During this same time period the Indianapolis metropolitan area has experienced an estimated population increase of 6.6 percent. This population loss shows a downward pressure on new housing opportunities and decreasing demand within the redevelopment area. This population loss also has the effect of reducing retail demand for businesses along the Crawfordsville Road corridor. Cessation of Growth Cessation of growth refers to the lack of or termination of growth with respect to all types of development permitted in the redevelopment area based on the absence of buildings or occupancy. Cessation of growth may also include excessive vacancies in buildings or sites which are underutilized and which represent an adverse influence on the area because of the frequency of or the duration of vacancies. It is estimated that between 2000 and 2005 both the Town of Speedway and the Redevelopment Area No. 2 have experienced population declines of 1.1 percent and 1.2 percent respectively. During this same time period the Indianapolis metropolitan area has experienced an estimated population increase of 6.6 percent. This population loss shows a downward pressure on new housing opportunities and decreasing demand within the redevelopment area. This population loss also has the effect of reducing retail demand for businesses along the Crawfordsville Road corridor. A building survey was conducted to determine building and property conditions. One of the variables documented was occupancy status. Although only three percent of the buildings within Redevelopment Area No. 2 were completely vacant, over 50 percent were partially vacant. These vacancies are seen in both the residential and commercial uses within the redevelopment area. It was also noted that uses in some of the occupied commercial spaces included low order retail, such as liquor stores and check cashing establishments. These tenants often target low rent areas to locate their businesses. Analysis of building construction by examining property tax records show that of all buildings assessed within the redevelopment area, only six were constructed or significantly modified within the past five years. All buildings within the redevelopment area represent a construction range from pre-1930 at the earliest (earliest assessment records kept) and 2003 at the latest. The median year of construction of structures within the redevelopment area was 1975. This represents a significantly aging building stock with little new construction. Deterioration of Improvements Deterioration of improvements refers to all buildings and site improvements such as surface parking, loading, service and storage areas, including fencing, storage or accessory buildings, public improvement such as roads, alleys, sidewalks, curbs, and gutters. PROPERTY AND PRIVATE IMPROVEMENT CONDITIONS The condition of properties within Redevelopment Area No. 2 varies from extremely neglected to well kept commercial establishments; however, the majority of property show at least some degree of wear and physical defect. Properties

91 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

adjacent to Crawfordsville Road are generally in good condition or exhibit minor defects while properties with less commercial visibility show a greater degree of deterioration and major defects. Over 37 percent of buildings within the redevelopment area rate as either fair or poor when assessing exterior conditions. This represents a building stock in need of significant investment in order to improve property values, improve the property’s value for attracting higher rent tenants and improve the overall economic development potential of the redevelopment area. PUBLIC INFRASTRUCTURE Through visible observation, most public infrastructure was adequately maintained and in decent operating condition. It should be noted that although the infrastructure is not in a deteriorated condition, the obsolescence of design, especially in terms of traffic and pedestrian movement, do present specific safety issues. This is addressed under “obsolescence”. Character of Occupancy Character of occupancy refers to the type and extent of occupancies within buildings or sites, which may detract or be considered a detriment to the proper use of an individual property, impacting adjacent activity or entire blocks. Factors considered in evaluating character of occupancy detrimental to an area include vacant or partially vacant buildings or sites, overcrowding of space within a structure as a result of conversions or alteration of space to accommodate additional uses or dwelling units, marginal uses which are not supportive to the proper development of a specific area including incompatible uses. A building survey was conducted to determine building and property conditions. One of the variables documented was occupancy status. Although only three percent of the buildings within Redevelopment Area No. 2 were completely vacant, over 50 percent were partially vacant. These vacancies are seen in both the residential and commercial uses within the redevelopment area. It was also noted that uses in some of the occupied commercial spaces included low order retail such as liquor stores and check cashing establishments. These tenants often target low rent areas to locate their businesses. Age The factor of age refers to buildings, which, due to advanced age, require a higher level of maintenance and upkeep. Advanced age and related maintenance and management may vary depending on the size and type of structure. Generally, buildings which exhibit advanced age are impacted by a higher cost of maintenance and require replacement in buildings exceeding 20 years of age and become more costly to replace or maintain in buildings exceeding 30 years. Func- tional and economic obsolescence may also be present in buildings as a result of advanced age. An analysis of assessment data for all properties and improvements within the redevelopment area shows a median age of 1975 which would place approximately half of all buildings at the 30 year age mark. Indeed 51.2 percent of all buildings were at least 30 years old. When looking at structures that were at least 20 years old, over 71.4 percent of buildings fell within this category. The character of many buildings along the Crawfordsville Road corridor is what could be considered “strip retail”. These buildings are typically constructed with shorter lifespan durations. Due to this factor, the age of the building may be more significant, due

92 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES to accelerated obsolescence of the structure. Obsolescence Obsolescence includes all functionally or economically obsolete buildings or out- dated systems within buildings, including building conversions, single-purpose structures, buildings with limited utility due to size or design, and buildings with excessive vacancy or inadequate rent levels. Other additional conditions include obsolete streets, site improvements, improver subdivision or obsolete planning. PRIVATE IMPROVEMENTS A building survey was conducted to determine building and property conditions. One of the variables documented was occupancy status. Although only three percent of the buildings within Redevelopment Area No. 2 were completely vacant, over 50 percent were partially vacant. These vacancies are seen in both the residential and commercial uses within the redevelopment area. An analysis of assessment data for all properties and improvements within the redevelopment area shows a median age of 1975 which would place approximately half of all buildings at the 30 year age mark. Indeed 51.2 percent of all buildings were at least 30 years old. When looking at structures that were at least 20 years old, over 71.4 percent of buildings fell within this category. The character of many buildings along the Crawfordsville Road corridor is what could be considered “strip retail”. These buildings are typically constructed with shorter lifespan durations. Due to this factor, the age of the building may be more significant due to accelerated obsolescence of the structure. PUBLIC INFRASTRUCTURE The numerous driveway openings along the streets of Speedway create the potential for accidents as drivers slow down to enter a driveway or pull out to exit a driveway. Only a few of the major streets provide shoulders and center turn lanes to accommodate these drivers, offering many opportunities to make safety improvements to the streets within this redevelopment area. Most notable among these safety problems are the narrow shoulders along High School Road and lack of a center turn lane along Cunningham Road. Improvements to these roadway deficiencies should help to mitigate the number of accidents that occur at these locations. It should also be noted that the driveway openings along Cunningham Road should be separated and delineated to clearly show where driveway traffic can be anticipated to enter and exit along the public road. A number of additional safety deficiencies were observed along the neighborhood streets and intersections of the redevelopment area. The intersection of Cun- ningham Road and Crawfordsville Road has driveways located within the “effective intersection area” – or the length of each intersection leg on which vehicles routinely stack-up. As a consequence, drivers wanting to make a left turn out of the driveways are forced to make a dangerous maneuver through gaps in the stacked-up traffic. Two safety concerns were also noted along 25th Street, just east of High School Road. During the evening rush hour, westbound drivers on 25th Street at High School Road are forced to make dangerous left turns through heavy traffic vol- umes. Safety problems are also created due to the high speeds that traffic tends to travel around the “S” shaped bend in 25th Street just west High School Road. The combination of vehicles traveling at high speeds and limited sight at drive-

93 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

ways due to the “S” bend makes exiting these driveways uncomfortable and potentially dangerous. Pedestrian safety is a final area where public infrastructure improvements could be made. The current sidewalk and crosswalk layout does not provide adequate pathways for pedestrians to safely navigate between neighborhoods and across major thoroughfares. The only pedestrian crossing of Crawfordsville Road within the redevelopment area is at Lynhurst Drive, on the extreme east end of the neighborhood. Pedestrians wanting to cross Crawfordsville Road at High School Road are unlikely to walk more 2 miles out of their way to safely cross the road. Therefore, pedestrians needing to cross Crawfordsville Road will likely put their safety at risk rather to cross the road. The disjointed sidewalk layout found along High School Road also encourages pedestrians to walk along the street where their potential for serious injury is greatly increased. Substandard Buildings Substandard buildings as a general condition of blight refers to buildings which are structurally substandard or dilapidated. Buildings which are in substandard condition exhibit advanced deterioration and generally require clearance due to the difficulty or feasibility in rehabilitation or proper return on the amount of investment required. Substandard buildings within the (Proposed) Redevelopment Area No. 2 were those structures rated Poor in their overall condition on the Building Inventory Survey. According to the survey, 3.4 percent of the buildings within the Redevel- opment Area No. 2 are considered substandard. There is not a relative concentration of these substandard structures, rather they are dispersed throughout the redevelopment area, with half the substandard structures located in the western portion of the Redevelopment Area No. 2 and the other half located in the eastern section of the Redevelopment Area No. 2. Of the substandard buildings in Redevelopment Area No. 2, 33.3 percent were residential and an additional 33.3 percent were commercial structures. The remaining 33.3 percent were either vacant lots or listed in the other category. Overall, the major comments on the substandard buildings reflected long term neglect and poor roof structures, along with major exterior rebuilding and attention. An additional 10 percent of the structures were given a fair rating on the Building Inventory Survey reflecting structures that are need of repair and upkeep, just not to the large extent as the substandard (or poor rated) buildings. The majority of fair buildings are located in the northwest portion of the Redevelopment Area No. 2, just west of High School Road., which can be seen in Figure 1. When buildings rated, fair and poor are combined; there are evident areas (the area west of High School Road and an area north of Crawfordsville Road) that are in need of structural repairs. Other Factors Demonstrating Need A significant other factor that would demonstrate a need for redevelopment is the presence of crime within the redevelopment area. Although criminal activity is inherent of any populated area, crime rates within the redevelopment area are significantly higher in almost every major category than within the Town of Speedway itself.

94 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

In all 21 categories analyzed, the proposed redevelopment area had a significantly higher crime rate in comparison to the town of Speedway. Within the four major sections the violent crimes against a person had a rate of 38.91 crimes to every 1,000 persons within the proposed redevelopment area to a rate of 8.87 to every 1,000 persons within the Town of Speedway. Violent crimes against a person had a rate of 31.94 for every 1,000 persons within the proposed redevelopment area to 10.91 for every 1,000 persons within Speedway. Property crimes within the proposed redevelopment area had a rate of 168.47 per 1,000 persons while the town had a rate of 48.31 per 1,000 persons. mARKET aNALYSIS

DEMOGRAPHICS Demographics refers to selected population characteristics as used in government, marketing or opinion research, or the demographic profiles used in such research. Commonly-used demographics include race, age, income, mobility (in terms of travel time to work or number of vehicles available), educational attainment, home ownership, employment status, and even location. Distributions of values within a demographic variable, and across households, are both of interest, as well as trends over time. Demographics are primarily used in economic and marketing research. While the Speed Zone Redevelopment Area contains few residential parcels, a demographic inventory for the Town of Speedway and a comparison to Indianapolis are still necessary and informative.

Population The population of Speedway has remained relatively constant over the years. According to the US Census Bureau and Claritas, the population in 2000 was 12,881 and it is estimated to have decreased slightly in 2005 to 12,744. By 2010, it is anticipated that by 2010, the population will increase only slightly to 12,604, which also parallels the trend expected for Indianapolis.

Age Distribution The age of the residents of Speedway is slightly older than Indianapolis. The median age for a Speedway resident is 37, compared to 33 for Indianapolis. There are two age bracket differences between Speedway and Indianapolis that impact the average age of Speedway residents. First, the 0-19 age bracket comprises 23 percent of the population in Speedway, compared to 28 percent in Indianapolis. Second, the age 60 and above age bracket makes up 21percent of the population in Speedway as opposed to 14 percent in Indianapolis. The distribution of these two age groups suggests that in comparison to Indianapolis, Speedway contains a larger proportion of young families and elderly persons. Education Educational attainment is a statistic that many potential owners of industrial and office development utilize to understand the work force and aid in their locating decision. Many businesses look to draw its workforce from the existing population of the immediate area as well as surrounding areas. The high school graduation rate for Speedway is 88 percent, compared to 82 percent for Indianapolis. The

95 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

percentage of persons with a college degree is 22 percent in Speedway, which is slightly lower than the 26 percent of Indianapolis. The educational attainment for Town of Speedway is comparable to that of Indianapolis, making the town attractive to economic development. Households and Income There are 6,151 households in Speedway and the average household size is 2.08 persons. This is 13 percent lower than Indianapolis’ average household size of 2.39. This number is not surprising given the age distribution of residents compared to Indianapolis; the larger proportion of elderly persons naturally suggests smaller household size. The median household income for the Town of Speedway is $37,713 which is only 6 percent below that of Indianapolis’ $40,051. Given the similar age distribution of persons of working age, it is not surprising that these to incomes are relatively close in comparison.

Housing Compared to Indianapolis, the age of the housing stock shows that Speedway has not seen the recent residential development that Indianapolis has. The primary reason for this is the absense of undeveloped land for additional residential development. At 53 percent, renter occupied housing makes up the majority of the housing options in Speedway as opposed only 41 percent in Indianapolis. This demonstrates that the current housing stock lacks options for potential residents to invest in the community through purchasing a home. Nevertheless, the availability and variety of newer housing stock can provide many additional amenities which older homes and neighborhoods do not have. Attracting residential development with a variety of owner occupied housing types will help make Speedway an attractive alternative to Indianapolis for both residents and commercial developers.

Conclusion Overall, the demographic profile for Speedway is comparable to Indianapolis, except in one main category, housing. Speedway has not seen the recent residential development as Indianapolis has. A redevelopment plan that includes a variety of residential options can create the foundation to support Speedway’s ability to attract residents as well as new businesses and industries.

trade area Analysis What is a trade area? A trade area is a geographic area where a certain percentage of a store’s customers live. The Speedway trade area is a 15-minute radius around the Speedway Town boundaries. The following demographics represent those that live within a 15-minute radius around the Speedway.

96 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

Why is the trade area important? Defining a town’s trade area is an important first step in developing a strong retail economy. It helps existing businesses identify ways to expand their markets, help local officials realize missing business opportunities and can help attract potential businesses to the area. Once the trade area is identified, a local market analysis can be performed using factors such as the number of customers, potential sales, pull factors, and other measures of retail strength. Speed Zone Trade Area Demographics Population The current population of the trade area is 318,338 persons. This number has grown by 1 percent since 2000 and is expected to grow another 1 percent by the year 2010. This is slightly lower than the growth rate of the Indianapolis Metropolitan Statistical Area (MSA), which is expected to grow by 6.5 percent over the next five years. The Speedway trade area has a relatively younger population with a median age of 33.6 compared to the Indianapolis MSA’s population median age of 35.1. This age difference is expected to continue to have a younger population over the next several years. There is a strong racial and ethnically diverse population within the Speedway trade area. 63.7 percent of the trade area population are White, 28.1 percent are African American, 4.1 percent are Asian and 6.5 percent are of Some Other race compared to Indianapolis MSA’s population which consists of 80.4 percent White, 14.3 percent African American, 1.7 percent Asian and 3.5 percent are considered Some Other race. The current estimated Hispanic population in the Speedway trade area is 6.8 percent compared to the 3.5 percent current Hispanic population in the Indianapolis MSA. Households The number of households in the Speedway trade area is expected to increase by 1.6 percent by 2010 from 130,992 to 133,100. The average household income in this area is expected to increase 12.4 percent from $51,279 to $57,629 over the next five years. The Indianapolis MSA is expecting to have a 6.8 percent increase in the number of households and a 13.2 percent increase in the average household income from $67,965 to $76,911 over the next five years. Employment Just over 75 percent of the population of the Speedway trade area is currently above age 16. This is yielding an unemployment rate of 4.2 percent, which is higher than the Indianapolis MSA’s unemployment rate of 2.9 percent. The majority of employed citizens in both the Indianapolis MSA and the Speedway trade area work in white collar occupations. However, the Speedway trade area has a higher percentage of service and farm workers and blue collar occupation type than the Indianapolis MSA. Dwellings The majority of the housing stock in the Speedway trade area is owner occupied (54.3 percent) and the largest majority was built in 1939 or earlier (20.8 percent). There is a larger majority of the Indianapolis MSA housing stock that

97 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

is owner occupied (68.7 percent) than the Speedway trade area. The largest majority of the housing stock in the Indianapolis MSA is also newer than that of the Speedway trade area with 14.8 percent built between 1970 and 1979.

market segmentation It is important to note that a large market, in this case the trade area, will not adequately represent a group of customers with homogenous tastes and product demands. Customers throughout the market area have different incomes, family types, education, and product demands. To further understand the overall market, it is important to explore the various pieces of the market, or market segments. Market segmentation is a way to divide the market into smaller more homogeneous groups of customers who have similar lifestyles and consumer preferences. Understanding these market segments helps businesses better decide which products to offer and how to better target their core customer. Market segmentation data was obtained for the trade area through Claritas’ PRIZM NE. This system combines traditional geo-demographic clusters (which assume that most people within a neighborhood buy similar products, have similar interests and similar incomes) with a household level segmentation which focuses more on individual consumer lifestyles and hobbies. The segmentation divides individual households into 14 social groups based upon urbanicity (population density where the household is located) and affluence. The segments also divided amongst lifestage groups. These classifications are based on the age of each segment’s residents and the presence of children, two powerful predictors of consumer behavior.

Speedway and Indianapolis MSA - Common Household Segments Using Claritas PRIZM NE, the top five segments that households fall into for the Speedway Trade Area are listed and defined below: »» Home Sweet Home »» Multi-Culti Mosaic »» New Beginnings »» Suburban Pioneers »» Young Influentials Home Sweet Home Widely scattered across the nation’s suburbs, the residents of Home Sweet Home tend to be upper-middle-class married couples living in mid-sized homes with few children. The adults in the segment, mostly between the ages of 25 and 54, have gone to college and hold professional and white-collar jobs. With their upscale incomes and small families, these folks have fashioned comfortable lifestyles, filling their homes with toys, TV sets, and pets. Multi-Culti Mosaic An immigrant gateway community, Multi-Culti Mosaic is the urban home for a mixed populace of younger Hispanic, Asian, and African-American singles and families. With nearly a quarter of the residents foreign born, this segment is a mecca for first-generation Americans who are striving to improve their lower- middle-class status.

98 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

New Beginnings Filled with young, single adults, New Beginnings is a magnet for adults in transition. Many of its residents are twenty-something singles and couples just starting out on their career paths, or starting over after recent divorces or company transfers. Ethnically diverse, with nearly half its residents Hispanic, Asian, or African-American, New Beginnings households tend to have the modest living standards typical of transient apartment dwellers. Suburban Pioneers Suburban Pioneers represents one of the nation’s eclectic lifestyles, a mix of young singles, recently divorced, and single parents who have moved into older, inner-ring suburbs. They live in aging homes and garden-style apartment buildings, where the jobs are blue-collar and the money is tight. But what unites these residents-a diverse mix of whites, Hispanics and African-Americans—is a working—class sensibility and an appreciation for their off-the-beaten-track neighborhoods. Young Influentials Once known as the home of the nation’s yuppies, Young Influentials reflects the fading glow of acquisitive yuppiedom. Today, the segment is a common address for young, middle-class singles and couples who are more preoccupied with balancing work and leisure pursuits. Having recently left college dorms, they now live in apartment complexes surrounded by ball fields, health clubs, and casual-dining restaurants. The following table shows how the Speedway Trade Area and the Indianapolis MSA compare in terms of their segment make-up.

Speedway Trade Area Indianapolis, IN MSA

Households % Households % 130,992 637,413

44 New Beginnings 11.06% 44 New Beginnings 5.70% 52 Suburban Pioneers 7.41% 19 Home Sweet Home 3.57% 19 Home Sweet Home 6.42% 05 Country Squires 3.55% 54 Multi-Culti Mosaic 6.36% 22 Young Influentials 3.51% 22 Young Influentials 5.84% 18 Kids & Cul-de-Sacs 3.08% 36 Blue-Chip Blues 5.84% 52 Suburban Pioneers 3.07% 46 Old Glories 5.83% 30 Suburban Sprawl 3.04% 30 Suburban Sprawl 5.57% 32 New Homesteaders 3.03% 18 Kids & Cul-de-Sacs 4.33% 54 Multi-Culti Mosaic 3.00% 39 Domestic Duos 3.93% 36 Blue-Chip Blues 2.95%

While the largest segment for both areas is the New Beginnings cohort, the proportion is weighted much more heavily for the Speedway Trade Area. Speedway also has a large percentage of Suburban Pioneers compared to Indianapolis. Add to this the Young Influentials group and the concentration of professional young single adults and single parents makes up nearly 25 percent of the households in Speedway.

99 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

The third largest group in Speedway is Home Sweet Home, which is again more concentrated than the Indianapolis group. This group is comprised of more traditional, professional families with comfortable lifestyles and an appetite for material things. The Multi-Culti Mosaic segment comprises 6.36 percent of Speedway households, compared to only 3 percent of the Indianapolis households. This is also a younger cohort characterized by Hispanic, Asian, and African- American singles and families. Based on the market segmentation figures, the Speedway Trade Area is significantly different than the Indianapolis MSA. The concentration of younger, professionals, and traditional families lends itself to a different set of economic needs and demands that the proposed Redevelopment Plan for Speedway can surely meet.

opportunity gap analysis An opportunity gap analysis is a comparison of consumer expenditures within the trade area with retail sales that are within the same trade area. Economic theory would suggest that in a perfect economy, consumer expenditures should equal retail sales. This would indicate that there is a perfect balance between supply and demand within the retail trade area and that consumers can find everything they need locally and do not have to buy from somewhere outside of that trade area. We know from practical experience that this is rarely the case. As people become more mobile and other methods of shopping such as internet shopping become more prominent, it becomes easier to purchase goods and services from somewhere else. When a consumer spends some of their money outside of the trade area, this is called a leakage. Conversely, some retail trade areas capture shoppers from other trade areas. This could be from tourism, travel and/or because their trade areas overlap and consumers have a choice as to what retail district they would spend their money in. When consumers from outside the trade area shop within the trade area, this is called an injection. This is money from outside of the local economy coming into the local economy. This can be seen in the increasing potential for tourism expenditures which are anticipated from the development of the Speed Zone Master Plan. However, tourism markets are difficult to gauge since there is no standard location to measure how much is injected directly from tourism. Yet, still there is potential to capture these tourist expenditures through the development of tourist destination venues. From the standpoint of a gap analysis, this is called a surplus. When consumer expenditures exceed retail sales, there is a leakage within the local economy meaning that this money is traveling outside of the trade area to retail establishments elsewhere. Most often for Speedway, this is money that is being spent in the Indianapolis area as its trade area overlaps with Speedway’s and has a strong gravitational pull due to more shopping opportunities. These leakages can represent possibilities within Speedway to re-capture this lost market share by providing retail choices closer to the consumer. When retail sales exceed consumer expenditures, there is a surplus within the local economy. This indicates that consumers from outside of the trade area are spending their money within the trade area. This is an indication of strong competitive retail establishments

100 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES within the trade area, although it may also indicate that the market is currently saturated and future local retail growth may be limited. consumer preference survey The intent of the Consumer Preference Survey is to better understand the consumer behaviors and preferences of households within the Speedway area. This is done so that Speedway businesses can better serve the local market and increase their share of market capture as well as to identify potential non-business barriers that may create a negative perception of the Speedway area in the minds of shoppers.

101 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Over 4,500 surveys were sent out using a random sample of the approximately 131,000 households within a 15 minute drive time of Speedway, Indiana. Surveys were returned by February 1st, 2007. 531 valid surveys were received with a response rate of 12 percent. The margin of error of the survey is +/- 4.4 percent.

Shopping Habits and Preferences Trade area households typically spread their shopping trips throughout the week, although Saturday was the most popular shopping day with almost 97 percent of households indicating this to be a typical shopping day. Sunday was the next popular shopping day at 79.9 percent of households. When considering shopping times, most shopping tends to occur in the late afternoon and early evening with shopping trips falling off after 7:00 p.m.

Percent of households who visit twice a month or more Location (%) Top reason for visiting location Plainfield/Avon/Rockville Road 46.4 Selection, Location Crawfordsville Road/Speedway 42.2 Brownsburg 27.9 Location, Selection 38th/Lafayette Road/Lafayette Square Mall 20.4 Selection, Quality Elsewhere in Speedway 17.3 Traders Point/West 86th Street/Michigan Road 16.9 Selection, Location, Quality Downtown Indianapolis 13.2 Quality, Selection Main Street Speedway 8.1 Castleton Area/Castleton Square Mall 5.9 Quality, Selection Keystone at the Crossing 4.5 Selection, Quality Greenwood/Greenwood Park Mall/US 31 3.3 Selection The top shopping destinations for households within the trade area were Plainfield and Avon, with the Crawfordsville Road/Speedway corridor not far behind. Main Street Speedway ranked relatively low on the list with only 8.1 percent of households visiting it twice a month or more. Households identified quality, selection and location as the primary reasons households shopped outside of Speedway. Other factors such as price, hours and parking were less important. How Speedway Compares to Other Shopping Opportunities Households were asked to rate Speedway compared to these other shopping areas in a number of categories. Respondents rated these categories from -3 indicating that Speedway was weaker than where they frequently shop to +3, where Speedway was stronger than where they frequently shop.

Weaker Comparative Stronger Convenience 10.1 44.2 36.4 Parking convenience 6.4 57.4 23.8 Prices and value 8.5 63.4 14.7 Customer service 12 57.8 14.9 Cleanliness 19.4 53.4 16.7 Attractiveness 25.2 51 13.7 Selection and variety 38.9 42.2 6.7

Households that did shop in Speedway found that geographical convenience, availability of parking, price, and selection were areas in which Speedway

102 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES had a slight comparative advantage over other shopping areas. Unfortunately, households had a negative view of the cleanliness, attractiveness, and selection/ variety in Speedway compared to other shopping areas that they frequented. These negatively perceived characteristics of Speedway are key components of successful retail areas and must be addressed in order to keep Speedway retailers competitive now and in the future.

Speedway Comparison to Other Shopping Opportunities

1 0.78 0.61 0.22 0.05 0 -0.11

Mean Score -0.41 -1 -1.03 -2

-3 Convenience Parking Prices and Customer Cleanliness Attractiveness Selection and convenience value service variety Comparison Categories

When further examining shopping habits, 42.3 percent of households try to buy local when they shop. There was a discrepancy between the ratings on cleanliness and attractiveness and agreement on whether households liked the look and feel of Speedway. Over 61 percent of households agreed with this statement. Furthermore over 38 percent of households felt that Speedway businesses sold the products and services they wanted, while only 12.4 percent disagreed. Overall, when asked whether there were a lot of products and services in Speedway, over 34 percent agreed, while 28.6 percent disagreed. When asked whether they would recommend shopping in Speedway, respondents were split; only 25.2 percent of households would agree with this statement while 28.4 percent would disagree. Finally, there was again a discrepancy between parking comparisons with other places frequently shopped and agreement on the statement of whether or not there is convenient parking within Speedway. Overall, only 20.8 percent would agree with this statement, while 28.6 percent would disagree. In other studies of parking in retail areas, most people tend to find parking a problem if they do not perceive they can park in a space immediately adjacent to their shopping destination. Although there was a negative reaction to this statement, when compared with competing retail areas Speedway rates better on convenient parking.

103 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Statements on Shopping Habits

1.5

1 0.8 0.54 0.4 0.5 0.35 0.33 0.24 0.16 0.06 0 -0.08 -0.5 -0.25

-1

-1.5 Level of Agreement (Mean Score) -2 the helpful Speedway shopping in at night I recommend to shop Speedway friendly and services in services Speedway Speedway Speedway Speedway safeI feel in products and in Speedway in products and salespeople are businesses sell town guests to businesses are services locally There are of a lot Speedway, even I the like look and There is plenty of feel of Speedway feel open when I want products/services I always try to buy I to like bring out of convenient parking Statements

Dining When asked about dining preferences, most households eat out for breakfast once a month (20.8 percent) or once every few months (29.5 percent). Only a little over 12 percent of households ate out more than twice a week for breakfast. There was a definite shift in the frequency of dining out for lunch. Over 37 percent of households ate out for lunch at least twice a week and 10 percent dined out at least five times a week. At dinner, approximately 33 percent ate out at least once a week while 36.0 percent ate out more than two times a week. When examining meal cost, there was an indirect relationship between meal cost and the frequency that households dined out. In other words, as the cost of the meal increased, the number of times a person dined out decreased. Meal prices of less than $7 were more in demand for those that ate out more than once a week, while meal prices of $7 to $15 were more likely for those that are out once a week to once a month. Over 47 percent of households never ate at meal prices exceeding $25 per person while approximately the same amount of households did eat at that price level once a month or once every few months. In conclusion, these habits identify a demand for more affordable dining opportunities within the Speedway trade area.

Frequency of Dining out

20 Breakfast Lunch 15 Dinner

10 Percent of Households of Percent 5

0 5+ times a 2 to 4 times a Once a week Once a month Once every Never week week few months

Marketing Opportunity There are many opportunities to reach households in the market area with advertisement of goods and services within Speedway. Over 55 percent of

104 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES households within the trade area have attended the Indianapolis 500, 49 percent have attended the Brickyard 400, and 43.5 percent have attended the St. Christopher’s Midsummer Festival. Other highly attended events included the U.S. Grand Prix (25.2 percent) and the 500 Festival Mini-Marathon (19.9 percent). It is important to note that other than the Midsummer Festival, IMS related events dominate Speedway attractions.

When examining what type of media households in the trade area use to obtain news and advertising, print media was still the most popular (62 percent of households). Television ranked a close second with 42.8 percent of households considering it a top source. Word of mouth was third at 22.2 percent of households and radio was considered a top media source by 20.2 percent of households.

Trade Area Household Attendance at Speedway Events

60 55.8 50.5 48.9 50 43.5 40

30 25.2 19.9 Attended 20 10.1 10 7.3 2.8 1.9 1.6 0 Percent of Households That Have Costume Race Lion's Club Halloween Speedway Junior Parade Festival 4th Picnic maration Speedway Lion's Club Speedway Speedway the Brickyard Speedway Midsummer Allstate 400 at Allstate Qualifications Lion's July Club U.S. Grand Prix Schools Events Indianapolis 500 Indianapolis 500 Indianapolis Easter Hunt Egg St. Christopher'sSt. Baseball/Softball 500 Festival Mini- Event

As indicated by 94.1 percent of households, the Indianapolis Star was considered the top local print media for news. The Speedway Town Press had the second highest readership with 17.1 percent of households. Of the available local television stations, WTHR, the NBC affiliate, was the top station to watch by 58.4 percent of households and 50.8 percent of households watch WISH-TV. The top radio stations included WFMS (30.1 percent), WIBC (24.7 percent), and WFBQ (23.1 percent).

Top Media Source for Local News and Information

70 62.0 60

50 42.8 40 30 22.2 20.2 20 14.9 10 6.3 5.3 Percent of Households of Percent 3.6 3.2 3.0 1.4 0

Radio None Other Television Billboards Newspaper Direct Mail Word of Mouth Yellow Pages Shoppers Guide Internet/Email/Web Media Source

105 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Most Watched TV Station for Local News and Events Information

70 58.4 60 50.8 50

40 34.1

30 26.3

Percent of Households of Percent 10.6 10 5.8 3.4 3 1.6 0.8 0.6 0 WTHR WISH WRTV W XIN WFYI WTBU WTTV WNDY Other WIIH WIPX Station

Most Read Print News for Local News and Information

100 94.1 90 80 70 60 50 40 30 17.1 20 12.6 12.2 9.4 6.3 6.1 4.5 4.5 10 1.2 1.2 0.6 Percent of Households of Percent 0

INtake Other

Indianapolis Star IndianapolisNUVO Montly Newsweekly Speedway Navigator Indianapolis Recorder Westside Messenger Speedway Town Press

Indianapolis Business Journal Inside Indiana Business Online Hendricks County/Westside Flyer News Source

Top Radio Station for Local News and Information

30.1 30

24.7 25 23.1

20 16.3 14.1 15 13.5 13.1 12.0 11.6 11.0 9.4 9.2 10 8.4 7.2 Percent of Households 6.4 6.4 6.2 3.6 5 3.0 2.6 2.4 1.2 1.0 0.8 0.4 0.2 0.2 0

WIBC WTPI Other WFYI WICR WIJY WEDJ WBRI WJEL WHJE WFMS WFBQ WKLUWYXB WENS WZPLWGLD WYJZ WRZX WNOUWNDE WTLCWHHHWRDZWXLW WBDG WEDM Station

106 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

Distance from Speedway to Work

More than 20 Work downtown minutes 11% 19%

Under 5 minutes 18%

16 - 20 minutes 17%

5 - 10 minutes 13%

11 - 15 minutes 22%

Main Street Housing Demand More than 64 percent of households in the trade area work within a 10 to 15 minute drive of Speedway. Only 18.7 percent of households work more than 20 minutes from Speedway. This can be a great asset in terms of location advantages for housing.

21.2 percent of households indicated that they currently live or have lived in a downtown community. Approximately 25 percent of respondents (33,000 households) indicated that under the right circumstances, they would be interested in living within the Speed Zone. Of these, approximately 70 percent want single-family homes, 10.4 percent prefer low maintenance cluster homes, and 15.5 percent would prefer multi-family housing, condos or town homes. This latter figure represents a potential interest from over 5,000 households for multi- use living along Main Street.

Type of Housing Preferred near the Speed Zone

80 69.9 70 60 50 40 Zone) 30 20 10.4 8.5 10 1.9 1.2 3.9 4.2 0 Percent of Households (who are are (who Households of Percent

interested in living near the Speed the near living in interested Other

Town home

5+ unit residential building Separate single-family house 2 - 4 unit residential building Low maintenance cluster home Flat/loft above commercial space Housing Type

107 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

When asked what type of housing arrangement that is preferred for those interested in living near the Speed Zone, almost 70 percent desired private ownership, 14.8 percent preferred condominium, 12.5 percent would prefer rental and 3.4 percent indicated a preference for assisted living.

Preferred Size of Housing Unit

Studio/efficiency 1 bed/1 bath 4 bedrooms or 0.8% 4.7% larger 10.5% 2 bed/1 bath 10.5% 3 bed/3 bath 6.2%

2 bed/2 bath 24.0%

3 bed/2 bath 43.4%

When asked for more specific information on the types of housing units desired, over 43 percent preferred 3 bedroom/2 baths units. Approximately 40 percent preferred a smaller dwelling unit and only 16.7 percent preferred a larger dwelling unit.

108 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES 01 . 0 9.52 Total dd. Est. A SQFT Potential Additional 11,200 Est. 105,545 Average GLA per A 159.81 6,000 114,489 19.08 282.09251.91 7,000 15,250 31,268 32,185 4.47 2.11 211.33 3,000 36 624.31 3,140 78,795 25.09 210.54633.48 4,000130.21 1,200389.95 32,035313.10 3,000110.28 7,859 1,500419.87 8.01 2,478 28,571 2,300 6.55 8,497 2,507 9,000 15,501 5.66 3.63 195 6.74 0.08 228.43183.71237.38 15,250310.00 9,000 108,783303.08 4,809251.91 111,561 3,500 7.13 6,000 74,033 12.40 1,548 49,607 39,641 15.39 43,807 14.17 6.61 28.30 251.91 69,642 260,950 3.75 1353.98 2,600 45,814 17.62 er SQFT GL Average Sales p 616 , $7 727 , 798 , $4 343 , E 806 , $4 $4,153,367 $433,017 $3,720,350 $1,846,005 $1,927,891 $81,886 onsumer $53,535,735 $35,239,187 $18,296,548 $42,372,845 $33,552,425 $8,820,420 $33,552,425 $42,372,845 $8,107,453 $29,368,543 $37,475,996 $10,907,812 $9,198,431 $1,709,380 $59,741,622 $10,549,292 $49,192,330 $6,744,734 $19,196,714 $25,941,448 $4,978,727 $19,119,438 $24,098,165 $4,918,747 $20,964,444 $25,883,191 $3,313,492 $13,409,777 $16,723,269 $2,818,033 $17,831,969 $20,650,002 $53,662,045 $36,087,954 $17,574,091 $25,592,866 $5,098,028 $20,494,838 $39,699,999 $24,321,792 $15,378,207 $61,640,180 $49,625,580 $12,014,600 $31,888,216 $20,853,021 $11,035,195 Demand Supply Opportunity $246,813,066 $184,782,254 $62,030,812 $334,999,973 $310,150,616 $24,849,357 $138,065,158 $71,140,993 $66,924,165 $136,655,072 $125,685,417 $10,969,655 $109,103,461 $50,177,779 $58,925,682 $135,774,150 $70,039,658 $65,734,492 $168,782,745 $118,041,568 $50,741,176 (C Expenditures) (Retail Sales) Gap/Surplus s s s s Dealer e y l yp pp s Store T e, Leather Goods Store g a s gg Stores Material and Su , Lu g g y Other Gasoline Stations Other Motor Vehicle Dealers Home Furnishing Stores Lawn/Garden Equipment, Supplies Stores Gift, Novelty and Souvenir Store Used Merchandise Stores Jewelry Store Sew/Needlework/Piece Goods Stores Optical Goods Stores Convenience Stores Luggage and Leather Goods Stores Musical Instrument and Supplies Stores Warehouse Clubs and Super Stores Furniture Stores Hardware Stores Women's Clothing Stores Family Clothing Stores Nursery and Garden Centers Home Centers Other General Merchandise Stores Gasoline Stations with Convenience Store Specialty Food Store 4412 4422 4442 4441 Buildin 4483 Jewelr 4533 4421 4481 Clothin 4529 4452 44719 45322 44831 45113 44613 44512 44832 45114 45291 44413 44812 44814 44422 44411 44711 Code NAICS OPPORTUNITY GAP ANALYSIS - STORE TYP Source: Claritas, Inc., Urban Land Institute - Dollars & Cents of Shopping Centers, US Economic Census Bureau

109 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Amenities Worth Paying Higher Mortgage or Rent

Centrail air conditioning 1.5 Ample closet/storage space 1.3 Patio/porch/deck/balcony 1.3 Washer/dryer 1.3 Soundproof w alls 1.2 Ample insulation 1.2 Well-designed room layout 1.2 Large rooms 1.1 Premium appliances/fixtures 1.1 Yard 1.0 Dishw asher 1.0 Lots of w indow s/natural light 1.0 Amenities Security system 0.9 Covered parking/garage 0.9 Top-quality carpeting 0.7

Hardw ood floors 0.7

Fireplace 0.6 New ly constructed building 0.5

Handicapped accessibility 0.4

High ceilings 0.2 Historic renovated building 0.2

0.0 0.5 1.0 1.5 2.0 Mean Score

Quality of Life Households within the Speedway trade area are divided when rating Speedway’s quality of life. Neighborhood parks and schools were considered an important asset within the community as well as the Town’s proximity to Downtown Indianapolis. Although still satisfied, a lesser number of households were satisfied with the availability of dining opportunities. Even though neighborhood parks and schools were important, dissatisfaction with the current recreational facilities within the community was expressed. Furthermore, while many individuals in the public meetings rated Speedway’s schools as an asset, 37.7 percent of households disagreed that Speedway’s schools attract people to the community while only 7.9 percent agreed with the statement. Respondents also expressed dissatisfaction with the availability of entertainment and cultural opportunities. Over 46 percent of households were not happy with Speedway’s available cultural opportunities while only 10.5 percent were satisfied. Furthermore, only 12.7 percent of households were happy with the availability and options of Speedway’s entertainment options.

110 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES

Speedway Quality of Life Indicators

0.8 0.75

0.6 0.4 0.4

0.2 0.14 0.06 0 Mean Score Mean -0.2 -0.12

-0.4 -0.35 -0.42 -0.44 -0.6 -0.63 -0.67 -0.8 The me with Good, with school with with system attracts Town cultural options plentiful in jobs are facilities affordable housing is Speedway Speedway plentiful in parks are I happy am I happy am Speedway I happy am location to recreational I happy am Downtown Speedway's important to Good paying Speedway's important to opportunities schools and Speedway's schools and Speedway's Speedway's parks attract to the people entertainment dining options dining Neighborhood Indianapolis is Indianapolis Neighborhood Category When asked what assets within the community should be further developed, 55 percent of households desired more restaurants and 50.7 percent wanted to see more retail opportunities. Over 37 percent of households wanted to see more bicycle and walking trails and 36.1 percent wanted a specific focus on further development of Main Street.

Restaurants 55.1 Retail opportunities 50.7 Bicycle and walking trails 37.1 Main Street 36.1 Expanded park system 22.1 Redevelop existing homes 16.7 Senior housing 16.1 Single-family housing 11.8 Town homes/condos 8.5 More commercial/industry 7.6 Other 3.5

Demographics The survey response was representative of a 15 minute drive time from Speedway with zip codes 46112, 46214, 46222, 46234, 46241, 46254 and 46224 receiving a fairly even distribution of responses. Only zip codes 46240, 46202 and 46278 had lower response rates. Approximately 62 percent of survey respondents were female with a median age of 45–54 years of age. 55.2 percent of the respondents had a married partner and 8.4 percent had an unmarried partner. The median education was some college/no degree. The median rent or mortgage payment was $600 – $749 a month, and the median annual household income was $55,000 – $64,000.

111 DETAILED STUDIES REDEVELOPMENT AREA 2 MASTER PLAN

Economic Impact Analysis

What is an Economic Impact Analysis? An economic impact analysis traces spending through an economy and measures the cumulative effects of that spending in terms of how long money churns within the economy before being lost to leakages. The longer the money stays in the local economy, the higher the impact and the more times the money changes hands and generates wealth. The local economy can be defined many different ways, although in this case it is defined as the Indianapolis Metropolitan Area.

What will an Economic Impact Analysis show? One way of measuring economic impact is to forecast the number of jobs created or lost by an event, in this case the public and private construction resulting from redevelopment of the Speed Zone. But many decision-makers, government leaders, and voters also want a prediction of the impact of an event on personal income, business production, sales, profits and tax collections. An economic impact analysis can show impacts in each of as many as 500 separate sectors of the local economy. Here you can see a very general summary of the economic impacts of construction on the Indianapolis MSA’s economy.

Why would we undertake an Economic Impact Analysis? The vitality of the economic environment is shaped by the events that take place there, just as air quality in the physical environment is influenced by emissions of cars and factories. Events influencing a region’s health can include: government projects, new businesses, expansions, military base conversions, plant closings, downsizing, demographic changes, policy changes, new laws, and the list is endless. This analysis shows the potential benefit that both public and private construction spending would have on the local economy in terms of job creation and total economic output. Furthermore, as individual tenants are identified and building actually occurs, the economic impact of new and continued spending of new businesses and jobs can be predicted through this same process. The overall economic impact generated from private construction within the Speed Zone is over $704.1 million dollars. This means that for every $1.00 of private investment within the Speed Zone generates a total of $1.63 in total economic output. The total employment that will be produced in industries directly related to construction will be an equivalent of 4,696 jobs over the build-out period. Total economic generation within the local economy means a total of 7,194 jobs will be created. For every ten jobs that are directly created in construction in the Speed Zone will create a total of 15 total jobs within the Indianapolis MSA. Furthermore, based upon this economic generation, over $89.4 million will be paid in taxes to local, state and federal government with over $27.5 paid at the state and local level. This is just shy of estimated public infrastructure costs of $34.5 million that will serve as a stimulus for this private investment. Government spending is also an important stimulus in the economy. Not only will the public infrastructure spending be responsible for being the economic stimulus for private investment within the Speed Zone, but it will also have a significant economic impact on the local economy. The initial infrastructure investments of

112 REDEVELOPMENT AREA 2 MASTER PLAN DETAILED STUDIES just over $34.5 million will result in a total economic output of $56 million in the local economy. This means for every one dollar of public money spent, a total of $1.62 will be generated in economy activity. This will result in a total of 502 jobs being created within the Indianapolis MSA local economy from direct public investment in the Speed Zone.

113

MAPS MAPS REDEVELOPMENT AREA 2 MASTER PLAN

site context map

Indianapolis Metro Area

Thorntown town Cicero town

Plainfield town Amo town Clayton town ¨¦§74 Clayton town 70 Homecroft town ¨¦§ Southport city

Martinsville city

Legend 01.25 2.5 5 7.5 10 Town of Speedway Miles County Line N Incorporated Communities

116 REDEVELOPMENT AREA 2 MASTER PLAN MAPS

CURRENT zoning

117 MAPS REDEVELOPMENT AREA 2 MASTER PLAN

LAND USE PLAN & ZONING MAP

118 REDEVELOPMENT AREA 2 MASTER PLAN MAPS transportatIon improvements plan

119