HomeMy WebLinkAboutResolution 2017-18 (KAR allocation area declaratory)RESOLUTION NO. 2017-18
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING THE DECLARATORY RESOLUTION AND THE
DEVELOPMENT PLAN FOR THE NORTH ILLINOIS STREET
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 "North Illinois Street Economic Development Area" (the
"Economic Development Area"), designated the Economic Development Area as an allocation
areas pursuant to Section 39 of the Act (the "North Illinois 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 North Illinois 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 KAR Allocation Area (the
"KAR Allocation Area"), and (iii) to adopt a supplement to the Plan attached hereto as Exhibit B
(the "2017 Plan Supplement") (clauses (i), (ii) and (iii), collectively, the "2017 Amendments");
and
WHEREAS, the 2017 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 2017 Amendments; and
WHEREAS, the Commission now desires to approve the 2017 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 2017 Amendments and to continue
to develop the Economic Development Area, including the KAR Allocation Area, under the Act.
2. The Declaratory Resolution and the Plan, as amended by this Resolution and the
2017 Plan Supplement, conform to the comprehensive plan of development for the City.
3. The 2017 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 2017 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 KAR 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 2017 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 2017 Plan Supplement, and therefore fmds that it
does not need to give consideration to transitional and permanent provision for adequate housing
for the residents.
The 2017 Amendments are hereby in all respects approved.
9. The area described in Exhibit A is hereby removed from the North Illinois Street
Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39
of the Act to be known as the "KAR 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 KAR Allocation Area hereby designated as the "KAR 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 June 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 KAR Allocation Area.
The Commission hereby finds that the adoption of this allocation provision will result in new
property taxes in the KAR 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 KAR Allocation area is January 1, 2017,
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 KAR 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 KAR 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 18th day of October, 2017.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
resident If
Member
EXHIBIT A
Description of the KAR Allocation Area
[See Attached Map]
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EXHIBIT B
2017 Plan Supplement
The Plan is hereby supplemented by adding the following project to the Plan:
The acquisition of land, site preparation and the design and construction of an
approximately 700 -space structured parking facility, to support the construction of a new
approximately 250,000 square foot headquarters office facility for KAR Auction Services, Inc.
(the "Company") to be located at the northeast corner of 111th Street and Illinois Street in the
City of Carmel, which is in or directly serving and benefitting the KAR Allocation Area. The
estimated cost of these improvements (including financing costs) is $11,600,000.
Based on representations of the Company, the Commission has determined that the
development will not proceed as planned without the contribution of tax increment revenues to
be derived from the KAR Allocation Area to the project described above.
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