HomeMy WebLinkAboutResolution 2019-07 (Intent of TIF increment)RESOLUTION NO.2019-07
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 and Redevelopment 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 Commission's intent to capture all of
the available TIF Revenues for budget year 2020.
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
2020, 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 5th day of June, 2019.
CITY OF CARMEL REDEVELOPMENT COMMISSION
President
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Exhibit A
Economic Development Areas Allocation Areas
Integrated 126th Street Corridor 116th Street Center
Amended 126th Street
Amended 126th Street Expansion
Carmel Drive
Lauth-Walker
Proscenium
Proscenium 2017 Expansion
Amended Illinois Street Amended Illinois Street
Carmel City Center Carmel City Center
Carmel City Center Amended
Kent
Old Town Shoppes
2006 Old Town Shoppes Expansion
Carmel Downtown EDA Carmel Downtown 1
Carmel Downtown 2
Carmel Downtown 3
Motor Court East
Motor Court West
Pedcor Office 5
CRC Parcel 12 CRC Parcel 12
Gramercy Gramercy
Hazel Dell North Hazel Dell North
Hazel Dell South Hazel Dell South
Sunrise
Legacy Legacy
Merchants Pointe Merchants Pointe
2006 Merchants Pointe TIF
Merchants Square Merchants Square
Exhibit A
Economic Development Areas
Meridian & Main
MISO
North Illinois Street
Old Meridian
Old Town
Parkwood Crossing
Parkwood East
Allocation Areas
Meridian & Main
Meridian & Main Spine Group
Meridian & Main ISG II
MISO
North Illinois Street
North Illinois Street Expansion
KAR
Old Meridian
Old Meridian Expansion
Grand and Main
Olivia
Old Town
Arts District Lofts and Shoppes
Gunstra
Lurie
Old Methodist
National City TAA
Monon and Main
Midtown
Midtown West
Parkwood Crossing
Parkwood East
West Clay West Clay
Exhibit B
Distribution List
• Township Board of Clay Township
c/o Douglas Callahan, Trustee
10701 North College Avenue, Suite B
Indianapolis, Indiana 46280
• Hamilton County Solid Waste Management District Board
c/o Sue Maki, President
33 North 9th Street, Suite L21
Noblesville, Indiana 46060
• City Council of the City of Carmel
c/o Christine Pauley, Clerk -Treasurer
Carmel City Hall, Third Floor
One Civic Square
Carmel, Indiana 46032
• Carmel Clay Public Library Board
c/o Bob Swanay, Director
55 4th Avenue SE
Carmel, Indiana 46032
• Carmel -Clay School Corporation Board of Trustees
c/o Michael Beresford, Superintendent
5201 East Main Street (131st)
Carmel, Indiana 46033
• Hamilton County Council
c/o Brad Beaver, Council President
1 Hamilton County Square, Suite 157
Noblesville, Indiana 46060
• Rnhin Mill.c
Hamilton County Auditor
33 North 9'' Street, Suite L21
Noblesville, Indiana 46060