HomeMy WebLinkAboutResolution 2024-01 (Midtown Gateway declaratory)(42534144.1)RESOLUTION NO.2024-01
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING THE DECLARATORY RESOLUTION AND THE
DEVELOPMENT PLAN FOR THE OLD TOWNE
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 amended an economic
development area known as the "Old Towne Economic Development Area" (the "Development
Area") and approved a development plan for the Development Area (the "Plan") pursuant to the Act;
and
WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan to
(i) designate the area within the Development Area described on Exhibit A attached hereto as an
allocation area pursuant to Section 39 of the Act to be known as the Midtown Gateway Allocation
Area (the "Midtown Gateway Allocation Area"), and (ii) to adopt a supplement to the Plan attached
hereto as Exhibit B (the "2024 Plan Supplement") (such amendments, collectively, the "2024
Amendments"); and
WHEREAS, the 2024 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 2024 Amendments; and
WHEREAS, the Commission now desires to approve the 2024 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 2024 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
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 2024 Plan Supplement for the Midtown Gateway 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 property below that of nearby
property, and other similar conditions.
3. The public health and welfare will be benefited by accomplishment of the 2024
Amendments.
4. 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 2024 Amendments and to continue to
develop the Development Area, including the Midtown Gateway Allocation Area, as contemplated
under the Act.
5. The accomplishment of the 2024 Plan Supplement for the Midtown Gateway
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 2024
Plan Supplement, conform to the comprehensive plan of development for the City.
7. The 2024 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 2024 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 Midtown Gateway 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 2024 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 2024 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 2024 Amendments are hereby in all respects approved.
13. The area described in Exhibit A is hereby designated as a separate "allocation area"
pursuant to Section 39 of the Act to be known as the "Midtown Gateway 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
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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
Midtown Gateway Allocation Area hereby designated as the "Midtown Gateway
Allocation Fund" and may be used by the redevelopment district to do one or more
of the things specified in Section 39(b)(4) 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)(5) of the Act.
14. The foregoing allocation provision shall apply to all of the Midtown Gateway
Allocation Area. The Commission hereby finds that the adoption of this allocation provision will
result in new property taxes in the Midtown Gateway 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 Midtown Gateway Allocation Area is
January 1, 2024.
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 Midtown Gateway
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 Midtown Gateway 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.
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Adopted the 20th day of March, 2024.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
a
resident
Vice President
Secretary
Member
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E XHIRIT A
Description of the Midtown Gateway Allocation Area
The Midtown Gateway Allocation Area consists of the following parcels and are shown on the
map attached hereto:
PARCEL ID NUMBERS:
16-09-25-04-04-004.000
16-09-25-04-04-007.002
16-09-25-04-04-006.000
16-09-25-04-04-007.001
16-09-25-04-04-007.000
16-09-25-04-04-008.000
16-09-25-04-04-009.000
1
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EXHIBIT B
2024 Plan Supplement
The Plan is hereby supplemented by adding the following projects to the Plan:
All or any portion of (a) necessary infrastructure and other local public improvements needed
for the design, acquisition, construction, inspection and/or equipping of a mixed -use development
consisting of multifamily residential, hotel, office, retail and entertainment spaces and structured
parking, all of which will be located near the southwest quadrant of the intersection of West Elm
Street and Rangeline Road and will be located in, physically connected to, or directly serve and
benefit, the Old Towne Economic Development Area; (b) the acquisition of any land or right-of-way
necessary therefor; and (c) all utility relocation, acquisition, design, inspection, construction,
demolition, renovation, remediation, improvement, excavation, site work preparation, parking and/or
equipping projects related to the projects described in clauses (a) and (b) and any and all costs
related thereto. The projects support the development of a mixed use project consisting of
multifamily residential, hotel, office, retail and entertainment uses. The estimated cost of these
improvements is at least $5,000,000.
Based on representations of the developer of the mixed use project, the Commission has
determined that the full development of the Midtown Gateway Allocation Area will not proceed as
planned without the contribution of tax increment revenues to be derived from the Midtown
Gateway Allocation Area to the projects described above, either directly or through the issuance of
tax increment revenue bonds.
DMS 42245893.1
IM