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HomeMy WebLinkAboutResolution 2022-35 (Crossing 1 and 2 Declaratory Resolution)RESOLUTION NO.2022-35 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE INTEGRATED 126TH STREET CORRIDOR 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 previously has adopted and confirmed resolutions (collectively, the "Declaratory Resolution") establishing and amending an economic development area known as the "Integrated 126th Street Corridor Economic Development Area" (the "Development Area"), approving an Economic Development Plan (the "Development Plan") for the Development Area, and designating portions of the Development Area as "allocation areas" pursuant to Section 39 of the Act, including an allocation area designated as the "Amended 126th Street Allocation Area"; and WHEREAS, the Commission now desires to amend the Declaratory Resolution and the Development Plan to (1) remove the areas described on Exhibit A attached hereto from the Amended 126th Street Allocation Area, (2) designate the areas described on Exhibit A attached hereto as two separate allocation areas pursuant to Section 39 of the Act to be known as the "Crossing 1 Allocation Area" and the "Crossing 2 Allocation Area" (collectively, the "Allocation Areas"), and (3) adopt a supplement to the Development Plan attached hereto as Exhibit B (the "2022 Plan Supplement") (such amendments (1) through (3), collectively, the "2022 Hamilton Crossing Amendments"); and WHEREAS, the 2022 Hamilton Crossing 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 Hamilton Crossing Amendments; and WHEREAS, the Commission now desires to approve the 2022 Hamilton Crossing Amendments. NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, governing body of the City of Carmel Redevelopment District, as follows: l . The 2022 Hamilton Crossing Amendments promote significant opportunities for the gainful employment of the citizens of the City of Carmel, Indiana (the "City"), attraction of major —1— 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 2022 Plan Supplement for the Allocation Areas 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 improvements and other similar conditions. 3. The public health and welfare will be benefited by accomplishment of the 2022 Hamilton Crossing 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 2022 Hamilton Crossing Amendments and to continue to develop the Development Area, including the Allocation Areas, under the Act. 5. The accomplishment of the 2022 Plan Supplement for the Allocation Areas 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 2022 Plan Supplement, conform to the comprehensive plan of development for the City. 7. The 2022 Hamilton Crossing 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 2022 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 Allocation Areas. 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. 11. The Commission finds that no residents of the 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. 12. The 2022 Hamilton Crossing Amendments are hereby in all respects approved. —2— 13. The areas described in Exhibit A are hereby removed from the Amended 126 h Street Allocation Area, and are hereby designated as a separate "allocation areas" pursuant to Section 39 of the Act to be known as the "Crossing 1 Allocation Area" and the "Crossing 2 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 Areas 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 respective allocation funds for the Allocation Areas hereby designated as the "Crossing 1 Allocation Fund" and the "Crossing 2 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 funds 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 provisions shall apply to the Allocation Areas. The Commission hereby finds that the adoption of these allocation provisions will result in new property taxes in the Allocation Areas that would not have been generated but for the adoption of the allocation provisions, as specifically evidenced by the findings set forth in Exhibit B. The base assessment date for each of the Allocation Areas 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 each of the Allocation Areas 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 that 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. —3— 18. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 19. This Resolution supersedes and replaces Resolution No. 2020-04 adopted by the Commission on February 19, 2020. Resolution No. 2020-04 is hereby rescinded and repealed. Adopted the 15ffi day of December, 2022. CITY OF CARMEL REDEVELOPMENT !'1!\A .!A .lT C10TZ-%XT Secretary Member Member M EXHIBIT A Areas to be Removed from the Amended 126' Street Allocation Area and designated as the Crossing 1 Allocation Area and Crossing 2 Allocation Area The following areas are removed from the Amended 126thStreet Allocation Area and are designated as the Crossing 1 Allocation Area and the Crossing 2 Allocation Area, all as shown on the map attached hereto: The Crossing 1 Allocation Area consists of the following Parcel Numbers: 16-09-3 5-00-00-010.002 16-09-3 5-00-00-010.003 The Crossing 2 Allocation Area consists of the following Parcel Numbers, together with any public rights -of -way that now or may hereafter connect these parcels: 16-09-35-00-00-010.102 16-09-3 5-00-00-008.000 16-09-35-00-00-009.000 16-09-3 5-00-00-010.000 16-09-3 5-00-00-010.103 —5— Crossing allocation areas December 5, 2022 1:1,200 Minor Roads Major Roads Interstates & US Highways Subdivisions 0,01 0.02 0.04 mi 0.01 0.03 0.06 km Parcels Author. Hamilton County Hamilton County comp Red this map. Although strict accuracy standards have been employed, Hamilton County does not warrantor guarantee the accuracy of the information contained herein and EXHIBIT B Plan Supplement The Development Plan is hereby supplemented by adding the following projects to the Development Plan: The project relating to the Crossing 1 Allocation Area includes a new training center for Republic Airways as well as a remodeled and expanded hotel. The Commission plans to contribute a minimum of $4,000,000 towards infrastructure improvements to support the development of this project. The project relating to the Crossing 2 Allocation Area includes a new corporate headquarters for Republic Airways and a parking garage wrapped with multi -family units and first floor retail. The Commission plans to contribute a minimum of $8,000,000 towards infrastructure to support the development of this project. Based on representations of the developer of these projects, the Commission has determined that the development of the Crossing 1 Allocation Area and the Crossing 2 Allocation Area will not proceed as planned without the contribution of tax increment revenues derived from the respective Allocation Areas to the projects described above. DMS 24453874.1 —7—