With demolition of the former Elder-Beerman complete, construction nears for the luxury apartment development planned for the corner of South Sixth and East Main streets.
The estimated $37 million 6Main development promises 150 apartments and 3,200 square feet of retail space, according to a presentation from Deron Kintner of developer Flaherty & Collins Properties during the Feb. 3 Richmond Common Council meeting. During that meeting, council was asked to consider issuance of an expected $2.65 million in taxable economic development revenue bonds to help finance 6Main.
The bond ordinance that has a maximum bond issuance of $3.7 million was referred to council’s finance committee for review.
Kintner said that with council’s approval, the project would be “off to the races and able to get started with new construction here in the next couple of months.”
The 25-year bonds, which will be bought by First Bank Richmond and Wayne Bank, would be paid back $247,000 per year through property tax increments. The city has already created a downtown tax increment finance district that includes the development property. Jason Semler of Baker Tilly told council that 6Main’s assessed value is estimated at $16.3 million to generate $336,000 annually in tax increment that provides a cushion for the annual payment.
It’s the final piece to a financial package that includes $2 million from the county, $1 million from the Wayne County Foundation, $2.5 million from the Regional Economic Acceleration and Development Initiative, and $4 million from the city’s Redevelopment Commission — all as forgivable loans if Flaherty & Collins meets its benchmarks — plus $3.6 million in state tax credits. Flaherty & Collins is responsible for the remainder of the cost and for securing the bonds if the tax increment revenue does not cover the annual payment.
Semler said the bond process is “as least risky to the city as possible” with Flaherty & Collins responsible for completing the development as planned and with the anticipated assessment.
Flaherty & Collins, which manages about 16,500 units overall, will construct and manage the development, so it’s “always a partner,” Kintner said.
In addition to the commercial space on the Sixth and Main corner, the four-story development will have amenities such as a cafe, lounge, fitness center, bike storage, courtyard, pool, grill stations, fire pit, pet spa and bark park. Kintner said the average rent is expected to be $1,350, with 65% of the units one bedroom, 28% two bedroom and 7% studio.
6Main is expected to attract 70% young professionals, with at least half the residents moving from outside the city.
“We’re excited to get started and partner with you,” Kintner said. “I think it’s going to be a great win-win.”
911 interlocal
Council members unanimously approved the annual interlocal agreement with Wayne County to run the Emergency Communications Center.
The city, which is billed monthly by the county, pays half of the costs for specific staff members in the 911 dispatch center. Controller Tracy McGinnis said the city budgeted $430,000 for 2025. The city paid $440,244.64 last year but has averaged paying $412,893.07 the past five years.
Parks department
The Richmond Parks and Recreation Department plans to apply for a $250,000 grant from the Indiana Destination Development Corporation. It was one of four parks-related ordinances to receive council’s approval.
Denise Retz, the parks superintendent, said the grants are meant to fund transformative ideas as part of destination development efforts. The money would fund wayfinding and gathering amenities and a picnic shelter at the Test Road trailhead during activation of the Whitewater Gorge Park, Retz said.
The grant match would come from Wayne County government’s $1.4 million contribution to the gorge project through the Hoosier Enduring Legacy Program.
The parks department also received council approval to move forward with the Employment Aid Readiness Network program that helps fund up to eight interns during the year. A 50% local match is required.
Council also approved annual ordinances that permit the parks department to receive donations for 32 programs, events and areas within the parks system and to pursue a variety of grants that do not require local match money.
Similarly, Richmond Fire Department received council approval to accept donations throughout the year for its programs and specialized equipment and training.
Referred to finance
Three ordinances presented for first reading were referred to council’s finance committee for evaluation.
During the budget process, council did not appropriate money to some RFD line items, so Chief Jeff Kinder is requesting appropriation of $133,500 for equipment, including turnout gear, helmets, boots, hoods, gloves, self-contained breathing apparatus bottles and face pieces.
The other two ordinances involve donations to Richmond Police Department. One is for the donation of up to $3,500 from the Remember Officer Noah Foundation to install a ballistic windshield in a patrol vehicle. The foundation was founded by the family of Elwood police officer Noah Shahnavaz, who was killed in the line of duty in 2022.
The second is a blanket ordinance permitting RPD to receive donations for programs, equipment and training during the year.
A version of this article appeared in the February 12 2025 print edition of the Western Wayne News.