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HomeMy WebLinkAboutCC-11-20-23-04 Approving Star Allocation Area (L'Etoile) Sponsor: Councilor Worrell RESOLUTION CC-11-20-23-04 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA APPROVING CERTAIN MATTERS IN CONNECTION WITH THE OLD MERIDIAN ECONOMIC DEVELOPMENT AREA (STAR ALLOCATION AREA) Synopsis: Resolution approves (1) a resolution of the Carmel Redevelopment Commission creating a new allocation area, known as the Star Allocation Area, within the Old Meridian Economic Development Area and adopting a supplement to the economic development plan for the Old Meridian Economic Development Area, and (2) a related Carmel Plan Commission resolution. WHEREAS, the City of Carmel Redevelopment Commission (the “Redevelopment Commission”), as the governing body for the City of Carmel Redevelopment Department, pursuant to Indiana Code 36-7-14, as amended (the “Act), adopted its Resolution No. 2020-26 on July 15, 2020 (the “CRC Resolution”), which (i) removed an area described in Exhibit A to the CRC Resolution (the “Area”) from the Old Meridian Expansion Allocation Area, which is located within the Old Meridian Economic Development Area (the “Economic Development Area”), (ii) designated all of the Area as a separate allocation area within the Economic Development Area known as the Star Allocation Area, and (iii) adopted a supplement to the economic development plan for the Economic Development Area (the “Plan Supplement”); and WHEREAS, the City of Carmel Plan Commission, on August 18, 2020, approved and adopted its Resolution No. PC-8-18-2020-a (the “Plan Commission Order”) determining that the CRC Resolution and Plan Supplement conform to the plan of development for the City of Carmel, Indiana (the “City”), and approving the CRC Resolution and the Plan Supplement; and WHEREAS, pursuant to Section 16(b) of the Act, the Redevelopment Commission has submitted the CRC Resolution, the Plan Supplement, and the Plan Commission Order to the Common Council of the City. NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of Carmel, Indiana, as follows: 1. Pursuant to Section 16(b) of the Act, the Common Council of the City determines that the CRC Resolution and the Plan Supplement conform to the plan of development for the City, and approves the CRC Resolution, the Plan Supplement, and the Plan Commission Order. 2. This Resolution shall be in full force and effect from and after its passage by the Council and approval by the Mayor as required by law. DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF 2 PASSED by the Common Council of the City of Carmel, this _____ day of _____________, 2023, by a vote of ______ ayes and ____ nays. COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA ___________________________________ Jeff Worrell, President Laura Campbell, Vice-President ___________________________________ ____________________________________ Kevin D. Rider Sue Finkam ___________________________________ ____________________________________ Tim Hannon Miles Nelson ___________________________________ ___________________________________ Tony Green Adam Aasen ___________________________________ Teresa Ayers ATTEST: __________________________________ Sue Wolfgang, Clerk Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of _________________________, 2023, at _______ __.M. ____________________________________ Sue Wolfgang, Clerk Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of ________________________ 2023, at _______ __.M. ____________________________________ James Brainard, Mayor ATTEST: Sue Wolfgang, Clerk Prepared by: Bradley J. Bingham Barnes & Thornburg LLP 11 South Meridian Street Indianapolis, IN 46204 DMS 40351446.1 DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF A 22nd Not Present November 7 A 22nd November20th 0 10:40 Not Present November 10:30 RESOLUTION NO.2020-26 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE OLD MERIDIAN 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") establishing and amending an economic development area known as the "Old Meridian Economic Development Area" (the "Development Area"), approving an Economic Development Plan (the "Development Plan") for the Development Area, pursuant to Indiana Code 36-7-14, as amended (the "Act'), and designating portions of the Development Area as "allocation areas" pursuant to Section 39 of the Act, including an allocation area designated as the "Old Meridian Expansion Allocation Area"; and WHEREAS, the Commission now desires to amend the Declaratory Resolution and the Development Plan to (1) remove the area described on Exhibit A attached hereto from the Old Meridian Expansion Allocation Area, (2) 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 Star Allocation Area (the "Star Allocation Area"), and (3) adopt a supplement to the Development Plan attached hereto as Exhibit B (the "2020 Plan Supplement') (such amendments, collectively, the "2020 Amendments"); and WHEREAS, the 2020 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 ofproperty 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 2020 Amendments; and WHEREAS, the Commission now desires to approve the 2020 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 2020 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 1— DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF 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 2020 Plan Supplement for the Star 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 land below that of nearby land, multiple ownership of land, and other similar conditions. 3. The public health and welfare will be benefited by accomplishment of the 2020 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 2020 Amendments and to continue to develop the Development Area, including the Star Allocation Area, as under the Act. 5. The accomplishment of the 2020 Plan Supplement for the Star 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 2020 Plan Supplement, conform to the comprehensive plan of development for the City. 7. The 2020 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 2020 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 Star 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 2020 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 2020 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 2020 Amendments are hereby in all respects approved. 2— DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF 13. The area described in Exhibit A is hereby removed from the Old Meridian Expansion Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39 of the Act to be known as the "Star 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 Star Allocation Area hereby designated as the "Star 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 Star Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Star 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 Star Allocation Area is January 1, 2020. 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 Star 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 Star 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. IBM DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF Adopted the 15t' day of July, 2020. CITY OF CARMEL COMMISSION Mem e Member DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF RXNIRIT A Parcel to be removed from the Old Meridian Expansion Allocation Area and designated as the Star Allocation Area The following parcel is removed from the Old Meridian Expansion Allocation Area and designated as the Star Allocation Area, and is shown on the map attached hereto: PARCEL ID NUMBER: 16-09-25-03-01-006.000 5— DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF n m x cr J VJ 0 O CD m 3 DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF EXHIBIT B Plan Supplement The Development Plan is hereby supplemented by adding the following projects to the Development Plan: All or any portion of the design and construction of infrastructure improvements, including but not limited to storm water improvements, utilities relocation, general site improvements and structured parking costs, estimated to cost at least $50,000. The projects support a mixed use project development in the Development Area consisting of office, parking and residential uses. The Commission anticipates capturing tax increment revenues from the Star 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 Star Allocation Area will not proceed as planned without the contribution of tax increment revenues to be derived from the Star Allocation Area to the projects described above. DMS 16571699.1 DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF DocuSign Envelope ID: A3F043C1-CAFE-4899-B627-8D79F20BA6CF