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HomeMy WebLinkAboutCRC-2015-09 Amending 126th EDA Development Plan RESOLUTION NO. 2015-9 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE INTEGRATED 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA WHEREAS,the City of Carmel Redevelopment Commission(the"Commission")pursuant to IC 36-7-14(the"Act")serves as the governing body of the City of Carmel Redevelopment District (the "District"); and WHEREAS,the Commission has previously adopted and confirmed resolutions(collectively, the "Declaratory Resolution") which established and expanded an economic development area known as the "Integrated 126th Street Corridor Economic Development Area" (the "Economic Development Area"),designated certain portions thereof as allocation areas pursuant to Section 39 of the Act, one of which is known as the Amended 126th Street Allocation Area(the"Amended 126th Street Allocation Area"),and approved a development plan for the Economic Development Area(the "Plan") pursuant to the Act; and WHEREAS,the Commission now desires to amend the Declaratory Resolution and Plan(i) to remove the area described on Exhibit A attached hereto from the Amended 126th Street Allocation Area, (ii) to designate the area described on Exhibit A attached hereto as a separate allocation area pursuant to Section 39 of the Act to be known.as the Proscenium Allocation Area(the"Proscenium Allocation Area"), and(iii)to adopt a supplement to the Plan attached hereto as Exhibit B(the"2015 Plan Supplement") (clauses (i), (ii) and (iii), collectively, the "2015 Amendments"); and WHEREAS,the 2015 Amendments and supporting data were reviewed and considered at this meeting; and WHEREAS, Sections 41 and 43 of the Act permit the creation of"economic development areas"and provide that all of the rights,powers,privileges and immunities that maybe exercised by this Commission in a redevelopment area or urban renewal area may be exercised in an economic development area, subject to the conditions set forth in the Act; and WHEREAS,this Commission deems it advisable to apply the provisions of said Sections 41 and 43 of the Act to the 2015 Amendments; and WHEREAS, the Commission now desires to approve the 2015 Amendments. NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, governing body of the City of Carmel Redevelopment District, as follows: 1. It will be of public utility and benefit to amend the Declaratory Resolution and the Plan for the Economic Development Area as provided in the 2015 Amendments and to continue to develop the Economic Development Area,including the Proscenium Allocation Area,under the Act. 2. The Declaratory Resolution and the Plan,as amended by this Resolution and the 2015 Plan Supplement, conform to the comprehensive plan of development for the City. 3. The 2015 Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution and Plan and the purposes of the Act. 4. The findings and determinations set forth in the Declaratory Resolution and the Plan are hereby reaffirmed. 5. In support of the findings and determinations set forth in Sections 1 through 4 above, the Commission hereby adopts the specific findings set forth in the 2015 Plan Supplement. 6. The Commission does not at this time propose to acquire any specific parcel of land or interests in land within the boundaries of the Proscenium Allocation Area. If at any time the Commission proposes to acquire specific parcels of land, the required procedures for amending the Plan,as amended by the 2015 Plan Supplement,under the Act will be followed,including notice by publication to affected property owners and a public hearing. 7. The Commission finds that no residents of the Economic Development Area will be displaced by any project resulting from the 2015 Plan Supplement, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. 8. The 2015 Amendments are hereby in all respects approved. 9. The area described in Exhibit A is hereby removed from the Amended 126th Street Allocation Area, and is hereby designated as a separate"allocation area"pursuant to Section 39 of the Act to be known as the "Proscenium Allocation Area," for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39,property tax proceeds in excess of those described in the previous sentence shall be allocated to the redevelopment district and when collected paid into an allocation fund for the Proscenium Allocation Area hereby designated as the"Proscenium Allocation Fund" and may be used by the redevelopment district to do one or more of the things specified in Section 39(b)(3) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before July 15 of each year, the Commission shall take the actions set forth in Section 39(b)(4) of the Act. 10. The foregoing allocation provision shall apply to all of the Proscenium Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Proscenium Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit B hereto. The base assessment date for the Proscenium Allocation area is March 1, 2015. 11. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto,and the allocation provisions herein relating to the Proscenium Allocation Area shall expire on the date that is twenty-five (25) years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from tax increment revenues derived from the Proscenium Allocation Area. 12. This Resolution,together with any supporting data, shall be submitted to the City of Carmel Plan Commission (the "Plan Commission") and the Common Council of the City (the "Council")as provided in the Act,and if approved by the Plan Commission and the Council,shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. Adopted the 15th day of October, 2015. CITY OF CARMEL REDEVELOPMENT COMMISSION off- lreS@ 14r President ♦ (1 , ice President Secrete' Member illik ' .er • � EXHIBIT A Description of the Proscenium Allocation Area The Proscenium Allocation Area consists of the following parcels: PARCEL ID NUMBERS: 16-09-36-00-00-027.000 16-09-36-00-00-028.000 The Proscenium Allocation Area also includes any and all public rights of way that physically connect any of the above described parcels. EXHIBIT B 2015 Plan Supplement The Plan is hereby supplemented by adding the following projects to the Plan: The design and construction of infrastructure improvements, including parking, street development,utility relocations and/or streetscape development,all to support a proposed mixed use residential, retail and office development generally to be located in the northwest quadrant of the intersection of Carmel Drive and Rangeline Road, in the City of Carmel, Indiana. The estimated cost of these improvements is $8,000,000. Based on representations of the developer of the mixed use project, the Commission has determined that the development will not proceed as planned without the contribution of tax increment revenues to be derived from the Proscenium Allocation Area to the projects described above. INDS01 AWILLIAMS 1534915v2