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 re- lated 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 pos- sible - 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 diffi- cult 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 it- self 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 met- ropolitan 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 com- mercial 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 neces- sarily 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 charac- ter 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