HomeMy WebLinkAboutResolution 2016-08 (intent of TIF increment)RESOLUTION NO. 2016-8
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION OF ITS
DETERMINATION OF NEED TO CAPTURE TAX INCREMENT REVENUES
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") previously has
established and expanded the Economic Development Areas, see attached Exhibit A (the "Economic Development
Areas"), and designated the Economic Development Areas as the "Allocation Areas", see attached Exhibit A (the
"Allocation Areas") for purposes of capturing incremental property taxes (the "TIF Revenues") pursuant to Indiana
Code 36-7-14-39 and IC 36-7-14-39.3; and
WHEREAS, under IC 36-7-14-39(b)(4) the Commission is required to make certain determinations relating
to its need to capture TIF Revenues for the following budget year.
WHEREAS, The Secretary of the Commission will provide the required notification to the taxing units
impacted by the Economic Development Areas, as detailed in Exhibit B, of the Commissions intent to capture all of
the available TIF Revenues for budget year 2017.
NOW, THEREFORE, BE IT RESOLVED by the Commission, governing body of the City of Carmel
Department of Redevelopment, as follows:
1. Pursuant to IC 36-7-14-39(b)(4), the Commission hereby makes the determination that, for budget year
2017, all of the incremental assessed value of taxable property in the Allocation Areas is needed to produce TIF
Revenues necessary to make, when due, principal and interest payments on bonds issued or to be issued pursuant to
IC 36-7-14-39(b)(3), plus the amount necessary for other purposes described in IC 36-7-14-39(b)(3)_ The
Commission therefore determines that there is no excess assessed value in the Allocation Areas that may be
allocated to the respective taxing units in the manner prescribed in IC 36-7-14-39(b)(1).
2. The Commission hereby directs the Secretary of the Commission to provide written notifications of the
determinations made herein to the Hamilton County Auditor, the Hamilton County Council, Carmel City Council,
and each taxing unit that is wholly or partly located within the Allocation Areas, in the manner set forth in IC 36-7-
14-39(b)(4)(B).
3. This Resolution shall take effect immediately upon adoption.
ADOPTED by the Commission this 18th day of May 2016.
CITY O. L REDEVELOPMENT COMMISSION
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Vice Presi ent
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