Jasper Redevelopment approves River Centre TIF district

Tuesday, the Jasper Redevelopment Commission approved a resolution to carve a separate tax increment finance (TIF) district from the larger TIF district created in March.

Jane Hendrickson, owner of Boxer Girl LLC, announced the $26 million project to turn the building into a mixed-use development known as the River Centre at the Jasper Common Council meeting Wednesday, October 21. The council approved creating the resolution by a unanimous vote.

The redevelopment commission’s approval today officially creates the separate district that is bordered by Third Avenue, the Patoka River, Main Street, Second Street and Mill Street. It includes the Jasper Train Depot and and properties the city has purchased in the flood-prone “Frogtown” area.

The River Centre is a redevelopment plan for the former Jasper Cabinet property. It will be planned and designed in 2015 and 2016 with work estimated to begin in 2017. The project is expected to be completed by 2018. A separate hotel created through a partnership with General Hotels Corporation will feature 80 to 100 rooms. The first floor of the Jasper Cabinet building will host 36,000 square feet of commercial and office space. The top two levels of the building will be used to create 75 one- and two-bedroom apartments.

Jasper Cabinet River Centre project from Matthew Crane

The revenue created by the tax increment finance district will be used to support the creation of the River Centre. This will most likely come through economic development bonds that will be paid in some portion by the TIF increment. The Jasper Common Council and Redevelopment Commission will have to approve how much of the increment created goes to the development and how much increment is kept by the redevelopment commission.