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The Carmel City Center
THE CARMEL r • • • • • •• CITY CENTER • • • • 'A' : :q l ,., • O t . - T. X , ,, .. - , , , , . . . a v - tl a ♦ q yyi Y ...• �n a r~ - 1 i i '''• •.. 1 (F r a A s� S v! /04:4' ,'‘A44`,-71$P _,�r q �` dl lr re`s 1L l t 1'7 7{rr- it',. -1 � i __,ry) 4� : ti•'fli r '! , ' rE�.::j'ay'` . I d(�- z. �4` a J' ' ,• ' ;.31;'+ ! r� �. "� , ! �3(''F(° APP d (:9+ b .,.+, > '( I ■ i �' •i.� ®_:!?� . 'i Ill p� q1 'k��'� Id i 1 I. LE 3�1' 4P, d r n,.+ ���I �. ,may„„•,,, ' .j�` M1"� �ii • a pl.. e `er r . ' q' s a l i� 'I, (g d j__ ` raa �' re l il`.�•o.,, �Ldd�ni p i i �, S , 49y' I l 'T- a r _ ( 0 7 , A ;''el ,a t4`f's`�" r ^,4, 9 ram..,,,,, r Pi s. '",,s.7,.,..-..r.y � _ ° �'�P + ,((1 '1 F 1 '=},y'�' p-.--- ",.. F °4 • '�� 6z i i♦.. re i". „,:,..,:,1,,,,1,,..1-,..-...,..,..,,,,,,.....„ . . 4 - s (� .s z q S, .�' _ y f,fly 1 �,`.• ss ' i- L r; N fi aa�1>r i� E � 3� t P .l 11f5 { G §2 GS ell p.',. i• • ,. , "la rt a s h 1 E !' 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" Suburbia has realized that Main Streets are essential to a community' s eéonomy, vitality, identity and sense of 1 place ; and it is building accord in l : . • • In the new millennium, we may well look back on 'the postwar decades as a, 1 : ALerration .-as , th.e l etaoxd �w n H-„ , ,.„,,,,,,-,„„f,r;44..!„...._. .t .. n Fi '.,� „ aµrr , ro • • • y= er,tca<< s communities lacked rtrue = } 1 • s.;VT Y \ ,gyp ,. ,, _ p•e,.S: n .arc '.! cyCA.,yL{= v. s- '`i ;r ,, s - t: ,C'' t °, :i •: ':J ,. L , ' P , .:. 4,.._ ::•:i�_-.'}r,:r,s+�:G is y n� 'E - 'i., ,- .e .r. {N ..i�: ''. _ .*'''' .x {, wS- .7, s .R.B'. .•!Fy�.w:. Yt%'• i e{-K' 'S� .sr -_ - r v r � � '� x, - - , , ->> � �1 Streets . ” .� � � = � �� #0.11'lkdgf;,• 'k'"��• ,i{. '�'t ', e. 7 a, r ''',.. �{ „ +'� g � �k D � � ' 'i t• 1N4...; -,..�y r-� ti ct r TMT: .. & a ' s S.. •.,;k .nC' • a... t+fd ',44 ' A,...' ¢a, .. 101 -44114715r—r1 '.I k. :;a -''' '� -' 't. '! 1 7, '1''' '` -'A' _ `�- z.....,y-art. 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''��«�a9 ,,�::`, at& �a;. y �� a^'� a r#°Y. fi' � � �' ;a .• «<«°, .r .<� was .<.,.a 3°�, t �� � .„�¢ ��;,�`�.<1�. � �xq'�," +a,dw`�,,.�'� � �'°p � �°� <�3.,q:"e " '�^� 'c� �."���,^� ."a � �s-d. ,° . m > - .v: u.d� � w` °.< f' �::¢'� w 5 C�.F .<�<aa 'e '. � '..z {m:w g.,'.q,,.$°' €3 ..Yx.. f a. * 5w 3k a { wk -,..„ o �►i1� y 3 �, �1 °� ;� � a ' :g''�.. 3"�w sue` e gd 5� r$ s As a t >� 9, e d ^ °� '°a, a"� c @ �' .s' a .4.,. ,a w+'� k*<. Fars °§; ' � s < , ,v -,« c °r s .m. °F h'ax " ^° �9 L * ,'. ,^ < _ ° < °L... d ¢ p$ R bs /av = , V fl fta 78 M1 ... ,� " 9°f< Y r.. .B• . � .jt"� J� . , • "The city government would have to borrow $13 million to buy the land, set aside green space, and build roads and other infrastructure. The land will be resold . . to ' rivate develo - ers, who will carry out the project. p p The city's loan will be repaid using new tax. dollars y p g generated by the -pro:. ect. . Current tax �. a. :.:ers=: should Y p y not:.feel an impact, :we've been told: y 1 The only iin:-impact on Carmel citizens will be the y p transformation o:n of a vacant sho in.• center and ail . pp g y F w aging shopping comptex . ��� rr � ad { called it "vibrant." ' { T or t .• : ee a I `a a ti s eco re% t t : : =h .'S - - l f ~ ,+5 S.f4 � 4Y D ?k Ju f+' � U ir t A ' ) � k ' `� } 'L of ^ i N y>. .•, ms•a ; J 5 4 - 3-" ; :' • f x m - '- -•; j F �+ -• :;'11. , ,ti u i t"; !. i ,, # - - -r '' �n" *;'''-•-•-:;,,.".',',•a{'• -W.�'.- l , :,"y��y ,ry''-4»Y�,t L FY 4" I .._t YSi-� lr-+..�,3.�. ,:',,r, f f� •t rd,�' i ',-,;,;i:.,1:-';'_!'4,.,',%y-,T i `, d. r � ~7 M.«�'',' : F.r I'r, i*Z-,1 : .Ile. .-ew • � ii,� id-1;,.a -i ! ',t1. ._ 3. i , `l K f - :+ 7 .. 1. ,�s ; : .q ` -... , .P zi, .du, , a -ara . d �, t--i. 4, Iir- Yt,'.::' ' ,. , ;i+ il - ' - •• : ..S�..i..r+-.,:i+� > vti.Ylt.uu� „A.,.., ar: `.r_`'....3.t.a...t—,, .. rod. • `A cit this size without a communt :' , --, Y Y - r o : �d.;„ „ a re we gongto•1 , , , . _: .. -�• . . cen er is ve , d . ^ , •^ , . • d sosmethin^ .in the xcit-.. teat will , . , , .., ,a r 1 ^ ,:,,,,,, 1 :2,.tlf.,/,:i,,,,,,,,,-,-,27!„,,,,.„,,,,,,,,,,,,.,:„..:..:..,....,;:1,-.,,,,:,.,,,;:4„,,,.,,,,,,,, _ � �.��m_ake�.: _us stand on t.in th e crowd. "' ..s `;° , x,",,‘, ....,..„ . - , ,...„, :.e -<.... ..,..�< .'�. �+ �T- ,a. :: ti'Qa a1 a: y ..,' .zq.tv.r "� -....i - .: xe n x s ,, •' -..a... �...'�, .n 3a ', .9- '�..v: " -- c .,... ,. -':�:s ,� x .tom.'£,., '. ., °. .. � z' ,,x<..-:`?. d ,....a,.. _ x� ...a:: !„.. .n g� , .' ...,A .ens a.. t ::T .'k fad .«"" va� .. b: q7�` z�., .•� '.; s -.,..:� � ..,,,, r ..=�, -;;t�.��, :'3:�F,,�.�.,�..,� ;�.;�,�.`�'; T�:..p, µ'mu ,...:.. ,sa � a �xx•.. e au8se o .loN er sta d,r o , ta 3 c w ti ' # Mir . o. .,,,,,..,.: ,t. d,r .ss �..�' rest�u,q � ,w� ��;... ..4"�:+ __ � .... ... „ .. .: - � '� �y,. aa�" �, ' � t,�' z:. ...`„ "'_ .,,.. ;::� ,.,.; � , ,.:;, xE�����di �� fie:: t� ,.. � -; � _< w { 2 4 x i r , . • Initially, the city will pay $1.3 million to acquire the 70 to 80 acres west of Range Line q .... . 6 aRo ad -- xtend f rom existin g retail re-as. into• f x fields west oThird Aene S . The -city w vu•'''''''': • . .v ill sell the •land t+o devel-o: �.. ers,.. whose .taxes �,: . ..,. .,.. . .. , .. . ._- • paid incrementally over the -first: few years. will .be dedicated:- to off set the : c t 's •._,.. ...,:.„:. .... . . .., .. ...::.. ,.....:„. : , . ,ex endit ures� for theproject, sai Braiva.rd. „. . .. ... .... ..,..., ... . ....l' ..,.,,,,,'::,,,;- !,, - '! ':-.':':--'-.' ' ' .Theity l tad a - x4. . ...a a en .zr , 3 is }ijicrenienis fund roceed s. nat- 1 iiillion. 3 . ,,......:•,., . :„ .L. .x '- -c ."'• .. '�.y J '4' L I �' 4 'mil:,..."......... .,::, :.:-..:,:::,. ,...... • •• .. ..,......•.. ., r� b .. „ r• rp y'W =`?!.'.41',7 4, �..` - tot e'"x G 4 ':' 'r' - -W4 i qj f 0 1a a!:ia' P , 6 ! + x ., i "The city would borrow $ 13 million to . - Y buy Land set aside seen s - ace and build. . , .. i :., ..,7„,,,,..,,,;:, .,, .., . , 9 g p „ , , ..1::-- roads and other infrastructure. Parcels a r.•. y _ : ,,. .. .. . . .. ., , .frdéve1opment would later be res id t-- ' - -- �:" ry,z1,1,.,-,,,,,, ,;-::-/m the cit s ; o n 1l. at e businesses . a, v d ,b �,} ._•.;'R' :�, ,. i',".,�x5 .�:� rza v� � .?4% H .c �d. ,..^, b" 3<+2 d _"?'... as sef" ice` _ �� � � ..., ���¢' 4' �E'� �`�r^ ^`r�. � r°. h,:Y° - .. a �.�$ -, K •4n-z� �,..- - "iris. uo- .: ?, 4z- �.. . �, ,..�z,t' x g:"s". 5¢. v �� ,i .yg;,_, � ,k".m w �.+' -.m. -;.,,.... „ti; .. z-. be . . � + '* x: ,, � ? .!�; �.gt ..„ ...x"€ .".ar e: a ,�-.,"+�=z,� b5 ,�.,::� .ro+ �,�,�„�. ,s � ,„,�,e,�„ ,�"d.a' ,. e�„; A .h' �-""0 t. ;:b .b .a to �� .Ye� .e� ate a . ;, ;`>g as .�..'1 ; , pt , ,. ``� .t e. dam,�"x•m ? z x;'. ✓mss .r„„„ yam,,,. s±ra., „�r".. ^r ,i,% ,��,.•,L: t ), � ��;;r -✓ i �'�� - , :ij''y:'''‘,„:1Mllilr).,—..•"® '°,� ,; ^Mel E ✓� � ! ,,.., r. 1 1 ..t^ �p�j.,� ,,, .+�.,,/y � i �; ,..des, �v�y,, 'u`' j ✓' !^ s ^ f— /i».\ €; �a✓ ' , "-v r .`. } {111 r "l c, 'l J w+al e 5�1 `+w.,, d,f i J_p .. d \ i L"� e ` 3 W . ,•" " • . . • CASH A .. 12131 /97• v ,.,w: „,,,,,......t ,,i_,. General Fund $5,123,207.00 Fire Pension 2,601,921.00 Police Pension 2,316,407.00 • " • • ..--- Tocal, Road & Street 1,530,226.00 .. . . ': motor Vehicle &•:Highway :673,171.00 . .:,:.,:.:.::.:.,:::. •.... .. .:. .. ,.. Debt Service •Fund : � --79• .019:. T _ Rental ease '' ......,.....:•‘..::1•::••••••.......-....:. . H: •.:,... ,',.....:::::..-:. • .:.:."."..i..:...• :..,....:....:.................:.-,...:1:....0.,.:•,..0. . ..4..:••......9..0: ...,•:,•:.::•."..... '•-..i.:,,•!,....:::::....:,...•-•:: • -.-.. ' Cumulative.Sewer 1,655,205.00 Cumulative pital Improvement 363 488.00 C u iul ative Capital Development 1,581 082.00 1 : { T �I' .L� S15$54. 179 ti, . +rte, �„rk� r., z, .. _ . -i *'e a - " ` j .. 3 - �y' � '-� a P' ♦L ! n i- a i k,1 s Y,...� '��*. A p� �''�� r�.-...; r�� a :.���' t^ °'kY�� 1A. ,ix- t -: . he,,;'. , r .?M.:(.:...- ,;,.�•4.`trt� . :Aac a _ -, ^v'"`"' <{p"f�..., Fti y� # ', L,i rFxa'- ,i: ,Y _ '.G' i". .' - sr . - .,'y! ((' - � X bNE fr: 8 '0IM t ' t111 I: � :-.--'•:1'. i`. -4 ¢ ',{ 't,,4, �t i JL`▪y - l } `- CM ,' « � Ly r , . 1 q_ "-,gam« "{ 4 ti >X_ _ f '. -v S'- (i ��,0. i � ) ^■-4::': -- 1 I e' s{ C �:,j1 ` , 4!:-'.;-y., 'i a, ' ,L'' "- t ,:'^J, ;' - g - �A3 �i � : 4II ( ) i - 1 .. • •.�l -3 J1 / I 4t #ddd `▪ iu; 1� k' to ' � ,,g-..„, ,„w to N-a,M - eP • h •�y,,,r:,,,1. `it,,,,_), .:4' ''''-'4.,',a..''' ' .__ N`.. " " .�. ._..._:_L-,....:' :.:u'.-._.:ate- _W,“..�4-.ur:.'.,-1,,,, .- ----- _.:^..-�~i+..i.'iu�k • COSTS OF CITY CENTER T,and Acquisition . Morgan Land 250,000.00 Morgan Building, • 550 000.00--,.. uell - 2,4.00,000.00 1VI er , Goodyear 700 000.00 AUL/Kroger - . 2,600,000.00•Kestner •_ Contingency:, ..,.... . ...:., 1 . . ._ i S- 8,100 000,00. i• TLITAL .Land .�cqusitlon � , $ , . , - [i�trastructure 1 •provements t ' ::',r';---''''' '-4.4,e;'' .i,;:-, .,---,' -.-.' .r k 'b 1 S f' � A _ ,� `F.r` ft ,p*�"�" :f ' _--, - 4 Demolition ( '- « . Pf �, WY r y'�a e�Q V,i� - F.. L-- y ii, 0,; 0 l�0 }1 [ 1 - "' . • "':13.3i1,-� t iE.��S��";- �.'; k ,`-�,..�y s °� •4�. _.'- fir .,•,S. ' , 0 ko�>•' •;, Syr �'�^: .,.r"�.-.• ."...0 yo F• o.'.�'.',i,• ;,- - @ [...6° `,� d ,,- j * : :5:+'b �Ts�ry v:I l , . ; rte p °i a 9 yr,z . �r;: i v Y4 i m=q�.i; raw .'f. M'L S t i4,i.T }t.•. t. -• -- . .. 'J ta ± !, { 1 _. � "wy. _•' • TOTAL COST OF LAND & INFRASTRUCTURE 11 ,050,000 SOURCE S.. . .• .. . . .:.. . ..:.. . .. . ... .. ••••: ... . ..:. ..: • .... .: . . • . .. ...... .: :: :: . : . . .. :. ..:::.:.::•. ... ., ., .• ... . . . : . . . . , . ... „.. .... ••:.• :... . . ..... .. . . . . . .•:...:::•: . . , .. .. :..... .... . .:. .. .. . . . . . . . . . .::".• : • : :....:....:„.• •:•.• • .. ..•••• •••:.., .• • • • . ..."..: ..: . ..„:"..:.• .. ••• • ••.„ . . .. •••• , . . . . " .„ . ......• ....::.:••••: •••.........::.:. :•: •,•• :•• • . • ••••••••• • . :-..:. : . . . .. :..:... .... . .,.:.. .. .. .. . . :.... ..... ...,... .. .... ... . . . . . ..,.:,. .:...., . ,.. .. 1 Build Indiana. . `199.7. 150,000. .. , .: :.• ..... . • Sale of Ktner Pad 288 ,0 . Sale of 1st Indiana Pad 4O5OOO., ,... t, , , . ., . . .. , :,•. , , , .1' - I - - ,-n 4# isa r� �. , _ . „. .. .'� • L 1 F tfi �T Safe of. Additional Retail P dS 49O4UOD k k _ , 7 , . . ... . . ,__:. ,_. . . ., . _ .....,,, ,. . ..... , .,■• •• .., •. z a �� � » Ihctie1 Rt , � 9 £i .... . • . . „,'' a e•- - - -r, i '' iii u :`r' •'4 a c s b - L ` 3 .4-.-. ii -e SI d y kt i aa' !6. -' -1''''''1.4,1')1.':.;`^ , -'s 3 .+�..s J°1a"{Lr . f „y, �y:., q'r<. ;J. • ' "....1,-r:i..'t';'..; • r . 1 _, _ Itt _� t Ji;';: , i 4 ti 1 '. kirn .. '?4 h y � t `s s '�,. .3e �•�$i, t�- k f r r.,per :rµ•> p i" 'i '� d wr; i M_ �M T! x 4 yy , . .Y n � - ,'.' ,k , + r L mod ' v 1 Y s v 4� y ` 7;.,....:.,?'-....70'4,4+,�; :Y t' ti � - ' r .. 4z � +, iS` . ' C ' .Y"� j�.. . , .� ti br. .:46.' � l"° - F s,x , z 3 1` , 1. .•fi t t!,'"t A .!4 ' 1 N�l1 ;7; w i L _ \l''',',' y _ y''' 't" '.,`,. #r�; , .1 _. a ' . - 4^a - :, - r r .f ,' z"_5 .^-f.sS a rr p• , . ., . 4.iF 1,;4 . "r,, � .._1.- - _.�...., K . ...� ., �._ _^/ok:.. 4: Wi. 2 : ,',.....2.—,'—_..„_„L„.,—__ ..� PROPOSAL . • . . ••• . . . ....• . . .. . . , • • .. . . . . . . . . . .. • • . . . ..• • . ... ... • . • . . •, .. ....... •:.:: • •• . . _ ... . • . . • . . . . .. „ .. „ . .. .._ . • • ...,... .. ... ....... .. . . • :. . ..., . ••.: • :.. ..:.. :.. ..„: .... . •••...,:.•. :...•:.:.:.... .,.. . • •. .. • •:.... ._. :.... ... ... .. . . .:• :. .:.:: .: ...:. .. . . .. . ... . ... . . .::,.:.. :,:i.:. :.:•••:::. :.::„..: .., .. .... ..: . . . ......:. .. • .:•,,,••:::::.::::::•:::::•::.:„•::::::::.•:::•::.: ..... .,........ ••• .. . ,.... ,..,..: :::,,, :...„...,• ......,..:.:.:::,...... . ....• • . •„•. . .... . :.::: .....• •..:.::. : . ,.., .. . • ....,.. .• . .. .. . . ,.,. .:,. ... ,:...:.::::::„.... . • 110 , Borrow $ • • 20 year loan . . <g> tipk� �n�a.:.''1. .fi'f'1�pa�r•1 y �:�, . ,.,:1 ?) !.'-0:y_+ 0 y-.:t..4.o t .1 r: ' ✓-.r..'O' .i t/,o4-: F a-p'p Y _ -'v c .c1'. t a, in i TIF "Tax I_ncrement. Financing" Under . TIF, a base year is established and all .. . . . . . . . .. , . . new accessed valuation (AV), over an. above: -• , .. . , ,. .. . .the base; -year= is redirected to . they- city. c . 1 ,.. . . , . .. , .. ,. . . .1 :. .‘ ' .• c . ,. .. - :,: ‘. ..- . . . . - . • . . ... _ .. , • - c . • . .. . . „ . . ... „ .. • .,.. . • .. c . . . . . . . .. . , c , . . . , , .. . . , c . . , , „ . ,.1 c: 2,- . . . .. . . .. . .. . ....., . ' -- , . ... . „. ....::.: . . . .. ..... . Carmel ,City norm all receives, depending on .c - ',1, . the year, 11,....6-1 % ..f ac t dOlIL . :....,,,. .., .,r2. 5 ft 3,1t _ • ."r x :i <,+ -- r:.: -1 ",14 P',5.; ;1'',1 'AV lY:: ‘ -a.,.,--,w - - .. - f ,•h,° :?r: . a te .,- : • H,x 'z rrt e� '�,. +� ,, -'..,M r .t, .. '"kar 9,5 `' <' •' r ��� � F T a � .:r , z ": �.� :,� af [ y d ,,,° . et - '' '-.Q y } 1-.--d e�tx„• ■ I(.'. � 4ti f. `_ -.!_ - 1 �' e l /l t� f, r r. .. 1A/ i . (S i�uOO °'_A.,t, . tr.:. 1 ' r.r. fv •.t' -' ' - r 4 - + .� _- iris r. L :xo rt :s' 0. , — 4 '.' 1-_tax - . e C '''. - -' , I i - 44h rA/: .4 I; 1\!.'; 0 . at --.ro 11 .. . i.4k 6 ': ' -. ‘610 - '',,,,i ',. , , .. ' - - C9 d I , er , and,abo ,,,e,,,, he. . .a ,„ , . n)._ "' - : f.. ,. '� Yµ. c•' _,r 11. f }r,. ,')t ; .F.:''.,- .1 J l, .;.4.7'S'''' r-t.. ",,{ - }4. ev .t>':t:.r't.a:::,q( 1: � t ) f n r. v , f t - l. � i ✓ - .s., r ilii.f'ax ''',"",L . ' a r; h, e BASIC TIF ANALYSIS 1 • $750,000.00 Cit y Prop.Center Tax _ . •1 .. , (600,000 sq •ft. at $1 .25) ; . • $750 .., . , .. . 2 ... , . Additional TIF from district. -, ,. .._ -_. _ _ . n.. .. . ,. , w 7 , j ,•, ,..4 i ,1: (600,000. ft. at 1 .25 µ z, 4. . ._:_. . . ...,, _ • • . °�p. .-t� ti;•, s, _!yt�,, ,' �''r�- • 4 a-r y - b � , �r 4';',`.^ -'. 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ADDITIONAL CAPITAL PROJECTS 1998-1999 • Park Acquisition 4,200,000 • 122nd Street 2,500,000 • 116th Street 400,000. (Keystone to Range Line Road) • 116th Street (Federal Funding) 320 000 (Range Line to College) m: • Carmel Drive.,Extension 3OO 000 R_ r . 32.00 V0`I r rr� 4th & Main-Intersection . S ��UQ � .•' � ��'4 Cfnt) Sec°' .• i r sca z ° 3S y 24 re4,r '''f iniyw '-A w ^ F -'`5" ,.','" '(' kiet,, ' S ,e 6 e, , : a et I 'I]It- 1\A.PCI-k -.' ,' ' ''''f !" %',..Y'4 ,.',, 04:;',44:4, , 'r o� } 1 A-.�1 0 n .e,.. L \\ :1 I t if j ` L l '" , " , ,, ,, x a w.m - '[r •, �. fi o-,r- i ':an- 1 _rr i. 5 VI T„' i' f s , rt 11 "�3,"'.,''--1, :.• N: • 3- 1:k� Y" '.k 1 .Y.- S 4 S c�, "h 1; 1 k-. _1 _ s• . �yy�jfrf .t�. �J %:�, ."� �q ? ��i - �3k,., _ - ,�� �f„ R�`;t f'4-; .�.� ,��A �. j7l. `T j 5 e 1 .',, �f 'a,^qr ■■fit{■ ■■f�■� � •,�I��t• y. ..1 � t 1- t'; r Ts 1 y 7 da�a • 0 Non-Budgeted Funds Available For Additional Capital Projects in 1998 and 1999 Local Road and Street Funds 1 ,800,000 Motor Vehicle Highway 1 ,000,000 ^ Cumulative Sewer Fund l ,538,000, 4 --- - Cumulative Capital Improvement 623 ,000 ....‘ . . '1 s, Cumulative capital Development 2 .370 000 � - ' 1 ■L e 4. a .T' •;:'r'; ��^! y 'r = e i■ ti k � F . LL F 1 B L A� c� w 0.7 2 6, 1�7r x �•� �• � ,....If ,-.1,.,y1` :�"."_ }.:,^L'„1''yR " ���- v` ...-,1 f-,K '{. , •!-L P .''a' e t . ,, 1 .4: 7.• F ' 1 ��:'' i`fY`y••,-4.,...,:----1` ',,•,.;_'x z. J., w t� s1..dH 1 ;---,,. 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