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HomeMy WebLinkAboutResolution 2021-24 (Market East Carmel Declaratory)RESOLUTION NO.2021-24 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE MERCHANTS SQUARE 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") which established and expanded an economic development area known as the "Merchants Square Economic Development Area" (the "Economic Development Area"), designated within such area an allocation area pursuant to Section 39 of the Act known as the Merchants Square Allocation Area (the "Merchants Square Allocation Area"), and approved a development plan for the Economic Development Area (the "Plan") pursuant to the Act; and WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan (i) to remove the area described on Exhibit A attached hereto from the Merchants Square Allocation Area, (ii) to 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 Market East Carmel Allocation Area (the "Market East Carmel Allocation Area"), and (iii) to adopt a supplement to the Plan attached hereto as Exhibit B (the "2021 Plan Supplement") (such amendments, collectively, the "2021 Amendments"); and WHEREAS, the 2021 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, the Commission deems it advisable to apply the provisions of said Section 39 of the Act to the 2021 Amendments; and WHEREAS, the Commission now desires to approve the 2021 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 2021 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 2021 Plan Supplement for the Market East Carmel 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 property below that of nearby property, and other similar conditions. 3. The public health and welfare will be benefited by accomplishment of the 2021 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 2021 Amendments and to continue to develop the Development Area, including the Market East Carmel Allocation Area, as contemplated under the Act. 5. The accomplishment of the 2021 Plan Supplement for the Market East Carmel 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 2021 Plan Supplement, conform to the comprehensive plan of development for the City. 7. The 2021 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 2021 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 Market East Carmel 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 2021 Plan Supplement, under the Act will be followed, including notice by publication to affected property owners and a public hearing. 11. The Commission finds that no residents of the Development Area will be displaced by any project resulting from the 2021 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 2021 Amendments are hereby in all respects approved. 13. The area described in Exhibit A is hereby removed from the Amended 12611 Street Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39 of the Act to be known as the "Market East Carmel 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 Market East Carmel Allocation Area hereby designated as the "Market East Carmel 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 Market East Carmel Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Market East Carmel 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 Market East Carmel Allocation Area is January 1, 2021. 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 Market East Carmel 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 Market East Carmel 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. 3 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 171h day of November, 2021. CITY OF CARMEL �ic4Pre�si not Secretary Me er Member EXHIBIT A Parcel to be removed from the Merchants Square Allocation Area and designated as the Market East Carmel Allocation Area The following parcel is removed from the Merchants Square Street Allocation Area and designated as the Market East Carmel Allocation Area, and is shown on the map attached hereto: PARCEL ID NUMBER: 16-10-31-00-00-013.001 FEW L� Q 0 U W .S -Z U A-2 EXHIBIT B 2021 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 units, office, retail, a solar energy component, structured parking and related infrastructure improvements, in or directly serving and benefiting the Market East Carmel Allocation Area. The current estimated cost to the Commission of contributing to these improvements is at least $5,000,000. Based on representations of the developer of the mixed use project, the Commission has determined that the full development of the Market East Carmel Allocation Area will not proceed as planned without the contribution of tax increment revenues to be derived from the Market East Carmel Allocation Area to the projects described above, either directly or through the issuance of tax increment revenue bonds. DMS 21263969d2