Summary of Plan Commission Resolution No. PC 07-15-14 SUMMARY OF PLAN COMMISSION RESOLUTION NO. PC-07-15-14
The City of Carmel Redevelopment Commission ("CRC") previously has created and
expanded the Old Meridian Economic Development Area (the "EDA") and designated the EDA
as an allocation area for purposes of capturing tax increment revenues. Edward Rose
Development Group, L.L.C. ("Rose") is proposing a new mixed use development in the vicinity
of the southeast corner of the intersection of Main Street and Grand Boulevard in the City of
Carmel (the "Rose Project"), which is located in the EDA. `The District PUD' was approved
earlier this year by Council Ordinance Z-587-14.
The CRC now desires to create a separate allocation area for the Rose Project for
purposes of generating tax increment revenues to support public streets and a parking structure
that will support the project and surrounding City amenities. On July 14 the CRC adopted a
resolution removing the Rose Project site from the Old Meridian allocation area and designating
a new allocation area called the Grand & Main Allocation Area. The CRC resolution also
approved a supplement to the Economic Development Plan for the EDA adding the
infrastructure and parking projects supporting the Rose Project to the Plan.
The redevelopment statute (IC 36-7-14) provides that any time the CRC amends an
economic development area or plan, the Plan Commission must adopt a resolution determining
whether the amendments conform to the plan of development of the City. Proposed Resolution
No. PC-07-15-14 makes this determination in the affirmative for the proposed CRC amendments
to the Old Meridian EDA and Plan described above.