Richmond has begun the process of securing $4.33 million in match money to develop infrastructure for the Smith Hill housing development.
The Richmond Advisory Plan Commission on Feb. 26 approved creation of the Smith Hill Economic Development Area for the 80 acres south of Backmeyer Road between South 37th Street and Garwood Road. The economic development area would allow tax increment finance funds to repay bonds issued by the Indiana Finance Authority.
The Richmond Redevelopment Commission will conduct a public meeting about the economic development area at 1:30 p.m. April 1 in the council chambers on the third floor of the Richmond Municipal Building, 50 N. Fifth St. The issue also must come before Richmond Common Council.
Smith Hill is a planned unit development that’s expected to include 178 single-family homes in four styles and 99 townhomes for sale. Developer 11th Street Development LLC will install infrastructure, then sell lots to builders. Council granted the necessary zoning changes to facilitate the project.
Beth Fields, the city’s director of strategic initiatives, told plan commission members that the East Central Indiana Regional Partnership forwarded a Regional Economic Acceleration and Development Initiative funding request for Smith Hill to the Indiana Economic Development Corporation. The request was for $5.5 million; however, $4.33 million was tentatively awarded to the project. Fields said Smith Hill is on a waitlist for additional funding that could become available if other funded projects are scrapped.
The READI allocation requires the local match. The Indiana Finance Authority would issue bonds, and the additional property tax created by the development would pay back the IFA. The bond release also will need Richmond Common Council, Richmond Redevelopment Commission and Economic Development Corporation of Wayne County approvals.
Ken Paust, who made the motion to approve the economic development area, said it’s been eight years since efforts began to develop that land. He said it addresses a community need by providing housing.
Fields said the development will offer housing options to attract and retain residents, will increase the city’s property tax base and will increase school enrollment.
A version of this article appeared in the March 5 2025 print edition of the Western Wayne News.