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HomeMy WebLinkAboutCRC Resolution 2019-04 - SignedRESOLUTION NO. 2019-04 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION FOR THE INTEGRATED 126Tx 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, including one which is known as the Amended 126th Street Allocation Area (the "Amended 120h Street Allocation Area"), and another known as the Proscenium Allocation Area (the "Proscenium 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 and (ii) to designate the area described on Exhibit A attached hereto as part of Proscenium Allocation Area (such area, the "2019 Expansion Area") (clauses (i) and (ii) collectively, the "2019 Amendments"); and WHEREAS, the 2019 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 2019 Amendments; and WHEREAS, the Commission now desires to approve the 2019 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 for the Economic Development Area as provided in the 2019 Amendments and to continue to develop the Economic Development Area, including the 2019 Expansion Area, under the Act. 2. The Declaratory Resolution, as amended by this Resolution, and the Plan, conform to the comprehensive plan of development for the City. 3. The 2019 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. The Commission does not at this time propose to acquire any specific parcel of land or interests in land within the boundaries of the 2019 Expansion Area. If at any time the Commission proposes to acquire specific parcels of land, the required procedures for amending the Plan under the Act will be followed, including notice by publication to affected property owners and a public hearing. 6. The Commission finds that no residents of the Economic Development Area will be displaced by any project resulting from the Plan, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. The 2019 Amendments are hereby in all respects approved. 9. The 2019 Expansion Area is hereby removed from the Amended 126th Street Allocation Area, and is hereby designated as an "allocation area", as an expansion of the existing 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 expansion 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 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 maybe 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 Proscenium Allocation Area, including the 2019 Expansion Area. The Commission hereby fmds that the adoption of this allocation provision will result in new property taxes in the 2019 Expansion Area that would not have been generated but for the adoption of the allocation provision. Specifically, the capture of new property taxes in the 2019 Expansion Area as tax increment will assist the Commission in its capacity to bond for future projects in the Proscenium Allocation Area, including without limitation public infrastructure improvements to support the development of the Economic Development Area, which will generate new property taxes in the Proscenium Allocation Area. The base assessment date for the 2019 Expansion Area is January 1, 2019. 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 2019 Expansion 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 2019 Expansion 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 14th day of May, 2019. EXHIBIT A Description of the Proscenium Allocation Area The 2019 Expansion Area consists of the following parcel: PARCEL ID NUMBER: 16-09-3 6-00-00-027.001 DMS BDD 14472366v1