HomeMy WebLinkAbout2015 Impact of Amending City Center/Carmel Downtown Economic Develop AreasUMBAUGH
11. 1. Umbaugh & Associates
Certified Public Accountants, UP
8365 Keystone Crossing
Suite 300
Indianapolis. IN 46240.2687
Phone: 317- 465 -1500
Fax: 317- 465 -1550
www.umbaugh.com
January 8, 2015
City of Cannel
c/o Ms. Diana Cordray
One Civic Square
Cannel, Indiana 46032
Re: Amending Carmel Downtown Economic Development Area and City Center Redevelopment Area
Dear Ms. Cordray:
Enclosed please find a copy of the Tax Impact Statement that was prepared by Umbaugh on behalf of the
City of Carmel Redevelopment Commission. The Commission is required to provide an impact statement
to each of the taxing units which overlap the Carmel Downtown Economic Development Area and the
City Center Redevelopment Area including Hamilton County, Clay Township, Carmel Civil City,
Cannel -Clay School Corporation, Carmel -Clay Public Library and Hamilton County Solid Waste
Management District at least 10 days before the public hearing. The purpose of this statement is to
disclose any potential impact of amending the Areas and capturing Tax Increment.
As described in the Tax Impact Statement, the Commission has found that the Improvements being
funded with Tax Increment will facilitate the construction of the $80 million final phase of Carmel City
Center (the "New Development "). Therefore, the Commission has determined that the capturing of the
increases in assessed value from the New Development does not have a negative impact on anticipated
revenues or tax rates of the taxing units that are wholly or partially located in the Areas.
The public hearing on the proposed amendment of the Areas has been scheduled by the Commission for
January 21, 2015 as set forth in the enclosed legal notice. Please let us know if you have any questions
regarding the enclosed material. If you prefer, we would be happy to meet with you to explain the
attached schedules and answer any questions that you might have.
Very truly yours,
UMBAUGH
Loren M. Matthes
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF AMENDING THE
CARMEL DOWNTOWN ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREAS
AND THE CITY CENTER REDEVELOPMENT AREA AND ALLOCATION AREA
The City of Carmel Redevelopment Commission (the "Commission ") is required by Indiana Code 36 -7 -14,
as amended (the "Act "), to provide a statement disclosing the impact of amending a tax allocation provision
on the overlapping taxing units. This impact statement discloses and explains the impact on the overlapping
taxing units caused by amending certain allocation areas to establish new allocation areas and capture Tax
Increment (as hereinafter defined).
AMENDMENT OF i'HE AREAS AND THE PLANS
The Commission adopted Resolution No. 3 -1998 on January 15, 1998 (as previously amended, the "Original
City Center Declaratory Resolution ") establishing the City Center Redevelopment Area (the "City Center
Area"), designating a portion of the City Center Area as the City Center Redevelopment Allocation Area (the
"City Center Redevelopment Allocation Area ") and approving a redevelopment plan for the City Center
Area, which plan has subsequently been incorporated into and replaced by an Integrated Economic
Development Plan R Amended Redevelopment Plan which applies to the City Center Area (the "City Center
Plan'').
The Commission adopted Resolution No. 6 -2005 on May 17, 2005 (the "Original Carmel Downtown
Declaratory Resolution ") establishing the Carmel Downtown Economic Development Area (the "Carmel
Downtown Area"), designating a portion of the Carmel Downtown Area as the Carmel Downtown
Allocation Area No. 1 (the "Carmel Downtown Allocation Area No. I"), designating a portion of the Carmel
Downtown Area as the Carmel Downtown Allocation Area No. 2 (the "Carmel Downtown Allocation Area
No. 2 ") and approving an economic development plan for the Carmel Downtown Area, dated April 25, 2005
(the "Original Carmel Downtown Plan ").
The City Center Area and the Carmel Downtown Area are collectively referred to as the "Areas ". The Areas
are located within the City of Carmel, Indiana (the "City "). The Original City Center Plan and the Original
Carmel Downtown Plan are collectively referred to as Ole "Original Plans ". The Original Citv Center
Declaratory Resolution and the Original Carmel Downtown Declaratory Resolution are collectively referred
to as the "Original Declaratory Resolutions ". The Original Declaratory Resolutions allow for the capture of
Tax Increment resulting from the growth in all non - residential real property assessed value within the Areas
in excess of the base assessed value defined in the Act. The base assessment dates for the City Center Area
and the Carmel Downtown Area are March 1, 1997 and March 1, 2005. respectively.
On September 15, 2014, the Commission adopted Resolution No. 2014 -14 and Resolution No. 2014 -15
amending the Original Declaratory Resolutions (Ole "Amending Declaratory Resolutions ") to incorporate
addendums into the Original Plans (the "Plan Addendums "), to remove certain areas from the Carmel
Downtown Allocation Area No. 1 and designate such areas as their own separate allocation areas, known as
the "Carmel Downtown Allocation Area No. 3 ", the "Motor Court East Allocation Area" and the "Motor
Court West Allocation Area ", to remove a certain area from the Carmel Downtown Allocation Area No. 2
and designate such area as its own separate allocation area, known as the "Pedcor Office 5 Allocation Area ",
and to remove a certain area from the City Center Redevelopment Allocation Area and designate such area
as its own separate allocation area. known as the "Kent Allocation Area" (collectively, the "2014
Amendments").
1
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OE AMENDING THE
CARMEL DOWNTOWN ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREAS
AND THE CITY CENTER REDEVELOPMENT AREA AND ALLOCATION AREA
AMENDMENT OF THE AREAS AND THE PLANS (Coned)
In the Amending Declaratory Resolutions, the Commission finds that the 2014 Amendments promote
significant opportunities for the gainful employment of the citizens of the City, attraction of major new
business enterprises to the City, retention and expansion of significant business enterprises existing in the
boundaries of the City and meet other purposes of the Act, including without limitation benefiting public
health, safety and welfare, increasing the economic well being of the City and the State of Indiana (the
"State") and serving to protect and increase property values in the City and the State. In addition, the
Commission reaffirms its findings that the City Center Area, including the Kent Allocation Area, is an "area
needing redevelopment" within the meaning of the Act.
The Commission also finds that the public health and welfare will be benefited by accomplishment of the
2014 Amendments and the redevelopment of the City Center Area, including the Kent Allocation Area. The
accomplishment of the 2014 Amendments will be of public utility and benefit as measured by the attraction
of permanent jobs, an increase in the property tax base, improved diversity of the economic base and other
similar public benefits.
The Plan Addendums conform to other development, redevelopment and comprehensive plans for the City.
The Amending Declaratory Resolutions and the 2014 Amendments are reasonable and appropriate when
considered in relation to the Original Declaratory Resolutions, the Original Plans and the purposes of the
Act. The Original Plans, as supplemented by the Plan Addendums, are referred to as the "Plans ".
Tax Increment consists of all property tax proceeds from the assessed valuation of non - residential real
property in the Areas as of the assessment date in excess of the base assessed valuation described in Section
39(b)(1) of the Act, multiplied by the current property tax rate (the "Tax Increment "). The base assessed
value means the net assessed value of all the property in an allocation area as finally determined for the
assessment date immediately preceding the effective date of a declaratory resolution establishing the
allocation area pursuant to Section 39 of the Act.
The Carmel Downtown Allocation Area No. 3. the Motor Court East Allocation Area. the Motor Court West
Allocation Area. the Pedcor Office 5 Allocation Area, and the Kent Allocation Area are collectively referred
to herein as the "2014 Areas ". The base assessment date of the 2014 Areas is March 1, 2014.
PROJECT SUMMARY
In order to accomplish the Plans, the Commission intends to participate in the economic development of the
Areas through the construction of various improvements (the "Improvements'') needed to support the final
phase of Carmel City Center being developed by Pedcor Companies (the "Developer ") on 88 acres in
downtown Carmel. The Developer proposes to invest $80 to $100 million to develop the final phase of City
Center which will include 575,000 square feet of retail, residential and office space in 10 different buildings,
which will be constructed over the next several years (the "New Development ").
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF AMENDING THE
CARMEL DOWNTOWN ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREAS
AND THE CITY CENTER REDEVELOPMENT AREA AND ALLOCATION AREA
PROJECT SUMMARY (Cont'd)
The Improvements needed to support the private development include a parking garage; roads, streets,
sidewalks, and other public ways, streetscaping, lighting, landscaping; water, sewer, drainage or other utility
infrastructure improvements; site work and preparation to support the mixed use development; and other
necessary public infrastructure to be located in or serving the Areas. The estimated cost of the
Improvements is approximately $18 million, and will be funded from bonds to be issued with the next two
years. The bonds will be repaid from Tax Increment from the Areas and the bonds will be additional secured
with Developer guarantees and other credit enhancement by the Developer and the City.
ESTIMATED TAX INCREMENT
As described above, the New Development will include 10 mixed -use buildings totaling over 575,000 square
feet and various real property improvements, which are anticipated to be completed, with partial assessments
beginning in tax year payable 2018 and full assessments beginning in tax year payable 2019. In this analysis,
the estimated assessed value from the New Development is based on investment information provided by the
Developer and the assessed value of comparable developments in City Center Phase I. The estimated
incremental assessed value of $71,690,924 (assuming completion of all the developments) is multiplied by
the adjusted 2014 tax rate of the City of Carmel taxing district of $1.8453 (per $100 of assessed value) to
calculate the estimated Tax Increment of $1,322,910. (The certified 2014 tax rate for the Carmel City taxing
district of $2.0053, less the Carmel -Clay School Corporation referendum rate of $0.1600, is $1.8453.)
The actual assessed value of the New Development will be determined by the Hamilton County Assessor
upon its completion. Additionally, no adjustment for future statewide reassessments or trending was made in
this analysis. Future tax rates and assessed values may differ from the tax rates and assessed values used in
this analysis and the differences could have an impact on the actual Tax Increment. See sections below for
additional information about the recent legislative changes as they relate to property tax changes.
Circuit Breaker Tax Credits (Property Tax Caps)
In 2007. the Indiana General Assembly enacted legislation (Indiana Code 6 -1.1- 20.6), which would provide
taxpayers with a tax credit for property taxes in an amount that exceeded a certain percentage of the gross
assessed value of real and personal property (the "Circuit Breaker Tax Credit ") in effect creating a property
tax cap. Beginning with property taxes payable in 2010, and every year thereafter, property taxes for
homesteads are limited to 1.0% of the gross assessed value of the homestead; property taxes for agricultural,
other residential property and long term care facilities are limited to 2.0% of their gross assessed value; and
property taxes for all other real and personal property are limited to 3.0% of gross assessed value. In
November of 2010, Indiana voters passed a proposal to add the Circuit Breaker Tax Credit to the Indiana
Constitution at the 1.0 %. 2.0% and 3.0% levels, with special provisions applicable to Lake and St. Joseph
Counties. Additional property tax limits have been made available to senior citizens that meet certain
income and property assessed value thresholds.
3
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF AMENDING THE
CARMEL DOWNTOWN ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREAS
AND THE CITY CENTER REDEVELOPMENT AREA AND ALLOCATION AREA
ESTIMATED TAX INCREMENT (Cont'd)
If applicable. the Circuit Breaker Tax Credit will result in a reduction of property tax collections for each
political subdivision in which the Circuit Breaker Tax Credit is applied. A political subdivision may not
increase its property tax levy or borrow money to make up for any property tax revenue shortfall due to the
application of the Circuit 13reaker Tax Credit.
In this analysis. the Circuit Breaker Tax Credit is not estimated to reduce the Tax Increment due to the fact
that the current Tax Increment estimate, based on the certified pay 2014 tax rate, is below the maximum
thresholds of 2.0% and 3.0% of the gross assessed value. There can be no assurance that the levies and tax
rates of the Carmel City taxing district and the overlapping taxing units will not increase in some future year
to the point of causing the Circuit Breaker Tax Credit to be applied to non- homestead taxpayers' tax bills.
ESTIMATED IMPACT OF AMENDING THE AREAS AND THE PLANS
The schedule entitled "Estimated Impact of Amending the Carmel Downtown Economic Development Area
and Allocation Areas and the City Center Redevelopment Area and Allocation Area on the Overlapping
Taxing Units" provides an estimate of the effect on the tax rates of the overlapping taxing units (holding all
other factors constant) of amending the Areas and the Plans to capture certain non - residential real
incremental assessed value.
Scenario 1: Present Situation (Prior to Amending the Arens and Plans)
Scenario I represents the current situation (based on payable 2014 property tax information) prior to
amending the Areas to establish the 2014 Areas. Scenario I presents the payable 2014 assessed values,
property tax levies and tax rates for the overlapping taxing units.
Scenario II: Assumes the Areas and Plans are Amended
Scenario II depicts the impact on the overlapping taxing units (holding all other factors constant) if the
Areas and Plans are amended to establish the 2014 Areas, and assumes the New Developments are
constructed and the estimated real property incremental assessed value from the New Development is
captured. The estimated Tax Increment from the New Development is based on the estimated $71.690.924
of incremental assessed value in the Carmel City taxing district, which is estimated to generate $1,322,910 of
annual Tax Increment.
Scenario III: Assumes the Areas and Plans are NOT Amended
Scenario 111 represents the impact on the overlapping taxing units if the Areas and the Plans are not amended
and the 2014 Areas are not established, and, therefore, assumes that the Improvements cannot be funded, the
New Development is not constructed, and assumes there would be no additional growth in assessed value.
4
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF AMENDING THE
CARMEL DOWNTOWN ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREAS
AND THE CITV CENTER REDEVELOPMENT AREA AND ALLOCATION AREA
ESTIMATED IMPACT OF AMENDING THE AREAS AND THE PLANS (Coned)
Impact Summary
Based on representations of the Developer, the Commission has determined that the $80 million New
Development will not proceed as planned without the contribution of Tax Increment to be derived from the
2014 Areas to help fund the Improvements. The City does not have any other method of financing the
Improvements (with the underlying assumption that the City would not issue bonds payable from ad valorem
property taxes levied on all the taxpayers within the City or from another source of revenue without the
prospect of replacing that source with Tax Increment from the 2014 Areas).
The Commission has determined that the capture of increases in assessed value from the New Development
in the 2014 Areas will not have a negative impact on anticipated revenues or the tax rates of the taxing units
that are wholly or partially located in the Areas. The Commission has determined that the Plans cannot be
achieved by regulatory processes or by the ordinary operation of private enterprise without resort to the
powers allowed under the Act. The City has no other sources of funds to pay for the Improvements and
private enterprise has historically been unwilling or unable to do so.
Please note that for purposes of estimating the impact of Tax Increment financing, certain factors were held
constant in this analysis. No other growth in real or personal property assessed value was assumed to take
place anywhere in the City or within the Areas. No increases in the budgets of the overlapping taxing units
were assumed for purposes of this analysis. Potential impacts from future statewide reassessments or
trending were not included in this analysis.
Non-Property Tax Impacts
Additional local income tax revenue could he generated from new jobs or new residents associated with the
New Development. Increases in employees and /or residents, would, in turn, increase local spending and
commercial activity. Additional revenue sources which would potentially increase as a result of new
business enterprises which could locate in the 2014 Areas include: motor vehicle highway funds, local road
and street funds and excise taxes.
5
CITY OE CAR3IEI. REDEVELOPMENT COMMISSION
ESTIMATED I XI PACT OF AMENDING TINE CAR\I E L DOWNTOWN ECONO)I IC DEVI :I.UP \I E,N'T AREA AND ALLOCATI ON AREAS
AND THE CITY CENTER REDEVELOPMENT AREA AND ALLOCATION AREA ON'FRE OVERLAPPING TAXING UNITS (1)
Net Assessed Estimated
Carmel City Tax Value of Propcnv
Taxing Unit Rate Taxing Unit Tax Levy
SCENARIO 1: PRESENT SITUATION
Represents 2013 taxes payable 2014 property lax levies. assessed valuation. and tax rates.
Hamilton County
Hamilton County Cumulative Funds (2)
Cl av Township
Carmel Civil City
Cannel Civil City Cumulative Capital Development Fund (2)
Carmel -Clay School Corporation Referendum Rate
Camel -Clay School Corporation
Camel -Clay School Corporation Capital Projects Fund (2)
Carmel-Clay Public Library
1amilton County Solid Waste Nlanagenrent District
50.2746
0.0308
0.0719
0.6731
0.0276
0.1600
0.4600
0.2253
0-0787
0.0033
Total Tax Rate (per 5100 AV) 52.0053
517,732952.925
17,732,952.928
9451,614,892
6,282.297A95
6,282.2977.495
7,953291 924
6,451.614.892
6,451,614,892
6.451,614,892
17,732 - 952.928
848,694.6$9
5. 461.750
4,638.711
42.286,145
1.733,914
12.725.267
29,677,429
14,531 488
5,077 421
585.187
SCENARIO II: ASSU3IES'PIIE AREAS AND PLANS ARE AMENDED Rate Levy
Assumes the 21(14 Areas are established and the incremental Difference Difference
assessed value Goo the New Development is captured. From From
Scenario 1 Scenario 1
Hamilton County 50.2746 517,732. 952.928 848,694,689 50.0000 S
Hamilton County Cumulative Funds (2) 0.0308 17,732,952.928 5,461.750 0.0000
Clay Township 0.0719 6,451.614,892 4,638,711 0.0000
Carmel Civil City 0.6731 6,282.297495 42286.145 0.0000
Camel Civil City Cumulative Capital Development Fund (2) 0.0276 6,282 2 97,495 1,733,914 0.0000
Cannel -Clay School Corporation Referendum Rate 0.1600 7,953291924 12,725,267 0.0000
Camel -Clay School Corporation 0.4600 6,451,614.892 29.677,429 0.0000
Camel -Clay School Corporation Capital Projects Fund (2) 0.2253 6,451.614.892 14,535.483 0.0000
Carmel-Clay Public Library 0.0787 6,451,614,892 5,077.421 09000
Hamilton County Solid Waste Management District 0.0033 17,732.952,928 585.187 0.0000
Total Tax Rate (per 5100 AV) 52.0053 50.0000 5
Less: Camel -Clay School Corporation Referendum Rate (0.1600)
Total Tax Increment Tax Rate (per 5 100 AV) 51.8453
Allocation Fund
New Development (3)
Incremental Gross Fax Circuit Net Tax
Rate Assessed Value Increment Breaker Increment
51.8453 571.690,924 81,322,910 (80) 51,322.910
SCENARIO 111: ASSUMES THE AREAS AND PLANS ARE NOT A3IENDED Rate Levy
Assumes the 2014 Areas are not established and, therefore the New Developments Difference Difference
are not constructed and no additional assessed value is venerated. From From
Scenario I Scenario I
Hamilton County 50.2746 517,732,952,928 548,694.689 50.0000 5
Hamilton County Cumulative Funds (2) 0.0308 17,732,952,928 5,461.750 0.11000
Clay Township 0.0719 6.451,614,892 4,638,711 0.0000
Carmel Civil City 0.6731 6,282,297,495 42,286,145 0.0000
Carmel Civil City Cumulative Capital Development Fund (2) 0.0276 6,282297 495 1,733.914 0.0000
Camel -Clay School Corporation Referendum Rate 0.1600 7,953 291,924 12,725 267 00000
Camel -Clay School Corporation 0.4600 6,451.614.892 29,677,429 0.0000
Carmel -Clay School Corporation Capital Projects Fund (2) 0.2253 6,451,614.892 14,535488 0.0000
Cannel -Clay Public Library 0.0787 6,451.614.892 5,077421 0.0000
Hamilton County Solid Waste Management District 0.0033 17,732,952,928 585.187 0.0000
Total fax Rate (per 8 100 AV)
52.0053 50.0000
(1) Based on information provided from the 2014 Budget Order.
(2) Tax rates are not adjusted for rate driven funds. Assumes these funds are at their maximum rates.
(3) The Hamilton Couny Assessor will determine the actual assessed value of the New Development upon its
materially different from the assessed value assumed in this analysis.
(Subject to the attached Tax Impact Statement
dated January 8,'2015 ofUmbaugh)
6
S0
tpletion, and the actual assessed value may be
NOTICE OF PUBLIC HEARING OF'
THE CITY OF CARMEL REDEVELOPMENT COMMISSION
Notice is hereby given that the City of Carmel Redevelopment Commission (the
"Commission "), being the governing body of the Citv of Carmel Department of Redevelopment
(the "Department "), pursuant to Indiana Code 36 -7 -14, as amended (the "Act), adopted a
declaratory resolution on September 15, 2014 (the "2014 Declaratory Resolution ") for the
purposes of (a) approving certain amendments to the original declaratory resolution which
designated an area known as the Carmel Downtown Economic Development Area (the
"Economic Development Area "), and (b) adopting an addendum (the "2014 Plan Addendum ")
which supplements and amends the original economic development plan for the Economic
Development Area (the "Original Plan ") (the 2014 Declaratory Resolution and the 2014 Plan
Addendum, collectively, the "Amendments "). Notice is hereby further given that the
Commission will conduct a public hearing on January 21, 2015, at 6:30 p.m.. (Indianapolis time),
in the Council Chambers of the Camel City Hall, located at One Civic Square, Carmel. Indiana,
to receive and hear remonstrances and objections from all persons interested in or affected by the
proposed Amendments.
The Amendments (a) incorporate the 2014 Plan Addendum into the Original Plan, and (b)
remove certain areas described in the 2014 Declaratory Resolution from existing allocation areas
located within the Economic Development Arca, and designate such areas as their own separate
allocation areas for purposes of the Act.
At the public hearing, the Commission will receive and hear any remonstrances or
objections from persons interested in or affected by the Amendments. At the public hearing. the
Commission will also determine vvhether the proposed Amendments are reasonable and
appropriate when considered in relation to the Original Plan and the purposes of the Act, and
whether the Original Plan, as amended by the proposed 2014 Plan Addendum, conforms to the
comprehensive plan for the City of Carmel, Indiana.
A detailed description of the Economic Development Area and the proposed
Amendments, can be inspected at the office of the Commission, located at 30 \Vest Main Street,
Suite 220, Carmel, Indiana 46032.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
[TO BE PUBLISHED ONE (1) TIME IN THE NOBLESVILLE DAILY ThVIES ON
FRIDAY, JANUARY 9, 2015.]
[ALSO TO 13E (1) FILED IN THE OFFICE OF THE PLAN COMMISSION, BOARD OF
ZONING APPEALS, WORKS BOARD, PARK BOARD, AND BUILDING COMMISSIONER
AND ANY OTHER DEPARTMENT, I30DY, OR OFFICERS OF THE COUNTY HAVING
TO DO WIT' -I PLANNING, VARIANCES FROM ZONING ORDINANCES, LAND USE, OR
THE ISSUANCE OF BUILDING PERMITS, AND (2) FILED (ALONG WITH THE TAX
IMPACT STA'1'EMENT)WITH EACH TAXING UNIT LOCATED IN THE
ALLOCATION AREAS; BY NO LATER THAN FRIDAY, JANUARY 9, 2015]
INDS01 B113 1473496v1
NOTICE OF PUBLIC HEARING OF
THE CITY OF CARMEL REDEVELOPMENT COMMISSION
Notice is hereby given that the City of Carmel Redevelopment Commission (the
"Commission "), being the governing body of the City of Carmel Department of Redevelopment
(the '`Department "), pursuant to Indiana Code 36 -7 -14, as amended (the "Act), adopted a
declaratory resolution on September 15, 2014 (the "2014 Declaratory Resolution ") for the
purposes of (a) approving certain amendments to the original declaratory, resolution, as
previously amended, which designated an area known as the City Center Redevelopment Area
(the "Redevelopment Area "), and (b) adopting an addendum (the "2014 Plan Addendum') which
supplements and amends the original redevelopment plan for the Redevelopment Area, as
previously modified and amended (the "Original Plan ") (the 2014 Declaratory Resolution and
the 2014 Plan Addendum, collectively, the "Amendments "). Notice is hereby further given that
the Commission will conduct a public hearing on January 21, 2015; at 6:30 p.m., (Indianapolis
time), in the Council Chambers of the Camel City Hall, located at One Civic Square, Carmel,
Indiana, to receive and hear remonstrances and objections from all persons interested in or
affected by the proposed Amendments.
The Amendments (a) incorporate the 2014 Plan Addendum into the Original Plan, and (b)
remove a certain area described in the 2014 Declaratory Resolution from an existing allocation
area located within the Redevelopment Area, and designate such area as its own separate
allocation area for purposes of the Act.
At the public hearing, the Commission will receive and hear any remonstrances or
objections from persons interested in or affected by the Amendments. At the public hearing, the
Commission will also determine whether the proposed Amendments are reasonable and
appropriate when considered in relation to the Original Plan and the purposes of the Act, and
whether the Original Plan, with the proposed 2014 Plan Addendum, conforms to the
comprehensive plan for the City of Carmel, Indiana.
A detailed description of the Redevelopment Area and the proposed Amendments, can be
inspected at the office of the Commission, located at 30 West Main Street, Suite 220, Carmel,
Indiana 46032.
CITY OF CARIMEL REDEVELOPMENT
COMtMISSION
[TO BE PUBLISHED ONE (1) TIME IN THE NOBLESVILLE_ DA ITT TIMES ON
FRIDAY, JANUARY 9, 2015.]
[ALSO TO BE (1) FILED IN THE OFFICE OF THE PLAN COMMISSION, BOARD OF
ZONING APPEALS, WORKS BOARD, PARK BOARD, AND BUILDING COMMISSIONER
AND ANY OTHER DEPARTMENT, BODY, OR OFFICERS OF THE COUNTY HAVING
TO DO WITH PLANNING, VARIANCES FROM ZONING ORDINANCES, LAND USE, OR
THE ISSUANCE OF BUILDING PERMITS, AND (2) FILED (ALONG WITH THE TAX
IMPACT STATEMENT)WVITH EACH TAXING UNIT LOCATED IN THE
ALLOCATION AREAS; BY NO LATER TI -IAN FRIDAY, JANUARY 9, 2015]
INDSOI BlB 147550%.