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HomeMy WebLinkAboutCRC-2008-3 EDA/Legacyf,?e5 li PJAec'f RESOLUTION NO. 2 0 0 8- 3 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION DECLARING AN AREA IN THE CITY OF CARMEL AS AN ECONOMIC DEVELOPMENT AREA AND APPROVING AN ECONOMIC DEVELOPMENT PLAN FOR SAID AREA WHEREAS, the City of Carmel Redevelopment Commission (the "Commission'), governing body of the City of Carmel Department of Redevelopment (the "Department'), pursuant to Indiana Code 36-7-14, as amended (the "Act'), has thoroughly studied that area of the City of Carmel, Indiana (the "City"), as described on Exhibit A attached hereto and designated as the "Legacy Project Economic Development Area" (the "Economic Development Area"); and WHEREAS, the existing public infrastructure is inadequate to service anticipated demand in or near the Economic Development Area; and WHEREAS, there has been presented to this meeting for consideration and approval of the Commission an economic development plan (the "Plan") for the Economic Development Area and entitled "Legacy Project Economic Development Plan; and WHEREAS, the Commission has caused to be prepared maps and plats showing the boundaries of the Economic Development Area, the location of various. parcels of property, streets, alleys, and other features affecting the replatting, replanning, rezoning, or redevelopment of the Economic Development Area, and the parts of the Economic Development Area that are to be devoted to public ways, sewerage and other public purposes under the Plan; and WHEREAS, the Commission has caused to be prepared estimates of the costs of the development projects as set forth in the Plan; and WHEREAS, the Plan and supporting data was reviewed and considered at this meeting; and WHEREAS, Section 39 of the Act has been created and amended to permit the creation 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. Sections 41 and 43 of the Act have been created to permit the creation of "economic development areas" and to 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, the Commission deems it advisable to apply the provisions of said Sections 39, 41, and 43 of the Act to the Plan and financing of the Plan. NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, governing body of the City of Carmel Department of Redevelopment, as follows: 1. The Plan for the Economic Development Area promotes significant opportunities for the gainful employment of its citizens, attracts major new business enterprises to the City, may result in the retention or 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 Plan for the Economic Development 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 1) public improvements, including without limitation the cost of the projects contemplated by the Plan. 3. The public health and welfare will be benefited by accomplislunent of the Plan for the Economic Development Area. 4. The accomplishment of the Plan for the Economic Development 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. 5. The Plan for the Economic Development Area conforms to other development and redevelopment plans for the City. 6. In support of the findings and determinations set forth in Sections 1 through 5 above, the Commission hereby adopts the specific findings set forth in the Plan. 7. The Department does not at this time propose to acquire any specific parcel of land or interests in land within the boundaries of the Economic Development Area. If and when the Department proposes to acquire specific parcels of land, the required procedures for amending the Plan under the Act will be followed, including notice by publication and to affected property owners and a public hearing. 8. The Commission finds that no residents of the Economic Development Area will be displaced by any project resulting from the Plan, and therefore finds that it does not need to give consideration to transitional and permanent provisions for adequate housing for the residents. 3 9. The Plan is hereby in all respects approved, and the Secretary of the Commission is hereby directed to file a certified copy of the Plan with the minutes of this meeting. The Economic Development Area is hereby designated as an "economic development area" under Section 41 of the Act. 10. The entire Economic Development Area is hereby designated as the "Legacy Project Allocation Area" pursuant to Section 39 of the Act for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any real property taxes 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, sliall 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 the "Legacy Project Allocation Area Allocation Fund" for said allocation area that may he used by the redevelopment district to do one or more of the things specified in Section 39(b)(2) 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 July 15 of each year, the Commission shall take the actions set forth in Section 39(b)(3) of the Act. H. The foregoing allocation provision.set forth in Section 10 shall expire on the date that is twenty-five (25) years after the effective date of this resolution. 12. The officers of the Commission are hereby directed to make any and all required filings with the Indiana Department of Local Government Finance and the Hamilton County Auditor in connection, with the creation of the allocation area. 13. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 4 14. This Resolution, tobefher-kvith any supporting data and together with the Plan ;"shall bec:submitted.to the Carmel Plan Commission .(the 'Plan Commission") and the Common Council of the City of Carmel (the "Coninion Council") as provided in the Act; and if approved by the fl'an' Comfnission and the Coiiiinon. Council shall be submitted to a public, hearingt and .remonstrance as probided by the Act. after public notice as required bytlie Act. Adopted the 21" day of May,,2008. CITY OFCARMEL REDEVELOPMENT omml N President /-% A 5 Secretary EXH MIT A INb501' RCS1037401I ' 6