Pulte Homes is building a 519-home, 55-and-up age-restricted subdivision on about about 185.97 acres on the east side of Five Points Road, half a mile south of County Line Road.
Provided by city of Greenwood
A proposal for a new tax allocation area for an upcoming Greenwood senior living neighborhood received its second in a chain of approvals Monday night.
The Greenwood Advisory Plan Commission voted 8-0 Monday to approve a redevelopment commission resolution amending the city’s Eastside Economic Development Area to create a new allocation area for an age-restricted senior housing development on the city’s far east side. The amendment also establishes an age-restricted housing program for the development under state law.
Pulte Homes of Indiana is developing a 55-and-up age-restricted single-family home development located east of Five Points Road and a half-mile south of County Line Road. About 185.97 acres of agricultural land were annexed into the city and rezoned for the project last year. The planned unit development, or PUD, would be a Del Webb active adult community of up to about 500 homes to be built in five phases, city documents show.
The Eastside Economic Development Area, or EDA, like other economic development areas capture tax dollars generated by property improvements. That means taxes on improvements to the property, such as newly built structures or redeveloped structures, go to the city’s RDC for projects within the district. However, the base property tax amount remains unchanged and continues to flow to entities that currently receive those tax dollars. The RDC uses funds generated by EDAs to complete projects or can issue tax incremental financing, or TIF, dollar-backed bonds to complete multi-million dollar projects
The RDC and the city’s Board of Public Works and Safety entered into a private agreement with Pulte to participate and assist in infrastructure costs to develop the site. Tax increment financing, or TIF, revenues would be used as part of that participation, and the RDC resolution is a requirement to establish the new area, said Adam Stone, a financial consultant for the city.
The project is expected to cost the city $7 million and the commission would be reimbursed by Pulte for an amount up to $3.2 million, Stone said.
For this particular area, the city will be creating a “Housing Opportunity Allocation Area,” said Shawna Koons, city attorney. The project complies with the city’s comprehensive plan and had previously been before the plan commission when the land was rezoned in 2022.
In December, the city’s RDC approved the amendment to the Eastside EDA via a resolution. That resolution was the first of a four-step process to formally pass the amendment, Stone said.
The next step is for the resolution to go to the city council, after which it will come back before the RDC for a final public hearing, he said.
Although a new allocation area is technically being created, it will be part of the already-existing Eastside EDA. The taxes captured will eventually go to further economic development plans for the EDA, Stone told the RDC last month.
The age-restricted allocation area for the Del Webb project is a first for not only Greenwood but for Johnson County. The move is allowed under Indiana law as there is a provision that allows for “for sale” residential taxes to be captured as part of incremental assessed value, Stone said.
Creating the new allocation area will benefit those 55 and up who want to build homes in the new development, he said.
