HomeMy WebLinkAboutResolution 2020-04 (Hamilton Crossing Declaratory Resolution)RESOLUTION NO.2020-04
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN
FOR THE 126TH 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") establishing and amending an economic development area known as
the "126 h Street Corridor Economic Development Area" (the "Development Area"), approving an
Economic Development Plan (the "Development Plan") for the Development Area, pursuant to
Indiana Code 36-7-14, as amended (the "Act"), and designating portions of the Development Area as
"allocation areas" pursuant to Section 39 of the Act, including an allocation area designated as the
"Amended 126t' Street Allocation Area"; and
WHEREAS, the Commission now desires to amend the Declaratory Resolution and the
Development Plan to (1) provide that any portion of the area described on Exhibit A which is located
in the Pennsylvania Street Economic Development Area shall be transferred to the 126t' Street
Corridor Economic Development Area, (2) remove the area described on Exhibit A attached hereto
from the Amended 126th Street Allocation Area, (3) 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
Hamilton Crossing Allocation Area (the "Hamilton Crossing Allocation Area"), and (4) adopt a
supplement to the Development Plan attached hereto as Exhibit B (the "2020 Plan Supplement")
(such amendments (1) through (4), collectively, the "2020 Hamilton Crossing Amendments"); and
WHEREAS, the 2020 Hamilton Crossing Amendments and supporting data were reviewed
and considered at this meeting; and
WHEREAS, Section 39 of the Act has been created and amended to permit the creation and
expansion of "allocation areas" to provide for the allocation and distribution of property taxes for the
purposes and in the manner provided in said Section; and
WHEREAS, this Redevelopment Commission deems it advisable to apply the provisions of
said Section 39 of the Act to the 2020 Hamilton Crossing Amendments; and
WHEREAS, the Commission now desires to approve the 2020 Hamilton Crossing
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—
1. The 2020 Hamilton Crossing Amendments promote significant opportunities for the
gainful employment of the citizens of the City of Carmel, Indiana (the "City"), attraction of major
new business enterprises to the City, retention and expansion of significant business enterprises
existing in the boundaries of the City, and meets other purposes of Sections 2.5, 41 and 43 of the
Act, including without limitation benefiting public health, safety and welfare, increasing the
economic well being of the City and the State of Indiana (the "State"), and serving to protect and
increase property values in the City and the State.
2. The 2020 Plan Supplement for the Hamilton Crossing Allocation Area cannot be
achieved by regulatory processes or by the ordinary operation of private enterprise without resort to
the powers allowed under Sections 2.5, 41 and 43 of the Act because of lack of local public
improvement, existence of conditions that lower the value of the land below that of nearby land,
multiple ownership of land, and other similar conditions.
3. The public health and welfare will be benefited by accomplishment of the 2020
Hamilton Crossing Amendments.
4. It will be of public utility and benefit to amend the Declaratory Resolution and the
Plan for the Development Area as provided in the 2020 Hamilton Crossing Amendments and to
continue to develop the Development Area, including the Hamilton Crossing Allocation Area, as
under the Act.
5. The accomplishment of the 2020 Plan Supplement for the Hamilton Crossing
Allocation Area will be a public utility and benefit as measured by the attraction or retention of
permanent jobs, an increase in the property tax base, improved diversity of the economic base and
other similar public benefits.
6. The Declaratory Resolution and the Plan, as amended by this Resolution and the 2020
Plan Supplement, conform to the comprehensive plan of development for the City.
7. The 2020 Hamilton Crossing Amendments are reasonable and appropriate when
considered in relation to the Declaratory Resolution and Plan and the purposes of the Act.
8. The findings and determinations set forth in the Declaratory Resolution and the Plan
are hereby reaffirmed.
9. In support of the findings and determinations set forth in Sections 1 through 7 above,
the Commission hereby adopts the specific findings set forth in the 2020 Plan Supplement.
10. The Commission does not at this time propose to acquire any specific parcel of land
or interests in land within the boundaries of the Hamilton Crossing 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 2020 Plan Supplement, under the Act will be followed, including notice
by publication to affected property owners and a public hearing.
—2—
11. The Commission finds that no residents of the Development Area will be displaced by
any project resulting from the 2020 Plan Supplement, and therefore finds that it does not need to give
consideration to transitional and permanent provision for adequate housing for the residents.
12. The 2020 Hamilton Crossing Amendments are hereby in all respects approved.
13. The area described in Exhibit A is hereby removed from the Amended 126' Street
Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39 of
the Act to be known as the "Hamilton Crossing 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
Hamilton Crossing Allocation Area hereby designated as the "Hamilton Crossing
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.
14. The foregoing allocation provision shall apply to the Hamilton Crossing Allocation
Area. The Commission hereby finds that the adoption of this allocation provision will result in new
property taxes in the Hamilton Crossing 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. The base assessment date for the Hamilton Crossing Allocation Area is January 1, 2020.
15. 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 Hamilton Crossing
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 Hamilton Crossing Allocation Area.
16. 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
—3—
submitted to a public hearing and remonstrance as provided by the Act, after public notice as
required by the Act.
17. The officers of the Commission are hereby authorized to make all filings necessary or
desirable to carry out the purposes and intent of this Resolution.
18. The provisions of this Resolution shall be subject in all respects to the Act and any
amendments thereto.
Adopted the 19t' day of February, 2020.
Vice President
Secretary
RXHiRTT A
Area to be Removed from the Amended 126th Street Allocation Area and
designated as the Hamilton Crossing Allocation Area
The following area is removed from the Amended 126 h Street Allocation Area and designated as the
Hamilton Crossing Allocation Area, all as shown on the map attached hereto.
—5—
Exhibit A
Tif District Legal Description
A part of the Northwest Quarter of Section 35, Township 18 North, Range 3 East, 2nd
Principal Meridian, Hamilton County, Indiana, and being a part of the "Retail Parcel' shown
on the plat of an ALTA/NSPS Land Title Survey performed by American Structurepoint, a pro
forma of which was dated February 3, 2020 and supplied by the client, with an American
Structurepoint project number of 201903050 (all references to monuments and courses
herein are as shown on, or are of reference to, said plat of survey):
Commencing at the Northeast Corner of said quarter section, marked by a Harrison
Monument proceed then South 00 degrees 07 minutes 31 seconds East 981.89 feet along the
east line of said quarter; thence South 88 degrees 46 minutes 31 seconds West 129.35 feet
to rebar with Schneider cap marking the POINT OF BEGINNING; thence South 88 degrees 46
minutes 31 seconds West 454.48 feet to a rebar with American Structurepoint cap marking
the southwest corner of the lands of KRG Hamilton Crossing, LLC as recorded as Instrument
Number 2004-59877 in the Office of the Recorder of Hamilton County; thence North 00
degrees 03 minutes 57 seconds West 580.46 feet along the west line of said lands; thence
North 89 degrees 59 minutes 29 seconds East 538.49 feet to the west right of way of
Pennsylvania Avenue; thence along said right of way for the following three (3) calls: 1)
thence South 00 degrees 07 minutes 31 seconds East 439.21 feet to a cut "X"; 2) thence South
29 degrees 11 minutes 30 seconds West 42.91 feet to a rebar with American Structurepoint
cap ; 3) thence southwesterly 118.87 feet along an arc to the left having a radius of 114.00
feet and subtended by a long chord having a bearing of South 33 degrees 59 minutes 06
seconds West and a length of 113.55 feet to the POINT OF BEGINNING, containing 6.961
acres of land, more or less.
This description was prepared for use as a TIF District
description by Jacob T. Hoffman, Indiana Professional
Hop
Surveyor, License Number LS21100009, on the 19layith of r.*N
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February, 2020 and is not to be used to transfer title.21IOOWOOS
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FXHIRIT R
Plan Supplement
The Development Plan is hereby supplemented by adding the following projects to the
Development Plan:
All or any portion of the design and construction of infrastructure improvements, including,
but not limited to structured parking, roadwork, utility relocation, and/or streetscape development in
an estimated amount not less than $1,000,000, in or directly serving and benefiting the Hamilton
Crossing Allocation Area and applying such tax increment revenues either directly or through
bonding, to pay for the projects. The projects support a corporate campus development project
located in the Hamilton Crossing Allocation Area.
Based on the representation by the developer of the project, the Commission has determined
that the development of the Hamilton Crossing Allocation Area will not proceed as planned without
the contribution of tax increment revenues to be derived from the Hamilton Crossing Allocation
Area to the projects described above.
DMS 16574730.2
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