HomeMy WebLinkAboutResolution 2020-09 (Intent of TIF Increment)RESOLUTION NO. 2020-09
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 2021.
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
2021, 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 20th day of May, 2020.
CITY OF CARMEL REDEVELOPMENT COMMISSION
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President
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Vice President
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Secretary
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Member
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Member
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