HomeMy WebLinkAboutResolution 2021-26 (Studio M declaratory)RESOLUTION NO.2021-26
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMIVIISSION
AMENDING THE DECLARATORY RESOLUTION AND THE
REDEVELOPMENT PLAN FOR THE CITY CENTER REDEVELOPMENT 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 amended a redevelopment area
pursuant to Section 15 of the Act known as the "City Center Redevelopment Area" (the
"Redevelopment Area") and approved a redevelopment plan for the Redevelopment Area, which
plan has subsequently been incorporated into and replaced by an Integrated Economic Development
Plan & Amended Redevelopment Plan which applies to the Redevelopment Area (the "Plan")
pursuant to the Act; and
WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan (i)
to designate the area described on Exhibit A attached hereto as an allocation area pursuant to Section
39 of the Act to be known as the Studio M Allocation Area (the "Studio M Allocation Area"), and
(ii) to adopt a supplement to the Plan attached hereto as Exhibit B (the "2021 Plan Supplement")
(clauses (i) and (ii), collectively, the "2021 Amendments"); and
WHEREAS, the 2021 Amendments and supporting data were reviewed and considered at
this meeting; and
WHEREAS, Sections 15, 16, and 17 of the Act have been created to permit the creation of
"redevelopment project areas", and to provide that the Commission may exercise certain rights,
powers, privileges and immunities in a redevelopment project area, subject to the conditions set forth
in the Act; 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 Commission deems it advisable to apply the provisions of said Sections 15,
169 17 and 3 9 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 Commission hereby reaffirms its findings that the Redevelopment Area, is "an
area needing redevelopment" within the meaning of Section 15 of the Act, because it is an area in
which normal development and occupancy are undesirable or impossible because of the lack of
development, the cessation of growth and the deterioration of improvements in the Redevelopment
Area; the character of occupancy, age, and obsolescence of property in the Redevelopment Area; the
substandard condition of buildings in the Redevelopment Area; and other factors that impair values
or prevent a normal use or development of property in the Redevelopment Area.
2. The 2021 Plan Supplement for the Redevelopment Area cannot be achieved by
regulatory processes or by the ordinary operation of private enterprise without resort to the powers
allowed under the Act because of lack of development, cessation of growth, deteriorating
improvements, age and the substandard condition of buildings in the Redevelopment Area.
3. The Commission finds that the public health and welfare will by benefited by the
2021 Amendments.
4. It will be of public utility and benefit to amend the Declaratory Resolution and the
Plan for the Redevelopment Area, as provided in the 2021 Amendments and to continue to develop
the Redevelopment Area, including the Studio M Allocation Area under the Act.
5. The accomplishment of the 2021 Plan Supplement, including as applied to the Studio
M 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 Commission finds that this Resolution and the 2021 Amendments are reasonable
and appropriate when considered in relation to the Declaratory Resolution, the Plan and the purposes
of the Act.
7. The Declaratory Resolution and the Plan, as amended by this Resolution, including
the 2021 Plan Supplement, conform to the comprehensive plan of development for the City of
Carmel, Indiana (the "City").
8. The findings and determinations set forth in the Declaratory Resolution and the Plan
are hereby reaffirmed.
,.
9. In support 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 Studio M 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 Redevelopment 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 designated as an "allocation area" pursuant
to Section 39 of the Act to be known as the "Studio M 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 Studio
M Allocation Area hereby designated as the "Studio M 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 all of the Studio M Allocation Area.
The Commission hereby finds that the adoption of this allocation provision will result in new
property taxes in the Studio M 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
hereto. The base assessment date for the Studio M 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 Studio M 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 Studio M 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.
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 15th day of December, 2021.
CITE' OF CARMEL RE VELOPMENT
CO�IV{�ION f
President
Vice President
&'�' T14.
Member
EXHIBIT A
Description of the Studio M Allocation Area
The Studio M Allocation Area consists of the following parcels, and is shown on the map
attached hereto:
PARCEL ID NUMBERS:
16-09-25-16-03-014.000
16-09-25-16-03-013.000
Studio M allocation area
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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 an office building and related
infrastructure improvements, in or directly serving and benefiting the Studio M Allocation Area. The
estimated cost to the Commission of these improvements is at least $300,000.
Based on representations of the developer of the mixed use project, the Commission has
determined that the development of the Studio M Allocation Area will not proceed as planned
without the contribution of tax increment revenues to be derived from the Studio M Allocation Area
to the projects described above, either directly or through the issuance of tax increment revenue
bonds.
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