HomeMy WebLinkAboutResolution 2022-31 (Bridges II Declaratory Resolution)RESOLUTION NO.2022-31
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING THE DECLARATORY RESOLUTION AND THE
DEVELOPMENT PLAN FOR THE NORTH ILLINOIS STREET
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 "North Illinois Street Economic Development Area" (the
"Economic Development Area"), designated a portion of the Economic Development Area as the
North Illinois Street Expansion Allocation Area pursuant to Section 39 of the Act (the "North
Illinois Street Expansion 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 North Illinois Street
Expansion 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 Bridges II Allocation
Area (the "Bridges II Allocation Area"), and (iii) to adopt a supplement to the Plan attached hereto
as Exhibit B (the "2022 Plan Supplement") (clauses (i), (ii) and (iii), collectively, the "2022
Amendments"); and
WHEREAS, the 2022 Amendments and supporting data were reviewed and considered at
this meeting; and
WHEREAS, Sections 41 and 43 of the Act permit the creation of "economic development
areas" and provide that all of the rights, powers, privileges and immunities that may be exercised
by this Commission in a redevelopment area or urban renewal area may be exercised in an
economic development area, subject to the conditions set forth in the Act; and
WHEREAS, this Commission deems it advisable to apply the provisions of said Sections
41 and 43 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. It will be of public utility and benefit to amend the Declaratory Resolution and the
Plan for the Economic Development Area as provided in the 2022 Amendments and to continue
to develop the Economic Development Area, including the Bridges II Allocation Area, under the
Act.
2. The Declaratory Resolution and the Plan, as amended by this Resolution and the
2022 Plan Supplement, conform to the comprehensive plan of development for the City.
3. The 2022 Amendments are reasonable and appropriate when considered in relation
to the Declaratory Resolution and Plan and the purposes of the Act.
4. The findings and determinations set forth in the Declaratory Resolution and the
Plan are hereby reaffirmed.
5. In support of the findings and determinations set forth in Sections 1 through 4
above, the Commission hereby adopts the specific findings set forth in the 2022 Plan Supplement.
6. The Commission does not at this time propose to acquire any specific parcel of land
or interests in land within the boundaries of the Bridges II 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 2022 Plan Supplement, under the Act will be followed, including
notice by publication to affected property owners and a public hearing.
7. The Commission finds that no residents of the Economic Development Area will
be displaced by any project resulting from the 2022 Plan Supplement, and therefore finds that it
does not need to give consideration to transitional and permanent provision for adequate housing
for the residents.
8. The 2022 Amendments are hereby in all respects approved.
9. The area described in Exhibit A is hereby removed from the North Illinois Street
Expansion Allocation Area, and is hereby designated as a separate "allocation area" pursuant to
Section 39 of the Act to be known as the "Bridges II 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 Bridges II Allocation Area hereby designated as the "Bridges II 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
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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.
10. The foregoing allocation provision shall apply to all of the Bridges II Allocation
Area. The Commission hereby finds that the adoption of this allocation provision will result in
new property taxes in the Bridges II 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 Bridges II Allocation area is January 1, 2022.
11. 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 Bridges II 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 Bridges II Allocation Area.
12. 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.
Adopted the 16th day of November, 2022.
CITY OF CARMELkRE�VEL,1,PMENT
COMMISSION
President
Member
EXHIBIT A
Parcels to be removed from the North Illinois Street Expansion Allocation Area and
designated as the Bridges II Allocation Area
The following parcels are removed from the North Illinois Street Expansion Allocation Area and
designated as the Bridges II Allocation Area, and are shown on the map attached hereto:
PARCEL ID NUMBERS:
17-13-02-00-00-001.017
17-13-02-00-00-001.000
17-13-02-00-00-001.002
Bridges II allocation area
November 8, 2022 1:2.400
0 0.02 0.04 0.08 MI
Minor Roads Subdivisions
0.03 0.07 0.13 krn
Major Roads Parcels
Author Hamilton County
Hamilton County compiled this map. Although strict accuracy standards haoo boon employed. Hamilton County does not warrant or guarantee the accuracy of tho Information contained heroin and disclaims any and all lability resulting from any 000r or omission.
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 infrastructure improvements, including
but not limited to road and roundabout improvements, estimated to cost at least $250,000. The
projects support a mixed use project development in the Bridges II Allocation Area consisting of
multi -family apartments, medical office space, a hotel, and related infrastructure work. The
Commission anticipates capturing tax increment revenues from the Bridges II Allocation Area and
applying such tax increment revenues either directly or through bonding to the costs of the projects.
Based on representations of the developer of the mixed use project, the Commission has
determined that the full development of the Bridges II Allocation Area will not proceed as planned
without the contribution of tax increment revenues to be derived from the Bridges II Allocation
Area to the projects described above.
DMS 24176688.1