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HomeMy WebLinkAboutCRC-2008-1 West Clay EDA RESOLUTION NO. 2008-1 'RESOLUTION OF THE :CITY OFCARMEL REDEVELOPMENT COMMISSION MODIF$YNG AND CONFIRMING RESOLUTION,DECLARING AN'AREA IN' CITY OF CARMELAS AMECONOMIC.DEVELOPMENT AREA AND APPROVING-AN ECONOMIC UEVELOpMENT PLAN FOkSA111 AREA WHEREAS, on Decemher 22„ 2406, the City of Carmel Redevelopment Commission (the "Commission" being the governing body of the City` o€ Carmel Department.of Redevelopment, approved'. and adopted 'its Resolution- No. 22-2006 entitled "`Resolution of the City of Carmel Redevelopment Commission Declaring;an Area in City of Carmel'as an Economic Development-Area and Approving an Economic Development Plan for'Said Area" (the "DeclarAtory Resolution"); and WHEREAS, the Declaratory Resolution found.and determined,that a certain area in City of Carmel (the "City"),- designated as the '"WestClay Economic Deveiopr`nent Area" (tbe. ',Economic Development Area") is;an economic development?areawithin the meaning of?hadiana Code 36-7-14-1 et. seq., as amended (the "Act"), designated the. entire Economic, Development' Area as an "allocation area" under Section 39 of the Act (the "Allocation Area"), and approved the "WestCliy Economic Development Plan for-th6Economic'DevelopmentArea (the "Plan" ); and WIIFREA$, on January 24, 2008, the Carmel Plan Commission (the "Plan Commission") adopted its. Resolution No PGy01.-24 OS constituting-the written order of the Plan Commissionapproving the.Decl_aratory Resolution and the Plan (the "Plan-Commission Order"), on the conditions that (a) the boundaries of the Economic DevelopmenttArea are+amended-asset faith in'Exhibit A hereto, and (b) the Plan is revised to read as set forth in Exhibit- B. hereto (such modifications, collectively; the "Modifications"); and WHEREAS,, pursuant* to Sections; 16. and, 41. of the Act, the Common, Council of the,City on February 1,8, 2008, approved the Declaratory Resolution and the; Plan with the Modifications recornmended,in the Plan Commission,Order, the Plan, Commission Order-and the -determination that The Economic Development•Areais an economic development. area; and WHEREAS, TursuanY..to Section 17 of.the Act, the Commission cagsed,to.be published a Notice of,Pubhc Hearing with respect to the Economic Development Area and filed a copy'bf said Notice in the offices of all departments, bodies or officers of the City ha'vigg to do with City planning,zvariances4rom zoning ordinanees; land use or the issuance of building,permits;,and WHEREAS, pursuantto Section,17 ofthe.Aci,„Ehc,Commission.also-filed with each taxing"unit located wholly-or partially within the-Allocaiion,Area a copy of-the Notice of Public.Hearing:and a statement disclosing,the impact ofthe,area;.and WHEREAS;, at the hearing held by !be, Commission on the 18th day of March, 2008, the Commission heaidall persons interested intthe proceedings and considered written remonstrances and. objections, if any, and -'W'HEREAS, the Commission now desires to, take final action dcterminifig.the,q4blic utility and benefit of the proposed developmenr.projects`for tbe.Economie'Development Area and confirming the Declaratory " Resolution, with the Modifications, in aceordance with Section' 0 of the Act. NOW, THEREFORE, BE fr RESOLVED by the. City of.Carmel:Redevelopmeni,Commission, governing body'of thc:City of Carmel Departriteiitof Redevelopment, as follows: i. Afterconsidering the:evidence,presented at the hearing on,the 18mday„of March, 2008, the Commission hereby confirms the, findings and determinations, designations and approving,. and adopting" actions;contained'in the Declaratory`Resolution,with the,Modifications.that,(a) theboundaries. of the.Econornic Development Area are hereby amended as set forth in Exhibit A hereto, and, 6) the.Plan is. hereby revised';to read as sei forth m`Exhibit B hereto. 2. The Commission hereby Ends and deterrnines''thatit will be-of public utility and benefit to proceed' with the Platt-in the form approved by the C.ommission'iri'the Declaratory. Resolution with the Modifications described in Section Iiabove. 3. The Declaratory Resolution is hereby modify and. confirmed with the Modifications described'in Section 1 above. 4. This Resolution constitutes final action, pursuant'to Section 1.7(d) of the Act, by the Commission determining the:public utility 'and"'benefit. of (he proposed project's and modifying and, confirming the Declaratory Resolution;pertaining' to theEconornic Development' Area. 5. The Secretary of the Commission is directed, to record the final 'action taken by the Commissionpursilaftt to the requirementslof Section 17(d) of.the Act Adopted the 1'8th day of March, 2008. CTTY9 EL REDEVELOP "ENT C iGiMiSSI ll?j' P?sident IND501 DDn W4552vf -2- EXHIBIT A Revised 'Description, of the;Econornic Development Area 5ce attached description and map. -,3'- Revised Legal beseription West Clay Economic Development Area dt'is.necessary to revise the legal description for the West Clay`Economic Development Area (ED Ares),due to changes in the parcel nutnbers'by the Hamilton County Auditor, which are still in process within the County,Anditor s system. The revised legal description for the West,Clay ED Area is fo be as follows,,,based on information retrieved from the Hamilton County website asof November 20, 2007: Beginning at the point of intersection of the west right of way line of Towne Road and the, south-right ofway line of 131n Street, then proceeding.westward along the'south right of way line of 131 `Streefto the pointrof intersection with the eastern.boundaryof parcel 17-09-29-00-00-012:000 (parcel 17-09= 29-00-00-012M0 is NOT to be iricluded'in'the.E© Area), then proceeding southward;along`the eastern boundary-of parcel l7-09-29-00-00- 012:000, to the.point of intersection with the southern boundary of parcel 17709-29-OOr 20-003,000, then proceeding,easfward alongthe southern, boundaries of parcels' 17-09-29-00-20- 003:000 and:parcels,17-09-29=00; 20-004.000 to the southeast corner, of parcel;'l7-09-29- 00-20-004.000; then.proceeding.directly eastward; across the right of:wayof Pettigni Drive to the point of intersection with the western.-boundary of parcel l7`09-29-00-14-010,000; then proceeding eastward,. southward and eastward along the:southerrvand western borindanes of parcel 17-09.29-00-14-010:000 to the point,of intersection with the western right'of way tine of Towne. Road, alien turning northward to the point•of beginning. This-legal descriptibn is. Untended to contain the following parcels; according to the'Hamilton. County Auditor's website'(November20, 2007);. 17-09-29-00-49-001.000 17.09 29-00-19-002 000 17-09-29=00.20-001.000 17=09-24.06-20-00 L.00 I 1T09-29-00-20-001.002 17-09-29.00-20-062.00.0 17-09.29-00-20-0911 A00 1.7-09c29-00.20.003.001 17=09-79-00_20-004.000 19-09.29-00-20-005.000 17=09-29-00- I4-010.000 EXHIBIT•B Remised WestClay Economic Development-Plan See attached plan:. BVDSUI BDD 994459,1 -4- City of Carmel umilton County,, Indiana WestClay Economic Development Plan November 29, 2007 Michael R. Shaer, President 3799 Steeplechase Drive Carmel, IN 46032 (voice) 31,71872-9529 (fax) 3 1 71872-9885 (e-mail) wabsci@aol.com ry?sr c?Ar ECONOti!/C OEVE`L OPMENT AREA f WEST CLAY L E.D. AREA w MAP 1 - We`stClay Economic `Development Area. Map2 - Overall Integrated. Economic Development Area - New map here - WestClay Economic Development Plan Carmeli Indiana Purpose of the Economic Development, Area &' Plan This Economic Development Plan°is`6eing developed for the sole purpose of capturing tax inclement revenue from a neighborhoodservi g cominercial-development proposal on parcels ofland located in^the,ViIfage of WestClay. These parcels of land are zoned for commercial services, ;retail development-,,and a continuing care retirement community (CCRC) ali to be locale&in'the southwest quadrant of the-,,intersection of I31't:& Towne Road. TheCCRC development carries=a corpoiate,form of ownership and: generates no'school children, thereby making it eligible for the capture of tax increment. This We of commercial development is designed to enjoythe:converiience of services and'retaiI stropping virtually next door. The development at this location consists of approximately 104;000aquare,feetpf, comrne-rcial,and retail space. This neighborhood center is strategically located,like other similanneighborhood,commercial areas in the City of Carmel, consistent with:the polices in the 2020 CornprehensivcaPlan (as amended).. It is designed to offer choice and convenience for the nearby residents in western Carmel. The WestClay ED Area is shown on rnap'l,.provided,cailier in this-ED Plan. Tfiisrlll) Area &-Plan are being,developed for the.specific purpose of including the •WestClay ED Area'&..Plan.into the Integrated Economic`DevelopmentPlau'for the City of Carmel (map 2), With the.integraied findings of fact and-integrated economic developmentpolices previously presented to the public, and adopted by the Carmel Redevelopment .Commission (CRC) in 2001. In the.adopted Integrated Econflmic Developrnem'Plaii, the CRC set forth thegeneral policy that the redevelopment of the City Center Area, including all City Center Redevelopment,projects„are considered to benefit the community as wwhole, baving-a positjde affect on all economic developmentthroughout Carmel. This general' policy premise, is reasserted, in creating the WestClay ED'Area & Plan: To state_ the case more directly, the CRC herebyoffers this:ED Plan for public discussion with,thespecific note that the'CRC,.intends to capture tax increment from the; WestClay FD Area for the: purpose of supportingthe;revenuefneeded to repay bonds issued to construct the_performing arts center; and other commu_nitysupporting infrastructure. Description of,the.Proposed Economic Development Area The proposed WestClay Economie'Development Area is located at tlre:southwest quadrant ofthe•intersection.of 131" Street and Towne,'Road. Theboundaries.of.the WestClay ED Area°to'be created for the purpose of capturing TIF ineremcntfrom fdlure commercial development at the Village ofWestClay'(SW corner of 131st and Towne Road} are described as follows: WestClay Economic Development Plan 071129 Beginning at the, point of'iriterse( tOon of the west right of way line of Towne Road and the, south right of way' line:of' 131- , Street, then proceeding westward along the south right of ivay line of 131` street to the.point of intersection with the-eastern bo6h . ddry of parcel 17-09-29-00.00-0 mo::{parcel 17-09- 29-00-00-012.000 is NOT W15e included inthe ED Area), then 'proceeding southward along the eastern boundary of parcel 17-09-29-00-00- 012:000; to the poinl•of rntersection with the: southem,boundary-.of parcel 17-09-29-00- 20-003.000, then proceeding eastward a[ong,the,soutfiem boundaries of parcels 17-09-29-00-20- 003.000,and parcels 17-09-29-00=20-004.000 to the southeast corner.of parcel 17-09-29- 00-20-004.000, the n, proceeding directly eastward, across the rightpf way of. Pettigi u Drive to the point of ntersedion wikh the western poundary of parcel 17-09-29-00-14-010.000, then proceeding eastward, southward and eastward along the southern and western. boundaries of parcel 17-09-29.00-14-010,000 to the paint of intersection with the western right 6f way line of To%6dRoad, then turning northward to the point of beglnning. This legal description is intended to contain. the following parcels, according`to the Hamiltoo'CountyAuditor's website (November 20; 2007); 17.09-29-00-19-001.000 7-09.29-00-19-002.000 37-09-29-00-20-001.000 17-09-29-00-20-001.001 1-7-09-29-00-20-001.002 17-09-29-00-20-002.000 f7-09-29-00-20-003.000 '17-09-29-00-20-003.001. 17.09-29-00-20-004.000 17-09-29=00-20=005.000 17-09.29.00-14-030.000 WesfClay RetailLCommercia! Development Proposal The Carmel Plan.Cothmission and City Council have approved',a retail/commercial. development 'at-this location within the Village ofsWestClay, The approved development wit] includes a mixed-use retail development with some office; retail'and other'uses, specifically targeted,for support of residential development located.in,western Carmel This project will be developed with greater intensity than.the previous agricultural uses, the previously planned/approved West Clay residential uses, and was thoroughly discussed as it.moved through the plan. commission;process, before being, approved by Carmel's City Council. The previous approval of the Wesi Clay retail by Curmel;l'lah Conunission and Cartel City Coancil is interpreted by the-CRC as proof in facrof the conformiry'of this ED WestClay. Economic Development Plan 071129 J Plan to the overall plan. of developinentjor fire EA Area, as required by statute. The CRC believes thafit has developed an - policy,proccss;which respects the statutory role of the Plan Commission in the development'process, as well as,respeetingthat similar, confined role in the ED Area designation and ED Plan.approval process: Economic.Devetopment Plan to Become.a Part of theantegrated. ED Plan It is the intent of the CRC that this "WestClay Economic Development Plan;" (WestClay ED Plan) and designated °WestClay Economic;Developmeni Area;" (1WestClay ED Area) will 'become;a part of the Cafinel Integrated Ecgrioinic Development Plan (2001), as amended. The CRC previously.created.a series of separate.Economic Development Areas; as well as one redevelopment area (CityCeitier, 1997), and developed;un integrated series.of plans andstrategics for the purpose o£,ganerating,complimentary economic'development'and redevelopment of theseareas,throughotif the city of Carmel, both individually. and collectively, The CRC`has,developed (and amended over time to reflect progress in meeting, economic development and redevelopment policies and on identified projects)'an Integrated Economic 'Developmentc& Redevelopment Plan itemizing the'individual:strategies and.projectsfrom all of these TIE-based.areas, as well as integrating ail projects from all ED.&'RD Areas'irito a single;, fiinctioning whole, with the central goal.of enabling the City of Carmel to ,utilize TIF revenues from a11.ED &' 'RD Areas to benefit the City Center; redevelopment initiatives It is the intent of the CRC"thatthe "WestClay`Economic Debelopment.Area" will.become apart of the integrated Economic Development and RedevelopmenhAreas, with all projects and,strategies for the cityof Carmel and CRC to be integrated and coordinated with one another. As:sucli, TIF revenue generated by the'WestClay.ED.Area.is extended the same CRC policy provisions as revenue from theother-ED &,RD Areas, in-that TIF revenues g'eneratedwithin the WestClay ED Area can lie used Co'benefit the City Center Redevelopment Area, and such use of the TIFtevenue in.City'Center will directly-serve and benefit the WestClayED Area. Most specifcally,.the CRC,publiclyadvances the intent to capture tax increment revenue •for'the purposes of securing the performing arts center bonds,; in the event'that there is a,shortfall of such revenue. Incorporation of'Previons Findings This Economic Developinant-Plan incorporates any and all previous findings of fact: and findings ofblight related to..previous: designations of Economic Development. Areas and/or Redevelopment Areas.for the purpose of capturing TlF'revenues. A§.such,-in addition to the specific findings-of fact offered below, this Economic Development.Plan also officially incorporatesprevious"Endings of fact related to the;designation of other Economic Development. Areas covering the affected/designated,parcels, ; as well as the findings of blight that were previously approved as part-of the City Center Redevelopment Plan. The incorporation of previous findings is undertaken with thed;rect hitent of enabling (he CRC to supplerhentthe specific. findings offered' in this WestClay Economic Devetopment'Plan; in the event of legal or public disputes. Any citizen:seeking full 6 WeitCiay'Econmiic'Development Plan 071129 documentation of all findings related t6this desiimatibn:sliould consult this WestClay Economic Development l' tan as well as the Integrated'.Eeonornk Development Plan and Redevelopment Plan, as`amerided and promulgated by the CRC, The Integrated Economic Developments&.Redevelopment-Plans contain all previous ED &-RD Plans for the CRC'. WestClay Eindings'of Fact Indiana statute IC 16-1-14-provides forthe formation of an Economic! Development Area in accordance with Elie following.criteria: 1. Thetplan for the Economic Development Area: promotes significant opportunities far the gainful employment of its citizens; attracts major new business enterprise to the unit(of government), retains,or expands;a significant business enterprise existing in#he unit;or; meets other purposes of;redevelopmenI and economic develop"ment. 2. The plan for- the Economic Developmertwkea cannotbe echteved'by regulatory processes, or by the ordinary operation of private enterprise because of:.fack of public improvements, existence of improvements or conditions that lower the value of land below that of nearby land; multiple ownership ofland;:or otherstmilanconditions. 3. The pu6libhealth and welfare wifl.be benefited by the plan for the economic development of the area. 4. the,accomplishment.of the plan for`the Economfc'Developmerit,Area will be a public- utilltyand benefit as measured'by the attraction or reteniian ofpermaneni lobs; an increase in the property tak bass, or; impriive'lhe diversity and econorricbase'or oiher similar'beneflts: 5. The plan for:the Economic Development area conforms io.otherDevelopmentand Redevelopment Plans of the unit.. Finding of'Fact #f.' °._.the plan promotes significant opportunities for the gainful employment of its, citizens; attract major new busii?ess enterprise; ...retains or expands-a significant business enterprise existing in the unit...." Designation' of the WestClay Economic Development Area is,undertaken;'for the specific purpose of capmring.li- oposed commercial & retail development into the,integrated economic development areas, The specific target market for this-commcrciallrgtail development is the capture of business activity 'supported by residential development in western Carmel . It is estimated"that`1'50-300"full-timeequivalefit jobs'willbe created in the commercial/retail area captured by the,WestClayED Area designation. In addition,. it is the intent:ofthe City that developmenfin the WestClay ED Area'attract complementary new,bu-siness enterprise tb'the West Clay Village Center; consistent with the approved plan for theoverall' Village of West Clay.. The=CRC is responding directly to an approved development ,plan, with the fidl,expeciation that "new employment opportunities will be captured in this"ED Area,.and as such, i6s'determined that the proposed Economic Development-Area meets this statutory finding of fact. WostClay Economic Development PIan:071129 Finding of Fact #t2' the plan.. cannot be achieved by regulatory processes or by the ordinary'ope_ration of private enterprise becauseW lack of public improvements... or other. similar conditions." The designation of the WestClay ED Area,responds to a series of conditions that-relate to the development of commercial parcels in support of broad-scale residential development.' Theoriginal_Village.of WestClaywas approved in 1999 as,a'`new urbanism' concept which included' a central, commorci'allretail:area, the Village Center; consisting of 250,000 sguarefeetofspace, The Village`Center plan was not-readily accepted'by the market, and, thus, in 2005-2006 an amended plan.was,proposed by the . developer which-shifted 100;0[10`' square feet of commercial away from the Village Center„to the SW quadrant of Towne.Road and.131s' Street. This plan amen dment'was, reviewed and: approved by the Car eel'P1amComniission and Carmel City Council; ;.arid the ED Area designation reflects the. final approval. The City's Economic Development Plans and policies cannot be achieved solelythrough traditional regulatory processes orthrough.thenormal operation,of private enterprise.for several reasons. First,_'the City Center redevelopment' projects, as'reflected.in the Integrated ED/RD Plan (of which the WestClay FD-Plan will become a part) cannot be, accomplished through the normal operation of private, enterprise;orthrough the regulatory process, Obstacles-to successful. redevelopment are becoming. more, difficult as a result of uncoordinated or vninfo`rmed stale legislative actions and policies 'which frgstrate•and::elongaie redevelopmeatefforts These state-ieve]•actions add to the difficulty of achieving successful redeveloprnent,of City Center,, and contribute' lo' the need to, draw potentialrevenues from new development toward the City Center in order to keep redevelopment plans on track. Second; while the WestClay.developer has provided amplified levels ofinfrastructuic support in the,vicinity of'the.ED Area, the historic lack of coordinated infrastructure investment in the broader area of western Carmel has exposed other infrastructure needs and inadequacies. The City oCCarmel is moving to address these problems with new road-construction bonds and major infrastructure projects;: and this ED Area designation is intended to be a part of this comprehensive,.effort,fo add ress,the.inlrastructure needs o f the area. Addressing these infrastructure needs cannot, effectively be accomplished through regulatory action or-through the normal ope"ration of private enterprise, especially insofar-as,a growing portion of increasedtraffic patterns are coming;from,outside of the regulatoryjurisdiction of,the city'ofCarmel. Furthermore; the City Center Redevelopment' Area was designated with a full compicment of findings of blight, indicating that the area was suffering from lack of private. investment;,urban deterioration and.otherbligliting influences. These findings are also,hereby incorporated, into this economic:development plan by. refefcnce. The additional findings of fact necessary to,meetthe statutory requirements for designation of the'WestCl'ayEConomic'Development.Area are intended to supplement, rather than replace; the previous findings of fact and findings of blight; which arc apart of the lntegrated'.Economic Development & Redevelopment Plan. WestClay Economic Development'. Plan 071129 O The Carmel Redevelopment Cominission has'undertaken an extended series of planning, design, and construction projectsnn;central Carmel to create a,dynamic environment for economic development and redevelopment, as'a catalyst-for fuu4e private sector investment and job creation. The;CityCenier RedevelopmentPlan clearly stated Tan extensive'intent on the part of the City of Carmel to develop a broad range of public improvements`to draw econoric, recreational and arts actiyity into the CityCent@r; possibly including a performing' arts center,, variousmew`streets/roads, various ' improvements to existing streets/roads; expansion/enl ancemeni ofpublicaparking facilities, sidewalk and road improvements, and other forms ofpublic improvements. The West Clay CD Area designation is intended'as an extension of the *viotisly-stated policy on the part of the CRC. The entirety of the CRC's:econorr& developmenhsfrategy depends`.upon making major public improvements in order,to enable4herWestClay Economic-,Develapment.Area to, to serve its allocable portion of a -city with over 60,000population, and a metropolitan' trade arca.,of nearly, 209,000 population. Clearly, tho:public,improvements serving the.City Center area whon;the redevelopment and economic;areas:,6rere originally established in I997,.including ii firastracluce and paring; were designed'ta serve _a small"town of less than •2 000 people. Therefore;; investment in public infrastructure •is'required,in order.to serve the anticipated growth and developmeni of Carmel-tei a comirunity„of'100,000 population or more. anticipated in the adopted 2020 Comprehensive Plan. The need for major public improvement's are unlikely to'be effectively realized through simple regulatory.enforcement on,normal operation of private enterprise: The sum'of these: argumentaleads to'the conclusion that the CRC can only achieve, its economic, development,. community development and central Carmel:redevelopment goals through the creative application of development partneiships and comprehensive infrastructure investment.. 1n creating those pannershps; economic development and redevelopment incentives can be applied to those' development, proposals which mect the CRC:'s criteria and vision, but in•no case,can the simple operation of private enterprise or the simple application of regulatory processes. lead to a.s6ccessful outcome. As such, the proposed WestCIay Economic Development Area, as;part of the, Integrated ED Area, is determined to meet this statutory finding,of:fact. Finding of Fact #3: 'The public health and welfare will be-benefited... The proposal to create the WestClay Economic Development Area aiill'.beriefif'the public health and welfare in several ways, as follows:. t. The public welfare will be benefited by providing:new jobs and significantopportunities for employment of the citizens of Carmel, as 'a result of the,proposed developments. 2. The public welfare will;be.benefited by introducing new opportunities for arts, entertainment andcultural,enhancement in,the City Center. 3. The public welfare will be benefited through the development of retaillcommercial business; to serve residents,of Clay'Township, reducing travel'time, fuel corisumption'and air pollution related to coinmerciafbusiness trips. originating in the-area. 4. The public welfare will be benefited, by creation of new assessed value'within the Economic Development Area. WestClay Economic-Development Plan 071129 Jr 5. The;public health will be benefited by improvements to safety features.and local transportation and.infraslructure which are designed to reduce the incitlenca and severity of traffic accidents, iincluding pedestnans siruok by vehicles, as well.as vehicular accidents. 6. Th epublic health will be'benefited.byinfrastructrire irniiecverrents which,rednce traffic cangestion and thus improve local air-quality, 7. The -public: health will he' benefited by providing enhancers roadway design"other thoroughfare: amenities which provides customeis with safe access to busin'ess'es in the ED Area. It has been file CRC's strategy since 1997 to enhance the-quality of life in Carinel by improving,the downtown and City.Cenler area to offer more arts, recreational, and cultural opportunities to citizens of Carmel' and the, metropolitamarea: Effectively, "quality of life".and °public`health and welfare" are'synonymous terms: "Therefore; the CRC hereby asserts that this statutory'finding is satisfied. Finding of"Fact #4: "... accomplishment of the plan will be of pubIfc ufility...;as measured by., the attraction or retention,a permanent jobs,;an increase,in the, property tax base... or,oihersimifar benefits. The CRC hereby asserts that =the accomplishment°of this Economic' Development Plan, including its goals, objectives,<strategies, and projects, will be.of public utility, as defined in thestatute. The approved developinenfwill, increase'the; number vfpermaaent jobs in the E,D-Area by approximately'I A, 31)0 jobs; as well assupporting the retention,of existing jobs which are already located in' the Arts District, and-City Center. In addition,-it is clear that,the approved convnarcial/retail development will also increase the property tax base, as well as contribute to. the economic base of. the City of Carmel, These proposed developments, by providing shopping convenience in westem Carmel, help make the community a better place to live; and thus,will help improve the, city's business.inveslment climate for attracting new growth and retention of a broad range'of new businesses, including. small, start-up businesses, majdi commerc_iai"bu"sinesses and arts-related businesses. Many of these businesses could not be attracted or retained, or otherwise would nbt.bc permitted to grow,-withotit developments such-as this neighborhood retaillcommercial'development, which make the overall city a better place to live and work. While Cannel has abumber of areas.where major new offrceiretail development is occurring, including the•US 39: Corridor, the number'of these neighborhood serving facilities in..the'westem`Clay Township area is.extremely.hmited. As such, the CRC asserts that the WestGlay ED Area ,& Plan meefahis statutory requirement. Finding of Fact*5: 'Yhe;pian for the Economic. Development. Area conforms to other development'and redevelopment 'plans of the unit:'" The CRC'hereby asserts that the,WestClay Economic Development Plan conforms in every respect to the other economic,development-anda-edevelopment plans for the area. The Carmel Plan Cormnission has previously considered and approved the development' of the commerciallretail parcels that comprise the,proposed WestClayED Area. By virtue of the Plan Conatnission's approvaloftt is retail/commercial development, the WestCli y Economic-DevelopmenYPlan 071.129 10 CRC.hereby asserts thai the Flan Commission-and City Council'has4p6rovcd'the development as conforming to,the comprehensive, plan for the;area. This Economic Development Plan alters none ofdhepreviousfindings ofthe7ntegrated ED Plan & Area. The;City and;theYlan Commission have worked cooperatively.since the inception of economic development. and redevelopmentefforts by the CRC. This Economic Development Plan. cann&'reasonably be-interpreted in any manner-that does not conforrn'to the overall plan of development and redevelopment for the City=of Carmel, and as.such,,is•expecfed that:this statiitory, finding of faokis,satisfied: Economic Development Strategy The CRC seeks,to designate the W.estClay'Ec¢nomid,Development Area-for the purpose of promoting the overall economic development and redevelopment strategies and policies of the CRC: The CRC's strategy for designating;this-Economic Development Area is primarily directed at,integrati,ng the economic development and redevelopment activities andipolicies of the..CRC for the entire City. The CRC has been consistentwifh regard to its overall, economic development and redevelopment objectives. Beginning with the original "Integrated Economic Development Area & Plan and continuing through several subsequent amendnients, as well.as the creation of several subsequent ED Areas, the CRC has publielyrmaintained, their initial economiedevelapment and redevelopmentstrategibs.. The fundamental premise of these EDIRD strategies?is that in order 'to:combat urbanblight,caused by removal of investment and exisiuig,substandaid infrastructure in Carrnel's.urban core, the CRC must implement ,policies which recognize (bee interdependence of `'suburban' and 'urban'economic.deyelopment,prdjects. Tt e CRC'hn_consistenilytakenthe position that an economically unhealthy urban core will cause or contribute to suburban economic development deterioration, and therefore, tliat.redevelopment projects in City Center do, imfact;.;dirmtly.benefitthe `suburban` economic development areas by maintaining an economically healthy downtown, and, overall healthy climate for development investment, and job creation. The CRC has sought constructive partnerships with,devel6pers,possessing the professional capability to' successfully implementdcevclopment.and redevelopment. projects which are compatible with .the.CRC's vision f6r the City Center area: This ED Area designation is therefore consistent with previous and continuing CRC economic development and redevelopment projects, Economic Devetopment.Projects The CRC's intent with regard to creation of the WestCtay ED Area:inbludes,the use of TIF Fund's for the following projects in conjunction with the approved retarl/conmercial development. _ WestClay`Economic ?evetoprnent Fla6071129 11 Cost item Estimated cost(min/max) Potential revenue s6pport for City Center projects $1 million to $3 million Thoroughfare B Corridor improvements' $500,000 to'$1 million Ingress/Egress'provisions (including' handicapped access) $100,000 to $&0.000 Other infrestruciure support $100,000 to $500,000 Preliminary Subtotal.of Estimated Project Costs $17 million to $5 million In addition to the economic development projects presented above, Ihe`CRC acknowledges thaVpotential future T1F revenues can be used to su°pport,redevelop"ment projects undertaken by the CRCln the City Center Area, and that such use of the excess TIF revenues will directly serve and benefiTthe.WestCay ED Maa,:ifiaccordance with statutory requirements: /crc WestClay,ed,plan WestCley Economic Development Plan 071129, 12