The city of Gary, Indiana, is embarking on a journey to revitalize its downtown area through various projects supported by bond financing. One of the key projects in this effort is the redevelopment of the Gary Metro Center station and the construction of a convention center in Lake County. Notre Dame’s School of Architecture is actively involved in this revitalization initiative, conducting community listening sessions and urban planning sessions to gather input from residents. The goal is to develop a comprehensive 10-year action plan for the downtown area to create a new master plan for the city.
Bond financing is expected to play a significant role in funding these revitalization projects. The city of Gary has previously issued Series 2019 revenue anticipation notes and Series 2015 multifamily housing revenue bonds for its debt needs. Moving forward, the city plans to leverage low-interest bond financing through the Indiana Finance Authority to support development projects within the Gary Metro Transit Development District. Additionally, the city aims to utilize federally funded resources, such as the American Rescue Plan Act, to encourage new construction and housing within the transit development district boundaries.
The downtown revitalization effort in Gary is crucial for the city’s tax base and overall economic well-being. Creating walkable, mixed-use central business districts has been shown to yield the best tax returns for cities, ensuring a steady revenue stream for essential services. By utilizing tax increment financing, federal Opportunity Zones, and other financial tools, Gary aims to transform its downtown area into a thriving hub of economic activity. The city recognizes the need for a functional downtown to provide basic services to all neighborhoods effectively.
While Gary has faced challenges in previous revitalization attempts, the current effort is backed by a strong vision and support from key stakeholders. Elected officials, city staff, federal and state funding, private investors, and new generations of residents are coming together to shape the future of Gary. The passage of legislation like SB0434, which provides funding for blight elimination and sets up revitalization funds, has paved the way for the city’s revitalization efforts. Mayor Eddie Melton’s leadership has been instrumental in setting the stage for successful revitalization projects in Gary.
Looking ahead, Gary plans to engage the public in the revitalization process through a transparent and inclusive public engagement process. This process will be developed in early August and culminate in the city’s Broadway Summit at the end of the month. The goal is to ensure that the vision and action plan for revitalization take into account all variables, including affordable housing, infrastructure upgrades, nonprofit participation, and private investment. The city is poised for growth, with key assets like an international airport, highway access, commuter rail system, beaches, and a deep-water port ready to fuel economic development.
The revitalization efforts in Gary, Indiana, are at a critical juncture, with the city poised to transform its downtown area into a vibrant and thriving hub of economic activity. By leveraging bond financing, community input, and strategic partnerships, Gary is laying the foundation for a brighter future. The challenges ahead are significant, but with strong leadership and a clear vision, Gary has the potential to reclaim its historic role as an economic powerhouse in the Midwest.