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HomeMy WebLinkAboutCRC Resolution No. 2025-03 (Gramercy East Phase 4 Declaratory)(46938219.1)RESOLUTION NO. 2025-03 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE ECONOMIC DEVELOPMENT PLAN FOR THE GRAMERCY ECONOMIC DEVELOPMENT AREA (Gramercy East – Phase 4) 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 an economic development area known as the “Gramercy Economic Development Area” (the “Area”), designated portions of the Area as separate allocation area pursuant to Section 39 of the Act, and approved and amended a development plan for the Area (the “Plan”) pursuant to the Act; and WHEREAS, on March 19, 2025, the Commission adopted a resolution to amend the Declaratory Resolution and the Plan in order to, among other things, adopt a supplement to the Plan which was attached as Exhibit D thereto (the “2025 Plan Supplement”); and WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan in order to designate the territory identified on Exhibit A hereto as a separate allocation area within the Area, pursuant to Section 39 of the Act, to be known as the “Gramercy East – Phase 4 Allocation Area” (such amendment, together with the 2025 Plan Supplement, collectively, the “2025 Amendments”); and WHEREAS, the 2025 Amendments and supporting data were reviewed and considered at this meeting; and WHEREAS, Section 39 of the Act permits 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 permit the creation of “economic development areas” and 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, this Commission deems it advisable to apply the provisions of said Sections 15-17, 39, 41 and 43 of the Act to the 2025 Amendments; and WHEREAS, the Commission now desires to approve the 2025 Amendments. NOW, THEREFORE, BE IT RESOLVED by the City of City of Carmel Redevelopment Commission, governing body of the City of Carmel Redevelopment District, as follows: 2 1. The Commission hereby finds that the 2025 Amendments promote significant opportunities for the gainful employment of the citizens of the City of Carmel, Indiana (the “City”), the attraction of major new business enterprises to the City, the retention and expansion of significant business enterprises existing in the boundaries of the City, and meet 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 Commission hereby finds that the Plan, as amended by the 2025 Plan Supplement, 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 the lack of local public improvements, the existence of improvements or 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 2025 Amendments. 4. It will be of public utility and benefit to amend the Declaratory Resolution and the Plan for the Area as provided in the 2025 Amendments and to continue to develop the Area, as amended the 2025 Amendments, under the Act. 5. The accomplishment of the Plan for the Area, as amended by the 2025 Amendments, 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 2025 Plan Supplement, conform to the comprehensive plan of development for the City. 7. The 2025 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 Plan, as amended by the 2025 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 Area, as amended by the 2025 Amendments. If at any time the Commission proposes to acquire specific parcels of land, the required procedures for amending the Plan, as amended by the 2025 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 Area will be displaced by any project resulting from the Plan, as amended by the 2025 Plan Supplement, and therefore finds that it does 3 not need to give consideration to transitional and permanent provision for adequate housing for the residents. 12. The 2025 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 “Gramercy East – Phase 4 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 Ind. Code 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 Gramercy East – Phase 4 Allocation Area hereby designated as the “Gramercy East – Phase 4 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 permitted by the Act. 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 the Gramercy East – Phase 4 Allocation Area. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in each of the Gramercy East – Phase 4 Allocation Area that would not have been generated but for the adoption of the allocation provisions, as specifically evidenced by the findings set forth in the 2025 Plan Supplement. The base assessment date for the Gramercy East – Phase 4 Allocation Area is January 1, 2025. 15. 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 the Gramercy East – Phase 4 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 Gramercy East – Phase 4 Allocation Area. For the avoidance of doubt, it is to be understood that the twenty-five (25) year expiration date shall be applied independently and separately for each separate allocation area within the Area. 16. This Resolution, together with any supporting data, shall be submitted to the 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 DMS 46701555.1 A-1 EXHIBIT A Gramercy East – Phase 4 Allocation Area The Gramercy East – Phase 4 Allocation Area consists of the territory in the light green- shaded area shown in the maps below. The parcel identification number or numbers for the Gramercy East – Phase 4 Allocation Area shall be determined and provided to the Hamilton County Auditor’s within thirty (30) days after the Commission takes final action on this resolution.