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Home My WebLink AboutResolution No. PC-3-15-22-b (Old Meridian Apartments Allocation Area)(22148297.1)RESOLUTION NO. PC-3-15-22-b RESOLUTION OF THE CITY OF CARMEL PLAN COMMISSION APPROVING AMENDMENTS TO THE DECLARATORY RESOLUTION AND DEVELOPMENT PLAN FOR THE OLD MERIDIAN ECONOMIC DEVELOPMENT AREA (OLD MERIDIAN APARTMENTS ALLOCATION AREA) WHEREAS, the City of Carmel Plan Commission (the "Plan Commission") is the body charged with the duty of developing a general plan of development for the City of Carmel, Indiana (the "City"); and WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment Commission") on February 16, 2022, approved and adopted its Resolution No. 2022-2 (the "Resolution") approving certain amendments to the declaratory resolution and development plan for the Old Meridian Economic Development Area (the "Plan Supplement"); and WHEREAS, the Redevelopment Commission has submitted the Resolution and the Plan Supplement to this Plan Commission. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL PLAN COMMISSION, as follows: 1. The Resolution and the Plan Supplement conform to the plan of development for the City. 2. This Plan Commission hereby approves the Resolution and the Plan Supplement. This resolution hereby constitutes the written order of the Plan Commission approving the Resolution and the Plan Supplement pursuant to I.C. § 36-7-14-16. 3. The Secretary of this Plan Commission is hereby directed to file a copy of the Resolution and the Plan Supplement with the minutes of this meeting. SO RESOLVED BY THE CITY OF CARMEL PLAN COMMISSION this 15"' day of March, 2022. CITY OF CARMEL PLAN COMMISSION President ATTEST: Secretary DIMS 2211 6628v2 DocuSign Envelope ID: 38AFD5CA-350A-4959-B458-90152B1DC565 RESOLUTION NO. 2022-2 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE OLD MERIDIAN 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 "Old Meridian Economic Development Area" (the "Development Area"), approving an Economic Development Plan (the "Plan") for the Development Area, pursuant to 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 "Old Meridian Expansion Allocation Area"; and WHEREAS, the Commission now desires to amend the Declaratory Resolution and the Plan to (1) remove the area described on Exhibit A attached hereto from the Old Meridian Expansion Allocation Area, (2) 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 Old Meridian Apartments Allocation Area (the "Old Meridian Apartments Allocation Area"), and (3) adopt a supplement to the Plan attached hereto as Exhibit B (the "2022 Plan Supplement") (such amendments, collectively, the "2022 Amendments"); and WHEREAS, the 2022 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 2022 Amendments; and WHEREAS, the Commission now desires to approve the 2022 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. The 2022 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 DocuSign Envelope ID: 38AFD5CA-350A-4959-B458-90152B1DC565 12. The 2022 Amendments are hereby in all respects approved. 13. The area described in Exhibit A is hereby removed from the Old Meridian Expansion Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39 of the Act to be known as the "Old Meridian Apartments 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 Old Meridian Apartments Allocation Area hereby designated as the "Old Meridian Apartments 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 may be 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 Old Meridian Apartments Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Old Meridian Apartments 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 Old Meridian Apartments Allocation Area is January 1, 2022. 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 Old Meridian Apartments 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 Old Meridian Apartments 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 submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. DocuSign Envelope ID: 38AFD5CA-350A-4959-B458-90152B1DC565 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 16" day of February, 2022. CITY OF CARMEL COMMISSION Vice President DocuSi ned b Secretary ember DocuSigned by: F� Member 0 DocuSign Envelope ID: 38AFD5CA-350A-4959-B458-90152B1DC565 EXHIBIT A Parcels to be removed from the Old Meridian Expansion Allocation Area and designated as the Old Meridian Apartments Allocation Area The following parcels are removed from the Old Meridian Expansion Allocation Area and designated as the Old Meridian Apartments Allocation Area, and are shown on the map attached hereto: PARCEL ID NUMBERS: 16-09-26-04-02-008.000 16-09-26-04-02-009.000 Fin r l DocuSign Envelope ID: 38AFD5CA-350A-4959-B458-90152B1DC565 EXHIBIT B 2022 Plan Supplement The Plan is hereby supplemented by adding the following projects to the Plan: All or any portion of the design and construction of a mixed use project consisting of multi- family units, for sale condo units, commercial space and a parking garage, in or directly serving and benefiting the Old Meridian Apartments Allocation Area. The current estimated cost to the Commission of contributing to these improvements is at least $4,000,000. Based on representations of the developer of the mixed use project, the Commission has determined that the full development of the Old Meridian Apartments Allocation Area will not proceed as planned without the contribution of tax increment revenues to be derived from the Old Meridian Apartments Allocation Area to the projects described above. DMS 22015439v2 Im