HomeMy WebLinkAboutMerchant's Square Economic Impact Statement and related data MERCHANTS
SQUARE
ECONOMIC
IMPACT
STATEMENT
and related data
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NOTICE TO TAXPAYERS AND ALL OTHER PERSONS
AFFECTED OF ADOPTION AND CONTENT OF RESOLUTION OF THE
CARMEL REDEVELOPMENT COMMISSION AND NOTICE
OF PUBLIC HEARING ON RESOLUTION
Taxpayers of the Carmel Redevelopment District ("District") and all other persons
affected hereby are notified that the Carmel Redevelopment Commission("Commission"), at a
meeting held on February 18, 1997, adopted Declaratory Resolution No. 1-1997 establishing the
Merchants Square Economic Development Area("Area") and an allocation area("Allocation
Area") within the Area. The Commission will use incremental real property taxes levied and
collected in the Allocation Area in accordance with IC 36-7-14 and IC 36-7-25 to finance road
improvements, a traffic signal and related improvements in or serving the Area(the "Project").
the Declaratory Resolution, the Economic Development Plan, and supporting data including maps
and plats describing the Area, have been prepared and can be inspected at the office of the
Department of Community Services in the City of Cannel, Indiana.
Notice is further given that the Commission on April 21, 1997 at the hour of 6:30 p.m.,
local time, at the City Hall, Cannel, Indiana, will receive and hear remonstrances from persons
interested in or affected by the proceedings pertaining to the proposed economic development
project and will determine the public utility and benefit of the proposed Project. At the time fixed
for hearing or at any time prior thereto any person interested in the proceedings may file a written
remonstrance with the Secretary of the Commission, % DOCS, City of Cannel, One Civic
Square, Cannel, IN 46032. At such hearing, which may be adjourned from time to time, the
Commission will hear all persons interested in the proceedings and all remonstrances that have
been filed. After considering this evidence, the Commission will take final action by either
confirming, modifying and confirming, or rescinding the Declaratory Resolution.
Dated this 8th day of April, 1997.
CARMEL REDEVELOPMENT COMMISSION
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--� CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF THE
MERCHANTS SQUARE ECONOMIC DEVELOPMENT AREA
The City of Carmel Redevelopment Commission("Redevelopment Commission") adopted
a declaratory resolution on February 18, 1997 establishing the Merchants Square Economic
Development Area ("Area"), an allocation area under IC 36-7-14 and IC 36-7-25. A notice of
that action is attached.
The Redevelopment Commission anticipates that the economic development of the Area
will promote significant opportunities for the gainful employment of citizens of the City; attract
at least one major new business enterprise to the City; retain or expand a significant business
enterprise existing in the City; benefit the public health, safety, morals and welfare of the citizens
of the City; increase the economic well being of the City and the State of Indiana; and serve to
protect and increase property values in the City and the State of Indiana.
PROJECT SUMMARY:
In its Economic Development Plan (the "Plan"), the Redevelopment Commission has determined,
and supported with findings, that the existing infrastructure, particularly the roadway system, does
not provide efficient access to the Area making it difficult for businesses to operate profitably.
A new road system will improve access and is expected to attract new businesses to the Area. The
Plan will also replace a 50-60% vacant and obsolete facility, and will provide a modern efficient
location for new businesses to operate. (Please refer to the entire Plan for a complete description.)
As further delineated in the Plan, the construction of the new shopping center will provide
approximately 400 jobs for the citizens of the City plus approximately 200 construction jobs. The
real property taxes generated by the Merchants Square development will be captured as tax
increment for approximately 20 years and used to fund the project. The Redevelopment
Commission estimates that the approximate cost of implementing the Plan will not exceed
$2,500,000. The Redevelopment Commission will issue bonds payable from tax increment for
the purpose of funding the improvements and to pay bond related expenses.
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF THE
MERCHANTS SQUARE ECONOMIC DEVELOPMENT AREA
ESTIMATED TAX INCREMENT
The source of the estimated tax increment revenue will be the proposed Merchants Square development which
includes the renovation and reconstruction of the existing mall and adjacent strip of stores and the construction
of a new 81,000 square foot Marsh superstore and a freestanding 26,000 square foot retail strip center. The
estimated incremental assessed value is based on preliminary investment information provided by the
developer, Linder Company, and preliminary assessed value estimates provided by the Hamilton County
Assessor and her consultant. The estimate of incremental assessed value for each development is shown
below. No adjustment for statewide reassessments was made in this analysis.
(Prior to Renovation)
1996 Payable 1997 1999 Payable 2000 Estimated
BASE Estimated INCREMENTAL
Net Assessed Value Net Assessed Value Assessed Value
Marsh Supermarket superstore $1,851,200 $3,318,540 $ 1,467,340
Merchants Square Mall Renovation 1,379,560 2,689,970 1,310,410
"West Building" retail stores 135,800 732,170 596,370
Miscellaneous change in use 138.500 248,070 109,570
Total $3,505,060 $6,988.750 $ 3.483,690
The annual incremental assessed value will be multiplied by the City of Carmel gross property tax rate less
the additional credit [equal to the State Property Tax Replacement Credit (PTRC)] to calculate the annual net
tax increment. In the attached schedule of "Estimated Assessed Value from Proposed Real Property
Improvements", approximately $247,780 of annual net tax increment is estimated to be captured and deposited
in the Allocation Fund and used to make the debt service payments due on the Bonds. This schedule assumes
the City of Carmel 1996 tax year payable 1997 gross property tax rate and PTRC in the calculation of the
estimated tax increment. In the attached schedule of "Estimated Impact of the Economic Development Area
on Overlapping Tax Units" under Scenario II, a lower tax rate is assumed in calculating the $246,370 of tax
increment to be captured as explained in the following section.
ESTIMATED IMPACT OF ESTABLISHING THE ECONOMIC DEVELOPMENT AREA
The "Estimated Impact of the Economic Development Area on the Overlapping Taxing Units" schedule
provides an estimate of the effect on the tax rates of the overlapping taxing units (holding all other factors
constant) of establishing the Area and capturing tax increment.
Scenario I: (Present Situation)
Scenario I represents the current situation (based on 1996 property tax information) prior to the establishment
of the Area and prior to the renovation and assessment of the proposed Merchants Square development.
(Continued on next page)
-2 •
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CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF THE
MERCHANTS SQUARE ECONOMIC DEVELOPMENT AREA
ESTIMATED IMPACT OF ESTABLISHING THE REDEVELOPMENT AREA (Cont'd)
Scenario II: (Assumes establishment of the Area and renovation of Merchants Square)
Scenario II depicts what happens after the Area is established and assumes all incremental real
property assessed value from the Merchants Square development, estimated at $3,483,690, is
captured in the Allocation Fund for tax increment financing. It assumes the additional growth in
assessed value, estimated at $4,875,000 from taxable inventory and depreciable personal property
in the Merchants Square development would immediately benefit the overlapping taxing units.
Under this scenario, if the budget levy amounts of the taxing units remain the same, the property
tax rate would actually decrease due to the additional inventory and personal property assessed
value from the Merchants Square development.
Scenario III: (Assumes the Area is not established and the existing mall continues to decline)
Scenario III represents the impact on the overlapping taxing units if the Area is not established,
which means there is no method of financing the inducements and, therefore, assumes the
proposed Merchants Square development does not occur. Without the proposed renovation, the
assessed value of the existing mall will likely decrease due to the continued depreciation and
obsolescence of the structures and the loss of inventory and personal property value as stores
continue to close. With the recent closing of Target and several smaller stores, the loss of
inventory and personal property assessed value is estimated at $500,000. Under this scenario, if
the budget levy amounts of the overlapping taxing units remain the same, the property tax rate
would have to increase to provide the same revenue to the taxing units.
Impact Summary
The Redevelopment Commission has determined that the capturing of the increases in assessed
valuation on the proposed Merchants Square development in the Area (that would not occur but
for the inducements) would not have a negative impact on anticipated revenues or tax rates of the
taxing units that are wholly or partially located in the Area. Only the capture of increased assessed
value on development that would have occurred without the inducements would have an impact
on the other taxing units. Because the Merchants Square development would not occur "but for"
(i.e. the lack of economic development would not be corrected by regulatory processes or the
ordinary operation of private enterprise without resort to the powers of the Redevelopment
Commission) the inducements, the Commission concludes that the assessed value and revenues
of the other taxing units are not negatively affected.
(Continued on next page)
-3-
CITY OF CARMEL REDEVELOPMENT COMMISSION
STATEMENT DISCLOSING THE IMPACT OF THE
MERCHANTS SQUARE ECONOMIC DEVELOPMENT AREA
ESTIMATED IMPACT OF ESTABLISHING THE REDEVELOPMENT AREA (Cont'd)
Impact Summary (cont'd)
In fact, the establishment of the Area and the renovation and construction of the Merchants Square
development will have several immediately positive impacts on the taxing units and taxpayers of
the City of Carmel. The increased real property assessed value will be captured as tax increment
and used to repay Bonds issued to improve the roadway system and traffic flow in the Area. The
overlapping taxing units would benefit immediately from Merchants Square depreciable personal
property and new inventory taxes (which will not be captured as tax increment). The taxpayers
of Carmel would benefit from any additional revenues that are generated or restored, such as
County Option Income Tax (COIT) revenues from new and retained Merchant Square employees.
If the Area is not established and the Merchants Square development does not occur, it is likely
that the assessed value of the existing mall and surrounding area would continue to decline (as
described under Scenario III) which would have a negative impact on the overlapping taxing units
and taxpayers of Carmel.
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, other than the proposed Merchants Square
development within the Area. No increases in the budgets of the overlapping taxing units were
assumed for purposes of this analysis.
It should be further noted that this impact analysis attempts to show the impact on the School's
funding in a simplified manner consistent with that shown for the other taxing units. The School's
General Fund revenues would not be affected because the State Aid fills in revenue if needed to
reach the cost per pupil goals. The School's debt service fund levy is unaffected by the amount
of assessed value in the Area. Since the Capital Project tax rate of the School Corporation is
below the maximum level of $1.25, the School would still have the ability to levy for its Capital
Project Fund if needed.
-4-
Attachment A
CITY OF CARMEL REDEVELOPMENT COMMISSION
Merchants Square Economic Development Area
ESTIMATED IMPACT OF THE ECONOMIC DEVELOPMENT AREA(the"Area")ON OVERLAPPING TAXING UNITS
Net Assessed Estimated
City of Carmel Tax Value of Property
Taxing Unit Rate Taxing Unit Tax Levy
SCENARIO I: PRESENT SITUATION-Prior to establishment of the Area
Representation of 1996 taxes payable 1997 property tax levies,assessed valuation and tax rates.(1)
State $0.0100 NA NA
Hamilton County 1.0224 $2,020,961,904 20,662,315
Township 0.0266 933,274,144 248,251
Library 0.1118 933,274,144 1,043,400
School 5.1429 933,274,144 47,997,356
Corporate 1.7228 527,739,060 9,091,889
Total Tax Rate(per$100 AV) $8.0365
SCENARIO II: ASSUMES ESTABLISHMENT OF THE AREA WHICH ENABLES THE COST OF
IMPROVEMENTS TO BE FINANCED WITH BONDS PAYABLE FROM TAX INCREMENT.
(Assumes incremental real property assessed value from proposed Merchants Square development
is captured and an estimated$4,875,000 of new assessed value from depreciable personal property
and inventory is generated but NOT captured.)
Difference
From
Scenario I
State $0.0100 NA NA $0.0000
Hamilton County 1.0199 $2,025,836,904 $20,662,315 (0.0025)
Township 0.0265 938,149,144 248,251 (0.0001)
Library 0.1112 938,149,144 1,043,400 (0.0006)
School 5.1162 938,149,144 47,997,356 (0.0267)
Corporate 1.7070 532,614,060 9,091,889 (0.0158)
Total Tax Rate(per$100 AV) $7.9908 ($0.0457 y
TIF ALLOCATION FUND $7.9908 $3,483,690 $278,380 Gross Tax Increment
(32,010) Credit(.114976)
$246.370 Net Tax Increment
SCENARIO III: ASSUMES THE AREA IS NOT ESTABLISHED AND THE EXISTING MALL CONTINUES TO DECLINE.
(Assumes a loss of an estimated$500,000 in assessed value for personal property and inventory from
Target and other stores.)
Difference
From
Scenario I
State $0.0100 NA NA $0.0000
Hamilton County 1.0227 $2,020,461,904 $20,662,315 0.0003
Township 0.0266 932,774,144 248,251 0.0000
Library 0.1119 932,774,144 1,043,400 0.0001
School 5.1457 932,774,144 47,997,356 0.0028
Corporate 1.7244 527,239,060 9,091,889 0.0016
Total Tax Rate(per$100 AV) $8.0412 $0.0047 A
(1) Based on information provided by the Hamilton County Auditor's Office.
(Subject to the comments in the attached Impact Statement
of the City of Carmel Redevelopment Commission.)
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RESOLUTION NO. (' C-LCL( - 01-97 - Oa-
COMMON COUNCIL
THE CITY OF CARMEL, INDIANA
REGARDING THE ESTABLISHMENT
OF THE MERCHANTS SQUARE ECONOMIC DEVELOPMENT AREA
WHEREAS, the Carmel Redevelopment Commission ("Commission") did on February
18, 1997, adopt a declaratory resolution ("Declaratory Resolution") establishing the Merchants
Square Economic Development Area as an economic development area under IC 36-7-14 and
confirmed the Declaratory Resolution on April 21, 1997, after conducting a public hearing;
WHEREAS, IC 36-7-14-41(c) requires that the determination that a geographic area is
an economic development area be approved by the Common Council of the City of Carmel; and
WHEREAS, the Common Council reviewed the Declaratory Resolution as confirmed,
the Commission's Economic Development Plan approved by the Declaratory Resolution and the
written order of the Cannel-Clay Plan Commission regarding the Declaratory Resolution and
the Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA THAT:
1. The Common Council hereby finds and determines that it will be in the best
interests of the City to establish an economic development area in the Merchants Square
Economic Development Area as described in the Declaratory Resolution.
2. The establishment of an economic development area in the area known as the
Merchants Square Economic Development Area as described in the Declaratory Resolution and
in Exhibit A to the Declaratory Resolution is hereby approved.
3. This resolution shall be effective from and after passage and approval by the
Mayor.
479410.1
PASSED by the Common Council of the City of Carmel, Indiana, this day of
, 1997 by a vote of ayes and nays.
Kevin Kirby, President, Common Council
James Guy Miller Robert Battreall
N. L. Rundle Luci Snyder
Ronald E. Carter Billy L. Walker
ATTEST:
Diana L. Cordray, Clerk-Treasurer
Presented by me to the Mayor of the City of Carmel, Indiana, this day of , 1997
at o'clock.
Diana L. Cordray, Clerk-Treasurer
Approved by me, May or of the City of Carmel, Indiana, this day of , 1997.
James Brainard, Mayor
ATTEST:
Diana L. Cordray, Clerk-Treasurer
March 31, 1997
TO: Cannel City Council members
FROM: Rick Roesch
President Cannel Redevelopment Commission
RE: Plan Commission Order
I would like to provide you with some background on the referenced Plan Commission Order
which has been placed on the April 7 agenda for your consideration.
At the February 18th meeting of the Redevelopment Commission, a presentation was made
regarding the area commonly known as Keystone Square. Representatives from the Linder
Group, Umbaugh& Associates, and Ice Miller Donadio and Ryan all spoke about the creation of
a designated economic development area("EDA"). By creating such an area, it is expected that
monies from the ancticipated increase in property tax base can help pay for public improvements
in said area.
After discussion, Redevelopment Commission members unanimously approved a Declaratory
Resolution creating the designated economic development area (see attached).
On March 18th the Plan Commission held a public hearing to determine compliance with the
Comprehensive Plan and approving the Declaratory Resolution and Economic Development Plan
(see attached). The Plan Commission approval is affirmed in the Order which is before you for
consideration.
After Common Council approval of the Plan Commssion order, the next step is to notice a public
hearing at the Redevelopment Commission level, along with notification to overlapping taxing
units. At this time the economic impact statement will be finalized as well.
I will be present at the City Council meeting on April 7, and it is my understanding that Lucy
Emison of Ice Miller Donadio & Ryan will also be in attendance. We will be available for any
questions you may have regarding the actions on the Merchants Square economic development
area to this point..
ORDER OF THE CARMEL/CLAY PLAN COMMISSION
DETERMINING THAT A DECLARATORY
RESOLUTION AND ECONOMIC DEVELOPMENT
PLAN APPROVED AND ADOPTED BY THE
CARMEL REDEVELOPMENT COMMISSION CONFORM TO THE
COMPREHENSIVE PLAN AND APPROVING THAT
RESOLUTION AND THE ECONOMIC DEVELOPMENT PLAN
WHEREAS, the City of Carmel ("City") Redevelopment Commission("Commission") has
on the 18th day of February, 1997, initially approved an Economic Development Plan ("Plan") for
the Merchants Square Economic Development Area("Area") in the City; and
WHEREAS, the Commission on the 18th day of February, 1997, adopted a Declaratory
Resolution declaring that the Area is an economic development area and subject to economic
development activities pursuant to IC 36-7-14 and IC 36-7-25, and all acts supplemental and
amendatory thereto ("Act"); and
WHEREAS, the Act required approval of the Declaratory Resolution and the Plan by the
Carmel/Clay Plan Commission ("Plan Commission");
NOW, THEREFORE, BE IT ORDERED by the Carmel/Clay Plan Commission, as
follows:
1. That the Plan for the Area conforms to the Comprehensive Plan of development
for the City.
2. That the Plan is in all respect approved, ratified and confirmed.
3. That the Secretary of the Plan Commission is hereby directed to file a copy of the
Declaratory Resolution and the Plan with the permanent minutes of this meeting.
Passed by the Carmel/Clay Plan Commission, this 18th day of March, 1997.
�-�—
President, Carmel/Clay Plan Commission
AT ST: /
'-
Secretary, Carmel/Clay Plan Commission
CARMEL REDEVELOPMENT COMMISSION
TAX INCREMENT FINANCING
MARKET SQUARE PROJECT
Proposed timetable
Date Activity
By January 8, 1997 City receives written commitment from developer or bank to buy
bonds
By February 18, 1997 Redevelopment Commission prepares declaratory resolution and
economic development plan
February 18, 1997 Redevelopment Commission adopts declaratory resolution
March 18, 1997 Plan commission approves declaratory resolution
April 7, 1997 Common council approves plan commission order
April 8, 1997 Notice of public hearing delivered to Noblesville Daily Ledger
April 10, 1997 Notice of public hearing published in Noblesville Daily Ledger and
posted at City Hall and post office and delivered to affected
departments and, along with economic impact statement, to
overlapping taxing units
April 21, 1997 Redevelopment Commission holds public hearing and adopts
confirmatory resolution
April 21, 1997 Common council adopts resolution approving creation of area
April 21, 1997 Redevelopment Commission adopts preliminary bond resolution;
appoints appraisers (depends on negotiation of financing terms)
April 22, 1997 Charlene Kelsey notifies County Auditor and State Board of Tax
Commissioners of creation of allocation area
April 22, 1997 Notice of determination to issue bonds delivered to Noblesville
Daily Ledger
April 24, 1997 Notice of determination to issue bonds published in Noblesville
Daily Ledger and posted in three public places, including City Hall
and post office (first time)
431195.1
Date Activity
By May 1, 1997 Final financing budget determined
May 1, 1997 Second publication of notice of determination to issue bonds
May 6, 1997 Notice of public hearing on additional appropriation delivered to
Noblesville Daily Ledger
May 8, 1997 Notice of public hearing on appropriation of bond proceeds
published in Noblesville Daily Ledger and posted at City Hall and
post office
May 16, 1997 15 day objecting period expires
May 19, 1997 Redevelopment Commission receives appraisals; holds public
hearing on appropriation of bond proceeds and adopts final bond
resolution (tentative)
May 19, 1997 Purchase agreement signed
May 28, 1997 Preclosing
May 29, 1997 Closing; Redevelopment Commission acquires projects
Assumptions
All bodies comply with Indiana Open Door Law
Bonds privately placed with developer or bank which signs investment letter
Bonds secured solely by tax increment and developer guaranty or developer purchases
Redevelopment Commission can hold special meetings as necessary
Completed projects purchased after appraisals received
February 14, 1997
431195.1 - 2 -
RESOLUTION NO. 1-1997
DECLARATORY RESOLUTION OF THE
CARMEL REDEVELOPMENT COMMISSION
WHEREAS, the City of Carmel ("City") Redevelopment Commission ("Commission")
has investigated, studied and surveyed economic development areas within the corporate
boundaries of the City; and
WHEREAS, the Commission has selected an economic development area to be developed
under IC 36-7-14 and IC 36-7-25 (collectively, the "Act"); and
WHEREAS, the Commission has prepared an economic development plan ("Plan") for
the selected economic development area, which Plan is attached to and incorporated by reference
in this resolution; and
WHEREAS, the Commission has caused to be prepared:
(1) Maps and plats showing:
(A) the boundaries of the economic development area, the
location of various parcels of property, streets, alleys, and other
features affecting the acquisition, clearance, replatting, replanning,
rezoning or economic development of the area, indicating any
parcels of property to be excluded from the acquisition; and
(B) the parts of the acquired areas that are to be devoted to
public ways, levees, sewerage, parks, playgrounds, and other
public purposes under the Plan;
(2) Lists of the owners of the various parcels of property proposed to be acquired;
and
(3) An estimate of the cost of acquisition, redevelopment and economic development;
and
WHEREAS, the Commission has caused to be prepared a factual report ("Report") in
support of the findings contained in this resolution, which Report is attached to and incorporated
by reference in this resolution;
NOW, THEREFORE, BE IT RESOLVED BY li-ih COMMISSION THAT:
(1) The Commission has selected as an economic development area an area within
its corporate boundaries, which area the Commission is hereby designating as the Merchants
479407.4
Square Economic Development Area ("Economic Development Area"), and which Economic
Development Area is described in Exhibit A.
(2) The Commission finds that the Plan for the Economic Development Area:
(A) Promotes significant opportunities for the gainful employment of the citizens of
the City;
(B) Attracts at least one major new business enterprise to the City;
(C) Retains or expands a significant business enterprise existing in the City;
(D) Benefits the public health, safety, morals and welfare of the citizens of the City;
(E) Increases the economic well-being of the City and the State of Indiana; and
(F) Serves to protect and increase property values in the City and the State of
Indiana.
(3) The Commission finds that the Plan cannot be achieved by regulatory processes
or by the ordinary operation of private enterprise without resort to the powers allowed the
Commission under IC 36-7-14 because of:
(A) The lack of local public improvements;
(B) Existence of conditions that lower the value of the land below nearby land; and
(C) Other similar conditions, specifically: the existing shopping center is obsolete
because mall tenants have been moving to other malls in the area and shoppers
now prefer strip malls and is 50-60% vacant.
(4) The Commission finds that the public health and welfare will be benefitted by the
accomplishment of the Plan for the Economic Development Area, specifically by rehabilitating
an obsolete retail facility and providing a new modern retail facility which will benefit the
citizens of Carmel and the surrounding area.
(5) The Commission finds that the accomplishment of the Plan will be of public utility
and benefit as measured by:
(A) The attraction and retention of permanent jobs;
(B) An increase in the property tax base;
479407.4 - 2 -
(C) Other similar benefits, specifically: the construction of a new retail facility and
related infrastructure will remove an obsolete and mostly vacant facility replacing
it with new businesses which will improve the quality of life for the City's
residents.
(6) The plan for the Economic Development Area conforms to other development and
redevelopment plans for the City.
(7) The Commission proposes to acquire interests in real property within the
boundaries of the Economic Development Area as shown in the Plan.
(8) The Commission estimates that the cost of implementing the Plan will not exceed
$2,500,000.
(9) The Commission finds that no residents of the Economic Development Area will
be displaced by any project resulting from the Plan; and, therefore, the Commission finds that
it does not need to give consideration to transitional and permanent provisions for adequate
•
housing for the residents.
(10) This paragraph shall be considered the allocation provision for the purposes of IC
36-7-14-39. The entire Economic Development Area shall constitute an allocation area as
defined in IC 36-7-14-39. Any property taxes levied on or after the effective date of this
_ resolution by or for the benefit of any public body entitled to a distribution of property taxes on
taxable property in the allocation area shall be allocated and distributed in accordance with IC
36-7-14-39. This allocation provision shall expire no later than 30 years after the effective date
of this resolution but no earlier than the payment in full of all obligations payable from such
allocated taxes.
(11) All of the rights, powers, privileges, and immunities that may be exercised by the
Commission in a redevelopment area or urban renewal area may be exercised by the
Commission in the Economic Development Area, subject to the limitations in IC 36-7-14-43.
(12) The presiding officer of the Commission is hereby authorized and directed to
submit this resolution, the Plan, and the Report to the Carmel/Clay Plan Commission for its
approval.
(13) The Commission also directs the presiding officer, upon receipt of the written
order of approval of the Carmel/Clay Plan Commission which has been approved by the
Common Council to publish notice of the adoption and substance of this resolution in accordance
with IC 5-3-1-4 and to file notice with the Carmel/Clay Plan Commission, the Board of Zoning
Appeals, the Board of Public Works, the Park Board, the building commissioner and any other
departments or agencies of the City concerned with unit planning, zoning variances, land use
or the issuance of building permits. The notice must state that maps and plats have been
prepared and can be inspected at the office of the City's department of redevelopment and must
479407.4 - 3 -
establish a date when the Commission will receive and hear remonstrances and objections from
persons interested in or affected by the proceedings pertaining to the proposed project and will
determine the public utility and benefit of the proposed project. Copies of the notice must also
be filed with the officer authorized to fix budgets, tax rates and tax levies under IC 6-1.1-17-5
for each taxing unit that is either wholly or partly located within the proposed allocation area.
(14) The Commission also directs the presiding officer to prepare or cause to be
prepared a statement disclosing the impact of the allocation area, including the following:
(A) The estimated economic benefits and costs incurred by the allocation area, as
measured by increased employment and anticipated growth of real property, personal property
and inventory assessed values; and
(B) The anticipated impact on tax revenues of each taxing unit that is either wholly
or partly located within the allocation area. A copy of this statement shall be forwarded to each
such taxing unit with a copy of the notice required under Section 17 of the Act at least 10 days
before the date of the hearing described in Section 14 of this resolution.
(15) The Commission further directs the presiding officer to submit this resolution to
the Common Council for its approval of the establishment of the Economic Development Area.
(16) This Resolution shall be effective as of its date of adoption.
479407.4 - 4 -
Adopted February 18, 1997.
CARMEL REDEVELOPMENT COMMISSION
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479407.4
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FACTUAL REPORT IN SUPPORT
OF FINDINGS CONTAINED IN
RESOLUTION NO. 1-1997
OF THE CARMEL
REDEVELOPMENT COMIVIISSION
1. The Plan for the Economic Development Area will promote significant
opportunities for the gainful employment of citizens of the City of Carmel ("City") as follows:
The construction of the new shopping center will provide approximately 400 jobs
for the citizens of the City plus approximately 200 construction jobs.
2. The Plan will attract a major new business enterprise to, or will retain or expand
an existing significant business enterprise in, the City as follows:
The new facility will include a Marsh Supermarket that is approximately twice
as large as the existing facility plus at least 6-7 new businesses. Negotiations are
currently underway with several upscale lifestyle retailers.
3. The planning, replanning, development, and redevelopment of the Economic
Development Area will benefit the public health, safety, morals and welfare; increase the
economic well-being of the City and the State of Indiana; and serve to protect and increase
property values in the City and the State of Indiana as follows:
The construction of the new shopping center will replace a 50-60% vacant and
obsolete facility, and will provide a modern and efficient location for new
businesses to operate.
4. The Plan for the Economic Development Area cannot be achieved by regulatory
processes or by the ordinary operation of private enterprise without resort to IC 36-7-14 (the
redevelopment statute) because of the lack of local public improvements existence of conditions
that lower the value of the land below that of nearby land, and multiple ownership of land
because:
The existing infrastructure, particularly the roads system does not provide
efficient access to the site making it difficult for businesses to operate profitably.
A new road system will improve access and is expected to attract new businesses
to the site. The site currently has several owners and the consolidation will help
the development and infrastructure construction to occur more efficiently.
479407.4
•
5. The accomplishment of the Plan for the Economic Development Area will be of
public utility and benefit as measured by:
(1) The attraction of an estimated 400 permanent jobs;
(2) An estimated increase in the property tax base of $9,400,000 to $11,400,000 of
assessed valuation ($3,400,000 real estate and $6,000,000 to $8,000,000 personal property and
inventory (based on an estimated investment of $20,000,000 to $25,000,000)); and
(3) Improved diversity of the economic base as follows: by attracting new retail
facilities as described above and retaining some existing businesses, such as the Marsh
Supermarket.
6. The Commission estimates that it will need to issue bonds or enter into a lease
financing of approximately $2,500,000 to implement the Plan.
479407.4 - 2 -
ECONOMIC DEVELOPMENT PLAN
FOR THE ECONOMIC DEVELOPMENT AREA
CARMEL
REDEVELOPMENT COMIVIISSION
Purpose and Introduction.
This document is the Economic Development Plan ("Plan") for the Merchants Square
Economic Development Area ("Economic Development Area") for the City of Cannel, Indiana
("City"). It is intended for approval by the Common Council, the Carmel/Clay Plan
Commission and the Cannel Redevelopment Commission ("Redevelopment Commission") in
conformance with IC 36-7-14.
Project Objectives.
The purposes of the Plan are to benefit the public health, safety, morals, and welfare of
the citizens of the City; increase the economic well-being of the City and the State of Indiana;
and serve to protect and increase property values in the City and the State of Indiana. The Plan
is designed to promote significant opportunities for the gainful employment of citizens of the
City, attract a major new business enterprise to the City, retain or expand existing significant
business enterprises to the City, provide for local public improvements in the Economic
Development Area, remove improvements or conditions that lower the value of the land in the
Economic Development Area below that of nearby land, resolve problems associated with
multiple ownership of land, attract and retain permanent jobs, increase the property tax base,
and improve the diversity of the economic base of the City.
The factual report attached to this Plan contains the supporting data for the above
declared purposes of the Plan.
Description of Project Area.
The Economic Development Area is located in the City and is described as that area
contained in the maps and plats attached to this Plan. The general description of the area is the
property north of 116th Street and east of Keystone Avenue now known as Keystone Square
including also Parcel No. 016.029 as shown on the map attached as Exhibit A to the declaratory
resolution. The parcel list is attached hereto as Attachment A.
479407.4
Project Description.
The economic development of the Economic Development Area will proceed in one
phase, described as follows:
AAA Road and Keystone Way and the 116th Street signal and related
infrastructure improvements including relocation of the Post Office parking lot
("Projects")
Acquisition of Property.
In order to accomplish the Projects, the Redevelopment Commission will acquire, without
the use of eminent domain by the Redevelopment Commission, the interests in property
described on the attached site plan which will be the rights-of-way for the Roads.
The Redevelopment Commission shall follow procedures in IC 36-7-14-19 in the
acquisition of property. The Redevelopment Commission may not exercise the power of eminent
domain in an economic development area.
Procedures with respect to the Projects.
In accomplishing the Projects, the Redevelopment Commission may proceed with the
Projects before the acquisition of all interests in land in the Economic Development Area.
All contracts for material or labor in the accomplishment of the Projects shall be let
under IC 36-1.
In the planning and rezoning of real property acquired or to be used in the
accomplishment of the Plan; the opening, closing, relocation and improvement of public ways;
and the construction, relocation, and improvement of sewers and utility services; the
Redevelopment Commission shall proceed in the same manner as private owners of the property.
The Redevelopment Commission may negotiate with the proper officers and agencies of the City
to secure the proper orders, approvals, and consents.
Any construction work required in connection with the Projects may be carried out by
the appropriate municipal or county department or agency. The Redevelopment Commission
may carry out the construction work if all plans, specifications, and drawings are approved by
the appropriate department or agency and the statutory procedures for the letting of the contracts
by the appropriate department or agency are followed by the Redevelopment Commission.
The Redevelopment Commission may pay any charges or assessments made on account
of orders, approval, consents, and construction work with respect to the Projects or may agree
to pay these assessments in installments as provided by statute in the case of private owners.
479407.4 - 2 -
None of the real property acquired for the Projects may be set aside and dedicated for
public ways, parking facilities, sewers, levees, parks, or other public purposes until the
Redevelopment Commission has obtained the consents and approval of the department or agency
under whose jurisdiction the property will be placed.
Disposal of Property.
The Redevelopment Commission may dispose of real property acquired by sale or lease
to the public after causing to be prepared two (2) separate appraisals of the sale value or rental
value to be made by independent appraisers. However, if the real property is less than five (5)
acres in size and the fair market value of the real property or interest has been appraised by one
(1)independent appraiser at less than Ten Thousand Dollars ($10,000), the second appraisal may
be made by a qualified employee of the Department of Redevelopment. The Redevelopment
Commission will prepare an offering sheet and will maintain maps and plats showing the size
and location of all parcels to be offered. Notice will be published of any offering in accordance
with IC 5-3-1. The Redevelopment Commission will follow the procedures of IC 36-7-14-22
in making a sale or lease of real property acquired.
Financing of the Projects.
It is the intention of the Redevelopment Commission to issue bonds payable from
incremental ad valorem property taxes allocated under IC 36-7-14-39 in order to raise money
for property acquisition and completion of the Projects in the Economic Development Area. The
amount of these bonds may not exceed the total, as estimated by the Redevelopment Commission
of all expenses reasonably incurred in connection with the Projects, including:
(1) The total cost of all land, rights-of-way, and other property to be acquired and
developed;
(2) All reasonable and necessary architectural, engineering, legal, financing,
accounting, advertising, bond discount and supervisory expenses related to the acquisition and
development of the Projects or the issuance of bonds; and
(3) Interest (not to exceed 5 years from the date of issuance) and a debt service
reserve for the bonds to the extent the Redevelopment Commission determines that a reserve is
reasonably required.
(4) Expenses that the Redevelopment Commission is required or permitted to pay
under IC 8-23-17.
In the issuance of bonds the Redevelopment Commission will comply with IC 36-7-14-
25.1.
479407.4 - 3 -
As an alternative to the issuance of bonds or in conjunction with it, the Redevelopment
Commission may enter into a lease of any property that could be financed with the proceeds of
bonds under IC 36-7-14. The lease is subject to the provisions of IC 36-7-14-25.2 and IC 36-7-
14-25.3.
Amendment of the Plan.
By following the procedures specified in IC 36-7-14-17.5, the Redevelopment
Commission may amend the Plan for the Economic Development Area. However, any
enlargement of the boundaries of the Economic Development Area must be approved by the
Common Council.
•
479407.4 - 4 -
•
ATTACB}IENT A
SUBJECT PROPERTIES
16-10-31-00-00-011.000 V
16-10-31-00-00-012.000 ''
16-10-31-00-00-013.000 ✓
16-10-31-00-00-016.000
16-10-31-00-00-016.012 !/
16-10-31-00-00-016.025 V.
16-10-31-00-00-016.026
16-10-31-00-00-016.029 V
1 INDIANA SQ.SHITS 1510
'ROAM?LOCATION
INDIANAPOLIS, IN. 46266 CARMEL DRIVE
6RAMTOR SCHOOL DISTRICT
VIM= _RALPH L. I C' TT
LAND VALUE j IMPROVEMENT I SOAR°OF REV LAND VALUE I IMPROVEMENT I SOAR°OF REV j
DRAINAGE DISTRICT
NRFERREO El SPLIT HAMILTON COUNTY, INDIANA — MAP INDEX CARD
�o ers
STATE I COUNTY I AREA I sECT10N•MAP I BLOCK I PARCEL I SECTION I nM I RANGE
18 1 057 110 1 31- 00 f 00 1016 . 012 1 31 118 104 sueDlvlsloN NAME
TAXING DISTRICT NAME CODE
ACREAGE
CAMEL 16 GEED 9.165ac 1 CALL
NAME 6 ADDRESS LOT OR OUTLOT
GATE I DEED KOOK
La- 10/15/79 316-a/'J _ ---DIMENSIONS
SQU.A2X SH CZSITER PUT ROOK&PAGE
SZYSTONESTOCK
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]TRANSfENNEO DS CAT HAMILTON COUNTY, INDIANA
MAP INDEX CARD
w0 G},
TATE I COUNTY I AREA SECTION•MAP I !LOCK I rANCEL I SECTION$ Tr. I RANGE
J 8 ` 057 1 10 31- 00! 00, I016 . 109 I 31 1 18 I 04 IS NAME
TAXING DISTRICT NAME COME ACREAGE
CARMEL 1 16 1 DEED 1.326A 1 CALL
LOT ON OUTLOT
NAME&ADDRESS DATE I DUO ROOK A PAGE
SINGLETON,JAMES F 8-1-84 344-309-311 LOT DINER:was
PUT ROOK 6 PAGE I SLOG
3910 PURDUE ROAD SUITE 150
INDIANAPOLIS, IN 46268
rj6Tj{}j ••1a�. 2Qo- PROPERTY LOCATION
116TFI.STREET & S.R. 431
SCHOOL DISTRICT I
•RAMTDR WENDY'S INTERNATIONAL INC.._ CARMEL
LAND VALUE 1 M►ROVEMENT I SOARO OF REV I LAND VALUE IMPROVEMENT FOARO OF REV !
DRAINAGE DISTRICT
1 I
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PARCEL NUMBER SEC TWP RANGE SUBOSION
16-10-31-00-00-016. 209 1311 18 0041M 1
AXING UNIT DESCRIPTION j DEER DATE INSTRUMENT NUMBER GRANTOR
CARMEL 1 04/11/91 1910 — 8138 300K & PAGE ONLY
111 SCHOOL DISTRICT
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MUNCIE, IN 47304
PROPERTY LOCATION
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16-10-31-00-00-016.029 31 18 1ANGE 04 ' •
TAXING UNIT DESCRIPTIONDEED DATE INSTRUMENT NUMBER GRANTOR
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•
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CARMEL/CLAY
1997 R 16-10-31-00-00-016.029
WILFONG,RALPH L II TRUSTEE DRAINAGE DIEM= •
`3 1350 GREYHOUND CT _.
CARMEL , IN 46032
-1PR OPERTY:14OATTON •
NOS.TREET
CARMEL_ _ 46032
DESCAIvrXxl DESCRIPTION
1.11 AC 8/7/96 SPLT FR WILFONG TRST A
FR 016.000 9633084 8/7/96 FR WILFQNG 9633084