When will the project be in construction and complete?
It is anticipated that construction activities for phase 1 will begin in late fall 2022. Phases 2 and 3 are anticipated to begin in late fall 2024. All construction is anticipated to be complete by the end of 2025.
What is the purpose of the Pleasant Street project?
Improving Pleasant Street is critical for the future mobility and growth of the city. We want to remain proactive when it comes to development and growth, and improving Pleasant Street allows us to be forward-thinking in our infrastructure. This improvement will enhance mobility through Noblesville, allowing more people to safely and easily visit the restaurants and shops downtown.
Why do we need these improvements now?
The city and county are implementing a 30-year, well-studied initiative because now is the right time. When this project concludes, cyclists, pedestrians, and drivers will be able to safely travel to, in, and around Noblesville, as well as throughout Hamilton County. This investment will preserve the unique aspects of Noblesville and support our growth for decades to come.
How will this project be funded?
The City is pursuing a multi-faceted funding strategy to pay for this critical and transformative infrastructure project. The strategy will leverage the City’s strong financial position that has been created from years of prudent fiscal management and from targeted growth strategies that provide more jobs, income, and property values to the City. More than $1 billion in private capital investment has been made in Noblesville since the beginning of 2020. This economic investment contributes to the tax base and spreads the impact of this project over a larger group of users and beneficiaries.
Total project costs included expenses from these six categories:
Right-of-way acquisition (purchasing or obtaining the property necessary to build the road, road intersections, the accompanying pedestrian trail, and drainage infrastructure)
Road and roundabout construction
Trail and tunnel construction
Construction inspection costs (to ensure safety, compliance, and longevity)
Considering these six categories, the overall project cost for all three phases of the project is estimated to cost $98 million, not including the cost of the White River Bridge. The construction contract for Phase 1 of the project was awarded at an amount that was lower than the engineer’s estimate.
The White River Bridge costs will be covered by our vital partner in this project, Hamilton County. The County has committed up to $18 million for this portion of the project.
In February 2022, Noblesville was awarded $8.5 million in grant funding for Phase 1 of the project through the regional Metropolitan Planning Organization (MPO). Noblesville will continue to pursue grant funding opportunities relevant to the project in coordination with the MPO and Indiana Department of Transportation.
A vehicle excise tax of $25 per registered vehicle per year has been proposed and adopted to generate revenue from local road users. This revenue source is expected to generate around $1.6 million annually for Pleasant Street costs. Additionally, the City will be using numerous other funding sources to minimize the costs to be borne by the City's current residential and business property owners. Road impact fees, collected from new development, will also be used to cover a portion of the project cost.