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HomeMy WebLinkAboutEconomic Development Plan - BrookshireECONOMIC DEVELOPMENT PLAN PAGE 1 City of Carmel Redevelopment Commission Economic Development Plan for the Brookshire Village Shoppes Economic Development Area Dated: February 19, 2020 PURPOSE AND INTRODUCTION The City of Carmel Redevelopment Commission (the “Commission”), the governing body of the Department of Redevelopment and the Redevelopment District (the “District”) of City of Carmel, Indiana (the “City”), proposes to designate and declare an economic development area within the City to be known as the “Brookshire Village Shoppes Economic Development Area” (the “Area”) and proposes to designate the entire Area as an allocation area to be known as the “Brookshire Village Shoppes Allocation Area” (the “Allocation Area”). This document is the plan for the Area (the “Plan”), provided that this Plan may be amended in the future as provided in Indiana Code 36-7-14, as amended from time to time (the “Act”) and in this Plan. Pursuant to Sections 15 and 16 of the Act, the Plan must be approved by the Commission, the City Plan Commission and the Common Council of the City. Upon such approvals, the Commission will hold a public hearing on the Plan as required under Section 17 of the Act, before confirming (or modifying and confirming) the designation of the Area and the approval of the Plan. 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 (i) promote significant opportunities for the gainful employment of citizens of the City, (ii) assist in the attraction of major new business enterprises to the City, (iii) retain and expand significant business enterprises existing in the City, (iv) provide for local public improvements in the Area, (v) retain and attract permanent jobs, (vi) increase the property tax base, and (v i i) improve the diversity of the economic base of the City. DESCRIPTION OF AREA The Area is bounded as follows: A map identifying the parcels comprising the Area is attached to this Plan as Exhibit A hereto. DESCRIPTION OF PROJECTS In order to accomplish the Plan, the Commission currently estimates that it will proceed to carry out the design, acquisition, construction, installation, equipping and improvement projects in, serving or benefitting the Area which are necessary to facilitate the orderly development in the Area, including, but not limited to, (1) acquisition of rights-of-way to be determined; (2) surface water drainage and collection infrastructure; (3) water system and ECONOMIC DEVELOPMENT PLAN PAGE 2 storage facilities; (4) water treatment infrastructure; (5) roads, streets, sidewalks, streetlights, pathways, trails and related infrastructure; (6) sewer infrastructure, (7) the acquisition, demolition, rehabilitation and/or reconstruction of buildings and other site improvements, and (8) other local public improvements deemed appropriate (collectively, the “Projects”). ESTIMATED COSTS OF THE PROJECTS Because the Commission does not intend to acquire any interests in real property for the Project at this time, the Commission will not incur any costs of acquisition. However, the Commission will incur certain costs in connection with the development of the Projects. The estimated cost of the Projects is approximately $4,500,000. The Commission anticipates paying for such Projects with tax increment revenues derived from the Allocation Area or bonds or leases of the District payable from such tax increment revenues. ACQUISITION OF PROPERTY In connection with the accomplishment of the Plan, the Commission has no present plans to acquire any interests in real property. In the event the Commission determines to acquire any interests in real property in the future, it shall follow procedures set forth in Section 19 of the Act. The Commission may not exercise the power of eminent domain. DISPOSAL OF PROPERTY The Redevelopment Commission may dispose of any real property acquired in the future by sale or lease to the public pursuant to procedures set forth in Section 22 of the Act. STATUTORY FINDINGS OF FACT A. The Plan for the Area addresses the statutory requirements under Section 41(b) of the Act, as evidenced by the following findings of fact: 1. The Plan for the Area promotes significant opportunities for the gainful employment of the citizens of the City, attracts new business enterprise to the City, retains or expands a business enterprise existing in the City, or meets other purposes of Sections 2.5, 41 and 43 of the Act. The Plan will improve the City’s infrastructure and aesthetics and foster additional economic development in and serving the Area. In addition, the Plan will provide and improve existing infrastructure that is required to attract new commercial development in the Area. These new business enterprises will provide opportunities for employment for the citizens of the City. 2. The Plan for the 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 a lack of local public improvements, the existence of improvements or conditions that lower the value of the land below that of nearby land, multiple ownership of land, or other similar conditions. ECONOMIC DEVELOPMENT PLAN PAGE 3 Implementation of the Plan is necessary because local public improvements are greatly needed and lack thereof is resulting in decreased property values in the City. The construction of improved infrastructure will pave the way for future growth and development in the Area. The implementation of the Plan will also provide greater accessibility and walkability for residents and commercial entities in the Area. 3. The public health and welfare will be benefited by accomplishment of the Plan for the Area. By creating new opportunities for employment, implementation of the Plan will benefit the public health and welfare for the citizens of the City. Additionally, new or expanded industry and other development will contribute to the overall health of the City by increasing and the diversifying the tax base. The development of trails and pathways through the Area further aids in the public health and welfare of the City. 4. The accomplishment of the Plan for the Area will be a public utility and benefit as measured by public benefits similar to the attraction or retention of permanent jobs, an increase in the property tax base, improved diversity of the economic base, or other similar public benefits. The Projects contemplated by the Plan will be of public utility and benefit by putting in place infrastructure and/or other incentives to support future development, thereby retaining or creating new jobs, maintaining the property tax base and allowing for further economic development and improved diversity of the economic base of the City. 5. The Plan for the Area conforms to other development and redevelopment plans for the City, if any. The Plan conforms with the intended plan of development for the area as prescribed by the City of Carmel Plan Commission. The Plan does not provide for any change in use of the property in the Area, but rather better utilization of the Area for the purposes currently contemplated by the intended plan of development for the City. B. The Plan for the Area addresses the statutory requirements under Section 39(b) of the Act, as follows: The adoption of the allocation provisions for the Allocation Area will result in new property taxes in the Area that would not have been generated but for the adoption of the allocation provision. After discussing the development of the Area with various stakeholders, the Commission finds that the ability to maintain and attract new business would not occur but for the availability of tax increment revenues to finance the Projects as contemplated by this Plan. AMENDMENT OF THE PLAN This Plan may be amended by following the procedures described in Section s 15-17.5 of the Act. EXHIBIT A EXHIBIT A MAP AND DESCRIPTION OF AREA Attached hereto is a map describing the parcels comprising the Area. PARCEL ID NUMBER: 16-10-32-00-00-005.000