HomeMy WebLinkAboutCC-06-20-05-01 EDA DowntownSponsor: Councilors Carter and Sharp
RESOLUTION CC-06-20-05-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
APPROVING CERTAIN MATTERS IN CONNECTION WITH THE CARMEL
DOWNTOWN ECONOMIC DEVELOPMENT AREA
WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment
Commission"), as the governing body for the City of Carmel Redevelopment Department (the
"Department"), pursuant to Indiana Code 36-7-14, as amended (the "Act), adopted a Declaratory
Resolution on May 17, 2005 (the "Declaratory Resolution"), designating an area known as the
Carmel Downtown Economic Development Area (the "Economic Development Area") as an
economic development area pursuant to Section 41 of the Act; and
WHEREAS, the Declaratory Resolution approved an economic development plan for the
Economic Development Area designated as the Carmel Downtown Economic Development Plan
(the "Plan"); and
WHEREAS, the Carmel Plan Commission, on May 17, 2005, approved and adopted a
resolution (the "Plan Commission Order") determining that the Declaratory Resolution and the
Plan conform to the plan of development for the City of Carmel and approving the Declaratory
Resolution and the Plan.
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of
Carmel, Indiana, as follows:
1. Pursuant to Section 16(a) & (b) of the Act, the Common Council of the
City (the "Council") determines that the Declaratory Resolution and the Plan for the Economic
Development Area, in all respects, conform to the plan of development for the City, and
approves in all respects, the Declaratory Resolution, the Plan for the Economic Development
Area and the Plan Commission Order.
2. The Council hereby approves the determination that the Economic
Development Area is an economic development area pursuant to Section 41 of the Act.
3. This Resolution shall be in full force and effect from and after its passage
by the Council and approval by the Mayor as required by law.
PASSED by the Common Council of the City of Carmel, this °9c-')' ay of
K~23~ ,2005, by a vote of -~ ayes and I nays.
'~' ' g - Ronald~ Carter
Kevin Kir~o~ident Pro Tempore Brian D. Mayo
~;;~s~Griffiths /: Richard L. Sha~ ~
Clerk surer
Diana L. Cordray, IAM~
Presented by me to the Mayor of the City of Carmel this )~ day of ,2005, at
Diana L. Cordray, IAMC~r
Approved by me, Mayor of the City of Ca~el, Indiana, this ~ ~ day of ~ ,
Jan~Brainard, Mayor
of
Prepared by: Bruce D. Donaldson
Barnes & Thomburg LLP
11 South Meridian Street
Indianapolis, IN 46204
INDS01 BDD 765542vl
' '"' JUN-07-2005 TUE 11:08 ~ C~R~EL OO~UNITY SV~S Ff~ NO, 317 57I 2426 P, 02
RESOLUTION NO. O/;O5OO~'~i C,f~
RESOLUTION OF TH ~: CARMEL PLAN COiVIMISSION DETERMINING 'IHAT
A RESOLUTION AND AN ECONOMIC DEVELOPMENT PLAN APPROVED
AND ADOPTED BY THE CITY OF CARMEL .REDEVEIXIPMENT COMMISSION
CONFORM TO THE PLAN O~F DEVELOPMENT ['OR THE CITY OF CARMEL AND
APPROVING T~ RESOLUTION AND PLAN
WHY_,R~AS, lhe Carmel Plan Commission (the "Plan Commission") is ~c body ch~g~
~ ~ du~ of develop~g a g~ pl~ of d~velopm~t for ~e ~ of ~el, hdi~ (~e
"Ci~9; ~d
WHEREAS, the City of Carmel Redevelopment Cotnmls$iori (tho "Redwdopment
Commission"), ~ ~ gov~pE body far ~e Ci~ of C~el R~evelopm~ D~t (~
'~i~,~t'~, p~t W ~i~ Code 36-7-14, ~ ~d~ (~e "~t), ~opt~ a D~cl~o~
R~oluflon on May 17, 2005 (~e '~l~to~ K~olufion'9, deg~adng ~ ~ ~o~ ~ ~o
C~el Do~to~ ~no~c D~Eopm~t ~ea (~e "~na~ Developm~t ~a'9 ~ ~
~o~c development ~a p~s~t to S~on 41 of ~e Act; ~d
WHEREAS, the Declaratory Resolution approved an economic development plan for the
Econom/c Development Area dcsit.,.nated as the "Carmel Downtown Econom/c Development
Plan" (thc "Plan"); and
WHElP,.EAS, thc I(edevelopment Commission has submitted the Declaratory Resolution
and the Plan to the Plan Commission for approval pursuan! to the provisions of Section 16 of the
Act, which Declaratory Resolulion and Plan are attached hereto and made a part hereoP, and
WHF. KI/AS, in determining the location and ext~mt of the Economic Development A~ea,
the Plan Comrnission has ~t~-mined that no resid~nis of th~ City of Carmel w/ll be displaced by
the proposed development thereo/l, and
WHEREAS, the Plan Commission has reviewed the Declaratory Re. solution and tko Plan
and d~temtined that they conform to the plan of development for the City, and now desires to
approve the D~laratory Resolution and the plan.
NOW, THERP~OKt~, BE IT RESOLVED BY TIlE CARMIiL PLAN COMMISSION,
THAT:
1. The Plan Commission hereby finds and detema/nes that the Declaratory
P. eaolution and the Plan for the E~onomic Development Area conform to the plan of
developmant/'or the Ciry.
2, The Declaratory Resolution and thc Plan for thc l~conorn/o Development Area are
her.~by approved.
~ JUN-07-2005 TUE 11:09 ~ OAR~EL OOEEUNITY SVO~ FAX NO, 317 571 2428 P, 03
3. This R=solution hereby constitutes th= wzi~t~m order of the Plan Commission
approvin§ the Declaratory Resolution and the Plar~ for the l/eonomic D~velopment Area pursuant
Section 16 of the Act
4. The S~cretary is h~rcby directed to file a copy of thc Declaratory R.:olut/on a~l
the Plan for th= Economic Developmeat Ar=a with the minut~ of this me~in~.
SO R~SOLVED BY THE CARMEL PLAN COMMISSION this 17th day of May, 2005.
CAR-M~L PLAN COMMISSION
-2-
'City of Car. md
Hamilton County, Indiana
Carmel DoWntown
ECOnomic
Development 'Plan
April 25, 2005
Michael R. Shaver, president
3799 Steeplechase Drive
Carmell IN 46032
(voice) 317~872-9529
(fax) 3171872-9885
(e-mail) wabsci@aol.com
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Carmel Downtown Economic Development Plan
Carmel, Indiana
Purpose of the Economic Development Plan
This Economic Development Plan is being developed for the sole purpose of
underwriting specific redevelopment proposals which have been offered by Pedcor
Development for a site(s) in the in,mediate vicinity of the proposed Carmel Performing
Arts Center. The purpose of this Economic Development Plan is to assist in setting aside
a special Economic Development Area for the purpose of capturmg tax increment
financing (TIF) incentix~es for the benefit of this proposed development.
Economic Development Plan to Become a Part of the Integrated ED Plan
It is the intent of the CRC that this Economic Development Plan, and designated
Economic Development Area. will become a part of the Integrated Economic
Developmem Plan, as amended. The CRC previously created a series of Economic
Development areas in and around the urban core area, including one redevelopment area,
and developed an integrated series of plans and strategies for the purpose of generating
wholesale economic development and redevelopment of these areas, both individually
and collectively. The CRC has developed an integrated plan itemizing the in¢ividual
strategies and projects within each Economic Development Area and Redevelopmem
Area, as well as integrating all projects from all areas into a single, functioning whole.
It is the intent of the CRC that the Carmel Downtown Economic Development Ama Will
become a part of the integrated Economic Development and Redevelopment Areas, with
all projects and strategies integrated and coordinated with one another.
Area Previously Designated for TIF Incentives
The public should know and understand that the Economic Development Area proposed
herein ~'or designation does not include any parcels that are not already designated to
receive TIF incentives. The entirety of this Economic Development Area was previously
designated as pan of the original 126th Street Economic Development Area, and/or as
part of the City Center Redevelopment Area.
As result of these considerations, this new Economic Development Area is expected to
have no impact; whatsoever, on the total amount of TIF revenues collected by the City of
Carmel.
Intent of this Economic Development Area Designation
By designating a separate Economic Development Area, the Carmel Redevelopment
Commtssion (CRC) can specifically designate that TIF revenues resulting from the
proposed development can be captured by the CRC and dedicated to support the specific
developer (Pedcor) as development incentives for CRC-approved projects.
Intent to Designate Two Separato Tax Allocation Areas
It is the intent of the CRC to designate two separate tax allocation areas within this
Carmel Downtown Economic Development area. This single Economic Development
Carmel Downtown Economic Development Plan 2 -.
Area Will.therefore serve t)e purp6se 9f creating two separate tax allocation areas for the
purpose of supporting two separate projects, although all projects proposed by Pedcor are
seeking TIF incentives to develop integrated parking £acilifies in co°Peration with CRC,
in order to support public uses in the City Center area.
· Pamel #5
Parcel #4 '
Parcel #11
Parcel #7
Parcel #2
Description of the ProposedEconomic Development Area
The proposed Economic Development Area' consists of the following p~rcels as
designated in the Pr'oposed Master Plan, as developed by CSO Architects, and approved
by the CRC. The parcels shown on the Carmel City Center Proposed Master Plan which
are to be included in this Downtown Economid Development Area are listed as follows:
703,730 sift
, . 39,300 s.f. .
21,650 s.f.
.' (partial)
(partial)
The Carmel Downtown Economic Development Area Will als° include contiguous rights
· of way for City Center Drive and 3rd 'Avenue SW for contiguity purposes. (A more
· detailed legal description will be included in the Declaratory Resolution.)
" ' Incorporation of Previous Findings
This Economic Development Plan specifically incorpgrates any and all previous findings
of fact and findings of blight related to previous designations of economic development
aregs and/or redevelopment area~ for the purpose of capturing TIE revenues. As such, in
addition to the specific findings of fact offered below, this Economic Development Plan
also officially incorporates previous findings of fact related to the designation of other
Economic DeVelopment Areas in the immediate vicinity, as well as the findings of blight
that were previously approved as part o£the City Center of Redevel0pment Plan.
?he incorporation of previous findings is undertaken with the direct intent of enabling the
· CRC to SUliplement the specific fihdings of fact offered in this Economic Development
Plan, in the.event of legal or public disputes. Any citizen seeking full documentation of
all findings related to this designation should consult this Economic Development Plan as
well a~ the other Economic Development Plans and'Redevelopment Plans, ~s amended
and promtilgated by the CRC, including the Integrated Economic Development &
Redevelopment Plan5 of the CRC, as an~ended.
Findings of Fact
Indiana stat3~e lC 36-'7-14 provides for the formation of an Economic Development Area
' in accordance With the foll0wing criteria:
The plan for the Economic Development Area: promotes significant opportunities for the
gainful employment of its citizens; attracts major new business enterprise to the unit (of
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Carmei Downtown Econom c Development Plan
government); retains or expands a significant business enterprise existing in the unit, or;
. meets other purposes of redevelopment and economic development.
The plan ~or the Economic Development Area cannot be achieved by regulatory
processes, or by the ordinary operation of pdvate enterprise because of: lack of public
improvements,' existence of improvements or conditions that lower the value of land
below that of. nearby land; multiple ownership.of land; or other similar conditions.
The public health and Welfare will be benefited by the plan roi the economic deve!opment
of the area.
.The accomplishment of the plan for the Economic Development Area will be a public
utility and benefit as measured by: the attraction or retention of permanent jobs; an
increase in the property ta)~ base, or; improve '(he diversity and economic base or other
similar benefits.
5. The plan for the Economic Development area conforms to other Development and
Redevelopment Plans of the unit.'
Finding of Fact #1: "...the plan promotes significant opportunities for the gainful'
employment of its citizens; attract major new business.enterprise; 'retains or
expands a significant business enterprise existing in the unit...."
Designation of the Carmel Downtown Economic Development Area is undertaken for the
specifi9 purpos~ of promoting development proposals from a developer;.Pedcor. Pedcor
currently has ongoing business:activity in the City Center area. Pedcor provides -
employment opportunities to the citizens of Carmel, as well as the Indianapolis
metropolitan area, and Pedcor has expressed a stated intent to expand their business
enterprises in the Cannel Downtown Economic DeYelopment Area.
In addition, it is the stated.intent of Pedcor to develop real estate within the Carmel
Downtown Economic Development Area for the purpose of attracting new business
6nterprise to the newly designated Economic Development Area. The stated intent of
these developers is to .develop commercial business space that wil! be offered to the
business marketplace for the purpose of housing new, existing, and relocated businesses
into the Carmel Do. wnt0wn, area.
The CRC is responding directly to development proposals by Pedcor and as such, it is
determined that the proposed Economic Development Area meets this statutory finding
of fact. '
Finding of Fact #2: '!the plan.., cannot be achieved by regulatory processes or b~/
the ordinary Operation of private enterprise because of lack of public
improvements.., or other similar condit'ons. '..
The development proposals which have been received Pedcor cannot be achieved through
regulatory processes, nor through the normal operation of private enterprise. The general
area has been designated for urban red6velopment for an extended period Of time.
Furthermore, the City Center Redevelopment Area was designated with a full
complement of findings of blight, indicating that the area was suffering from urban
deterioration and other.blighting influences. The parcels being designated for the Carmel
Carmel Downtown Economic Development Plan
Downtown Economic Development Area were previously designated as parr of an area of
suffering from urban blight, thereby also making the blight findings relevant to this ED
Plan.
This action to re-designate ihese parcels as a separate Economic Development Area is
being undertaken in full r~cognition of the previous designation as part of the City Center
Redevelopment Area. The additional findings of fact necessary to meet the statutory
requirements for designation of an Economic Development area are intended to
supplement, rather than replace, the findings of blight, which were originally a part of the
redevelopment area designation. As stated above, this Economic Development plan
hereby incorporates and integrates all previous findings of fact and findings of blight
appropriate to designation of the Economic Development areas and Redevelopment areas
affecting the central pa[t of the City of Carmel.
Having stated these premises, the CRC takes the position that implementation of the
strategies incorporated into thi~ Economic Development Plan cannot be achieved by the
regulatory processes or by the ordinary operation of private enterprise. The City Center
Redevelopment Plan clearl3~ stated an extensive intent on the part of the City of Carmel to
develop a broad range of public improvements, possibly including a performing arts
center, an art museum, various new streets in roads, various improvements to existing
streets in roads, expansion/enhancement of public parking facilities, and other forms of
public improvements, in addition to a substantial increase in developmental intensity as
proposed by the City Center Redevelopment Plan.
The CRC has meticulously negotiated with an extensive series of property owners and
developers for the purpose of. implementing the strategies and projects contained in the
Integrated Economic Developmem Plan. These extensive effbrts have resulted in
extensive redevelopment projects undertaken in the various economic development and
redevelopment areas. These successful results serve to underscore the reality that the
Integrated Plan for the Economic Development Area (including the component economic
development and redevelopment plans) cannot be achieved by regulatory processes or by.
the ordinary operation of private enterprise. Without the extensive efforts of the CRC to
intercede on behalf of redevelopment projecrs, it is unlikely that any of these projects
would have taken place.
Similarly, the developers involved in the projects proposed for the Carmel Dowmown
Economic Development Area have indicated that neither regulatory processes nor the
ordinary operatiori of private enterprise can generate the type of projects which-are being
proposed in this case. In all cases, the property designated for the Carmel Downtown
Economic Development Area cannot be developed or redeveloped to its highest potential
without the intervention of economic incentives.
The CRC has been consistent in all of its planning and strategic development. In every
case singe, the inception of the CRC, the CRC has taken the position that major public -
improvements will be necessary in order to redevelop this area using a level of intensity
commensurate with an urban core. The CRC's strategies have consistently incorporated
the need for new roads and thoroughfares to handle increased traffic; as well as enhanced
Carmel Downtown Economic Development Plan
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and improved parking facilities to support the community-based uses which are intended
for the area.
The entirety of the CRC strategy depends upon making major public improvements in
order to enable the Carmel Downtown Economic Development Area to increase its
developmental intensity so as to serve a city with a population approaching 100,000
people, and a metropolitan (Hamilton County) area of nearly 200,000 population.
Clearly, the public improvements serving this area, including roads, bridges, and parking,
were originally designed to serve a small town. Therefore, if developmental intensity is
increased to serve a community of 50,000-100,000, or more, there will be a need for
maj or public improvements.
The sum of these arguments leads to only one possible conclusion - that the CRC can
only achieve its development and redevelopment goals through the Creative application of
development parmerships. In creating those partnerships, economic development and
redevelopment incentives can be applied to those development proposals which meet the
CRC's criteria and vision, but in no case can the simple operation of private enterprise or
the simple application of regulatory processes lead to a successful outcome. As such, the
proposed Carmel Downtown Economic Development Area is determined to meet this
statutory finding of fact.
Finding of Fact #3: "the public health and welfare will be benefited..."
The proposal to create the Cannel Downtown Economic Development Area will benefit
the public health and welfare in several ways, as follows:
The public welfare will be benefited by providing new jobs and significant opportunities for
employment of the citizens of Carmel, as a result of the proposed developments.
2. The public welfare will be benefited by i'ntroducing new opportunities for entertainment
and cultural enhancement in and near the Economic Development Area, as well as jobs
directly related thereto.
3. The public welfare will be benefited by creation of new assessed value within the
Economic Development Area thereby enhancing the tax base of the community.
4. The public health will be benefited by improvements to safety features and local
transportation and infrastructure which are designed to reduce the incidence of traffic
accidents, including Pedestrians struck by vehicles, as well as vehicular accidents.
5. The public health will be benefited by thoroughfare improvements which reduce traffic
congestion and thus'improve local air-quality.
6. The public health will be benefited by introducing and enhancing exercise and
recreational opportunities to citizens of the urban core.
It has been the CRC's strategy since the begirming to enhance the quality of life in
Carmel by improving the downtown and City Center area to offer more arts, recreational,
and cultural opportunities to citizens of carmel and its metropolitan area. Effectively,
"quality of life" and "public health and welfare" are synonymous terms. Therefore, the
CRC he[eby asserts that this statutory £mding is satisfied.
Carmel Downtown Economic Development Plan 6 -
Finding of Fact #4: ".,. accomplishment of the plan will be of public utility.., as
'measured by: the attraction or retention a permanent jobs; an increase in the
property tax base.., or other similar benefits.."
The CRC hereby asserts that die accomplishment of this Economic Development Plan,
including its goals, objectives, strategies, and projects, will be of public utility, as defined
in the statute. The development proposals offered by Pedcor propose to increase the
number of permanent jobs in the downtown area, as well as helping to ~'etain existing jobs
which are already located in this area.
In addition, it is clear that the proposed developments will also increase the property tax
base, as well as diversify the economic base of the City of Carmel. These proposed
developments will help the City to attract and retain a broad rang~ of new businesses,
including small, start-up btisinesses, as well as intermediate-and large-sized businesses.
Many of these businesses could not be attracted or retained,' or otherwise would not be
permitted to groW, without developments such as the ones proposed by Pedcor. While
Carmel has a number of areas where major new office development is occurring, the
number of these types of facilities in the downtown area is extremely limited.
The CRC is seeking to capture new business development in the downto~vn area,
including Old Town, City Center, and the Arts District, as well as the Camrl~ Downtown
ED Area, in order to diversify the city's economic base, inc'rease its property tax base,
and provide a stable and g?owing opportunity for employment in the area. Therefore, it is
determined that this Economic Development Plan satisfies this statutory finding of fact.
Finding of Fact #5: "the plan for the Economic Development Area conforms to
other development and redevelopment plans of the unit."
The CRC hereby asserts that the Carmel Downtown Economic Development Plan
conforms in every respect to the other development and redevelopment Plans for the area.
As stated previously, the area to be designated as the Carmel Downtown Economic
Development Area was previously designated as part of the City Center Redevelopment
Area, as well as'being included in the Integrated Economic Development Plan. As such,
these previous ED & RD Plans were found to be in conformity with the comprehensive
plan of the City, by repel, ted action and affirmation of the Carmel Plan Commission over
time. Despite the change in designation sought herein,, all previous planning documents
prepared by the CRC were reviewed in full by the City, as well as the Plan Commission,
and were previously found in all cases to conform to the overall plan of development for.
the area.
This Economic Development Plan alters none of the previous findings with regard io
conformity. The City and the Plan Commission have Worked cooperatively since the
inception of economic development and redevelopment efforts by the CRC. This
Economic Development Plan cannot reasonably be interpreted in any manner that does
not conform to.the overall plan of development and redevelopment for the City'of
Carmel, and as such, is expected that this statutory finding of fact is satisfied..
Carmel Downtown Economic Development Plan
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Finding of Fact #6: ";..or other, similar benefits..."
This ED Plan hereby affirms the incorporation of ali previous findings of fact and
findings of blight, as reported in previous ED & RD Plans for the area now being
designated as the Carmel Downtown Economic Development Area, as stated previously.
The previous findings of blight related to the City Center RD Plan remain relevant to the
intent and purpose of this ED Plan in all respects.. This ED Plan is simply offered as a
method for separating the economic/TIF impact of the Pedcor development proposals for
the purposes of affirming a public/private partnership which can develop the parking
necessary to support proposed public sector uses within the City Center area.
This ED Plan therefore incorporates all previous findings of fact and findings of blight
relevant to this ED Plan, and previously contained in tlqe ED & RD Plans for the general
area, as well as the. Integrated'Economic Development and Redevelopment Plan for the
area, as amended. The CRC hereby asserts that this provision addresses the statutory
finding of "other, similar benefits" to the ED Area.
Economic Development Strategy & Projects
The CRC seeks to designate the Carmel Downtown Economic Development Area for the
purpose of promoting specific, private sector projects which have been preliminarily
presented to the CRC for consideration. The CRC's strategy for designating this
Economic Development Area is primarily directed at the formation of partnerships with a
developer (Pedco?) possessing the professional capability to successfully implement
development projects which are compatible with the CRC's vis!on of the City Center
area.
Pedcor has a successful track record in assisting the City and the CRC with a successful
redevelopment implementation. As a result, the CRC is extremely comfortable in
developing additional partnerships for the projects proposed herein. The CRC believes
that implementation of these projects will result in redevelopment of the City Center at an
appropriate level of intensity, and with high-quality development standards.
As stated previously, this Economic Development Area is bei3xg designated explicitly for
the purpose of supporting the projects proposed by Pedcor, and therefore the strategy for
this Economic Development Area relies heavily upon the representations made by Pedcor
in approaching the CRC. '
Pedcor proposes t6 develop a number' of projects in the economic development area,
including office buildings, hotels, and other facilities, conforming to and complementing
the CRC's plan for redevelopment of the City Center. The CRC has reviewed Pedcor's
prgposal and has determined that the proposal has sufficient merit to justify the creation
of a separate the economic develoPment area (apart from the City Center Redevelopment
Area), designated for the purposes of supporting the Pedcor proposal, speci'fically.
· On its most fundamental, level, the City Center Redevelopment Plan proposes to.
dramatically alter the developmental intensity of the City Center area. Similar in6reases
Carmel Downtown. Economic Development Plan, 8 - '*
in developmental intensity are also affirmed in the Old Town ED Plan, which also
compliments the City Center RD Plan. The City Center area was developed historically
as a low-intensity commercial and industrial corridor for the original Town of Carmel.
The most fimdamental purpose of the City Center Redevelopment Plan was to redevelop
the City Center area into an urban core serving nearly 100,000 people, with substantially
higher developmental intensity, including a broad range of urban attractions and
community-based activities.
This type of shift in developmental intensity is common to growing metropolitan areas.
Virtually every growing city in the United States has faced the need to urbanize its core
in order t~? maintain its competitiveness and economic viability. This increase in
developmental intensity must be accompanied by an increase in the infrastructure
capacity of the area in order t'o serve the new, more intense, development.
TIF for Parking Facilities
The primary activity to be undertaken by the CRC as a result of the designation of the
Carmel Downto~,vn Economic Development Area is to provide parking to serve the
overall redevelopment activities for this economic development area, as well as the City
Center Redevelopment Area. Under low-intensity design parameters, parking was/is
p[ovided using smsface lots surrounding one-stow buildings. Under design parameters
FOr more intense urban cores, buildings are multi-stow, &nd parking is provided either
underground, or in parking structures.
The Pedcor development proposals include provisi6ns to cooperate with the CRC in
development of structural underground parking in quantities sufficient to serve Pedcor's
developments, as well as serving the public uses proposed for the City Center. These
parking structures have not yet been designed, and as such, it is too early to determine the
exact number of such spaces, or their configuration.
This Econ6mic Development Plan projects the need for 1900-2100 parking spaces to
serve the overall parking need of the fully-redevelop City Cente[. Using unitized cost
estimates of $17,500-$25,000 per space for structural parking, the estimated cost of
developing the estimated number of parking spaces would be apProximately
$35~000,000-$55,000,000.
Obviotisly, these estimates of cost and parking demand must be refined as specific design
parameters are established, and specific site conditions are known. However, for
purposes of this Economic Development Plan the overall cost for providing all parking to
serve the area is expected to be within this range.
By establishing a Cooperative partnership with Pedcor, including the provision of TIF
incentives, the CRC can assure that Pedcor's developments are coordinated with and
complementary to any development of public spaces ultimately chosen for City Center.
There can be no question that the substantial increase in developmental intensity
proposed by the' City Center Redevelopment Plan will requim additional parking.
Further, there can be no question that surface parking is not a viable option in the urban
Carmel Downtown Economic Development Plan 9 -
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core. Consequently, the CRC must explore alternatives for development of parking
structures, either abo~e-ground or underground.
In pursuing this partnership with Pedcor, the CRC can assure that P~r!~ing needs for
public facilities are addressed at the same time as private development proposals are
considered. The CRC's strategy ofbu!lding public-private partnerships for the purpose of
· elevating the quality of the City Center redevelopmer/t attempts to assure the best
possible result from this activity.
Carmel Downtown Economic Development Plan
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