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HomeMy WebLinkAboutResolution 2016-05 (amending declaratory resolution - Midtown allocation area)RESOLUTION NO. 2016-05 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE OLD TOWNE 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 amended an economic development area known as the "Old Towne Economic Development Area" (the "Economic Development 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) designate the area described on Exhibit A attached hereto as an allocation area pursuant to Section 39 of the Act to be known as the Midtown Allocation Area (the "Midtown Allocation Area"), and (ii) to adopt a supplement to the Plan attached hereto as Exhibit B (the "2016 Plan Supplement") (clauses (i) and (ii), collectively, the "2016 Amendments"); and WHEREAS, the 2016 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 may be 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 2016 Amendments; and WHEREAS, the Commission now desires to approve the 2016 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 2016 Amendments and to continue to develop the Economic Development Area, including the Midtown Allocation Area, under the Act. 2. The Declaratory Resolution and the Plan, as amended by this Resolution and the 2016 Plan Supplement, conform to the comprehensive plan of development for the City. 3. The public health and welfare will be benefited by the 2016 Amendments. 4. The 2016 Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution and Plan and the purposes of the Act. 5. The findings and determinations set forth in the Declaratory Resolution and the Plan are hereby reaffirmed. 6. In support of the findings and determinations set forth in Sections 1 through 5 above, the Commission hereby adopts the specific findings set forth in the 2016 Plan Supplement. 7. The Commission does not at this time propose to acquire any specific parcel of land or interests in land within the boundaries of the Midtown 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 2016 Plan Supplement, under the Act will be followed, including notice by publication to affected property owners and a public hearing. 8. The Commission finds that no residents of the Economic Development Area will be displaced by any project resulting from the 2016 Plan Supplement, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. 9. The 2016 Amendments are hereby in all respects approved. 10. The area described in Exhibit A is hereby designated as an "allocation area" pursuant to Section 39 of the Act to be known as the "Midtown 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 Midtown Allocation Area hereby designated as the "Midtown 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 1 of each year, the Commission shall take the actions set forth in Section 39(b)(4) of the Act. 11. The foregoing allocation provision shall apply to all of the Midtown Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Midtown 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 Midtown Allocation Area is January 1, 2016. 12. 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 Midtown 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 Midtown Allocation Area. 13. 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 February, 2016. ­. r _ r - . - - - Vice President Secretary Member EXHIBIT A Description of the Midtown Allocation Area The Midtown Allocation Area consists of the following parcels: PARCEL ID NUMBERS: 16-09-25-16-05-007.000 16-09-25-16-05-008.000 16-09-25-16-05-009.000 16-09-25-04-04-001.001 16-09-25-04-04-001.000 16-09-25-04-04-002.002 16-09-25-04-04-015.000 16-10-30-03-11-006.000 The Midtown Allocation Area also includes the northern boundary line of Parcel Number 16-10-30- 03-11-005.000, as well as any and all public rights of way that physically connect any of the above- described parcels. EXHIBIT B 2016 Plan Supplement The Plan is hereby supplemented by adding the following projects to the Plan: All or any portion of (a) the design, acquisition, construction, inspection and equipping of two multi-level parking garages located along 1St Avenue SW and a public plaza facing the Monon Trail, all of which will be located near the intersection of 3rd Street SW and 1St Avenue SW and are located in, or directly benefitting and serving, the Old Towne Economic Development Area; (b) the acquisition of any land or right-of-way necessary therefor; and (c) all utility relocation, acquisition, design, inspection, construction, demolition, renovation, remediation, improvement, excavation, site work preparation and/or equipping projects related to the projects described in clauses (a) and (b) and any and all costs related thereto. The projects support the development of a mixed use project consisting of residential, office, commercial, restaurant and retail uses. The estimated cost of these improvements is $25,000,000. Based on representations of the developer of the mixed use project, the Commission has determined that the development of the Midtown Allocation Area will not proceed as planned without the contribution of tax increment revenues to be derived from the Midtown Allocation Area to the projects described above. DMS AWILLIAMS 36560020