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Home My WebLink AboutCRC Resolution 2023-32 (Penn 111 allocation areas - Declaratory)RESOLUTION NO.2023-32 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE REDEVELOPMENT PLAN FOR THE 111 PENN 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 a redevelopment project area known as the "111 Penn Redevelopment Area" (the "Redevelopment Area"), and approved a redevelopment plan for the Redevelopment Area (the "Plan") pursuant to the Act; and WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan in order to (i) designate the each of the twelve (12) areas described on Exhibit A attached hereto as a separate allocation area pursuant to Section 39 of the Act to be denoted and separately identified as described on Exhibit B hereto (each, an "Allocation Area" and, collectively, the "Allocation Areas"), and (ii) adopt a supplement to the Plan attached hereto as Exhibit C (the "2023 Plan Supplement") (such amendments, collectively, the "2023 Amendments"); and WHEREAS, the 2023 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 2023 Amendments; and WHEREAS, the Commission now desires to approve the 2023 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, including each of the Allocation Areas, is an "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 Commission hereby finds that the 2023 Plan Supplement for the Redevelopment Area, including the Allocation Areas, 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 be benefited by accomplishment of the 2023 Amendments. 4. The Commission finds that the 2023 Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution, the Plan and the purposes of the Act. 5. The Commission finds that the Declaratory Resolution and the Plan, as amended by 2023 Amendments, conform to the comprehensive plan of development for the City. 6. It will be of public utility and benefit to amend the Declaratory Resolution and the Plan, as provided in the 2023 Amendments, and to continue to develop the Redevelopment Area, including the Allocation Areas, under the Act. 7. The findings and determinations set forth in the Declaratory Resolution and the Plan are hereby reaffirmed. 8. 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 Plan and the 2023 Plan Supplement. 9. The Commission finds that no residents of the Redevelopment Area will be displaced by any project resulting from the Plan, as amended by the 2023 Plan Supplement, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. 10. The 2023 Amendments are hereby in all respects approved. 11. Each of the twelve (12) areas described in Exhibit A is hereby designated as a separate "allocation area" pursuant to Section 39 of the Act, to be denoted and separately identified as described on Exhibit B hereto, 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 each of the 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 separate allocation funds for the each of the Allocation Areas as denoted and separately identified as described on Exhibit B hereto and may be used by the redevelopment district to do one or more of 2 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. 12. The foregoing allocation provision shall apply separately to each of the Allocation Areas. The Commission hereby finds that the adoption of these allocation provisions will result in new property taxes in each of 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 C. The base assessment date for each of the Allocation Areas is January 1, 2023. 13. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto, and the allocation provision herein relating to each 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 such Allocation Area. For the avoidance of doubt, it is to be understood that the twenty-five (25) years expiration date shall be applied independently and separately for each Allocation Area. 14. 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. 15. 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. 16. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 3 Adopted the 5 h day of October, 2023. Member Member V Yururr Map of the Allocation Areas The map set forth below shows the approximate location of the separate Allocation Areas described in Exhibit B hereto. The parcel identification numbers for each of the Allocation Areas shall be determined and provided to the Hamilton County Auditor's office before January 1, 2024. )1 #1 a, ; Penn 111 - I 1 Penn 111 - J Owi" &! n Penn 111 - K Penn 111 - L F, I i 1 I 111 \ -- NVI I� --- -- i r—'�' yT Penn 111 - D .Penn 111 - D ,-.,,-Penn 111 EXHIBIT B List of Allocation Areas and Allocation Funds Allocation Area Penn I I I — A Allocation Area Penn 111 — B Allocation Area Penn I I I — C Allocation Area Penn I I I — D Allocation Area Penn 111 — E Allocation Area Penn 111 — F Allocation Area Penn I I I — G Allocation Area Penn I I I — H Allocation Area Penn 111 — I Allocation Area Penn 111 — J Allocation Area Penn 111 — K Allocation Area Penn 111 — L Allocation Area Allocation Fund Penn 111 — A Allocation Area Fund Penn I I I — B Allocation Area Fund Penn 111 — C Allocation Area Fund Penn 111 — D Allocation Area Fund Penn 111 — E Allocation Area Fund Penn 111 — F Allocation Area Fund Penn 111 — G Allocation Area Fund Penn 111 — H Allocation Area Fund Penn 111 — I Allocation Area Fund Penn I I I — J Allocation Area Fund Penn I I I — K Allocation Area Fund Penn I I I — L Allocation Area Fund EXHIBIT C 2023 Plan Supplement The Plan is hereby supplemented by adding the following project to the Plan: All or any portion of the design, acquisition, construction, installation and equipping of projects and improvement in, or serving or benefitting the Allocation Areas, including, but not limited to, select site improvements, storm water improvements, utility improvements and relocations, road, roundabout and sidewalk improvements, structured and surface parking, and related infrastructure improvements. The estimated cost to the Commission of contributing toward these improvements is at least $50,000,000. The projects will support one or more mixed -use development projects in the Allocation Areas, consisting of multifamily, for -sale residential, commercial office and retail space, parking structures, a central plaza and related infrastructure work. The Commission anticipates capturing tax increment revenues from all or any combination of the Allocation Areas and applying such tax increment revenues, either directly or through bonding, to the costs of the infrastructure projects. Based on representations of the developer of the mixed -use development, the Commission has determined that the full development of the Allocation Areas will not proceed as planned without the contribution of tax increment revenues to be derived from the Allocation Areas to the projects described above. DMS 27810840.1 C-1