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HomeMy WebLinkAbout2000-Integrated & Amend.Econ. Develp. Areas e Carmel Redevelopment Commission Carmel, Indiana lute rated Economic be velo ment p PIan Amended Redevelopmen t Plan Integration Consolidation of Economic Development Areas 126t Street Economic Development Area Amended 126t Street Economic Development Area Pennsylvania Street North South Economic Development Areas Old Town Economic Development Area City Center Redevelopment Area January 31, 2000 Waaazl Zchoffkg olc�o Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci@aol.com Table Of Contents Introduction 1 Summary of Previous Actions 1 Purpose of this Amendment Action 4 Statement of Policy Amendments 6 Interconnected Benefits 6 Amendment to the Old Town EDPIan 8 Amendment to the City Center Redevelopment Plan 8 Total Designated Areas 9 Impact of Future Actions 10 Description of the Integrated EDArea 11 Findings of Fact 12 Overview 12 Continuation of the City Center Project 12 Findings of Fact Related to Additional EDAreas 13 Finding of Fact #1: "...promotes significant opportunities for the gainful employment of its citizens..." 14 Finding of Fact #2: "...lack of local public improvements 15 Finding #3: "...the public health and welfare will be benefitted. 17 Finding #4: "an increase in the property tax base..." 19 Finding #5: "...conforms to other development and redevelopment plans...." 20 Summary 22 Description of the Proposed Projects 24 The City Center Project 24 Pennsylvania Street Corridor Widening 25 Future Projects Overview 25 Economic Development Strategy 28 Integrated EDPIan Conclusions 29 Integrated EDPIan Recommendations 31 Parcels Potentially to be Acquired 32 I i. li p‘ X- Yy- I J 1, T" ,K 7., ''',_:_u- i I N 7 I, 1- >71 -4".:.'.. 1 i -J. 7 8 _I-- I, Old Town 1 1/cm,', 1;- •-1 NI Economic Development Area H-v 7 1 2 11- -1 321 6 ac z. L '1 7 os' -1 i-.\, 3 "T■1 -AI 7_,_ I:. I L/ 1 1 I I m illirillal l 9 Ill ra r_ Wi MII:f4 ::11 IMINW) t in ea lillellisi ..-rm c I es 1- r,_:101,- Imm.sg= Street Corridor (no Ai rth) --21---/"--- 611.44:-:. 2 ii51:. -:E' l i; TI I, 7 4 E i co i nomic Development Area :::,...7 nun. co 1 ineasii 1 1 mi im 1 z R Ifflon moo '46- .....1.111§115,-, 1 \N/ IIIPPIFr ig:.• vol• M E I r t., ---7- f i f. M_____* gi rAta ii`. I: r r--•,-,-,-- 1 V oi in y r o r V i-t-r-rt. i I 1 t 1=' I -H MEM, 1 illE) I c.. I t- ‘.1 4 \II Li ,>„.x,, ,„0-.:„, ,x, i enter i 1 ii ir.•;:„.,... ri- \e' C RL Y e C velopment Area 1 v; (t WI ,x r „.„...,,,,,.„2,,,„,,,,....::„.„.,, ...4(-4; e: 0 i 0, g 1 r .4e. .t -.4. 4 A...,, f•,..' .,4‘;„„-t,,,,, -_-_-_-,7 -Jz,:;i'w•t•li-J1 ..1 ,I.-7 ,...1..w ,,,,„*.1- i Y rn q 1 I I ;II 1 d 1'7(1 r_----- f i '1'4%i, i '''''''',i,T;.. --1 I Carmel Driv I ,tri /Ai ..1 •.1.4,. 11 I IL, 1.4 4 TT I I 0 -syr,,,14, 1 7,,, 1 i r s ,`,.--k• 70 1 i 1 1&, I -4 126th Street Corridor (original) n• 1 1 i 1 1 I 1 1 ,---4, 1 Economic Development Area 277 9 ac holm!. 1 1 i I r 7 .4 I 71= i t t-...7 i w ..4----i- ji, i 4_ '1 1 1 I --'2 .7 126th Street Corridor (amended) ..1A_____ 7 1 IL__ e i 'I Mill i ir Economic Development Area 544.2 ac. n 1 -N 7 V i ..,,,7 ,1--' I r igitifIlIA_.,..,=.__,,,,,.. _iB_.- i \_2—:7- 4-..,--- L_ i i I 7 i ,...L.I.L,- I 1 1 1 Penn Street Corridor (south) I 1 ,L: 1 •g4.14: it- 1 130 ac Economic Development Area 1 J1 t 7 1- t 1 if I 08P. -•71-\/\(z-1- .g. _1_, r 1 -4: -Jail 106th 5 1, ,T wiaN'1FANNII r a IIIVI t ill-Ilimir1111 MillirMilik".11 w I_I I I ri li 7 -1_ 1 (6 MAP No. 1 0 1- J 1 1 2, I Mil r y /1 i 1 1 Carmel Redevelopment Commission _,._.11 EXISTING ECONOMIC DEVELOPMENT AREAS sgunitem-seummr 7, IF i 1 1 f /A Vit 4- _i_ _t_ i -4_ L. w 1-y-, t City of Carmel, Indiana r= ;',1, 1 i I 1 111111 '--..:_voii 31 January 2000 V' 2000' =i ,7 I .1, n 1 1 0 A pr-; ---Ly oh v ifs \c 0401 ..s. I ir 0 4 T 1 H H...„... i )...j1 8 5 4#4 eik :1 i t 1---j i 126th r1V°eistitTrilLr `r. Development Area Economic P 47.1 acres I H 4 ;f:., I t 14 4 1 I 1 1 _I 4 941 mu 1 -'r j 1 ------I__T-- EXPANSION AREA #1 rl, 11,1 Penn Street Corridor (north) 11' ILI Economic Development Area 1 39.1 9.4 48.5 acres ii 1.----- I i i I 1 li TOTAL PROPOSED EXPANSION 48.5 47.1 95.6 Acres 1 11---i r----- MAP No. 2 0 i 17/ 1 Carmel Redevelopment Commission I --1 PROPSED EXPANSION AREAS 1 [ii, 4 I 1 City of Carmel, Indiana Li/ 31 January 2000 1" 1200 1 I I _11 1 11,21,„„,...--Jtj 1 I "4-:- c V r -:1 10 --i i 1 ,1 1 1-/-\-t- r 1 I lj- 1 i .›>,_1 __:i I! Ai I i I i, H,:. h -,„„iii ,,..h, IN I „s\;:. 1: g ei N •,,-_klfRil 1 7c 1 4 1 Ell N A i' 6 i 3 L.; Li g 1 I r -_;''r Miaue' 011 is 121 I: 121: 11 12 ...j2, ',A L 1 ".618,....'' in a at C= ItUri i r H t .H ___I k 7 A,,..__ F -Fauluo:...,. ii Tri I, 1 egaz: 0 M Rn n l i Ce= et 13 MN 1 u .11 t i,_.- i_ L -2 Briplillffilil r E eit NIIMMilirlfilla„,,n, _,17 -Eili-- s j r,, c_ lo f..-_i_ ill ,2•1, :r i 1 ,t.::•;',"- -1-17-7:1: 71').-''''''''41L 1 12:-1-'1--11-7.i- ol..- E uth'IMI., ..,........jrai,! „Lim!, ....i.s. _......-1.74-171::17-_----7-1:11_,:,;• 2 1 1 1 E 1! Will 4"4 P 11 7.C/77:::71 ''A Wy.. I _t rilEMINIi,A, IL :_l_.- .4r 1„.1.11, et. „,„:„1_.,...._... 1 VL...a RLLL 1__ a ,,i,,____,_. ....f......„..... c =r----- 11 1-- LI 04„,,,,.. i s \-3 "..,:i j iF::. 1 4 __„.1 1 1 H ,rr 7 01016 j r i, 7 f.1 armo Dmriri 1 i, j rE,:. ow i 1;(4` it -;=-11_,____k' -'"..44 .1 1 1- I I :::;71T,1Ii.__H1.:',1'11111'11_11' -1 I'l ''/r.//11111;11-'_1--. it''1:---1::11:=111-- L<:)jr----:'..111iIll4HE:T 1 '''--1 7;(:-..:1 1 1 1 I 1 k_L_.! I f 1 i'd -1-:, qm, I 'H I— 1 L.:Hi: i 1 _L 4 INTEGRATED ECONOMIC DEVELOPMENT AREA 1 'n'- 1 810.9 acres 1 .0..i .1 1 i iv. 1= pp! 1 1 2 1 I_, c I I 1---- if 1 I” _-E 1 T Ar 4- t 1 I 1 MMI LT r :=3-' 1 1 L-J1 1 F_ g f j 1 I 1 I i 11 71- E 4. .4,J,I.., ,4 I 1 i_-_ -i,:--: __i.' 1_ Tr-- ,L ..:_:._.___i_ 1 f I I 1 .--z 7 1 7 -4,, I i j 7 E. I MliDia, ita :1; -i,- 7 leiNkal r, =Erni ',11:1L 106th Streei -1 1 1 ;NE gm MAP NO 3 MI MA IIIII-711111-- VIM. 0 liFi Carmel Redevelopment Commission 7 rr, 7 7 I- 1 7-771 1 i\ -1- I 1 L i -4-<_..2,..--:\ r_, -1, )jA. ,1, --7:_ F. ii,,_ -1-_1: INTEGRATED ECONOMIC DEVELOPMENT AREA 1 1 ,,,,,/,,..,,,,,,,,,,,„.„,---,_7( City of Carmel, Indiana 3 -----r_ ,.r.-- -1- I,V 1--- 7. ''''''Y 2"° LI 1 1-- .1 i-. Li: 1 o ,t r 2000' 1 .)-4+- -17 LI 7 i .46.:-- ill _-_N 711_,H Val.- 7 :I 4) ri l h, 1 \iiiiir V,, 1 iilil ii Hiii 1 1 u k 113 I ii 1 11 2■ 6\'""' \L; ''1111111"771 i k sj ..s. 1 •_i 1 =0 BS Blii I ,,,r,_ 1,1 7- i itip-o-- el ea .1 P 1 I E_ ft. i _ft. es 0,- 11,---- 7 ,r i i t J 1. \-I;lt in 1 i sa,(ggelri if 4- N mii •11,--r 111: gg:T.:: I 1 I "rir 1 r1 1 II-- 1 1 rr i 1 l' 1 1 11111O an ar =111 1----- or.. ,.-,...11111g2Ava MI on opal II= 0 13 MI T -..N\ .e....' 1 =I II riffiliim m g MEC 0 L r WINO i 15 =¢1 i-\ ._i__ ---N- 1, 717,7:\ ::411.11 ...I leii ilaifs-4- 1 T., ttirt'i: 1 1, i \,1 I mil i al,a t,. H- .3_ ,e i 4 2, 1 4 4,,,‘ )0.,:: 4 1 L_ .11:-I 1111 dm 4, t 1 1 I ....;fli -2 .1 ..'A K... :...."4.e,74,';',. l 71 ri- -711= 4i,:i' f. I I i t m i i- 2..::A„,.., VI_ .H1 —4 .,.fr.,-. 4: ',,I<;; --t 1 I -1,7 I /41 1 r ,,I________at. 4. x +,,i,*: 1 ,e 1-H-; •=i- -1 '4, 1 1 --i :-.--1, t._____;„ 1 11,._ i 1 1 '4' IL 1111 1 ;1 1iC k_= c 1 r.l.'_'..12! )4, 4 1 t 7' ./■,..gt* i 5 ,,,v____.,.._..... M L.L." C armel Drive _i____ k i. __i_ i r 1 --)4, ,-,!3; i 1— i E i i i L- t, 1 1 I 1 11 ri 1 1 I 1 I 11 I 11001 i _J 1 i 1 TQ I I I I 1 II 1 I I J-F-4 1 1 44-F-- T __I] ii FIE _17 1/_ .......1-F,W r-- L _7, A 4 -7, .1 I it ___J_:_J AI _1 1 i IT' i INTEGRATED TAX ALLOCATION AREA --1 --7-' -r- i --)7 it i 1 III Li, 1r\ 721.1 acres /7 r. Zr/ i t 7 --v- *AR 1 LI LP= z.-,Hil !N; 1 /L 1_ III 7 H pity •N, r 7 mith 1 --L__/__ __r-- 1 1 II !■!1' 1ii :W:_ _L.:__ r- T T -7 j _\i--- IIW --L ).N t 4 0 Ram r .elluds 4 4 _t_ ....i i Carmel Redevelopment Commission ''V\ q- ,H I 1 1 mom ry i -t H_ i 11 1.47L11 ow/ 0 HIT INTEGRATED TAX ALLOCATION AREA -1 RP' ,i C i y o 't f Carmel, Indiana MI I 1 21 31 January 2000 1' =1800 H L---- I-- -1 7 7 I l in ;I T __J- ;_iT n n- -7\ ...rk\ 1 1 i I Introduction The following introduction is offered as a means of "setting the stage," for the actions recommended in this Integrated Economic Development Plan (EDPIan). The 126t Street Economic Development Area is a critical area for the future of Carmel. This area contains the City's primary business/ office /industrial development, and it represents a substantial portion of the city's non residential property tax base. As a result of its importance, the 126t Street Economic Development Area (126t EDArea) has received a great deal of development since the original action to create the EDArea. Summary of Previous Actions The following summary explains the motives and actions undertaken prior to the development of this Plan. The summary will summarize the actions previously taken by the Carmel Redevelopment Commission (CRDC) with regard to the creation of economic development areas and redevelopment areas in the central part of the city. Please note that the following narrative does not address either the Merchant's Square area or the economic development area(s) created to support the financing for the Hazel Dell Parkway project, because these projects are not integral to the economic development activity in the central parts of the City. In all, the CRDC created four economic development areas and a redevelopment area, as well as amending the 126t Street EDArea to include more territory. Map #1 supports the following narrative. THE OLD TOWN 126TH STREET ECONOMIC DEVELOPMENT AREAS: The 126th Street Corridor Economic Development Area was created by the Carmel Redevelopment Commission, with the affirmation of the Plan Commission and City Council, during the summer of 1997. The Economic Development Plan which documented the creation of the 126t Street Corridor Economic Development Area was officially named the "Economic Development Plan: Old Town 126" Street Corridor Economic Development Areas." It is clear from the title that the original Economic Development Plan created two Economic Development Areas simultaneously, each with its own documented findings and justification through previous editions of the comprehensive plan. The Old Town EDArea was formed for the purpose of supporting Integrated 126th Street Corridor Economic Development Plan 1 streetscape and other improvements to the Old Town area of Carmel. This area represents the oldest developments in Carmel, including the old downtown area, adjacent to the intersection of 131St Street and Rangeline Road, which was once the developmental center of Carmel. The Old Town EDArea was not contiguous with the 126t Street EDArea. The 126t Street EDArea was formed to support the extension of the 126t Street corridor from Rangeline Road, westward into the Science Technology Park. By completing the 126t Street corridor in this manner, the city consolidated its thoroughfare system such that the Science Technology Park and the US31 corridor were more efficiently linked with the City Center area.. At the time these areas were created, the primary financing for the proposed improvements was provided by a COIT -based Redevelopment Authority bond, and no action was taken to create /designate a tax allocation area for TIF purposes. PENNSYLVANIA ST. NORTH SOUTH ECONOMIC DEVELOPMENT AREAS: At the same time as the 126t St. EDArea was created, the Carmel Redevelopment Commission (CRDC) also approved the creation of the Pennsylvania Street North Economic Development Area (Penn North) and the Pennsylvania Street South Economic Development Area (Penn South). The purpose of creating these two areas was to support the widening of the Pennsylvania Street corridor in order to: handle greater traffic flow; to serve new development which would occur once the corridor was complete; and to accommodate the long term development of a limited access freeway facility along US31. In the long term scenario, the improved Pennsylvania Street corridor would provide thoroughfare service to the east side of the US31 corridor, while a similar corridor would be developed on the west side of US31 to provide access on that side. It was necessary to create two, separate EDAreas because a portion of the corridor had not been incorporated into the City of Carmel. The Pennsylvania Street EDAreas were not officially designated as tax allocation areas for the purpose of TIF financing support. The improvements to the Pennsylvania Street corridor were to be undertaken using the same COIT -based Redevelopment Authority bonds that were used for the 126t Street project, and Hazel Dell Road. AMENDED 1 26 STREET ECONOMIC DEVELOPMENT AREA: Integrated 126th Street Corridor Economic Development Plan 2 The amended EDPIan for the 126t Street corridor dealt solely with the portion of the original Economic Development Plan (EDPIan) pertaining to the 126' Street Corridor. No portion of the Old Town Economic Development Area or Economic Development Plan was amended by that effort. The amendment action significantly enlarged the 126' Street Economic Development Area (126t EDArea) to the west, bringing most of the Science Technology Park into the EDArea. As a result of that amendment action, as shown in Map #1, the 126t Street EDArea abutted the Pennsylvania Street North Pennsylvania Street South EDAreas. At the same time, the portion of the 126' Street EDArea surrounding the government complex was deleted from the EDArea for the purpose of creating a redevelopment area under Indiana law (see Map #1.) The amendments to the 126t Street EDArea were undertaken to enable the City to support the City Center project which was proposed and approved by the City to be implemented along the west side of Rangeline Road, south of 126t Street, and north of the government complex. The financing was to support the first phases (primarily land acquisition) of the City Center project, and the financial plan was to issue Redevelopment Commission/Authority bonds based on COIT revenues. The City also designated the 126t Street Economic Development Area, as amended, as a tax allocation area for TIF purposes. Incremental tax revenues from the allocation area would provide a revenue source which would be used to offset the payments from COIT. THE CITY CENTER REDEVELOPMENT AREA: The City Center Redevelopment Area was created to directly support the development of the City Center project. The City Center project is a multi- faceted proposal to include a mix of moderate to high- intensity commercial, retail, office, public and other space. The project was capable of accommodating such things as museums, performing arts, retail, office, residential and other types of development, and the long term intent was for the City Center project to identify and anchor this area as the business hub of the city, and to protect the long economic term viability of the area. The results of this action are also shown on Map #1. The City Center Redevelopment Area was also designated as a tax allocation area for TIF purposes. The primary financing for the initial phases of the City Center project was to come from a COIT bond, issued by the Redevelopment Commission/Authority. In this financing arrangement, the revenue source for repaying the bonds was COIT, while Integrated 126th Street Corridor Economic Development Plan 3 incremental tax revenue from the allocation area would provide a revenue source which would be used to offset the COIT cash flow. INITIAL FINANCIAL RESULTS IN THE REDEVELOPMENT AREA: The COIT bond which was issued to support the City Center Redevelopment Area and its activities resulted in the acquisition of several parcels of land north of the Government Center, along the 126t Street corridor. Those parcels were fundamentally undeveloped prior to the creation of the RDArea. As a result of the acquisition and redevelopment of these parcels, however, the Redevelopment Commission realized a substantial developmental windfall. The AMLI development was recruited into the RDArea by virtue of the acquisition of land by the Carmel RDC. The RDC assembled the land and advertised for development proposals for this property, and as a result of that effort, the community realized a direct cash benefit of some $4 million for the purchase of the land, as well as the developmental benefits associated with future property tax increment. Please note that these parcels were previously undeveloped, despite their prime location, therefore, the ability of the RDC to recruit suitable development in conjunction with the City Center Redevelopment Plan was a major overall benefit to the community. Purpose of this Amendment Action The purpose of this amendment to the 126 Street Corridor Economic Development Plan is to clarify and coordinate all of the previous actions into a single, integrated plan. Map #1 shows all of the previous economic development and redevelopment areas created to support the efficient and effective development of the central part of the City of Carmel. The purpose of this Amendment Action (Amendment #2) is to present the public and the various city agencies and elected officials with a single, integrated plan that shows what has happened within theses EDAreas and also shows what is proposed to happen over the next 10 -20 years. PROPOSED ACTIONS: This Amendment #2: Integrated Economic Development Plan undertakes the following specific activities (see Map #2): 1. To consolidate three (3) of the economic development areas within the central part of the City into a single, integrated economic development area, as follows: Integrated 126th Street Corridor Economic Development Plan 4 Pennsylvania Street South Economic Development Area; Pennsylvania Street North Economic Development Area; 126` Street Economic Development Area, as amended. 2. To extend the boundaries of the Integrated Economic Development Area to include new development which has taken place in the vicinity. 3. To designate as a tax allocation area that portion of the Integrated Economic Development Area not currently designated as a tax allocation area, as a means of providing future financing opportunities to stimulate desirable economic development in the integrated area. (See Map #2.) PURPOSE OF THE PROPOSED ACTIONS: The Economic Development Areas are being consolidated and amended for several reasons: 1. To clarify and simplify the economic development scenario related to the ultimate development of the central portion of the City. 2. To extend the tax allocation area of the City for the purpose of potentially supporting additional phases of the City Center project. Now that the land acquisition has been complete, the 126` Street corridor is functional, the City has been presented with new development opportunities related to the City Center project. 3. To increase the capacity for tax increment financing in support of economic development opportunities in the integrated area. 4. To set the stage for specific consideration of additional financing strategies for projects related to the central area of the community. Integrated 126th Street Corridor Economic Development Plan 5 Statement of Policy Amendments The purpose of the Integrated EDPIan is to provide the city's leadership with a single, organized planning document from which to base future economic development policy decisions. As will be explained below, much of this Integrated EDP1an is simply a consolidation and re- statement of the original body of multiple economic development plans and redevelopment plans. In addition to that re- statement, however, the Integrated EDP1an officially extends the individual existing plans, in part as follows. Interconnected Benefits The 126t Street Economic Development Plan (as amended), the Old Town Economic Development Plan, the Pennsylvania Street North South Economic Development Plans, and the City Center Redevelopment Plan have been developed as an interconnected network of planning documents relating to the long term development of the business core of the City of Carmel. These plans were originally conceived as integrated documents, each with a specific contribution to the overall development pattern of this core area. Originally, however, it was impossible to predict how quickly the developmental elements would come together. DEVELOPMENTAL CHARACTER: The development of the Pennsylvania Street corridor is integral to the long term plan to develop the US31 corridor into a limited access, freeway corridor. Ultimately, the improved Pennsylvania corridor will be paired with an improved corridor west of US31 to provide local access to important developments along the US31 corridor, thus allowing US31 to be re- designed as a freeway. The Old Town area is projected to be redeveloped as an intense urban core containing the historical origins of the City. This area will ultimately reflect the city's historic character and will be linked to the commercial core of the city through the Science Technology Park, as well as the Carmel Drive commercial area. The 126` Street EDArea will represent Carmel's development as an upscale business center, containing some of the region's most successful high technology business interests. This area was once defined by the Carmel Industrial Park, which was severely limited in its developmental capacity. Through the development of a greater vision, however, the Integrated 126th Street Corridor Economic Development Plan 6 original Industrial Park was expanded and its developmental profile substantially elevated to include the attraction of business headquarter operations, as well as high profile national offices and high -rise office and conference complexes. This area represents the city's highest profile business core. The City Center Redevelopment Area was conceived as the cultural center of the community. Although Carmel has grown as an upscale suburban community, the City Center concept was developed as a place where the best of the community was anchored in defining the future character of the community. The City Center proposal included arts and cultural facilities, substantial public spaces, improved thoroughfare access, and increased visibility of the community's core. INTERCONNECTING SERVICES AND BENEFITS: Due to the developmental character issues discussed above, the original planning efforts, including the economic development plans and redevelopment plans for the various areas, it was determined that services and benefits resulting from projects in one area directly interconnected with benefits from projects in the other areas. Improvements to the 126t Street corridor would directly serve and benefit Old Town by increasing thoroughfare access to the historic downtown. Cultural facilities in the City Center would directly serve and benefit old downtown merchants by increasing popular access to their businesses. Having greater cultural traffic in the City Center would also improve the visibility of the Science Technology Park, and thereby directly serve and benefit that area.. Improvements to the Pennsylvania St. corridor would generally increase access to the business core of the community, and thereby directly serve and benefit that area. In short, each of these separate planning efforts contributed incrementally to the developmental character of the others. Success in one area facilitated success in the other areas. Completion of one project made it easier to complete the next. For these reasons, the Integrated EDPIan hereby specifically and formally finds and determines that services and benefits of theses plans and projects are mutually interconnected, with each directly serving and benefitting the others. All of the projects in the Integrated EDPIan are considered to be functionally and developmentally linked toward the ultimate execution of the long term development plan for the City of Carmel in the defined areas. Integrated 126th Street Corridor Economic Development Plan 7 Amendment to the Old Town EDPIan The Old Town Economic Development Plan (EDPIan) is hereby formally amended to include support for various public private redevelopment efforts within the Old Town _EDArea.Ts_includes various proposals to______._______ redevelop certain portions of the area. Since the EDArea retains no authority for eminent domain, there is no proposed land acquisition through eminent domain, however, it may be appropriate for the city to participate in the purchase of various parcels of real estate in conjunction with certain redevelopment proposals. It is important to note, however, that the City should exercise caution in the process of purchasing land so as to assure the public that due process was carefully followed and that the public interest was served at all times. Therefore, the Old Town EDPIan is hereby amended to include appropriately negotiated land acquisition in support of public private redevelopment proposals which meet the developmental parameters of the long term development plans of the community. In such cases where the process is appropriately followed, it is therefore determined that the services and benefits of such projects to the Old Town EDArea also accrue equally and directly to the service and benefit of the amended and consolidated 126t Street EDArea and the City Center Redevelopment Area. Amendment to the City Center Redevelopment Plan The City Center Redevelopment Plan comprehensively incorporated the proposals of the City Center project, including the development of both public and private sector facilities, as well as open spaces and other developments to increase the public visibility of the RDArea, including the government center. Since the City Center Redevelopment Area was defined by a Redevelopment Plan, the CRDC retains the power of eminent domain in the City Center RDArea, which can be exercised cooperatively with the City of Carmel, depending upon the ultimate use of the land acquired. Therefore, the City Center RDPIan is officially amended to include such land acquisition as was originally envisioned in support of the implementation of the City Center project, including parcels fronting on Rangeline Road. Therefore, the City Center Redevelopment Plan (RDPIan) is hereby amended to include land acquisition, possibly including eminent domain actions, in support of the City Center Redevelopment proposals which Integrated 126th Street Corridor Economic Development Plan 8 were previously made a part of the RDP1an. Such land acquisition, either through eminent domain or negotiated purchase, should meet the developmental parameters of the long term development plans of the community. In such cases where the process is appropriately followed, it is therefore determined that the services and benefits of such projects to the City Center Redevelopment Area also accrue equally and directly to the service and benefit of the amended and consolidated 126`" Street EDArea, and the Old Town EDArea Total Designated Areas The following table summarizes the previous actions of the Carmel Redevelopment Commission with respect to the creation of economic development and redevelopment areas, as well as amendments thereto. Area Name original total acreage acreage 126 Street Economic Development Area 278 278 (less) City Center Redevelopment Area (112) 166 126 Street Economic Development Area (amended) 378 544 Pennsylvania St. North Economic Development Area 41 585 Pennsylvania St. South Economic Development Area 130 715 Old Town Economic Development Area 322 1037 Acres Recommended for Addition 110 1147 Integrated 126th Street Corridor Economic Development Plan 9 Impact of Future Actions This Integrated EDPIan is to be submitted to the Carmel Redevelopment Commission (CRDC) for approval. After receiving such approval, the Integrated= EDPian must then receive the Council. It is, therefore, important that the various agencies, bodies, elected officials and the general public understand the limitations which are imposed on subsequent decisions and actions by these various agencies and bodies. The vast bulk of all of the geographic area contained in the Integrated Economic Development Area is already within a designated economic development area. The actions proposed within this Integrated EDPIan in no way negate any previous action, but rather build upon those previous actions. Therefore, this Integrated EDP1an is undertaken with the understanding that future actions are cumulative. Any agency or governing body with authority over the decisions to be undertaken as a result of this Integrated EDPIan, therefore, should understand that such actions do not negate the previous legal actions of the CRDC or the City of Carmel. This is especially true of any actions which resulted in the issuance of public debt to support the proposed economic development activities. Since all previous actions remain in place, the impact which this future action has on the economic development planning of the city is as follows: 1. To integrate the three designated economic development areas (126` Street (as amended), Pennsylvania Street South, Pennsylvania Street North) into a single economic development area, as presented above; 2. To amend the Integrated EDArea to include new areas which are being developed (see Map #2): 3. To designate the entire Integrated EDArea subject to certain exceptions, including the new developments, as a tax allocation area (see Map #3); 4. To present projects which might be anticipated as part of the Economic Development Strategy for the Integrated EDArea for the potential of public financing and /or financial incentives. Integrated 126th Street Corridor Economic Development Plan 1 0 Description of the Integrated EDArea The description of the boundaries of the Integrated 126t Street Economic Development Area is based on the aerial parcel maps provided by the Hamilton County Auditor's office on December 15, 1997 (aerial photography dated April, 1994), as follows: Beginning at the point of intersection of the north right of way of Adams Street with the western boundary of Parcel No. 005 on Map No. 09 -36- 00, and extending southwesterly and westerly along the north right of way line of Adams Street to its point of intersection with the western right of way line of Guilford Road; Thence north along the western right of way line of Guilford Road to the northeast corner of Parcel No. 007 of Map No. 09- 36 -00; Thence west along the northern boundaries of Parcel Numbers 007, 007.001 and 002, to the point of intersection with the north right of way line of Carmel Drive; Thence northwesterly along the north right of way line of Carmel Drive to the point of intersection with the southeast corner of Parcel No. 029.001 on Map 09 -26 -00 (Shepherd Insurance); Thence north along the eastern boundary or Parcel No. 029.001 on Map No. 09 -26 -00 to the northwest corner of Parcel No. 001 of Map 09- 26 -00, (Arbors of Carmel) Thence east along the northern boundary of Parcel No. 001 on Map No. 09 -26 -00 to the southeast corner of Parcel No. 013 on Map No. 09- 26 -00, Thence north along the eastern boundary of Parcel No. 013 on Map No. 09- 26 -00, to the northeast corner of said Parcel No. 013, (proposed Buckingham development) Thence west along the northern boundary of said Parcel No. 013 to the southeast corner of Parcel No. 016 on Map No. 09- 26 -00, Thence north along the eastern boundary of said Parcel No. 016 to the northeast corner of said Parcel No. 016, Thence west along the northern boundary of said Parcel No. 016 to the point of intersection with the southeast right of way line of Old Meridian Street, Thence west, across Old Meridian Street, to the northwest right of way line of Old Meridian Street, Thence due west, across Parcel No. 1609260000015000 (Meijer) to the point of intersection with the eastern right of way line of Pennsylvania Integrated 126th Street Corridor Economic Development Plan 11 Street, (the Pennsylvania Corridor EDArea) Thence north, along the eastern right of way line of Pennsylvania Street to the point of intersection with the south right of way line of 131 St Street (Main Street), Thence west, along the south right of way line of 131S Street to the point of intersection-with the eastern right of way line of US31, Thence south, along the eastern right of way line of US31to the point of intersection with the north right of way line of 126 Street, Thence west along the north right of way line of 126" Street, across US31, to the point of intersection with the west right of way line of US31, Thence north along the west right of way line of US31 to the point of intersection with the south right of way line of 131" Street, Thence west along the south right of way line of 131 Street to the point of intersection with the east right of way line of Meridian Corners Boulevard, Thence south along the east right of way line of Meridian Corners Boulevard to the point of intersection with the northwest corner of Parcel No. 017.003 shown on Map No. 09- 26 -00, Thence east along the northern boundary of said Parcel No. 017.003 to the northeast corner of said Parcel No. 017.003, which is also the point of intersection with the western boundary of Parcel No. 016.001 on Map No. 09- 26 -00, (Hamilton Crossing West development) Thence south along the western boundary of said Parcel No. 016.001 to the point of intersection with the northern right of way line of West 126' Street, Thence south across West 126' Street to the point of intersection with the south right of way line of West 126 Street, Thence east along the south right of way line of West 126 Street to the point of intersection with the west right of way line of US31, Thence east across US31 to the point of intersection with the eastern right of way line of US31, Thence south along the eastern right of way line of US31 to the point of intersection with the southern boundary of Parcel No. 010 on Map No. 09- 35 -00, (Hamilton Crossing East (Duke) development) Thence east along the southern boundary of said Parcel No. 010 to the southeast corner of said Parcel No. 010 on Map No. 09- 35 -00, Integrated 126th Street Corridor Economic Development Plan 12 Thence northeast, across Pennsylvania Street to the point of intersection with the eastern right of way line of Pennsylvania Street, Thence north along the eastern right of way line of Pennsylvania Street to the point of intersection with the southern right of way line of 126 Street, Thence east along the southern right of way line of 126' Street to the point of intersection with the southeastern right of way line of Old Meridian Street (Old US31), Thence southwesterly along the southeastern right of way line of Old U.S. Hwy 31 to the point of intersection with the northern boundary of Parcel No. 027 (Map No. 09- 35 -00) to the northeast corner of said parcel; Thence south along the eastern boundaries of Parcel Numbers 027, 026, 025, 024, 022, and 021 to the southeast corner of Parcel No. 021 (Map No. 09- 35 -00); Thence east along the southern boundary of Parcel No. 021 to the point of intersection with the eastern right of way line of Pennsylvania Street; Thence due west, across Pennsylvania Street, to the point of intersection with the western right of way line of Pennsylvania Street; Thence south along the western right of way line of Pennsylvania Street to the point of intersection with the northeast corner of Parcel No. 037.000 on Map No. 09- 35 -00, Thence west along the northern boundary of said Parcel No. 037.000 to the point of intersection with the eastern right of way line of US31; (Pennsylvania South EDArea) Thence south along the eastern right of way line of US31 to the point of intersection with the center line of 116' Street; Thence east along the center line of 116th Street to the point of intersection with the western boundary of Parcel No. 059 (Map No. 09- 36-00); Thence north along the western boundary of Parcel Numbers 059 and 060 to the northwest corner of Parcel No. 060; Thence east along the northern boundary of Parcel 060 to the northeast corner of Parcel No. 060; Thence north along the eastern boundary of Parcel Numbers 002, 004, and 003 (as shown on Map No. 09- 36 -00) to the northeast corner of Parcel No. 003; Thence east along the southern boundary of Parcel Numbers 003 and 005 to the interior southwest corner of Parcel No. 005; Integrated 126th Street Corridor Economic Development Plan 13 Thence south along the southwest boundary of Parcel No. 005 and continuing south along the western boundary of Parcel Numbers 004.005, 004 and 004.004 to the southwest corner of Parcel No. 004.004; Thence east along the southern boundary of Parcel 004.004 to the Thence north along the eastern boundary of Parcel Numbers 004.004, 004.003, 004.101, and 004.001 to the point of intersection with the south right of way line of Carmel Drive; Thence east along the south right of way line of Carmel Drive, across Rangeline Road to the eastern right of way line of Rangeline Road; Thence north along the eastern right of way line of Rangeline Road to the south right of way line of Executive Drive, as shown on Map No.10- 31 -00; Thence east along the south right of way line of Executive Drive, as shown on Map No. 10- 31 -00, to the northwest corner of Parcel No. 006, as shown on said map; Thence south along the western boundary of Parcel No. 006 to the southwest corner of said parcel; Thence eastward, northward and eastward along the southern boundary of Parcel No. 006, as shown on Map No. 10- 31 -00, to the southeast corner of Parcel No. 006, thence eastward across the right of way of Executive Drive to the southwest corner of Parcel No. 001 (Centerpoint Section 2 -A); Thence eastward along the southern boundary of Parcel No. 001 of Centerpoint Section 2 -A, as shown on Map No. 10 -31 -00 to the southeast corner of said parcel; Thence northward along the eastern boundary of Parcel No. 001 to the northeast corner of said parcel; Thence westward along the northern boundary of Parcel No. 001, to the northeast corner of Parcel No. 003 (Centerpoint Section 2), thence westward along the northern boundaries of Centerpoint Section 2, Parcel Numbers 003, 002 and 001; Thence west along the northern boundary of Parcel No. 001 of Centerpoint Section as shown on Map No. 10- 31 -00, to the point of intersection with the center line of Rangeline Road; Thence north along the center line of Rangeline Road to the point of intersection with the northern boundary of Parcel No. 013 as shown on Map No. 09- 36 -00; Thence west along the northern boundary of Parcel No. 013 to the Integrated 126th Street Corridor Economic Development Plan 14 northwest corner of said parcel; Thence south along the western boundary of Parcel No. 013 to the southwest corner of said parcel; Thence west along the southern boundary of. Parcel No. 008.001 to the southwest corner of said parcel; Thence south, across the road right of way and continuing south along the western boundary of Parcel Numbers 016, 017, 018, 019, 020, 021, 022, 023, 024, 025.001, and 026.001, as shown on Map No. 09- 36 -00, to the southwest corner of Parcel No. 026.001; Thence west along the southern boundary of Parcel No. 015 to the southwest corner of said parcel, continuing across the Old Monon right of way to the point of intersection with the west right of way line of the Old Monon Railroad; Thence north along the west right of way line of the Old Monon Railroad to the point of intersection with the southern boundary of Parcel No. 005; Thence west along the southern boundary of Parcel No. 005 to the southwest corner of said parcel; Thence north along the western boundary of Parcel No. 005 to the point of intersection with the northern right of way line of Adams Street, which is the point of beginning. Integrated 126th Street Corridor Economic Development Plan 15 Findings of Fact Overvie w The statutory Findings of Fact for each of the EDAreas was originally established in the Economic _Development _Plans for each area. ._In- -each of those plans, the statutory provisions were itemized and examined individually, and conclusions and recommendations were made based on the analytical parameters of each, individual area. Consequently, this Amendment #2: Integrated Economic Development Plan hereby officially and formally incorporates all of the original Findings of Fact, as well as the entire text of each Economic Development Plan into this single, Integrated Economic Development Plan. The text of the individual Economic Development Plans previously approved and implemented by the CRDC are included as appendices to this EDPlan in support of this official action (see Appendix). As a result of this action, this Integrated EDPlan officially incorporates the sum of all of the individual findings of all of the individual EDPlans. The integration of these EDPlans into a single document has no effect to negate any of the findings of fact which constituted the statutory rationale for creating the EDAreas, in the first place. Therefore, each and every finding of fact is hereby certified, and affirmed by action of the CRDC and the City Council, to remain valid in consideration of the Integrated EDPlan. Continuation of the City Center Project The reader is directed to the financial premise of the City Center Redevelopment Plan and the Amended 126t Street Economic Development Plan. (See Appendix) These two plans served as the policy basis for the creation of a Redevelopment Area and an Amended Economic Development Area, as well as the designation of both of these areas as tax allocation areas under Indiana statute. The purpose of designating these areas as tax allocation areas was to capture tax increment revenue in support of the initial phases of the City Center project (land acquisition). This initial phase has been completed. Therefore, the proposed action to combine three of the EDAreas into a single Integrated EDArea is a direct continuation of the City's support of the City Center project. In the interim since the previous action by the Integrated 126th Street Corridor Economic Development Plan 16 CRDC, new development opportunities have been realized, and the City is in position to implement additional phases of the original vision of the City Center project, based on the projects itemized in this Integrated EDPIan. The original City Center Redevelopment Area remains geographically unchanged by any action proposed herein. However, the inclusion of new areas, identified below, into the EDArea, as well as the designation of an expanded tax allocation area, can potentially add to the TIF increment which can be captured in support of the City Center project. This, therefore, is simply a continuation of the previous economic development pro forma which was approved by the CRDC and the City Council in 1998. Findings of Fact Related to Additional EDAreas Beyond the original Findings of Fact which were detailed in each, individual EDPIan, and are hereby incorporated into this Integrated EDPIan, this Integrated EDPIan will focus the additional Findings of Fact on the areas which are proposed to be added to the Integrated EDArea. As such, the Findings of Fact presented below are to be considered cumulative, in addition to the sum of the previous Findings. These new areas to be added to the Integrated EDArea are generally described as follows: 1. The previously undeveloped area located on the west side of US31, north of 126' Street south of 131' Street, and east of the Firestone office building, as shown on Map #2. This new area is contiguous with the EDArea previously known as the Pennsylvania Street North EDArea. 2. The area of the planned development known as the Buckingham area, north of the amended 126' Street EDArea, and contiguous thereto, as shown on Map #2. This development includes both multi- family residential units and commercial development. These two areas constitute a minor addition to the total Integrated EDArea Integrated 126th Street Corridor Economic Development Plan 17 FINDING OF FACT #1: "...PROMOTES SIGNIFICANT OPPORTUNITIES FOR THE GAINFUL EMPLOYMENT OF ITS CITIZENS..." The areas being added to the Economic Development Area consist of areas peripheral to the Carmel Science Technology Park. In each of the two areas, there will be development of new office and other commercial space which demonstrably adds new jobs to the local economy. Therefore, the new areas are easily demonstrated to promote significant opportunities for the gainful employment of the citizens of Carmel and surrounding communities. The area west of US31 is the site of a major new office building, located immediately north of 126t Street. This site is directly served and benefitted by the 126t Street corridor which was completed through the original public financing (COIT bonds). Because the 126t Street corridor now extends continuously from the far east side of Carmel to the US31 corridor, without interruption, the economic viability of this site was enhanced. The development of this office building will clearly provide job opportunities for residents of the Carmel /Hamilton County area. The proposed Buckingham development will also provide opportunities for gainful employment of the citizens of the area. The proposed development provides multi family residential units which can be included in the tax increment according to the State Board of Tax Commissioners. Section 36- 7 -14 -39 (a)(1) indicates that "residential property under the rules of the state board of tax commissioners" is not to be included in the tax increment. However, the regulations of the State Board of Tax Commissioners regarding real estate property assessment (50 IAC 2.2 -1- 53, "Residential property defined states, "Residential property is normally construed to mean a structure where less than three (3) families reside in a single structure." This clause is interpreted to mean that apartment complexes of greater than 2 units can be considered eligible for generating tax increment, as proposed for the Buckingham development. The development proposal also includes commercial development space, which can certainly be included in the tax increment. This commercial space, in the form of office and retail space, will also provide employment opportunities for citizens of the area, and the contribution of net assessed value by the whole Buckingham development will benefit the community. The overall plan for the economic development of the area is to continue the implementation of the City Center project, as previously presented and approved. The areas proposed for inclusion in the Integrated EDArea are contiguous to the EDArea and are developing in accordance with the Integrated 126th Street Corridor Economic Development Plan 18 surrounding land use, as a part of the business core of the City of Carmel. As such, it is the conclusion of this EDPIan that the areas proposed for inclusion in the Integrated EDArea meet the definition of this statutory finding and should be included in the Integrated EDArea. FINDING OF FACT #2: "...LACK OF LOCAL PUBLIC IMPROVEMENTS...'' The goal of integrating the EDAreas continues to be directly related to the need for additional local public improvements in order to achieve the highest level of economic activity in the core business area of the City. Carmel is truly a gifted community. It has achieved a level and success of development which is virtually unparalleled in any other part of the state, and as such, the standards of the community are higher than most other communities. Because Indiana statute does not create highly specific and detailed criteria for statutory findings of fact or findings of blight, communities are able to adjust these findings to their own context and apply the statute to the particular idiosyncracies of their community. In Cannel, the goal is literally to achieve the highest possible level of success with new development of the highest possible quality. The historical development patterns of the city are reaching the point where certain types of goals cannot be achieved without the re- arrangement of land uses and activities. The Comprehensive Plan predicts that by the year 2020, all of the land within the Carmel planning area will be developed. The importance of planning for the highest and best use of the land becomes even more important to achieve the community's goals. The Integrated EDArea represents Cannel's highest profile employment center. The Science and Technology Park holds many of the City's top employers and most growth- oriented companies. It is the success of these companies which will continue to provide the area with economic growth, even after the planning area is fully developed. The Integrated EDArea is in a critical location for the economic activity of the community. The l26` Street extension from Rangeline Road to Adams Street was a critical public improvement in the original Economic Development Plan. In addition, EDPIan amendments established that the City Center project contributed directly to the Economic Development Plan for the 126` Street Corridor Economic Development Area as well as the Old Town EDArea, and provided additional public sector improvements which have been identified and previously approved by the community as part of its long -range planning effort. These approvals are a matter of public record, particularly with regard to the incorporation of the City center project into the long term development plan of the City of Carmel. Integrated 126th Street Corridor Economic Development Plan 19 Included within the proposed City Center project are a number of public improvements designed to establish a cultural center for the City of Cannel adjacent to its business core. Those public improvements include: Parking Facilities A Community Center (art museum) Performing Arts Center An Outdoor Amphitheater Improvements to the Monon Trail Corridor The City Center project proposal, as previously presented to the City Council, provided additional perspective for the public to understand the magnitude and architectural detail of the City Center proposal. In addition, the architect also provided a perspective rendering of the proposed project to demonstrate the overall architectural integrity of the project and its impact on the community and surrounding area. The City Center project is of such a substantial scale and impact that it will become an active part of the overall economic development of the area, including both the Integrated EDArea and the City Center Redevelopment Area. It is projected that the proposed City Center project and the public improvements to be funded as part of its implementation will have a direct impact on the entire community, with the intent of developing the center of the city as a cultural center. Without these public improvements, the City of Cannel will not become economically distressed. However, it is clear that the successful development of the City Center project will have a direct economic benefit to the surrounding area, including the Old Town EDArea and the 126` Street EDArea, and will reinforce the economic viability of the city's business and social core. The City Center project was proposed as a public private partnership. Since its inception, the City has enjoyed several redevelopment type projects for the central core of the city, including the housing /commercial development proposed for the southwest corner of the intersection of Main Street and Rangeline Road. The subsequent phases of the City Center project include the development of public space, possibly including a performing arts center, museums or other forms of cultural, entertainment and recreational activities for the citizens of Carmel. These facilities are generally not within the purview of the private sector, except under highly unusual circumstances. Even in major cities like Indianapolis, Chicago and New York, performing arts facilities, museums and community activity space is a public sector responsibility. Therefore, it is clear that neither the normal operation of the regulatory process nor the operation of private enterprise is likely to be functional in meeting such needs. Integrated 126th Street Corridor Economic Development Plan 20 For these reasons, it is concluded that the Integrated EDPIan (including the proposed City Center project) cannot be achieved by the regulatory processes or by the ordinary operation of private enterprise without resort to the powers allowed under IC Sections 36- 7- 14 -2.5, 41 and 43 because of lack of local public improvements which, once implemented,. will enable the combined areas to achieve a higher level of economic activity and public benefit than would otherwise be possible, thereby confirming this statutory finding of fact. FINDING #3: THE PUBLIC HEALTH AND WELFARE WILL BE BENEFITTED...." The City Center project will benefit the public health and welfare of the City of Carmel in several ways, as explained in previous EDPlans. First, the City Center project will generate more intense and coordinated development in the central business core area. For example, along the Rangeline Road corridor, the existing land use patterns include unimproved land and property which needs reinvestment and remodeling. This corridor represents the original economic link between Carmel and Indianapolis, and the strip commercial development which originally took place along this corridor is among the oldest commercial development in the City. The long range plan of the City is to develop a single, architecturally coordinated development which will be undertaken generating a substantially greater number of jobs and economic activity than the current land uses of the City Center area. Second, the City Center improvements are expected to lead to substantially greater levels of local tax revenues including property taxes and COIT. Economic incentives can then be directed to public services needed by the community, including road repairs, maintenance of public spaces, infrastructure improvements and so forth. The uses for these funds can be determined annually by the City's leadership as part of the budgeting process. Third, the addition of cultural and public facilities such as the performing arts center and the community center will have a direct and positive impact on the public welfare. These facilities will increase the number of opportunities available for Carmel's citizens to be exposed to intellectually and culturally enlightening performances, as well as offering the opportunity to participate in those activities directly. In addition, the community center will provide opportunities for the residents of the area to meet and interact with regard to a broad range of public, semi public, and community -based activities. The activities programmed for community center spaces are virtually limitless, and with the creative Integrated 126th Street Corridor Economic Development Plan 21 capacity of an educated population, the community space in Carmel will undoubtedly provide a huge benefit to the community at large. Fourth, the Monon Trail corridor improvements are part of the City Center project. This linear park is an extension of the Monon Trail of northern Marion County which has become one of the most popular park facilities in central Indiana. The portion of the linear park which stretches from Broad Ripple to Nora is a public health attraction for the community at large with people making a point of traveling to the Monon Trail to jog, skate, bike or walk its entire length. It is not unreasonable to expect similar usage in Carmel, thereby creating a direct benefit to the public health and welfare of the community at large. The Integrated EDArea, along with the Redevelopment Area, continues to be, a carefully coordinated effort to assure the economic viability of the urban center of the City of Carmel. History has proven that cities routinely neglect their urban cores until the decay and disinvestment has become so pervasive that the area is unilaterally blighted. Carmel's leadership is determined to avoid that outcome. In that determination, the proposal is to create the opportunities to capture revenue streams from the business core to assure that the business core remains economically viable for the long term. This means developing a coordinated EDPIan between the Redevelopment Area and the Integrated EDArea and then working consistently toward implementation of the City Center project. For these reasons, it is concluded that the public health and welfare will benefit by accomplishment of the plan for the integrated EDArea. The City Center project is a complex mix of public and private space designed to anchor the central portion of the City as the focal point of the community. Implementation of this project, undertaken in a careful and considerate manner, will directly benefit the public health and welfare, as suggested in this finding of fact. FINDING #4: "AN INCREASE IN THE PROPERTY TAX BASE..." The amended Economic Development Plan meets the statutory finding of "a public utility and benefit as measured by: the attraction or retention of permanent jobs; an increase in the property tax base; improved diversity in the economic base, OR other similar public benefits." The City Center project was designed to meet this finding of fact by increasing the land use intensity within the Redevelopment Area. This increased intensity will provide more private sector office and retail space and, with that increase in space, there will be a commensurate increase in the number of permanent jobs created and retained in the community. Integrated 126th Street Corridor Economic Development Plan 22 Considering that most of the Redevelopment Area is either vacant altogether or in need of substantial reinvestment, it is easy to see that the City Center project will almost certainly result in many more jobs than those now existing. Thus, the first part of the finding is established. Second, the portion of the Redevelopment Area located in the southwest quadrant of the intersection of 126th Street and Rangeline Road is largely undeveloped, and is mostly owned by the City. As such, it is generating no tax base for the community. Although no formal implementation is yet proposed, many of the projected improvements will take place on land that is currently either totally unimproved or whose improvements are suffering from a lack of reinvestment. Therefore, the net result of the plan is to increase the amount of taxable improvements in the real property of the area, leading to an increase in the property tax base. The construction of an integrated entertainment complex, economically buttressed by infrastructural improvements and new office and retail space will also increase the diversity of the local economy. The location of this project, between the historic retail center of the community and the primary retail center of Carmel Drive /116t Street, links the overall retail functions of the community, providing continuity of land uses. This project, combined with the impact of the 126t Street corridor completion, should improve the diversity of the local economy, resulting in needed investment and reinvestment in property in the area. For these reasons, it is concluded that the accomplishment of the City Center project, as well as other aspects of the Integrated EDP1an 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 in the economic base; OR other similar public benefits," thereby confirming this statutory finding of fact. FINDING #5: "...CONFORMS TO OTHER DEVELOPMENT AND REDEVELOPMENT PLANS...." This Integrated EDPlan complies, by definition, with other development and redevelopment plans for the area in several ways. First, this Integrated Economic Development Plan is developed in tandem with the City Center Redevelopment Plan and conforms specifically thereto. By developing these two Plans in tandem, the Redevelopment Commission can use its diligence of review and approval to assure that they conform directly with one another. To take this principle a step further, the Plan Commission has determined on two separate occasions that each of the EDPlans and the Redevelopment Plan conform with the plan of development for the city. Integrated 126th Street Corridor Economic Development Plan 23 These actions were taken officially and are a matter of public record. As such, there is no question whatever that the Integrated EDPlan conforms to the other development plans for the area. To further underscore the accuracy of this assertion,_ the City _Council _also officially considered the findings of fact in all of the EDPlans and found that the plans conformed to the plan of development for the city. The Council then approved the issuance of public debt for the purpose of implementing these plans. Certainly, if there were any doubt as to whether the plans or the recommended projects conformed to the plan of development for the community, the City Council would never have approved the financing for these projects. Considering that the City Council has approved public debt in excess of $40 million for the implementation of these EDPlans, it is clear that the individual plans conform to the overall development plans for the city. The fact that this EDPlan conforms to the previous planning for the community is beyond dispute, as a matter of public record, and by the direct public approvals, resolutions and other actions of the CRDC, the Redevelopment Authority, the Plan Commission and the City Council. For these reasons, it is concluded that the Integrated EDPlan conforms to all other development and redevelopment plans for the City of Carmel, thereby confirming this statutory finding of fact. ADD'L FINDING: THE AMENDMENT IS REASONABLE APPROPRIATE It is also necessary for this Integrated EDPlan to ascertain whether the amendment is reasonable and appropriate when considered in relation to the original resolution and plan, along with the purposes of IC 36 -7 -14. It is therefore necessary to consider the original context of the plans. As stated in the earlier sections of this document, the original EDPlans and the RDPIan were undertaken in support of the long term development of the city's business core area (generally defined as 116` Street to 131" Street, and from US31 to Rangeline Road). This general area contains the old downtown area, as well as the Science Technology Park, which represents the most modern business center in the community. Those earlier sections of this report, including the Introduction, Statement of Policy Amendments and the Impact of Future Actions all substantiate that this action toward integrating and consolidating the individual EDAreas into one area, continues the original intent to develop the entire area as a developmental whole. As of the date of presentation of this Integrated EDPlan, all projects have Integrated 126th Street Corridor Economic Development Plan 24 been undertaken for the purpose of securing these areas as developmentally and functionally interconnected. Furthermore, these projects have been undertaken to underscore the developmental importance of the defined areas as the cultural, governmental and business center of the community.. The recommended action to integrate the separate EDAreas into a single Integrated EDArea is undertaken to reduce confusion and increase public awareness. Individual projects originally justified the creation of individual areas, however, as the developmental constraints were removed, the area began to grow in the preferred manner until now all of the areas are functionally and developmentally interconnected. For these reasons, the original reasons for pursuing EDArea and RDArea designations for the various areas remain valid. The findings of fact presented above all assert and demonstrate that the new areas meet the developmental conditions prescribed by statute, in substantially the same manner as the original areas. Therefore, it is hereby asserted that the amendment to the resolution and the amended (Integrated) plan are reasonable and appropriate to the original purpose and intent of the individual areas. ADD'L FINDING: THE AMENDED RESOLUTION PLAN CONFORM TO THE COMPREHENSIVE PLAN In Finding #5, above, it was clearly demonstrated that the original plans were determined to conform to the plans of development for the city. An entire sequence of official actions by public agencies and officials affirmed this assertion. As a result of the findings of this Integrated EDP1an, presented above, the areas proposed for inclusion in the EDArea by virtue of this EDPIan are also in conformance with the overall plan of development of the city. The areas proposed for inclusion (those areas which were not previously a part of any EDArea) amount to approximately 100 -110 acres. As shown in the "Total Designated Areas" summary table earlier in this Integrated EDP1an, the total acreage previously designated exceeds 1,000 acres. As shown on Map #2, the expansion areas include three primary developments: Hamilton Crossing (about 48 acres); Additional Meijer Development (about 5 acres); and, Buckingham Development (about 55 acres) Integrated 126th Street Corridor Economic Development Plan 25 These 3 developments predominantly represent commercial developments which have been facilitated by the provision of new thoroughfare access along Pennsylvania Street, 126t Street (or other projects), as well as through the developmental integration of the overall area as the business core of the community. As such, these developments will benefit from the new facilities and projects recommended in previous EDPlans. More importantly, however, the Comprehensive Plan for the community is clear in its designation of this general area as the business core of the community. Even the most cursory examination of the existing and future land use plans of the community clearly show the intent of these areas to serve as the business core. This conformity was clearly established in the previous EDPlans and the inclusion of the three developments listed above does not alter that original conclusion. Inasmuch as these developments increase the intensity of this business core, as well as expanding to and developing undeveloped parcels which were designated for business land uses within that core, it is absolutely clear that these developments fall totally within the original intent of the designation of these areas as economic development areas. Therefore, it can be safely concluded that the three areas listed above conform to the comprehensive plan of the community. SUMMARY: The narrative above demonstrates conclusively that the Integrated EDPann meets the requirements of all "findings of fact" as provided in Indiana statute, IC36 -7 -14. It is clear that the Redevelopment Commission has considered all of the relevant issues related to the establishment of the economic development areas. Originally, individual EDAreas were created to support projects such as corridor improvements which were geographically separated, yet still part of the central business core of the community. As these projects were implemented, however, it became clear that all of the projects were a part of an overall plan to assure the economic viability of this business core. Although the 126t Street corridor and the Pennsylvania Street corridor were previously considered separate projects, it is now clear that they are closely related to the economic success of the whole area. Therefore, this is an appropriate time to integrate all of the separate areas into a single, unified whole. Integrated 126th Street Corridor Economic Development Plan 26 Description of the Proposed Projects The Integrated 126t Street Economic Development Plan includes, by incorporation of all of the previous economic development plans, all of the projects originally inall ro osed. See Appendix) This p g y p p pp s Integrated EDPIari adds no new projects to the list of projects to be undertaken as a result of the economic development plans of the community. These projects are summarized below. The City Center Project The City Center project is proposed for an area of slightly less than 100 acres located along Rangeline Road and stretching from the City Hall on the south to the new alignment of 126t Street on the north. The dominant land uses in the area are commercial and governmental uses, however, about 61 acres of the area are totally unimproved. The primary proposed development within City Center project is commercial, and public space, including an entertainment complex with a theater, performing arts center and amphitheater. The City is also considering opportunities for museum space as part of the public space complex. Additional commercial, retail and office development is planned along the major transportation corridors as part of the overall development. The early phases of the project included land acquisition. Future phases are expected to include construction of parking facilities, infrastructure, and other project related activities, which would be anticipated to be eligible for COIT and TIF financing. 126 Street Extension /Completion The 126t Street corridor was completed as a result of previous financing and construction activity and is currently operative within the city's thoroughfare system. This project was critical to the developmental integration of the central sections of the city, and in providing additional thoroughfare access to the city's business core. The 126' Street project substantially increased traffic access and circulation within the business core, while simultaneously improving access to the government center and the City Center area. Pennsylvania Street Corridor Widening Integrated 126th Street Corridor Economic Development Plan 27 Financing for the Pennsylvania Street corridor widening project has already been completed through the issuance of public debt, and it is not anticipated that additional financing will be required. Future Projects Overview The Integrated EDPIan is presented for the purpose of integrating the economic development efforts of the City of Carmel over the past 5 years while projecting that same progress into the future. When the economic development planning efforts were originally initiated in 1996, the City's Leadership had a "schematic" vision of the future development of the central areas of the City (generally bounded as follows: from Range Line Road on the east; to 116` Street on the south; to the US31 corridor on the west; to 131 Street on the north). Based on that "schematic" vision, the city's Leadership moved forward with those portions of the vision which were the most fundamental, including projects such as the 126 Street Extension, the Pennsylvania Street corridor widening, and the Old Town streetscape improvements. Not long afterward, the City Center concept was developed sufficiently to be added to the long term plan. It is a positive testimony to the strength of this long term vision that the vision continues to grow while becoming more real. The 126 Street extension is now in place, and as a result, the community can more easily visualize the developmental importance of the "City Center" and the 126t Street corridor areas of the city. The Pennsylvania Corridor improvements have already helped to generate a positive image of growth, which has led to continued economic development along the US31 corridor in the form of new office and retail development. The Old Town streetscape improvements have dramatically improved the aesthetic character of downtown (which was once a primary concern of the Comprehensive Plan), to the point that major redevelopment proposals for the area are being received from the private sector. The City Center project continues to tangibly move toward reality, resulting in the direct cultivation of new opportunities for a performing arts center and other community amenities which were part of the original vision for the overall area. The economic development and redevelopment planning process which began in 1996 as a "schematic" concept, has moved forward. The original "fundamental" elements now appear as fragments of a puzzle which is becoming increasingly clear in terms of the City's development. And as Integrated 126th Street Corridor Economic Development Plan 28 that puzzle moves toward completion, the elements which once appeared as fragments are more clearly becoming a part of a single, integrated, developmental picture. Thus, it is appropriate to take the time to integrate these "fragments" into a single, operative, planning document so that the entire community can see the overall developmental picture, as well as the longer term vision, more clearly. This Integrated Economic Development Plan is intended to serve that purpose. UPDATED PROJECT LIST: Having offered the planning and development rationale which served as the conceptual basis for the previous economic development plans, it is therefore, appropriate to present the list of improvement projects which are anticipated to be a part of the final phases of implementation of the economic development strategy for this portion of the City. The projects are summarized in the table below. Project Minimum Maximum Estimate Estimate Performing Arts Center $25,000,000 $30,000,000 Art Museum $14,000,000 $16,000,000 Land Acquisition for Old Town Redevelopment $3,500,000 $4,000,000 Street Department Maintenance Facility $1,500,000 $2,000,000 Land Acquisition along Range Line Road $1,800,000 $2,200,000 (near City Hall) Old Meridian Corridor Improvements $1,000,000 $1,500,000 Mohawk Center Development Redevelopment $5,000,000 $6,000,000 Activity Total Estimated Costs $51,800,000 $61,700,000 The project list presented above is offered with the intent of placing the entire list of projects into the venue of public discussion. It is important to understand that the list is presented as part of this Integrated Economic Development Plan. Therefore, the list is intended to represent the realm of future possibility, NOT as a list of "approved" projects. It is also appropriate to note that several of the projects listed above, in fact, were presented in the previous economic development and redevelopment for the area, as found in the appendix to this report. For example, the performing arts center was originally presented as part of the redevelopment plan for city center. Integrated 126th Street Corridor Economic Development Plan 29 The economic development planning process requires that all potential projects be listed in the Integrated Economic Development Plan in order to be considered for implementation in the future. Therefore, in order for a project to move from the realm of "possibility" to the realm of "reality, "the City and the Redevelopment Commission must identify appropriate financing. Economic Development Strategy The comprehensive plan for the City of Carmel over the last three decades demonstrates a substantial concern for the fate of the city's original core area. While Carmel has enjoyed high quality growth, there are some areas which were developed before the city could anticipate the success of its future. This original development is not compatible with a city which is nearing its developmental limits. The prime areas of need are in the vicinity of Rangeline Road, and with this understanding, the Economic Development Strategy for the Integrated Economic Development Area contains the elements previously approved by the City, as follows: 1. The Carmel Redevelopment Commission amended the boundaries of the 126 Street Economic Development Area to reflect the boundaries shown on Map #1 (presented earlier in this document). 2. The City Center project was distinctly designed to re- direct the focal point of the community of Carmel. The Government Center was developed over the last decade to include a new City Hall, Police Station and Fire Station, as well as a central public space. 3. The Government Center is also adjacent to the Monon Trail corridor which is proposed for significant improvements creating a linear park, linked to Indianapolis and unequaled in the state of Indiana. 4. The proposed City Center project is expected to generate an entertainment complex, as well as new office /retail space to support and augment the space available in the Science Technology Park. The integration of these needs into the overall needs of Carmel's premier employment center assures that the City Center project will directly benefit the Integrated EDArea, as proposed. 5. The Redevelopment Commission established a Tax Allocation Area to coincide with the boundaries of the amended 126 Street Corridor Economic Development Area and issued COIT debt to support the initial phases of the City Center project. 6. The Redevelopment Commission should also consider the viability of using COIT bonding to assist in paying for the necessary improvements related to the City Center and Monon Trail projects. Integrated 126th Street Corridor Economic Development Plan 30 7. The City should, in addition, consider pursuing additional phases of the City Center project in an appropriate manner, based on financing for specific projects or elements under the City Center plan, as presented previously. Integrated EDPlan Conclusions The following conclusions are offered for the Integrated 126' Street Economic Development Plan. These conclusions also include by reference (see Appendix), the conclusions offered for the original EDPlans, as well as the City Center Redevelopment Plan and the Amended 126' Street Corridor Economic Development Plan. Based on the examination of the facts and the analysis set forth in this integrated EDPIan, the following conclusions are offered: 1. That the implementation of the City Center project will directly benefit the Integrated 126 Street Economic Development Area. 2. That the implementation of the City Center project will help to developmentally unify the entirety of the business core of the City of Carmel, including the Rangeline Road corridor, the Old Town (historic downtown) area, and the Science and Technology Park. 3. That the need for the 126 Street extension project has proven beneficial to the thoroughfare system of the area. 4. That the 126 Street extension project directly benefitted the City Center project. 5. That the future economic development of the entire area, including the amended 126 Street Corridor Economic Development Area, the Old Town Economic Development Area and the City Center Redevelopment Area, as the business core for the community will be directly benefitted by the projects proposed in this Integrated Economic Development Plan. 6. That it was appropriate to delete the City Center project area from the original 126 Street Corridor Economic Development Area in order to facilitate the creation of the City Center Redevelopment Area and to implement the City Center project. 7. That it was appropriate to extend the boundaries of the 126 Street Corridor Economic Development Area to take in a larger portion of the Science Technology Park, due to the economic interdependence of the economic development areas as the functional employment center for the community. Integrated 126th Street Corridor Economic Development Plan 31 8. That a positive economic impact resulted from the implementation of the projects recommended in these previous Economic Development Plans in the form of supporting the creation of new permanent jobs, securing existing jobs and generation of additional tax revenues to the City. 9. That if this Integrated Economic Development Plan is not approved and the recommended projects are not implemented, it will be more difficult for the community to achieve the levels of economic intensity and competitive efficiencies which would otherwise be possible with the implementation of the City Center and other projects already undertaken within these EDAreas. 10. That it is appropriate to offer public financing for certain portions of the proposed projects as an economic stimulus for the proposed projects. 11. That the City and the Redevelopment Commission should seek private sectors partners to assist in the implementation of the recommended projects and in assembling project "packages" which will minimize the public sector investment and optimize the economic impact of the projects. The Redevelopment Commission has done an outstanding job of analyzing and implementing an appropriate level of activity to encourage the optimal economic development of the interdependent economic development areas. The conclusions of this Integrated Economic Development Plan are predicated on the continued performance of objective analysis, public policy direction, and the formation of partnerships with the Plan Commission and the City Council necessary to assure the success of the projects. Integrated EIDPIan Recommendations Based on the information presented, the analyses performed and the findings and conclusions of this Integrated Economic Development Plan, the following recommendations are presented for the consideration of the Carmel Redevelopment Commission, and thereafter to the City Council for approval. 1. That the Carmel Redevelopment Commission should formally integrate the boundaries of the amended 126 Street Corridor Economic Development Area and the Pennsylvania Street North South Economic Development Areas to create one, single, Integrated Economic Development Area. This action will result in greater clarity and simplicity of public policy with regard to economic development initiatives for this business core area. The Integrated 126th Street Corridor Economic Development Plan 32 resulting boundaries are shown in Map #2 and the boundary description was presented earlier in this EDPIan. 2. That the Carmel Redevelopment Commission add the two areas not previously included within the economic development areas (as shown on Map #2) to the Integrated 126 Street Economic Development Area. 3. That the Carmel Redevelopment Commission should formally create a Tax Increment Finance (TIF), Tax Allocation Area whose boundaries are shown on Map #4. 4. That the Carmel Redevelopment Commission should formally approve this Integrated Economic Development Plan and undertake further implementation of additional phases of the City Center project, and the Monon Trail corridor improvements. 5. That the Carmel Redevelopment Commission should work directly with the City to develop a financial plan for the implementation of the City Center project, including eminent domain actions and negotiated purchases, as well as financing for additional phases of the project, as determined necessary by cooperative efforts of the Redevelopment Commission, the City Administration and the City Council. Parcels Potentially to be Acquired The following parcels have been identified as those proposed to be acquired by the CRDC in pursuit of the Economic Development Strategy. Please note that the City or the CRDC may be acquiring most or all of these parcels through negotiated purchase, rather than eminent domain. [126' Street Corridor Economic Development Area Range Line Road Parcels, west side of road, adjacent/east of City Hall] Cale. Area Parcel Number Principal Tax Payer 1609360000023000 Phillip L Judith E Stewart P 0 Box 374 Carmel IN 0.66327 1609360000022000 Phillip L Judith Stewart P 0 Box 374 Carmel IN 0.663455 1609360000021000 Marketing Services of Indiana Inc 1040 Range Line Rd S Carmel IN 0.66366 1609360000020000 Marketing Services of Indiana Inc 1040 Range Line Rd S Carmel IN 0.603548 1609360000018001 Thomas D Stayer 1036 Range Line Rd S Carmel IN 0.441222 1609360000019000 Marketing Services of Indiana Inc 1040 Range Line Rd S Carmel IN 0.196017 1609360000018000 Marketing Services of Indiana Inc 1040 Range Line Rd S Carmel IN 8.721126 1609250000014000 Harry C Elliott 620 A Range Line Rd S Carmel IN (a.k.a. Elliot's Mohawk Plaza) Integrated 126th Street Corridor Economic Development Plan 33 [Old Town Economic Development Area Main Street Parcels, north south side of road, adjacent/east of Monon Trail] Calc. Area Parcel Number Primary Taxpayer 0.194119 1609251601013000 TWM Inc 11711 College Ave N St 160 Carmel IN 0.193816 1609251601012000 TWM Inc 11711 College Ave N St 160 Carmel IN 0.200128 1609251601011000 TWM Inc 11711 College Ave N St 160 Cannel IN 0.200121 1609251601010000 TWM Inc 11711 College Ave N St 160 Carmel IN 0.146806 1609251602031000 Hays, John F Laurence Grabb 89 1st Ave S W Carmel IN 0.304346 1609251602030000 Hays, John F Laurence Grabb 89 1st Ave S W Carmel IN 0.122907 1609251602029000 Hays, John F Laurence Grabb 89 1st Ave S W Carmel IN 0.1448 1609251602003000 Hays, John F Laurence Grabb 89 1st Ave S W Carmel IN 0.315283 1609251602001000 Hays, John F Laurence Grabb 89 1st Ave S W Carmel IN 0.250083 1609251201030000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 3.108e -002 1609251201029000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 9.4009e -002 1609251201028000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 0.125078 1609251201027000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 0.250104 1609251201026000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 0.250144 1609251201025000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 7.028e -003 1609251201024000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 0.204721 1609251201023000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 6.0383e -002 1609251201020000 Anthony Properties LP 18881 U S 31 N Westfield IN 46074 0.219223 1609251605003000 Glenn A Amy D Dunkerly 111 First St SW Carmel IN [Old Town Economic Development Area Main Street and Range Line parcels, SE Corner] Calc. Area Parcel No. Primary Taxpayer 0.245325 1610300301031000 MA LLC 111 Range Line Rd S Cannel IN 0.210521 1610300301030000 William E Marcia A Foreman 41 Range Line Rd S Carmel IN 0.198334 1610300301008000 William E Marcia A Foreman 40 1st Ave SE Carmel IN 0.170281 1610300301007000 William E Marcia A Foreman 0 1st Ave SE Carmel IN 9.8435e -002 1610300301005000 Carmel Clay Chamber of Commerce Inc 41 Main St E Carmel IN 0.213587 1610300301004000 Gen Ii Marketing Inc. 31 Main St E Carmel IN 0.111165 1610300301003000 Marshall E Andich P O Box 494 Carmel IN 9.0456e -002 1610300301002000 Marshall E Sandra Lee Andich P 0 Box 494 Cannel IN 7.0215e -002 1610300301001000 Marshall E Andich P 0 Box 494 Carmel IN 8.5747e -002 1610300301006000 City of Carmel One Civic Sq. Carmel IN /cr 126integ Integrated 126th Street Corridor Economic Development Plan 34 Carmel Redevelopment Commission Carmel, Indiana Integrate Economic Development PIa mended Redevelopment PIa January 31, 2000 Appendix Contents: I. Old Town/126 Street Corridor Economic Development Areas 5/1/97 II. Amended Economic Development Plan 126 Street Corridor 1/9/98 III. Pennsylvania Street Corridor Economic Development Areas 5/1/97 IV. City Center Redevelopment Plan Strategy 1/9/98 S -19 ?7 /F97 Carmel Indiana Hamilton Coun Economic Developm en t Plan old ToNyaD�120 26u'®@ ©©oecIc l DOVOMENSPIV AFOW May 1, 1997 Woj ijj Scilmfffruc arc. Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @indy.net Table of Contents The Purpose of an Economic Development Plan 1 Identification of the Planning Area 3 Description of the Proposed Projects 8 126th Street Connection: 8 Downtown Revitalization: 9 Relationship to Previous Planning Efforts 9 The 126th Street Corridor 9 Comprehensive Plans, 1961, 1970 1971: 10 1985 Update: 10 "Development Supports: Circulation 11 The 1991 Comprehensive Plan Update: 12 Thoroughfare Plan Description 12 "2020 Vision" /the 1997 Comprehensive Plan Update: 12 Summary Carmel Changed from 1961 to 1991: 13 Old Town Revitalization: 13 Introduction: 13 1961 Comprehensive Plan* 13 1970 Comprehensive Plan (Harland Bartholomew): 13 1971 Comprehensive Plan Update: 14 1985 Comprehensive Plan Update: 14 1991 Update: 14 1997 Update (2020 Vision): 15 Summary: 15 Capital Improvements Plan: 15 Creation of an Economic Development Area 16 The Process: 16 Findings of Fact: 17 Note: 17 The Statute: 17 Finding of Fact #1: ...promotes significant opportunities for gainful employment...meets other purposes of redevelopment and economic development." 18 126th Street: 18 Old Town Revitalization 19 Finding #2: "...lack of public improvements..." 19 Ofd Town /Rangeline Road Corridor Economic Development Plan 1 126th Street Corridor: 19 Old Town: 20 Finding #3: "...the public health and welfare will be benefitted 20 General Commentary: 20 126th Street Corridor: 20 Old Town Revitalization' 21 Finding #4: "...public benefit as measured by...improved diversity in the economic base.." 22 126th Street Corridor: 22 OId Town Revitalization* 23 Finding #5: "the plan conforms to other development plans for the community.." 23 Summary: 24 Economic Development Strategy 24 Conclusions 25 Recommendations 26 Estimated Cost of the Projects 26 Description of the Economic Development Areas 27 The 126th Street Corridor Economic Development Area: 27 The Old Town Economic Development Area 27 H OId Town 126th Street Economic Development Areas 11.11.111111111MM.1116.111111111111111111111111111F"•"' /II 11111111 IIIII OLD TOWN %%iri��A/./ ECONOMIC r• •er• DEVELOPMENT /I 1 I AREA r I t 1 Y N. i .(moo 1, S .wo.a. err a..c ti �E .1. 71► y J ►jr 1w�i�ii2 ci i Fir rj rj ii, i g lif ,4,...o.rc /pf l a ili STATE ROAD 4 `-f a- H auor u.rt ..r i in WOW° C0 =i 126 th STREET •NOMIC 1 S •FVELOPMENT A o. i,r. r•---ir ay I '1 oa __,,,k,,,_ N. It 44 L___I 1,8 i l jl a e d I I I il i R i i t- tr C 1 1 1 )V, OLD TOWN /126th ST. CORRIDOR MAP MAP No. 1 WA :ASH SCIENTIFIC, INC. THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN The strongest An economic development plan should not be a free standing document, designed and undertaken in isolation from the previous policies It economic should, instead, be philosophically and factually linked to the previous 'development plans and current planning efforts of the community_ An economic are based on public development plan should establish the historical perspective which policy which was enables community leaders to consciously connect proposed economic initiated long development activities to the economic development goals and policies before any current which the community has previously endorsed. project was The strongest economic development plans, therefore, are based on conceived. public policy which was initiated long before any current project was conceived. Economic development projects which are proposed in areas which were designated for particular land uses should be the easiest to defend. In cases where areas are designated for industrial development long before any specific project was proposed, the community's leadership should logically feel more comfortable that they have properly planned the development patterns for the community. Public opinion can ebb and flow on a random basis, project by project, and opposition often requires only the scantiest factual basis for their challenges. In the face of such opposition, the Plan Commission, through the Economic Development Plan, must examine the body of previous policy and determine whether the proposed project fits into the development parameters which had been previously established. It therefore becomes the job of the economic development planner to objectively review the body of previous policy and determine the extent to which current projects comply with the prior development parameters. This C armel Economic Development Plan must be undertaken with some care. First, the City of Carmel is probably one of the best planned communities in Indiana. The Plan Commission has been •careful in crafting its plans and authoritative in implementing its recommendations. The community holds its developers to high standards, and in order to maintain those standards, the developers must be assured that they are not bearing an unfair burden. Consequently, the community must hold itself to the same high standards it sets for the developers. Carmel has done so with notable success. Second, Carmel has grown so fast for so long that, without careful planning and strict adherence to those plans, conditions of the city would "devolve" into chaos. Most communities cannot grow so quickly Old Town /Rangeline Road Corridor Economic Development Plan 1 Carmel has grown from a sleepy little town to a city of over 31,000 and still continue to so fast for so long grow. The infrastructure demands of that type of growth would paralyze most communities. As evidence of this, consider the plight of that, without careful Zionsville, another growing community near Carmel whose growth at planning and strict one point so confused the town's leadership that they tried to slam the adherence to those door shut and pursued a "no growth" policy which stymied the town for plans, conditions of years. Until new leadership emerged in Zionsville, the town was the city would crippled by its own success. "devolve" into chaos. Third, the rate of growth in Carmel means that the city's leadership must be visionary. Infrastructure problems must be foreseen many years in advance in order to accommodate growth. Thoroughfares must be widened before the traffic is so congested that economic activity is choked. As such, strategies must not only remedy existing problems but must be integrated to solve multiple problems in a harmonious manner. Without visionary leadership, this type of "synoptic" planning is virtually impossible because the margin for success is often negotiated away in dealing with the intransigence of popular politics. Fourth, the projects must be rooted in public consensus. There will always be honest disagreement amongst bright people. Carmel is a city of success its people tend to be successful success in modern times requires creativity in problem solving creativity is, itself, a process of inherent conflict. Consequently, for projects to be successful, they must be launched from a platform of consensus where people have already had the opportunity to discuss and debate. If that basic consensus is present, the final discussion involves only the negotiation of details. The Plan must meet the requirements of applicable Indiana statutes. If the planning process can provide economic stimulus to existing and /or new businesses and industries, given those businesses a competitive advantage in the market place, the Plan should address those opportunities and make the analysis necessary to assure that benefits accrue to the community. Public opposition is essentially a random phenomenon. Opinions and tempers often run hot with emotion. The Economic Development Plan provides the rational, analytical process by which the community can measure whether a proposed project is consistent with the consensus built through the comprehensive planning process. It is not appropriate for a community to develop planning, land use and zoning recommendations for an area, then arbitrarily reverse themselves. 2 Old Town 126th Street Economic Development Areas For Cannel, the An Economic .Development Plan, therefore, is an examination of key is to generate previous economic development policy in light of new proposals. It "quality growth" examines proposed land uses, previous planning for the area and the qualitative context of the development as a means of either justifying or ...the kind of growth repudiating any current project proposal. In so doing, the Plan re- that continually re establishes the public policy basis of economic development for the identifies Carmel as community, objectively tests the project against that basis, and makes one of the most recommendations of the appropriate level of support for the project. successful and The chapters and pages set forth below attempt to achieve this goal. beautiful Because Carmel has enjoyed such success in implementing its plans, this communities in Economic Development Plan faces an unusual challenge it must be Indiana. far ahead of the usual economic development curve. For Carmel, growth does not need to be stimulated, per se. It has been happening already. But Carmel's standards are higher. The City Administration and Plan Commission have rejected more "growth" than most communities ever see. It is not enough to merely "grow." For Carmel, the key is to generate "quality growth "...the kind of growth that continually re- identifies Carmel as one of the most successful and beautiful communities in Indiana. To accomplish this task will require forward thinking that looks decades ahead instead of years, while still remaining firmly rooted in the public consensus developed through the Comprehensive Planning process. Identification of the Planning Area The planning area for this Economic Development Plan is a generalized area intended to constitute the center of the older city of Carmel. The generalized area is shown on Map No. 1, and is not intended to be restricted by "hard" boundaries, such as the centerline of a particular street or a particular physical feature. Instead, this specific planning area is intended to encompass the older portions of the community, including the old downtown area near the intersection of Rangeline Road and Main Street, as well as the area along the Carmel Drive corridor. The eastern and western boundaries of the planning area are generally the US31 and US431 corridors. This planning area was prescribed in order to determine those projects which could be considered for funding via a municipal bond to be repaid through County Option Income Tax (COIT) revenues, and which have substantial roots in the previous planning for the community. Old Town /Rangeline Road Corridor Economic Development Plan 3 Downtown Revitalization The The City of Carmel has maintained a rate of growth that is highly Comprehensive unusual, especially in the State of Indiana. Generally speaking, growth Plans of can only be maintained for nominal periods of time before the stress on local infrastructure is so great that public. officials are faced with very 1961, 1970, 1971, difficult choices. Often those choices are met with intransigence and 1985 1991 &1997 inflexibility, and that intransigence devolves into unsound public policy were all examined which stymies growth. Carmel has not suffered from such an affliction. to determine the evolution of the The oldest Comprehensive Plan available for examination was approved plans with regard in 1961. That Plan expressed concern for the future of the downtown to the old area. How could it compete with the newer retail centers? How can the city help to maintain the character of the area? Questions like these downtown and were contemplated even then, but at that time the magnitude of the issue 126th Street. was not fully envisioned. Local officials could not foresee the kind of growth that would define the City of Carmel over the next four decades, but even before the magnitude of the growth issue was known, the city was interested in preserving its downtown area. The Comprehensive Plans of 1961, 1970, 1971, 1985, 1991 and 1997 were all examined to determine the evolution of the plans with regard to the old downtown and 126th Street. Basically, the concepts have matured, but the fundamental recommendations of all of these plans have remained constant. The boundaries of the area have been adjusted from time to time, but the area remains locked into the intersection of Main Street and Rangeline Road, with emphasis on the southwest quadrant of that intersection. In addition, the plans all basically agree that the old downtown should be directed toward a "niche" economy, with specialty shops which offer profit margins sufficient to support small business owners. In order to support these economic development strategies, the City was encouraged to invest in new streets, parking, and pedestrian amenities such as furniture, street lights and other items which would enhance the human scale of the area. The Transportation Network Comprehensive Planning Sets the Stage: In Indiana, comprehensive planning is not heavily regulated. Cities and towns have the opportunity to define those aspects of their community which they think are the most important and essentially build a blueprint for their own future. The most fundamental requirement of comprehensive planning in Indiana is that the plan set forth the parameters of benefitting the public 4 Old Town 126th Street Economic Development Areas The City has been health and welfare of the community. meticulous in planning for its It is clear that the City of Carmel has invested significantly in the health developmental and welfare of their community through the comprehensive planning process. The City has been meticulous in planning for its future, and it developmental future, and it has invested the human capital in protecting has invested the that future by setting high standards and enforcing them. While most human capital in communities invest in comprehensive planning every 10 years or so, protecting that Carmel has updated its Comprehensive Plan in 1985, 1991 and again in future by setting 1996. high standards and While these comprehensive plans covered many, many topics, it is clear enforcing them. from reviewing the documents that traffic congestion is becoming a matter of more and more intense concern. Since 1985, Cannel has expended tens of millions of dollars in road improvements, both from the public sector and from private developers. New road corridors have been built, fragmented corridors have been completed, and existing corridors have been improved, yet traffic congestion continues to haunt the City. The Comprehensive Plans have attempted to look far into the future and determine what must be done to allow the transportation network to function at acceptable levels. Systemic Constraints: No matter how wide the roads are in Carmel, however, the entire Carmel system is constrained by certain limitations. First, the Carmel system must connect efficiently to the main economic center in Indianapolis. Those connections are severely limited by the presence of the I -465 Corridor which cuts across the full length of Carmel's south side. The only overpasses crossing the I -465 corridor are located at Ditch Road, Spring Mill Road, Meridian Street (US31), Westfield Boulevard (Range Line Road), College Avenue, Keystone Avenue (US431), and River Road. The City of Indianapolis aggravated the problem by allowing a new commercial development to block the River Road corridor at 86th Street, thus disconnecting that corridor as a thoroughfare into the economic center. North -South Corridors: Of these limited crossings, only US31 and US431 function as true highways. Each has four or more lanes of traffic capacity, yet each has severe congestion problems, despite careful traffic planning and traffic control management. These two U.S. highways have been the focal point of transportation planning for the community for 40 years. Yet the 1991 Comprehensive Plan tells a foreboding tale. It effectively Old Town /Rangeline Road Corridor Economic Development Plan 5 Rangeline Road says that US31 cannot continue to function at even minimal levels of efficiency unless it is converted into a freeway with extremely limited and College access. To do so would require parallel corridors with at least four Avenue suffer from lanes of capacity each to remove the local traffic from the freeway. The similar problems. cost of such a project is expensive today, and getting more expensive as No matter how growth continues to consume available land. much their capacity is Spring Mill and Ditch Road will always be constrained by the nature of increased in the the development along those corridors. The large estates in the Clay Carmel area, they Township area bordering these corridors preserve a low density are two lane roads development that counteracts high capacity traffic corridors. To put it simply, the traffic demand just isn't as high in these locations. To make on the Marion it more difficult, both of these corridors are further constrained when County side of the they cross into Marion County. line. Rangeline Road and College Avenue suffer from similar problems. No matter how much their capacity is increased in the Carmel area, they are two lane roads on the Marion County side of the line. Although College Avenue connects all the way to downtown Indianapolis, Marion County treats the corridor as a secondary corridor and has no real plans for increasing its capacity. Similarly, Westfield Boulevard is routed through some very sensitive areas and will probably never be capable of much more traffic than it now carries. So the process of elimination shows clearly that the north -south traffic in the Carmel area has only two alternative routes: US31 or US431. The Comprehensive Plan clearly says that US31 will become dysfunctional unless it is converted into a freeway. In both cases, the limitation on crossings of the 1-465 corridor force traffic onto one of these major thoroughfares in travelling between these economic centers, making their function crucial to the future transportation network of the Carmel area. EAST -WEST CORRIDORS: A similar problem exists with east -west corridc At the present time, only 116th Street and 146th Street function as complete east -west corridors, capable of carrying traffic beyond the limits of development in the Carmel metropolitan area. A third corridor at 96th Street is currently under construction, including a new river crossing. It should be noted that 96th Street forms the boundary between Marion County and Hamilton County, and as such, it is only 50% beneficial to the Carmel area. 6 Old Town 126th Street Economic Development Areas Therefore, one of All of these corridors have limitations, but it is important to note that the keys to the east -west travel is not as heavily demanded as north -south travel in Carmel. Even while there are only two complete east -west corridors, successful future there are numerous smaller local streets which can disperse traffic loads. development of Unfortunately, these dispersed loads are often directed through Carmel is to residential neighborhoods which is inefficient and unsafe, complete a transportation In addition, this dispersion of east -west traffic is often collected and network which funnelled into the major north -south corridors mentioned above. There successfully is little more that can be done to link Indianapolis and Carmel.. However, Carmel can reduce the demand for inter -city traffic by interconnects the developing more traffic destinations which would preclude the need for traffic destination Carmel residents to leave Carmel and go to other cities. In order to areas within the achieve that goal, Carmel's thoroughfare system will have to function City. more efficiently at connecting its economic development centers, making it easier for a resident near 146th Street to buy things from a business on the 96th Street corridor. INTERCONNECTING DESTINATIONS WITHIN CARMEL: Therefore, one of the keys to the successful future development of Carmel is to complete a transportation network which successfully interconnects the traffic destination areas within the City. These destination areas are located along the US31 and US431 corridors, the technology park between Carmel Drive and 126th Street, the Old Town area of Carmel, the 96th Street area along the county line and the 146th Street area (immediately north of Carmel) which is beginning to emerge as a regional shopping alternative to Castleton and Keystone at the Crossing. The Comprehensive Plans since 1985 recognized this need and recommended several projects to support this end. The 1985 and 1991 Plans both suggested a parkway corridor connecting Hazeldell Road (near 146th Street) with 96th Street (west of the river). In addition, both plans also recommended completion of a four lane corridor along Pennsylvania Street which would enable local traffic to travel between destinations along the US31 corridor without co- mingling with regional traffic on US31. In addition, the Comprehensive Plans dating back several decades have acknowledged the need to complete the 126th Street corridor, even before Carmel Drive was conceived. By developing an internal transportation network which interconnects the traffic destinations within the City of Carmel, the traffic intensity for inter -city corridors will be moderated. US31 will always be one of the major corridors in Carmel, but if a Carmel resident can find what they Old Town /Rangeline Road Corridor Economic Development Plan 7 The total estimated want (whether it be a job or a loaf of bread) without using the inter -city cost of the (Old corridor, the thoroughfare system will provide a direct benefit to the health and safety of the community. Downtown) project is listed in the Capital Description of the Proposed Projects Improvements Plan as $3,855,400. 126TH STREET CONNECTION: The 126th Street Corridor is a major east west thoroughfare for the east side of Carmel, but the corridor is not complete west of Rangeline. Although the roadway extends all the way to River Road on the east, the corridor is interrupted on the west at Range Line Road, and this lack of continuity has caught the attention of city planners for the last three revisions /updates of the Comprehensive Plan. In fact, the 126th Street Corridor has been a topic in the Comprehensive Plan topic for decades. The project being considered is to connect the 126th corridor from Rangeline Road to the northern terminus of Adams Street, which is located within the Carmel Science and Technology Park. At this time, the corridor is incrementally complete, from 3rd Avenue Southwest to Crescent Drive. However, as this is a planning report designed to test the possibility of creating an economic development area under Indiana statute, the precise nature of the project design is not determined at this time. The design engineer must determine whether the existing segments of pavement can be effectively interconnected without sacrificing public safety, and the resultant design process must retain the flexibility to make the adjustments necessary to provide Carmel with a flawlessly functional transportation artery. It is, therefore, appropriate to note some factors related to the potential project design. Much of the land along the general corridor alignment is vacant. This should substantially simplify the design adjustments necessary to link the sections. The parcel of land immediately west of Rangeline is vacant, as is the parcel immediately west of that, which fronts onto 3rd Avenue SW. There is a residential development on the north side of 126th Street, west of 3rd Avenue SW, however the south side of the street is undeveloped in that area. Finally, the development along Adams Street terminates just southwest of the western terminus of the new segment of 126th Street. Adams Street has been extended to serve new residential development along the north edge of the Science and Technology Park, therefore, this final connection of the 126th Street corridor is becoming increasingly important. 8 Old Town 126th Street Economic Development Areas The City has been These factors all combine to create a viable justification for the project, as well as making it clear that the opportunities to complete the corridor planning for the are becoming more limited. The City has been planning for the completion of the completion of the 126th Street corridor for more than three decades. 126th Street The project is listed in the Capital Improvements Plan with a cost Corridor for more estimate of $3,007,500. The project is technically feasible, the cost of than three decades. the project will increase.as more options are lost with time, and the The project is listed financing can be accommodated. If the other restrictions and limitations in the Capital can be met, after 37 years of planning, the 126th Street corridor could be complete by 1998. Improvements Plan with a Cost estimate DOWNTOWN REVITALIZATION: The revitalization of the old downtown area, of $3,007,500. hereafter referred to as "Old Town," is projected to be a long term project involving comprehensive revitalization of the infrastructure of the area shown on Map No. 1, plus the addition of pedestrian amenities, as recommended in the Comprehensive Plans. The project includes rebuilding road surfaces; improvements to drainage; addition and rehabilitation of sidewalks, storm sewers, curbs and gutters; brick features; and the addition of historic lighting to capture the historic and traditional ambiance of the area. The total estimated cost of the project is listed in the Capital Improvements Plan as $3,855,400. Relationship to Previous Planning Efforts The 126th Street Corridor Carmel is one of the best planned communities in Indiana. It is abundantly clear from the review of previous Comprehensive Planning documents from 1961 to 1997 that the City of Carmel has been almost religious in planning for its future and finding ways to implement those plans. Problems that emerged in the 1961 Plan were addressed in subsequent updates. Projects that were undertaken were designed to complete at least a portion of related issues. Designs for one infrastructure system were amended and enhanced to address needs of other infrastructure systems. The end result is that the City of Carmel is a very well planned community. Of course, there are those that would point to some shortfall as evidence that the community's planning is deficient, but that is merely evidence that planning is composed of a concept with a series of creative adjustments. In essence, no person could read the Comprehensive Plans of 1961, 1970, 1971, 1985, 1991 and 1997 and Old Town /Rangeline Road Corridor Economic Development Plan 9 a the notice of the fact that the City took those comprehensive p The latest plan, entitled, se and i nvested heavily in implementing them. "2020 Vision," The latest plan, entitled "2020 Vision," suggests that the C' suggests that the will be completely built out by the year 2020. At that point, the Ci t3 City of Carmel projected to have some 85,000 people and become a regional will be completely employment center. These projections are several orders of rmagnitud built out by the greater than anything that could have been anticipated in 1961. With( year 2020. the commitment of Carmel's leadership to implementing the community's plans, no matter how incrementally those plans were accomplished, the larger vision would never have been possible witho. attending to the individual issues of the community. The projects anticipated under this Economic Development Plan are a part of that larger visionary process. Their implementation, however, also a component of that smaller focus. One of the strengths of the C of Carmel lies in their commitment to planning and the implementatio) of those plans. This Economic Development Plan seeks to continue th commitment. COMPREHENSIVE PLANS, 1961, 1970 1971: The 1961 Comprehensi Plan recommended the extension of 126th Street past College, which al the time, appeared to encompass most of Carmel's future potential for growth. In 1970, the Harland Bartholomew Comprehensive Plan made a much more aggressive projection that growth would require the 126th Street Corridor to be pushed westward all the wav to Old Meridian! In addition, the 1970 Plan suggested that the new Carmel Drive corridor should "work in tandem with 126th Street to the west." This projection was basically affirmed in the 1971 Comprehensive Plan where the Thoroughfare element of the Plan recommended extending Carmel Drive to Pennsylvania Street and 126th Street extended to Old Meridian essentially as a tandem pair. 1985 UPDATE: In 1985, Woolpert Consultants completed an update of the Carmel Comprehensive Plan and one of the prominent findings of that effort was, despite the fact that Carmel had grown in so many ways, that the 126th Street corridor was still incomplete. Selections from the "1985 Comprehensive Plan Update Summary: Problems Opportunities" explain the situation with regard to the corridor. The 1985 Update Summary mentions the importance of completing the 126th Street Corridor in two of "four major traffic issues" under the section entitled, "Problems Opportunities as well as suggesting the 10 Old Town 126th Street Economic Development Areas :o. one of the importance, overall, of creating additional east -west traffic capacity. In prominent describing the first issue, the Summary states; "...a suitable east/west findings of that thoroughfare does not exist in Carmel /Clay Township." In retrospect, the 1985 Update could not have anticipated the continuation of the rate (1985 Update) of growth of Carmel, especially at the accelerated pace which has effort was, .despite proven to be true. the fact that Carmel had grown The 1985 Update Summary also notes, in "major issue 2," that "the in so many ways, extension of Carmel Drive west to US31 will help to alleviate the the 126th Street overloading of east -west traffic in this vicinity.... These plans also corridor was still provide for the future extension of 126th Street from its current terminus at Range Line Road westward to the Carmel Drive extension." incomplete. These two notations of "major issues" underscore the importance of east -west thoroughfares, in general, and the specific importance of 126th Street and Carmel Drive. Both of these thoroughfares are located very near the center of the community and generate the opportunity for efficient traffic management, if the thoroughfares are properly developed. Finally, the "Problems Opportunities" section addresses the need for the 126th Street extension/connection a third time. Under recommendation #3, the Summary states, "Opening Carmel Drive and 126th Street to Meridian Street would relieve heavy traffic flow experienced by 3rd Avenue Southwest...." It is important to note that the 126th Street Corridor has been creeping incrementally toward completion. As development occurred in the technology park, the City and Plan Commission have methodically and incrementally persuaded developers to extend Carmel Drive to US31, and along with that extension, they have also extended additional roadways from the Carmel Drive Corridor toward 126th Street. The closest roadway to 126th Street at this time is Adams Street. "DEVELOPMENT SUPPORTS: CIRCULATION This section of the 1985 Summary states, "...Other important thoroughfares in the City and Township...include Range Line Road, 116th Street, Main Street (131st Street), Carmel Drive, and Mohawk Drive (126th Street). This same section of the report indicates that the traffic projections suggest a 2% annual growth rate in volume with more in the eastern and central portions of the area. This rate has obviously been exceeded in certain areas, but the need for a completed 126th Street corridor is becoming more critical with time. Old Town /Rangeline Road Corridor Economic Development Plan 11 After the 1985 It is also important to note the time context of the 1985 Update. At that time Carmel Drive connected US431 with the area then referred to Update was. "the i ndustr i al park. The industrial park was a small area just west of completed, Rangeline Road which held some modest light industrial development. developers After the 1985 Update was completed, developers cooperated to link the cooperated to link old industrial park area with the US31 corridor, creating the "Science the old industrial and Technology Park" which currently exists. This project included park area with the completing a significant portion of the local thoroughfare system, US31 corridor, including the extension of the Carmel Drive corridor from Rangeline to creating the US31, thus finally linking the east and west sides of the City of Carmel. Th pro however, did not include the completion of the 126th "Science and Street corridor. Technology Park THE 1991 COMPREHENSIVE PLAN UPDATE: Recommended 20 -Year Roadway Improvement Plan: The graphic depiction of the 20 -Year Plan clearly shows that 126th Street is to be completed west of Rangeline Road to Adams Street. Thoroughfare Plan Description: The 1991 Update indicates that the central and eastern Clay Township thoroughfares are much more critical at this time than those of western Clay Township. The Update confirmed the earlier suggestion of developing "parallel collector roadways" (like 126th Street and Carmel Drive), and goes further to state, "new roadway links are proposed to extend 126th Street from Rangeline Road to Guilford Road...." "2020 VISION" /THE 1997 COMPREHENSIVE PLAN UPDATE: The 1997 update emphasizes the importance of the 126th Street Corridor, however, it includes a substantial recommendation for increasing the capacity of the corridor west of US31 to a freeway design. Obviously, this suggestion only underscores the importance of the corridor to the City, overall. However, the importance of completing the 126th Street corridor is also mentioned both directly and indirectly. Under "Growth Management," the Plan states, "encourage proactive infrastructure planning and enhance east -west access." It further states that "east -west access must be improved...to avoid the Township being divided into three separate areas." Clearly, the 126th Street corridor facilitates that end. In another section of the Update, it states, "east -west roadways are fairly limited...as the area's employment reliance on downtown Indianapolis shifts...the need for good east -west access will be magnified. 12 Old Town 126th Street Economic Development Areas I t ...even the SUMMARY— CARMEL CHANGED FROM 1961 TO 1991: It is clear that the planning for 1991 Update invested significant effort in testing much of the planning, revitalizing the suggestions and preliminary conclusions of the 1985 effort. It is equally clear that the majority of the 1985 projections were either on target or old downtown of conservative in their estimates. In the final analysis, although the city the city is based of Carmel has changed drastically in the 30 years from the 1961 upon the Comprehensive Plan to the Update, the need for the 126th Street completion of project remains, although for different reasons. 126th Street. In fact, even the planning for revitalizing the old downtown of the city is based upon the completion of 126th Street. The 126th Street corridor is located immediately south of the "Old Town" area, and the success of the revitalization of "Old Town" is at least partially dependent upon the delivery of traffic from 126th Street to parking facilities of the area. This conceptual linkage must be recognized as part of the overall project configuration, creating a minor synergy and inter dependence between the project being considered for the City Center area. Old Town Revitalization: Introduction: Obviously, Carmel's old downtown area dates to the very beginnings of the community, and the revitalization project has been contemplated for many years. As Carmel grew and modern retail areas were developed around the area, the relative importance of the old downtown was diminished. However, the community never turned its back on the historic significance of the area, and some provision for the revitalization of the area was generally included in the comprehensive planning for the area. Minor changes to the boundaries of the area have occurred over time, but there has been a consistent interest in preserving the area and making it function in the modern marketplace. 1961 Comprehensive Plan: In 1961, the growth which would eventually eclipse the old downtown area was only beginning. The plan generally called for attention to the issue of the retail area's continuing relevance, without much in the way of concrete recommendations to increase its vitality. 1970 Comprehensive Plan (Harland Bartholomew): The 1970 Plan basically suggests that the downtown area is dysfunctional as a retail area and that other areas will emerge as the new Central Business District (CBD). The Harland Bartholomew Plan, however, makes two important first steps: first, to make a detailed definition of the boundaries of the area; and second, to make specific recommendations Old Town /Rangeline Road Corridor Economic Development Plan 13 ...the 1970 Plan as to the potential characteristics of a redevelopment/revitalization recommended.. .project. Much of the fundamental character of the 1970 "improve visual recommendations are still valid today. characteristics of The 1970 plan identified something it called "the Carmel Business the area by a Area." It was bounded on the north by North 1st Street, and on the east program to enhance by an irregular line running south along East 1st Avenue, then west building appearance along South 2nd Street, then south again along West 1st Avenue. The southern boundary of the area is formed by South 3rd Street, and the and by provision of amenities such as western boundary of the area was defined as the Monon Railroad. pedestrian walks, Page 73 of the 1970 Plan recommended... "improve visual characteristics street trees and of the area by a program to enhance building appearance and by landscaping. provision of amenities such as pedestrian walks, street trees and landscaping." These same basic recommendations have been carried through to the modern project proposal. The map on page 76 of the Plan showed street trees recommended on Rangeline Road to one block south of South 5th Street. 1971 Comprehensive Plan Update: The 1971 Plan did not represent a terribly deep analysis. Basically, the entire Plan was little more than a recapitulation of the previous plan, suggesting that the 1971 Plan may have simply represented the final approved form of the 1970 document (after approval delays by various bodies). In that 1971 document, the downtown plan appeared to be precisely the same as the one contained in the 1970 document. 1985 Comprehensive Plan Update: Pages 186 205 contained the bulk of the analysis and recommendations regarding the old downtown area. The boundaries of the area identified in the 1985 Plan were: 2nd Avenue Southwest, 1st Street Northwest, 1st Avenue Southeast, Rangeline Road and 3rd Street Southwest. These boundaries represent a slight adjustment to those contained in the 1961 Plan, but the same basic configuration was left intact, with a slightly larger area included. In addition, the 1985 Update recommended the same sorts of pedestrian- oriented improvements as were indicated previously. 1991 Update: The 1991 Update used the same map as the 1985 Update, apparently even leaving the previous consultant's logo on the document. The 1991 Update refers to the area as the "Business Core Focus Area" and specifically recommends streetscape and parking improvements, specialty shops, and "street trees, street furniture and amenities such as benches, planters, drinking fountains, trash containers, 14 Old Town 126th Street Economic Development Areas There has been a etc., textured sidewalks, uniform signage and low level lighting for long and nighttime use...." continuous interest 1997 Update (2020 Vision): This plan drew upon new information in the from the 1994 "Old Town Carmel Design Charette." It recommended revitalization of upgrading the economic development potential image of Carmel, and old downtown more clearly indicates the linkage of the old downtown project with the Carmel. proposed improvements to the Monon Corridor, which would create a linear park drawing leisure time pedestrians into the area. The 1997 Update emphasized the need to develop a "center" to the community, including "actions to revitalize downtown Cannel." These actions included incentives to encourage reuse and modernization of the old downtown buildings, as well as a pedestrian link for the downtown, which would ultimately connect the pedestrian system of the City of Indianapolis with the old downtown of Carmel. The 1997 Plan also recommended that the "01d Town/Village Center Study Area" receive further study which would broaden the impact of the initial design plan (which this project proposes to implement). The extended planning would provide more detail for linkages to the new "Civic Center" area, near city hall, and the high school area to the east. Summary: There has been a long and continuous interest in the revitalization of old downtown Carmel. Most recently, the renovation project has finally begun to take shape, with specific desi elements incorporated into a phased program of improvements. The boundaries of the area defined as "old downtown" have remained remarkably constant, with the only variation evolving from changes to buildings and uses which affect the viability of those properties within the theme of the revitalization project. In essence, the proposed project is essentially the same project which has been contemplated by the community for over 20 years. CAPITAL IMPROVEMENTS PLAN: It is important to note that both the Old Town Improvements and the 126th Street Corridor projects were included in the City's Capital Improvement Plan (CIP) drafted by the City Engineer in cooperation with a consulting engineering firm. The total value of the projects was slightly less than $7 million, as noted in the CIP. The presence of these projects in the CIP is further evidence of the long term commitment to these projects on the part of the City, as well as evidence of the level of consistency between the planning effort and implementation on the part of the City, overall. Old Town /Rangeline Road Corridor Economic Development Plan 15 A community may CREATION OF AN ECONOMIC DEVELOPMENT AREA choose to create an Economic THE PROCESS: A community may choose to create an Economic Development Area to Development Area to implement an economic development strategy within an area. As provided in Indiana law, the community can use a implement an number of development incentives to recruit new business or create new economic economic opportunities for its citizens, including various forms of public development strategy financing such as the use of County Option Income Tax (COIT), and within an area. tax increment financing (TIF). The creation of an Economic Development Area is part of an overall strategy for implementing a community's economic development plan. The Economic Development Area would be directly administered by the Carmel Redevelopment Commission (CRC). The Area must be created through sequential approval actions by the Redevelopment Commission, the Plan Commission and the City Council, following the statutory process. Creation of an Economic Development Area enables the community to issue tax exempt municipal bonds payable from a number of revenue streams to pay for public improvements in the Area which would generate and shape economic growth. It is important to note that the designation of an Economic Development Area includes no powers of eminent domain within the area. Therefore, the CRC will have no power of eminent domain in the Area, and may not acquire land without the owner's consent under Indiana law (I.C. 36- 7- 14 -43). Voluntary acquisition of land, however, is allowable under these provisions. The recommendations contained in this report will not include any proposal for the use of eminent domain by the Redevelopment Commission, however, voluntary acquisition of land for economic development purposes may be included. This provision, however, should not be construed as any limitation upon the powers or actions of the incorporated City of Carmel to act in partnership with the CRC to implement any project(s). 16 Old Town 126th Street Economic Development Areas FINDINGS OF FACT: in each NOTE: The following narrative regarding the statutory findings of fact is of divided into separate considerations for each of the two projects under f the five finding consideration. Consequently, in each of the five finding narratives, narratives, there may be more than one justification for the project with regard to there may be the statutory findings. more than one justification for THE STATUTE: Indiana Statute IC 36 -7 -14 provides for the formation of the project with an economic development area in locations meeting the following regard to the criteria: statutory findings. 1. The plan for the economic development area: promotes significant opportunities for the gainful employment of its citizens; attracts major new business enterprise to the unit (of govemment); retains or expands a significant business enterprise existing in the unit, OR; meets other purposes of redevelopment and economic development. 2. The plan for the economic development area cannot be achieved by regulatory processes or by the ordinary operation of private enterprise because of: lack of public improvements, existence of improvements or conditions that lower the value of land below that of nearby land; multiple ownership of land, OR; other similar conditions. 3. The public health and welfare will be benefited by the accomplishment 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 in the economic base OR other similar benefits. 5. The plan for the economic development area conforms to other development and redevelopment plans for the unit. The following analysis will set forth the extent to which the planning area can meet the requirements of the statute stated above. The Plan will address each of the five required statutory findings individually to determine whether the area can meet the statutory tests. Old Town /Rangeline Road Corridor Economic Development Plan 17 The most singularly Finding of Fact #1: ...promotes significant opportunities for important issue in gainful. employment...meets other purposes of redevelopment and economic development." economic development is the 126tH STREET: The most singularly important issue in economic delivery of adequate development is the delivery of adequate infrastructure services to an .infrastructure area targeted for economic growth. Carmel has grown at an incredible services to an area rate over the last 3 -4 decades, yet the northwestern portion of the oldest targeted for industrial area of the City remains vacant. By contrast, the portion of economic growth. that same industrial area, located along a completed roadway (Carmel Drive) is not only developed, but has stimulated the development of another generation of economic development, expanding what was once the rather humble Carmel industrial park into the Carmel Science and Technology Park, which is much larger, and much more intensely developed than anything which could have been foreseen in 1961. Completion of the 126th Street Corridor should stimulate the complete development of the northwestern corner of the old industrial park area. More importantly, however, it will increase the functional levels of the existing development by increasing the capacity of the roadway system serving the area. The Science Technology Park is Carmel's most important employment area. The salaries paid in this area are far more affluent than those of most "industrial parks" in Indiana. The types of jobs created in this area are the envy of virtually every other city in the State. In order to complete the development of the park with the same levels of jobs, the comprehensive planning for the community has stated that the completion of the 126th Street corridor is vital. The 126th Street corridor project will also directly serve the center of the city, offering commuters a second east -west travel alternative. This will directly decrease the level of traffic on Carmel Drive and other local streets. But it is equally important to note that this second east west alternative will also decrease traffic levels south of 126th Street on Rangeline Road. By providing the 126th Street alternative, the number of left turns from Mohawk onto Rangeline and subsequent right turns onto Carmel Drive will be significantly reduced during peak traffic periods. Without efficient traffic access to an employment center, that center will deteriorate. In Carmel, the Science Technology Park has become an important economic engine for the community, and the 126th Street Corridor can help to stimulate the full development of the area. 18 Old Town 126th Street Economic Development Areas The proposal to OLD TOWN REVITALIZATION: The old downtown area has been a prime revitalize the Old concern of Carmel's planners for many, many years. As the newer Town area, retail areas were developed, the Old Town area had difficulty finding a niche. The proposal to revitalize the Old Town area, however, is however, is intended intended to help establish an identity which is unique from the rest of to help establish an the community. The Comprehensive Plans since 1970, including identity which is Updates in 1971, 1985, 1991 and 1997, have all recommended unique from the rest fundamentally the same improvements be undertaken to help the old of the community. downtown establish that unique identity. The most recent iteration of that image creation refers to the area as "Old Town." The Old Town project will support the creation of new opportunities for gainful employment in several ways. First, the streets in the area will be reconstructed, lowering their grade significantly and restoring the efficient drainage patterns of the area. This part of the project will relieve a current problem which retards growth and redevelopment. Secondly, the installation of street lights and other amenities are designed to emphasize the "human scale" of the area that it is not a high -rise, high- intensity economic area, but instead an area where small, "human scale" businesses can thrive. Third, by resolving an assortment of infrastructure problems, plus restoring and emphasizing the "human scale" of the area, it is the intent of the city's planners that pedestrians be welcomed into the Old Town area. This pedestrian emphasis is further underscored by the proposed Monon Corridor project, which will connect all the way to Broad Ripple in Indianapolis, and will bring joggers, bikers and pedestrians from the region into Old Town. While the City does not purport to take an investment role in these small businesses, the intent of the infrastructure revitalization project is to underscore the business attraction of the Old Town area. From that business attraction, new jobs will emerge through private investment in the small businesses which can and will find a niche in the area. Finding #2: "...lack of public improvements..." 126TH STREET CORRIDOR: Both the 126th Street Corridor project and the Old Town revitalization project are needed because a lack of sufficient public improvements is causing a restriction in the development of the area. Without the 126th Street corridor, travellers from the northeast side of Carmel must use circuitous routes to get to the jobs and Old Town /Rangeline Road Corridor Economic Development Plan 19 the northeast shopping along the US31 corridor. These destinations currently include several new shopping centers, a Meijer development and the Science corner of the Technology Park. 0 Technology Park (previously called the Although most of the land which was previously designated for Industrial Park) has economic development purposes in the older portions of the city were never been developed, developed long ago, the northeast corner of the Technology Park and remains vacant, (Previously called the Industrial Park) has never been developed, and despite development remains vacant, despite development virtually all around. This restricted economic activity appears to be directly traceable to a lack of public virtually all around. improvements. OLD TowN: The Old Town situation is only slightly different. The proposed project includes reconstruction of the streets, as well as storm drainage improvements, including new storm sewers, as well as improved sidewallcs and other street and pedestrian amenities. Thus, the local residents will receive multiple benefits as a result of the project. At this time, these inadequate facilities are effectively reducing the value of property through their inadequacy. Second, the Old Town project proposes to improve the public portions of the area in order to make it more friendly to visitors. These public improvements are more human in scale and include such things as street lighting, sidewalks, furniture and other amenities which will increase the use of the area by pedestrians. These types of public improvements have long been suggested in the comprehensive planning for the city and are well established as a form of public consensus. Finding #3: "...the public health and welfare will be benefitted...." GENERAL Co1lLKENTARP As noted previously, the purpose of comprehensive planning in the State of Indiana is that the comprehensive plan provide for the general health and welfare of the community. As such, those projects which are clearly defined in the comprehensive planning for the community are, by definition, designed to benefit the public health and welfare. It is equally clear that the previous comprehensive plans for the City of Carmel have anticipated both the 126th Street project and the Old Town Revitalization as projects which would directly benefit the public health and welfare. 126TH STREET CORRIDOR: As noted in the previous narrative of this report completion of the 126th Street Corridor will connect the corridor from 20 Old Town 126th Street Economic Development Areas When the far east side of the city all the way to the western portions of the the 126th Street township. The missing link at this time is the section between Rangeline and Adams Street, In the northeast portion of the Science Corridor is Technology Park. complete, the number of This project would benefit the public health and welfare by increasing turning movements the efficiency of the transportation system in the vicinity of the old on Rangeline Road downtown and Rangeline Road. When the 126th Street Corridor is will be reduced and complete, the number of turning movements on Rangeline Road will be the amount of reduced and the amount of through traffic which can be handled by the roadway will be increased. This will increase the safety level of the through traffic roadways in the area, as well as reducing the number of accidents due to which can be turning movements. handled by the roadway will be In addition, the general welfare of the community will be benefitted by increased. reducing travel time between destinations on the east side and those in the Technology Park area. This reduction in travel time has a commensurate decrease in air pollution resulting from auto emissions by reducing the operating time of those automobiles, as well as by increasing the mixing rate (due to faster operating speeds and less traffic congestion) of ambient air in/along the corridor. OLD TOWN REVITALIZATION: The Old Town project will increase the public health and welfare in several ways.First, the project proposes to reconstruct the streets in the area, improving the local drainage and transportation efficiency. These improvements represent a clear improvement to the public welfare, and the improvements to the drainage will benefit the public health by reducing or eliminating potential health threats which could result from inadequate drainage. Second, the public welfare is benefitted by making the Old Town area more economically viable. The Comprehensive Plans for the community have indicated that the old downtown area needs additional support in the form of public investment similar to that which has been proposed. That investment is projected to have the impact of encouraging additional private investment in small businesses in the area, thus increasing occupancy of the buildings, as well as increasing the maintenance and remodelling effort for those buildings. Third, the provision of improved sidewalks and pedestrian amenities is projected to increase pedestrian traffic in the Old Town area. The long term plans for the community include the improvement of the old Monon Rail Corridor, which would connect the Monon linear park in Old Town /Rangeline Road Corridor Economic Development Plan 21 Completion of the Indianapolis with the Old Town Carmel area, This would effectively 126th Street corridor provide regional pedestrian access to Old Town Carmel, which would is awell= documented further enhance the public benefit of the Old Town project. If the Monon Corridor were improved without the commensurate need of the improvements to Old Town, there would still be increased pedestrian community, as access, but there would be no retail destination to capture consumer established by the trade as a result of the corridor.. Therefore, for both impacts to be repeated optimized, both projects must be undertaken on a long term basis. recommendation of Without the Monon Corridor project, however, there would still be an appreciable benefit to the citizens of Carmel. the city's comprehensive plans that the corridor be Finding #4: "..public benefit as measured b ...i completed from east in the economic base...." Y mproved diversity to west. 126TH STREET CORRIDOR: Completion of the 126th Street corridor is a well- documented need of the community, as established by the repeated recommendation of the city's comprehensive plans that the corridor be completed from east to west. At this time, traffic levels have reached or exceeded the capacity of the major traffic corridors of the planning area. In fact, corridors like US31 and US431 are so overloaded with traffic that their operative performance has dropped below acceptable levels. The Comprehensive Plan states that US31 operations can only be restored to acceptable levels if the corridor is turned into a limited access freeway, separating local traffic from regional traffic. The completion of the 126th Street corridor will reduce traffic levels and congestion on Rangeline Road. First, because it completes a corridor which serves the far east side of the city, it allows traffic to move smoothly, and without significant turning movements, from the intense residential developments to the employment center of the community. Turning movements are the leading cause of traffic congestion. Therefore, by making 126th Street complete, the number of turns is reduced thereby reducing congestion. In addition, the completed corridor eliminates the need for traffic to turn onto Rangeline Road in order to gain access to the Technology Park at Carmel Drive. The comprehensive planning has long suggested that Carmel Drive and 126th Street operate as a tandem pair, and completion of this corridor will enable that planning goal to be accomplished. Completion of the 126th Street corridor will help to diversify the economic base by enabling the existing transportation system to function more efficiently, and improving the access to the northeast portion of 22 Old Town 126th Street Economic Development Areas the comprehensive the technology park which is projected to stimulate further development. plans recommended It must be reiterated that the area immediately adjacent to the proposed that the best hope 126th Street corridor west of Rangeline has been recommended for development for at least 36 years, yet has not developed, in part for the economic because of lack of access. By removing this development constraint, it viability of the is expected that the area will be fully developed, thus increasing the tax old downtown base and diversifying the local economy. (Old Town) was to establish a OLD TOWN REVITALIZATION: As new retail centers were developed to "niche" economy, serve the growth of the area, the old downtown became more and more dysfunctional. This fact was acknowledged repeatedly in the where the services comprehensive planning for the city. At the same time, the and products offered comprehensive plans recommended that the best hope for the economic were unique viability of the old downtown (Old Town) was to establish a "niche" and not offered by economy, where the services and products offered were unique and not discount competitors offered by discount competitors in the newer retail areas. The in the newer retail development of such a "niche" economy is, by definition, an increase in areas. the economic diversity of the community. In addition, the revitalization of the Old Town area will attract new permanent jobs to the community. The redevelopment plan for the area is to facilitate the creation of new, small businesses with highly specialized products and services. These businesses generally have a substantial turnover rate, however, many of them survive and thrive and generate substantial new employment for the community. Those that turn over, however, provide a similar economic benefit to the community by providing real job training opportunities. The number of these businesses operative at any particular time also creates a relatively constant number of jobs available at any particular time in the local economy. In other words, while the names of the businesses change, the turnover simply transfers the jobs from one corporate entity to another, thereby creating a fluid, but somewhat constant, employment base. In this manner, it has been determined that the plan for economic development of the area provides for the attraction of permanent jobs as well as providing other similar benefits. Finding #5: "the plan conforms to other development plans for the community...." In the case of both projects, the 126th Street Corridor project and the Old Town Revitalization project, the conformity with previous development plans is unquestionable. As noted in the section of this Old Town /Rangeline Road Corridor Economic Development Plan 23 In the case of both report entitled "Relationship to Previous Planning Efforts," both of these projects, the 126th projects have been encouraged and endorsed by the Comprehensive Street Corridor Plans for the City of Carmel, dating back to 1961. While the details of project and the Old these projects has evolved, the proposed projects are remarkably similar in proposed design detail to the suggestions of the comprehensive plans. Town Revitalization It would be severely redundant to recite all of the quotes and excerpts project, the from these previous development plans in this section, therefore, it is conformity with concluded, on the basis of the evidence presented under the section of previous this report entitled "Relationship to Previous Planning Efforts," that development plans is these projects conform entirely to the other development plans for the unquestionable. community, as required by statute. SUMMARY: The narrative presentation entitled "Findings of Fact" detail the logic behind the conclusion that the proposed projects meet the statutory requirements of all five findings of fact, per IC36 -7 -14. It is absolutely clear that the City of Carmel has considered both of the proposed projects for many years and that the only restriction to previous implementation was priority and funding availability. In the interim, the community has had repeated opportunity to strengthen and reconsider these projects. If there had been an interest in deleting those projects from the list of needs, there was ample opportunity to do so. Instead, the details of the projects evolved, but the core project remained intact, in some cases for over 30 years. Thus, there can be no question that these projects are the result of community consensus as to their importance to the future prosperity of Carmel. Although other projects previously were higher in priority, the community has now found an acceptable method of financing these improvements, and therefore, the findings of fact recited above set the stage for implementation after decades of planning and preparation. With the prospect of developing some form of municipal bond, the funding element appears to be feasible at this time. Economic Development Strategy The City of Carmel has meticulously set forth a community wide plan for its own development and has established standards for that development. The analysis performed as part of this Economic L Development Plan has not discerned any flaws in the previous planning, but instead has affirmed the community consensus which was developed as part of those previous planning processes. 24 Old Town 126th Street Economic Development Areas ..future The outlines of the economic development strategy were, therefore, in development of the place prior to initiating this Economic Development Plan. The three Planning Area as a major strategic elements which are added by this analysis. and planning effort are as follows: business area is in compliance with 1. That there is statutory justification for designating two economic current Zoning. and development areas for the purpose of implementing the Old Town and land use provisions the 126th Street Corridor projects, as expressed in the 2. That both of the areas meet the tests posed by the statutory findings Comprehensive contained in IC 36 -7 -14, and Plan. 3. That the projects can be financed through issuance of municipal debt instruments by the City of Carmel. CONCLUSIONS Based on the examination of facts and analysis set forth in this Economic Development Plan, the following conclusions are offered: 1. That. the Planning Area studied in this Economic Development Plan has been identified as the primary benefit area for the proposed improvements. 2. That existing development in the Planning Area is suffering from the lack of public improvements, especially transportation corridors, and the revitalization of the historic "Old Town" area. 3. That future development of the Planning Area as a business area is in compliance with current zoning and land use provisions as expressed in the Comprehensive Plan. 4. That future business development will benefit the City of Carmel by creating new economic opportunities as a result of improved efficiencies in the thoroughfare system. 5. That two new economic development areas are recommended to support the two proposed projects. a. The first Economic Development Area is recommended to be located along a proposed alignment of 126th Street to connect the intersection of 126th Street (Mohawk Drive) and Rangeline Road with the northeastern terminus of Adams Street. This area shall be called the "126th Street Corridor Economic Development Area." Old Town /Rangeline Road Corridor Economic Development Plan 25 two new economic b. The second economic development area shall be entitled the "Old Town Economic Development Area" and is development areas recommended to include the old downtown area, as are recommended to shown on Map No. 1. support the two 6. A ositive economic impact on the community p p is expected to proposed projects... occur in the form of new job opportunities and additional tax the first Economic revenues as a result of the proposed projects. Development Area 7. That if the Economic Development Areas are not designated and shall be called the the funding of the strategy is not pursued, the opportunity to "126th Street provide a Tong -term solution to problems of growth in these areas Corridor Economic will possibly be lost. Development Area..." (and the second) The public bodies have done an outstanding job of examining growth shall be entitled the proposals and designing funding packages which are appropriate to the "Old Town Economic community and commensurate with the benefits to accrue. This Plan's Development Area. conclusions are predicated on the continued performance of the same sort of objective analysis and public policy direction which have preceded this Economic Development Plan, and which have formed the basis for keeping Carmel moving forward without gridlock. RECOMMENDATIONS Based on the information and conclusions presented, the following recommendations are presented for the consideration of the Carmel Redevelopment Commission. 1. That the Carmel Redevelopment Commission (CRC) should designate two new economic development areas in accordance with IC 36 -7 -14 (Identified on Map #1). The first area should be entitled the "126th Street Corridor Economic Development Area" and the second area should be entitled the "Old Town Economic Development Area." 2. That the City of Carmel should investigate alternative forms of municipal financing to implement these projects in order to generate additional economic development opportunities within the City. ESTIMATED COST OF THE PROJECTS The estimated cost of the projects that provided by the City, in conjunction with the City Engineer's office, is $3.855 million for the Old Town project and $3.01 million for the 126th Street corridor project. 1 26 Old Town 126th Street Economic Development Areas Description of the Economic Development Areas The Economic Development Plan recommends the creation of two Economic Development Areas in support of two separate projects for the City of Carmel. The Plan conclusively established that these projects have been contemplated in the community's comprehensive planning for some time, therefore, the boundaries of the Economic Development Areas within which these projects will take place are generally described below. THE 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA: The boundaries of the 126th Street Corridor Economic Development Area are generally described as beginning at the intersection of the west right of way line of Rangeline Road and the north right of way line of 126th Street (Mohawk Drive), and extending west to the intersection of 3rd Avenue S.W. and 126th Street. Then continuing westward along the north right of way line of 126th Street to the current terminus of 126th Street at Crescent Drive. Then continuing in a southwesterly direction to intersect with the centerline of Adams Drive, and continuing along that centerline of Adams Drive to its intersection with the centerline of Carmel Drive. Then turning eastward and southward continuing along the centerline of Carmel Drive to the west right of way line of Rangeline Road, then turning northward along the west right of way line of Rangeline Road to the point of beginning. THE OLD TOWN ECONOMIC DEVELOPMENT AREA: The Old Town streetscape improvement project is designed to restore the historic character of the area, and the work on that project will generally take place on either or both sides of the streets included in the area. Therefore, the boundaries of the Old Town Economic Development Area are generally described as aligning with the street corridors of the area, as follows: beginning at the intersection of Rangeline Road and 6th Street S.E., and continuing eastward along 6th Street S.E. to 1st Avenue S.E., then north along 1st Avenue S.E. to Carmelaire Drive, then east on Carmelaire Drive to Heather Drive, then south along Heather Drive to Aspen Way, then east along Aspen Way to Amy's Run Drive; then continuing generally northward along the alignment of Amy's Run Drive, extending northward to 4th Avenue S.E., and continuing northward along 4th Avenue N.E. to 2nd Street N.E., then turning eastward along 2nd Street N.E. to Sylvan Lane, then turning north along Sylvan Lane to Audubon Drive, then continuing north along Audubon Drive, and at the point where Audubon Drive begins to turn west, extending northward beyond Audubon Drive to 136th Street; then Old Town Rangeline Road Corridor Economic Development Plan 27 the boundary turns westward along 136th Street to 1st Avenue N.W., then south along 1st Avenue N.W. to 5th Street N.W., then turning westward along 5th Street N.W. and extending beyond 5th Street N.W., past Lark Drive, to Meadow Lane, then south along Meadow Lane, past Main Street, to York Drive; then continuing southward on York Drive to its intersection with Emerson Road, then turning eastward along the alignment of Emerson Road, and extending past Emerson Road, to 3rd Avenue S.W., then south along 3rd Avenue S.W. to a point aligning with the alignment of 6th Street S.E., then eastward along a line aligning with 6th Street S.E. to the point of beginning. /crccedp 1 28 Old Town 126th Street Economic Development Areas Carmel Redevelopment Commission Carmel, Indiana Amended Economic Development PIan Amended 126th Street Corridor Economic Development Area January 9, 1998 i 'tip'?i )tz& Z gll@ e k; Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @aol.com Table Of Contents Introduction 1 Purpose of the Amendment 1 Description of the Amended Economic Development Area 2 Findings of Fact 5 FINDING OF FACT #1: "...PROMOTES SIGNIFICANT OPPORTUNITIES FOR THE GAINFUL EMPLOYMENT OF ITS CITIZENS..." 5 FINDING OF FACT #2: "...LACK OF LOCAL PUBLIC IMPROVEMENT..." 6 FINDING #3: "...THE PUBLIC HEALTH AND WELFARE WILL BE BENEFr7TED...." 8 FINDING #4: "AN INCREASE IN THE PROPERTY TAX BASE 9 FINDING #5: "CONFORMS TO OTHER DEVELOPMENT REDEVELOPMENT PLANS" 10 SUMMARY: 12 Amended Description of the Proposed Projects 12 THE CRY CENTER PROJECT' 12 Estimated Cost of the Proposed Projects 13 Economic Development Strategy, as Amended 13 Conclusions: Economic Development Plan as Amended 15 Recommendations: Economic Development Plan as Amended 16 saw Aac C i 4 lz a i X I 1 1 `/1 1 1 CENTER I ER sLQn4l OM 9 I O 1 1A g 8 I BRi V. 9 eat sit 1 •e st t AMENDED 126 th "17T-1-'-'-'- i Cr CORRIDOR ECON tC' 1 1 DE VELOPMENT mow IA .•a"•�•�•�•r_•�•1t.••i •.•.•••••••.•.•.i i iiiii o r i i /0, 477 1 d r I F o t I ro 1 t 7// li r woe DI I r— ;Yr 7 I it �d. 1 i i 1. A A,' 1,, Lot 0 —__i_ 1 1111st VI= ir 1 i I 1 if .1 CITY CENTER REDEVELOPMENT AREA AND AMENDED 126 th STREET CORRIDOR ECONOMIC DEVELOPMENT AREA MAP No. 1 WABASH SCIENTIFIC, INC The following is a list of commercial 4 g location permits issued March 1 thru August 23. 1997. (R) denotes Retail; (0) denotes O (PS) dents Personal Service Permit/Project Address Sq. Ft. 16.5.97 Autozone (R) 1445 S. Rangeline Road 7681 411.97 Duke Realty (0) 12650 Hamilton Crossing B1 32977 428.97 Carmel Cente poiate (R) 40 Excutive Drive 12000 429.97 Carmel Centerpointe (R) 40 Ecutive Drive 9000 497.97 Liberty Health (PS) 11610 Technology Dr. 32155 499.97 Link Sys. (0) 1302 Chase Ct. 9000 545.97 Am. Trade. (0) 615 W. Carmel Dr. 35602 554.97 Am. Trade. (0) 635 W. Carmel Dr. 26896 598.97 Pro -Med. (0) 698 Pro -Med Lane 8000 668.97 Conseco (0) 550 College Dr. 105214 804.97 Duncan Viidea.(0) 702 Adams 18003 90197 Plantation Enter. (PS) 11540 N. Meridian 31400 967.97 Kellner Prop. (0) 570 W. Carmel Dr. 21114 Totals Office 256806 Retail 28681 Personal Ser. 63555 349042 Sq Ft ut Prv:,a 4....c.i‘ 201JZ.1o4 /17 (q 1424 Cdr -P SKviv_Afrzs,41 10 b 6 .9. kricl A't I t i r 1 id ‘4141(2,4St Dim Ai fl 3Lt.9b 'ti0G►u1 l �,1z 't 3a l C )Sc.c..q 23 9 b lo .,1 CARMEL /CLAY PLAN COMMISSION COMMITTEES AGENDA TUESDAY, OCTOBER 5, 1999 LOCATION: CAUCUS ROOMS CITY HALL ONE CIVIC SQUARE CARMEL, IN 46032 TIME: COMMITTEES TO START AT 7:00 P.M. DOORS OPEN AT 6:30 P.M. SUBDIVISION COMMITTEE: will meet to consider the following items: 1. Committee to consider Docket 82 -99 CPA, Comprehensive Plan Amendment petition. Committee to discuss issues regarding Residential Open Space Ordinance update. Filed by the Carmel/Clay Plan Commission. 0 1 C -7 o L LI 6 ZS IC. 2 x y Introduction The 126th Street Corridor Economic Development Area was created by the Carmel Redevelopment Commission, with the affirmation of the Plan Commission and City Council, during the summer of 1997. The Economic Development Plan which documented the creation of the 126th Street Corridor Economic Development Area was officially named the "Economic Development Plan: Old Town 126th Street Corridor Economic Development Areas." It is clear from the title that the original Economic Development Plan created two Economic Development Areas simultaneously, each with its own documented findings and justification through previous editions of the comprehensive plan. This amended Economic Development Plan deals solely with the portion of the original Plan pertaining to the 126th Street Corridor. No portion of the Old Town Economic Development Area or Economic Development Plan is currently being amended by virtue of this effort, therefore, for simplicity in presentation, the amended Economic Development Plan which follows refers solely to the 126th Street Corridor Economic Development Area and its portion of the Plan without further reference to the Old To area and its portion of the plan. Purpose of the Amendment The purposes of this amendment to the 126th Street Corridor Economic Development Plan are to amend the boundaries of the 126th Street Corridor Economic Development Area and to establish a Tax Allocation Area to allow the capture of real property tax increment. The boundaries of the Economic Development Area are being amended for two reasons: 1. To remove the portion of the current Economic Development Area which contains the City Center project area In order to create a Redevelopment Area, and; 2. To increase the size of the Economic Development Area to include a larger portion of the Carmel Science Technology Park. Both of these boundary adjustments are reflected in Map #1. Amended 126th Street Corridor Economic Development Plan ,l The Tax Allocation Area (to allow the capture of property tax increment) is to create an additional revenue source to financially support the proposed City Center project. The City Center project area is Located in a portion of the 126 Street Corridor Economic Development Area which is being removed from the Economic Development Area, as noted above. The use of Tax Increment Financing (TIF) will provide additional flexibility for financing portions of the City Center project. Description of the Amended Economic Development Area The description of the boundaries of the amended 126th Street Economic Development Area is based on the aerial parcel maps provided by the Hamilton County Auditor's office on December 15, 1997 (aerial photography dated April, 1994), as follows: Beginning at the point of intersection of the north right of way of Adams Street with the westem boundary of Parcel No. 005 on Map No. 09 -36- 1 00, and extending southwesterly and westerly along the north right of way line of Adams Street to its point of intersection with the westem right of way line of Guilford Road; q Thence north along the westem right of way line of Guitford Road to the northeast corner of Parcel No. 007 of Map No. 09- 36 -00; 3 Thence west along the northem boundaries of Parcel Numbers 007, 007.001 and 002, to the point of intersection with the north right of way line of Carmel Drive; mac. rt, AS fr, Thence northwesterly along the north right of way line of Carmel Drive to the point of intersection with thesoutheastem right of way line of Old U.S. Hwy 31, as shown on Map No. 09- 35 -00; c Thence southwesterly along the southeastern right of way line of Old U.S. Hwy 31 to the point of intersection with the northem boundary of Parcel No. 027 (Map No. 09- 35 -00) torof•said-parceit L �..c� �,c e:L1.•t e t r /vo 077 fiT.�N� GCK��i Thence south along the eastern boundaries of Parcel Numbers 027, 026, T. 025, 024, 022, and 021 to the southeast comer of Parcel No. 021 (Map No. 09- 35 -00); Thence east along the southern boundary of Parcel No. 021 to the point of intersection with the eastem right of way line of Pennsylvania Avenue; Thence south along the eastem right of way line of Pennsylvania Avenue, across 116th Street, to the point of intersection with the center line of 116th Street; Amended 126th Street Corridor Economic Development Plan 2 Thence east along the center line of 116th Street to the point of intersection with the westem boundary of Parcel No. 059 (Map No. 09- 36-00); Thence north along the westem boundary of Parcel Numbers 059 and 060 to the northwest comer of Parcel No. 060; Thence east along the northem boundary of Parcel 060 to the northeast comer of Parcel No. 060; Thence north along the eastem boundary of Parcel Numbers 002, 004, and 003 (as shown on Map No. 09- 36 -00) to the northeast comer of Parcel No. 003; Thence east along the southem boundary of Parcel Numbers 00$ and 005 to the interior southwest comer of Parcel No. 005; .c; la!) Thence south along the southwest boundary of Parcel No. 005 and continuing south along the westem boundary of Parcel Numbers 004.005, 004 and 004.004 to the southwest comer of Parcel No. 004.004; Thence east along the southern boundary of Parcel 004.004 to the southeast comer of said parcel; Thence north along the eastem boundary of Parcel Numbers 004.004, 004.003, 004.101, and 004.001 to the point of intersection with the south right of way line of Carmel Drive; Thence east along the south right of way fine of Carmel Drive, across Rangeline Road to the eastem right of way line of Rangeline Road; Thence north along the eastem right of way line of Rangeline Road to the south right of way line of Executive Drive, as shown on Map No.10- 31 -00; Thence east along the south right of way line of Executive Drive, as shown on Map No. 10- 31 -00, to the northwest comer of Parcel No. 006, as shown on said map; Thence south along the westem boundary of Parcel No. 006 to the southwest comer of said parcel; Thence eastward, northward and eastward along the southern boundary of Parcel No. 006, as shown on Map No. 10- 31 -00, to the southeast comer of Parcel No. 006, thence eastward across the right of way of Executive Drive to the southwest comer of Parcel No. 001 (Centerpoint Section 2 -A); Thence eastward along the southern boundary of Parcel No. 001 of Centerpoint Section 2 -A, as shown on Map No. 10 -31 -00 to the southeast comer of said parcel; Amended 126th Street Corridor Economic Development Plan 3 Thence northward along the eastem boundary of Parcel No. 001 to the northeast comer of said parcel; Thence westward along the northem boundary of Parcel No. 001, to the northeast comer of Parcel No. 003 (Centerpoint Section 2), thence westward along the northem boundaries of Centerpoint Section 2, Parcel Numbers 003, 002 and 001; Thence west along the northem boundary of Parcel No. 001 of Centerpoint Section as shown on Map No. 10 -31 -00, to the point of intersection with the center line of Rangeline Road; Thence north along the center line of Rangeline Road to the point of intersection with the northem boundary of Parcel No. 013 as shown on Map No. 09- 36-00; Thence west along the northem boundary of Parcel No. 013 to the northwest comer of said parcel; Thence south along the western boundary of Parcel No. 013 to the southwest comer of said parcel; Thence west along the southern boundary of Parcel No. 006.001 to the southwest comer of said parcel; Thence south, across the road right of way and continuing south along the western boundary of Parcel Numbers 016, 017, 018, 019, 020, 021, 022, 023, 024, 025.001, and 026.001, as shown on Map No. 09- 36 -00, to the southwest comer of Parcel No. 026.001; Thence west along the southem boundary of Parcel No. 015 to the southwest corner of said parcel, continuing across the Old Monon right of way to the point of intersection with the west right of way line of the Old Monon Railroad; Thence north along the west right of way line of the Old Monon Railroad to the point of intersection with the southern boundary of Parcel No. 005; Thence west along the southern boundary of Parcel No. 005 to the southwest comer of said parcel; Thence north along the westem boundary of Parcel No. 005 to the point of intersection with the northem right of way line of Adams Street, which is the point of beginning. 1 Amended 126th Street Corridor Economic Development Plan 4 Findings of Fact The Findings of Fact of the 126 Street Corridor Economic Development Plan are amended as follows to reflect the new areas being added to, or deleted from, the 126th Street Corridor Economic Development Area and the addition of new projects. The primary increase in the scope of the Economic Development Plan is the addition of the City Center project as a part of the Economic Development Strategy for the area. FINDING OF FACT #1: "...PROMOTES SIGNIFICANT OPPORTUNITIES FOR THE GAINFUL EMPLOYMENT OFITS CITIZENS..." The area being added to the Economic Development Area consists mainly of the remainder of the Carne] Science Technology Park, located south of Carmel Drive, north of 116t Street, west of 3rd Avenue SW, and east of Pennsylvania Avenue. This area contains a substantial amount of the city's highest profile light industrial and office land uses, and is unquestionably the city's major employment center The original Economic Development Plan for the 126th Street Corridor Economic Development Area cited the need for improving the thoroughfare system in the area by completing the 126 Street corridor from Rangeline Road to Adams Street. In September, 1997, the Carmel Redevelopment Authority issued COIT Lease/Rental Revenue bonds. A portion of the COIT bond proceeds will be used to finance the 126th Street extension. This amendment to the 126 Street Corridor Economic Development Plan is undertaken in support of the City Center project. It is the specific finding of this amendment that the City Center project directly contributes to the economic development of and serves the amended 126th Street Corridor Economic Development Area. The City Center project area is being removed from the 126th Street Corridor Economic Development Area in order for the Redevelopment Commission to declare the City Center project area as a Redevelopment Area under Indiana statute. The proposed City Center project contributes to economic development in the 126 Street Corridor Economic Development Area in several ways. First, the City Center project will provide for development of land that is currently unimproved and meets the statutory definition of "blight." Amended 126th Street Corridor Economic Development Plan S Second, the retail/office space proposed for the City Center project will increase the intensity of use of the City Center project area adjacent to the amended boundaries of the 126 Street Corridor Economic Development Area. This increased intensity will contribute to the economic activity of the area, including the amended 126th Street Corridor Economic Development Area and the proposed City Center Redevelopment Area. Third, the development of the City Center project is centered around the community's need for entertainment facilities. The City Center proposal includes a community center (which was cited as a need in the Comprehensive Plan), a major theater complex, an amphitheater and performing arts center, as well as commercial and retail space. By fulfilling these needs of the community, the City Center project contributes to the full development of the adjacent areas, including the amended 126th Street Corridor Economic Development Area. Development of the City Center project is expected to provide the community with a focal point for cultural and social interaction. This need has been expressed not only in the Comprehensive Plan but also by citizens and business leaders throughout the community and particularly by businesses located within the amended Economic Development Area. A vital city center would contribute to the overall quality of life in Carmel which is important to recruiting and retaining growth- oriented businesses to the community. For these reasons, it is concluded that the plan for the amended 126th Street Corridor Economic Development Area, as amended (including the proposed City Center project), promotes significant opportunities for the gainful employment of Cannel's citizens, and thereby confirms this statutory finding of fact. FINDING OF FACT #2: OF LOCAL PUBLIC IMPROVEMENT...'' The goal of amending the Economic Development Area (and creating the Redevelopment Area) is directly related to the need for additional public improvements in order to achieve the highest level of economic activity in the combined areas. Carmel is truly a gifted community. It has achieved a level and success of development which is virtually unparalleled in any other part of the state, and as such, the standards of the community are higher than most other communities. Because Indiana statute does not create highly specific and detailed criteria for statutory findings of fact or findings of blight, communities are able to adjust these findings to their Amended 126th Street Corridor Economic Development Plan 6 own context and apply the statute to the particular idiosyncracies of their community. In Carmel, the goal is literally to achieve the highest possible level of success with new development of the highest possible quality. The historical development patterns of the city are reaching the point where certain types of goals cannot be achieved without the re- arrangement of land uses and activities. The Comprehensive Plan predicts that by the year 2020, all of the land within the Carmel planning area will be developed. The importance of planning for the highest and best use of the land becomes even more important to achieve the community's goals. The amended 126th Street Corridor Economic Development Area represents Carmel's highest profile employment center. The Science and Technology Park holds many of the City's top employers and most growth- oriented companies. It is the success of these companies which will continue to provide the area with economic growth, even after the planning area is fully developed. The amended 126 Street Corridor Economic Development Area is in a critical location for the economic activity of the community. The 126th Street extension from Rangeline Road to Adams Street was presented as a critical element of the public improvements necessary for the original Economic Development Plan. In addition, this amendment establishes that the City Center project, which contributes directly to the Economic Development Plan for the 126 Street Corridor Economic Development Area, provides additional public improvements which are necessary to rectify some of the previous developmental errors and to enable the combined areas to reach their optimal economic potential. Included within the proposed City Center project are a number of public improvements designed to establish a cultural center for the City of Carmel. Those public improvements include: Parking Facilities A Community Center An Outdoor Amphitheater Improvements to the Monon Trail Corridor The City Center proposal provides additional perspective for the public to understand the magnitude and architectural detail of the City Center proposal. In addition, the architect also provides a perspective rendering of the proposed project to demonstrate the overall architectural integrity of the project and its impact on the community and surrounding area. Amended 126th Street Corridor Economic Development Plan 7 The City Center project is of such a substantial scale and impact that it will become an active part of the overall economic development of the area, including both the 126 Street Corridor Economic Development Area and the City Center Redevelopment Area. It is projected that the proposed City Center project and the public improvements to be funded as part of its implementation will have a direct impact on the entire community. Without these public improvements, the City of Carmel will not become economically distressed, but it is clear that the successful development of the City Center project will have a direct economic benefit to the surrounding area. For these reasons, it is concluded that the plan for the amended 126 Street Corridor Economic Development Area (including the proposed City Center project) cannot be achieved by the regulatory process or by the ordinary operation of private enterprise without resort to the powers allowed under IC Sections 36- 7- 14 -2.5, 41 and 43 because of lack of local public improvements which, once implemented, will enable the combined areas to achieve a higher level of economic activity than would otherwise be possible, thereby confirming this statutory finding of fact. FINDING #3: "—.THE PUBLIC HEALTH AND WELFARE WILL BE BENEFITTED.... The amendment of the Economic Development Area along with the addition of the City Center project will benefit the public health and welfare of the City of Carmel in several ways. First, the City Center project will generate more intense and coordinated development in the central area. Instead of the existing pattern of unimproved land and property which needs reinvestment and remodeling, a single, architecturally coordinated development will be undertaken generating a substantially greater number of jobs and economic activity than the current land uses of the City Center area. Second, these improvements will lead to substantially greater levels of local tax revenues including property taxes and COIT. Such revenues can then be directed to public services needed by the community, including road repairs, maintenance of public spaces, infrastructure improvements and so forth. The uses for these funds can be determined annually by the City's leadership as part of the budgeting process. Third, the addition of cultural and public facilities such as the performing arts center and the community center will have a direct and positive impact Amended 126th Street Corridor Economic Development Plan 8 on the public welfare. These facilities will increase the number of opportunities available for Carmel's citizens to be exposed to intellectually and culturally enlightening performances, as well as offering the opportunity to participate in those activities directly. In addition, the community center will provide opportunities for the residents of the area to meet and interact with regard to a broad range of public, semi- public, and community -based activities. The activities programmed for a community center are virtually limitless, and with the creative capacity of an educated population, the community center in Carmel will undoubtedly provide a huge benefit to the community at large. Fourth, the Monon Trail corridor improvements are part of the City Center project. This linear park is an extension of the Monon Trail of northern Marion County which has become one of the most popular park facilities in central Indiana. The portion of the linear park which stretches from Broad Ripple to Nora is a public health attraction for the community at large with people making a point of traveling to the Monon Trail to jog or walk its entire length. It is not unreasonable to expect similar usage in Carmel, thereby creating a direct benefit to the public health and welfare of the community at large. For these reasons, it is concluded that the public health and welfare will benefitted by accomplishment of the plan for the 126 Street Corridor Economic Development Area (including the proposed City Center project), thereby confirming this statutory finding of fact. FINDING #4: "AN INCREASE IN THE PROPERTY TAX BASE..." The amended Economic Development Plan will directly meet the statutory finding of "public utility and benefit as measured by: the attraction or retention of permanent jobs; an increase in the property tax base; improved diversity in the economic base, OR other similar public benefits." The City Center project will increase the land use intensity within the proposed Redevelopment Area (which is currently a part of the 126th Street Corridor Economic Development Area, but is to be removed by this amendment). This increased intensity will provide more office and retail space and, with that increase in space, there will be a commensurate increase in the number of permanent jobs created and retained in the community. Many of the proposed improvements will take place on land that is currently either totally unimproved or whose improvements are suffering Amended 126th Street Corridor Economic Development Plan 9 from a lack of reinvestment. Although there may be some acquisition and demolition involved in the project, the net result of the plan is to substantially increase the amount of taxable improvements in the real property of the area, leading to an increase in the property tax base. The construction of an integrated entertainment complex, economically buttressed by infrastructural improvements and new office and retail space will increase the diversity of the local economy. The location of this project, between the historic retail center of the community and the primary retail center of Carmel Drive /116th Street, links the overall retail functions of the community, providing continuity of land uses. This project, combined with the impact of the 126 Street corridor extension, should improve the diversity of the local economy, resulting in badly needed investment and reinvestment to property in the area. For these reasons, it is concluded that the accomplishment of the plan for the Amended 16th Street Corridor 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 in the economic base, OR other similar benefits," thereby confirming this statutory finding of fact. FINDING #5: "...CONFORMS TO OTHER DEVELOPMENT AND REDEVELOPMENT PLANS....'' This amended Economic Development Plan complies with other plans for the area in several ways. First, this plan is being amended to include the provision of deleting the City Center project area from the Economic Development Area and establishing a Redevelopment Area in that location. As such, this amended Economic Development Plan is developed in tandem with the City Center Redevelopment Plan and conforms specifically thereto. By developing these two Plans in tandem, the Redevelopment Commission can use its diligence of review and approval to assure that they conform directly with one another. This amended Economic Development Plan further complies with the 1997 Old Town Economic Development Plan. The Old Town Economic Development Area is located just north of the City Center Redevelopment Area and the 126th Street Corridor Economic Development Area, covering the areas of old Carmel, including the historic retail area. The Old Town Plan recommended enhancement of pedestrian access within the area, improvements to the Monon Trail corridor (which is also pedestrian- Amended 126th Street Corridor Economic Development Plan 10 based), and streetscaping and infrastructure improvements to enhance the architectural and visual appeal of the area. The concept is to increase the retail viability of the area through these infrastructural improvements. Both the Old Town Economic Development Area and the 126th Street Corridor Economic Development Area were included in a single planning document, with each area separately addressed and justified. The Redevelopment Commission unified the document in order to firmly demonstrate the economic interrelationships between the two areas, as well as the interdependency of their individual projects and strategies. The 126 Street extension, for example, would increase transportation access to Old Town as well as increasing thoroughfare system efficiency through the 126th Street Corridor Economic Development Area. Simultaneously, improvements to the economic and retail environment in Old Town would benefit the development of the Carmel Science and Technology Park by providing viable space nearby for related functions. By combining the two Economic Development areas into one planning document, the economic links between the two areas was made indisputable. In addition to economic development planning for the overall area, this amended Economic Development Plan complies with the Carmel Drive Corridor Streetscape Master Plan. This plan, developed by David C. Klauba Associates, provides specific detail as to the proposed land uses for the 126th Street Corridor Economic Development Area, and details the landscaping design requirements for the Carmel Drive corridor. This amended Economic Development Plan complies with the recommendations of the Streetscape Master Plan. Finally, this amended Economic Development Plan complies with the Comprehensive Plan for the community. The Amended Economic Development Plan was meticulously crafted to comply with the Comprehensive Plan for the area. Pages 9 -15 of the original Economic Development Plan, entitled "Relationship to Previous Planning Efforts," were specifically dedicated to a detailed review of the relevant recommendations of comprehensive planning for the community dating back to 1961. In that detailed analysis, the Economic Development Plan tracked the comprehensive planning recommendations for these areas through each edition of the comprehensive plan and demonstrated conclusively and irrefutably that the recommendations within the Economic Development Plan conformed with the goals, policies and recommendations of the Comprehensive Plan. This amended Economic Development Plan simply extends that conformity to include the new Amended 126th Street Corridor Economic Development Plan 11 recommendations related to the City Center project and the Monon Trail improvements. For these reasons, it is concluded that the plan as amended for the 126 Street Corridor Economic Development Area conforms to other development and redevelopment plans for the City of Carmel, thereby confirming this statutory fording of fact. SUMMARY: The narrative above is presented to demonstrate that the Amended 126th Street Corridor Economic Development Plan meets the requirements of all five "findings of fact" as provided in Indiana statute, IC36 -7 -14. It is clear that the Redevelopment Commission has considered all of the relevant issues related to the establishment of the Amended 126th Street Corridor Economic Development Area and has determined that the City Center project is sufficiently important to the overall economic development of the Amended 126th Street Corridor Economic Development Area to justify this amendment to the 126 Street Corridor Economic Development Plan. 1 Amended Description of the Proposed Projects This amendment to the 126th Corridor Street Economic Development Plan includes the addition of the City Center project, described as follows: THE CITY CENTER .PROJECT: The City Center project is proposed for an area of slightly less than 100 acres located along Rangeline Road and stretching from the City Hall on the south to the new alignment of 126th Street on the north. The dominant land uses in the arca are commercial and governmental uses with about 61 acres of the area totally unimproved. The primary proposed development within City Center project is commercial, and includes an entertainment complex with a theater and performing arts center and amphitheater. Full scale commercial retail and office development is planned along the major transportation corridors (126th h Street Rangeline Road). 1 The project will include land acquisition, construction of parking facilities, infrastructure, and other project related and support activities, eligible for COIT and TIF financing. Amended 126th Street Corridor Economic Development Plan 12 Estimated Cost of the Proposed Projects The proposed projects do not yet have detailed architectural and engineering cost estimates, therefore the costs currently available are planning level estimates only. These planning level estimates are to be used for the development of an overall implementation strategy and will be revised as more detailed estimates are developed based on detailed design documents. These design documents may either be developed for the entire project at once, or for individual elements of the project to be undertaken incrementally. The costs are broken down as follows: Estimated Project Costs Cost Item Est. Minimum Est. Maximum City Center. Land Acquisition 8,000,000 9,000,000 City Center. Infrastructure 2,500,000 3,500,000 Monon Trail Corridor Improvements 2,000,000 3,000,000 Estimated Total Cost 12,500,000 15,500,000 Economic Development Strategy, as Amended The comprehensive planning for the City of Carmel over the last three decades demonstrates a substantial concern for the fate of the city's original core area. While Carmel has enjoyed an incredible amount of high quality growth, there are still some areas developed mostly before the city has a clear vision pf its future, where the original development was /is not compatible with a city which is nearing its developmental limits. The prime areas of need are in the vicinity of the Old Town area and along Rangeline Road. With this understanding, the Economic Development Strategy for the 126th Street Corridor Economic Development Area as amended will contain the following major elements: 1. The Carmel Redevelopment Commission should amend the boundaries of the 126th Street Corridor Economic Development Area to include the boundaries shown on Map #1, as presented earlier in this document. Amended 126th Street Corridor Economic Development Plan 13 2. The City Center project was distinctly designed to re- direct the focal point of the community of Carmel. The Govemment Center was developed over the last decade to include a new City Hall, Police Station and Fire Station, as well as a central public space. The Government Center is also adjacent to the Monon Trail corridor which is proposed for significant improvements creating a linear park, linked to Indianapolis and unequaled In the state of Indiana. By developing the proposed City Center project, the City of Carmel will generate a new focal point for the City based on an integrated entertainment complex, and new office and retail space designed to support and augment the space available at the Science Technology Park. The integration of these needs into the overall needs of Carmel's premier employment center assures that the City Center project will directly benefit the amended 126 Street Corridor Economic Development Area. 3. The Redevelopment Commission should consider the establishment of a Tax Allocation Area to coincide with the boundaries of the amended 126 Street Corridor Economic mnt e. 4. TheDevelop Redevelopment Commission should consider the viability of using TIF proceeds, generated by the establishment of a Tax Increment Finance Allocation Area as recommended to assist in paying for the necessary improvements related to the City Center project. 5. The Redevelopment Commission should also consider the viability of using COPT bonding to assist in paying for the necessary improvements related to the City Center and Monon Trail projects. Amended 126th Street Corridor Economic Development Plan 14 Conclusions: Economic Development Plan as Amended The following conclusions are offered for the amended 126th Street Corridor Economic Development Plan. Unless otherwise noted, these conclusions are in addition to the conclusions offered for the original 126 Street Corridor Economic Development Plan. Based on the examination of the facts and the analysis set forth in this amended 126th Street Corridor Economic Development Plan, the following conclusions are offered: 1. That the Implementation of the City Center project will directly benefit the 126`" Street Corridor Economic Development Area, as amended. 2. That the implementation of the City Center project will help to developmentally unify the entirety of the employment center of the City of Carmel, including the Rangeline Road corridor, the Old Town (historic downtown) area, and the Science and Technology Park. 3. That the need for the 126° Street extension project is still critical to the thoroughfare system of the area. 4. That the 126° Street extension project will directly benefit the City Center project. 5. That the future development of the entire area, including the amended 126 Street Corridor Economic Development Area, the Old Town Economic Development Area and the City Center Redevelopment Area, as the primary employment center for the community will be directly benefitted by the projects proposed in this amended Economic Development Plan. 6. That it Is appropriate to delete the City Center project area from the 126 Street Corridor Economic Development Area in order to facilitate the creation of the City Center Redevelopment Area and to implement the City Center project. 7. That it is appropriate to extend the boundaries of the 126'" Street Corridor Economic Development Area to take in a larger portion of the Science Technology Park, due to the economic Interdependence of the economic development areas as the functional employment center for the community. 8. That a positive economic impact will result from the implementation of the projects recommended in this amended Economic Development Plan in the form of creating new permanent jobs, securing existing jobs and additional tax revenues to the City. Amended 126th Street Corridor Economic Development Plan 15 p 9. That If this amended Economic Development Plan is not approved and the recommended projects are not implemented, It will be more difficult for the community to achieve the levels of economic intensity and competitive efficiencies which will be possible with the approval of this Economic Development Plan and the implementation of the recommended projects. 10. That It Is appropriate to offer public financing for certain portions of the proposed projects In the form of COLT or TIF bonds as an economic stimulus for the proposed projects. 11. That the City and the Redevelopment Commission should seek private sectors partners to assist In the Implementation of the recommended projects and In assembling project "packages" which will minimize the public sector investment and optimize the economic Impact of the projects. The Redevelopment Commission has done an outstanding job of analyzing and implementing an appropriate level of activity to encourage the optimal economic development of the interdependent economic development areas. The conclusions of this amended Economic Development Plan are predicated on the continued performance of objective analysis, public policy direction, and the formation of partnerships with the Plan Commission and the City Council necessary to assure the success of the projects. Recommendations: Economic Development Plan as Amended Based on the information presented, the analyses performed and the findings and conclusions of this amended Economic Development Plan, the following recommendations are presented for the consideration of the Carmel Redevelopment Commission, and thereafter to the Plan Commission and City Council for affirmation. 1. That the Carmel Redevelopment Commission should formally amend the boundaries of the 126 Street Corridor Economic Development Area In accordance with the boundaries shown on Map #1 and the boundary description contained previously In this Amended Economic Development Plan as amended, In accordance with IC 36 -14. 2. That the Carmel Redevelopment Commission should formally create a Tax Increment Finance (TIF) Allocation Area whose boundaries coincide with the boundaries of the 126"' Street Corridor Economic Development Area. Amended 126th Street Corridor Economic Development Plan 16 J 3. That the Carmel Redevelopment Commission should forrnally approve this amended Economic Development Plan, including the _addition of the City Center project and the Monon Trail corridor improvements, in order to develop potential financing opportunities for the projects included In this amended Economic Development Plan. 4. That the Carmel Redevelopment Commission should work directly with the City to develop a financial plan for the implementation of the City Center project, Including possible eminent domain actions, as well as financing for various portions of the project, as determined necessary by the Redevelopment Commission and the City. /cramedp Amended 126th Street Corridor Economic Development Plan 17 RESOLUTION NO. Z 1 99 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE BOUNDARIES OF AN ECONOMIC DEVELOPMENT AREA, APPROVING AN AMENDED PLAN FOR THE AREA, DECLARING THE AREA AN ALLOCATION AREA, AND TAKING OTHER ACTIONS RELATED THERETO WHEREAS, on June 16, 1997, the City of Carmel Redevelopment Commission (the "Commission the governing body of the City of Carmel Department of Redevelopment (the "Department adopted Resolution No. 9 -1997 (the "Original Resolution pursuant to Indiana Code 36 -7 -14, as amended (the "Act approving a plan (the "Original Plan") for and designating the "126th Street Corridor Economic Development Area" (the "Original Area and WHEREAS, Section 17.5 of the Act permits the amendment of a resolution designating an economic development area and the amendment of a plan for such an area; and WHEREAS, it has been proposed that the boundaries of the Original Area be amended to be the area of the City of Carmel, Indiana (the "City described on Exhibit,A hereto (the "Amended Area and there has been presented to this meeting for consideration and approval of the Commission a plan (the "Amended Plan") for the Amended Area, entitled "Amended Economic Development PIan-- Amended 126th Street Corridor Economic Development Area and WHEREAS, the Commission has caused to be prepared: (a) maps and plats showing the boundaries of the Amended Area, the location of the various parcels of property, streets, alleys and other features affecting the acquisition, clearance, replatting, replanning, rezoning or redevelopment and the economic development of the Amended Area, indicating any parcels of property to be excluded from the acquisition, if any, and showing the parts of the Amended Area acquired, if any, that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Amended Plan; (b) lists of the owners of the various parcels of property to be acquired, if any; and (c) an estimate of the cost of acquisition, redevelopment and economic development; and WHEREAS, the Amended Plan 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; WHEREAS, the Commission has given consideration to transitional and permanent provisions for adequate housing for any residents of the Amended Area who will be displaced by the project contemplated by the Amended Plan; and r NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, the governing body of City of Carmel Department of Redevelopment, as follows: 1. The Commission hereby finds that the Amended Plan for the Amended Area promotes significant opportunities for the gainful employment of its citizens, attracts a majorr new business enterprise to the City, retains or expands a significant business enterprise 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 the 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 Amended Plan for the Amended 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 improvements or conditions that lower the value of the land below that of nearby land, multiple ownership of land and other similar conditions, including without limitation the cost of the projects contemplated by the Amended Plan and the necessity for requiring the proper use of the land so as to best serve the interests of the City and its citizens. 3. The Commission hereby finds that the public health and welfare will be benefited by accomplishment of the Amended Plan for the Amended Area. 4. The Commission hereby finds that the accomplishment of the Amended Plan for the Amended 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, unproved diversity of the economic base and other similar public benefits. 5. The Commission hereby finds that the Amended Plan for the Amended Area conforms to other development and redevelopment plans for the City. 6. Based upon the findings set forth in Sections 1 through 5 hereof, the Commission hereby determines, designates and declares that the Amended Area is an "economic development area" within the meaning of the Act. 7. The Commission hereby finds that: (a) the amendments to the Original Resolution and the Original Plan effected by this Resolution and the Amended Plan are reasonable and appropriate when considered in relation to the Original Resolution and the Original Plan and the purposes of the Act; and (b) the Original Resolution and the Original Plan, with the proposed amendments thereto effected by this Resolution and the Amended Plan, conform to the comprehensive plan of the City. 2 8. In support of the findings, determinations, designations and declarations set forth in Sections 1 through 7 hereof, the Commission hereby adopts the specific findings set forth in the Amended Plan, including any reports, studies and plans incorporated therein by reference. 9. The general boundaries of the Amended Area are those set forth in Exhibit A attached hereto. While the Amended Plan contemplates the possibility of future property acquisition in the Amended Area, the Department does not at this time propose to acquire any land or interests in land within the boundaries of the Amended Area. If; at some future time, the Department proposes to acquire any land or interests in land in the Amended Area, the required procedures for amending the Amended Plan under the Act will be followed. 10. The Amended Plan is hereby in all respects approved and adopted, and the secretary of the Commission is hereby directed to file a certified copy of the Amended Plan with the minutes of this meeting. 11. The Amended Area is hereby designated as an "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 39. 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.(a) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made or (b) 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 said allocation area that may be 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. 12. The foregoing allocationprovision shall apply to all of the Amended Area and shall expire on the date that is thirty (30) years after the effective date of this Resolution. 13. Said allocation area is hereby designated as the "126th Street Corridor Economid Development Allocation Area" and said allocation fund is hereby designated as the "126th Street Corridor Economic Development Allocation Area Fund." 14. Each officer of the Commission is hereby authorized and directed to make any and all required filings with the Indiana State Board of Tax Commissioners and the Hamilton County Auditor in connection with the creation of said allocation area. 3 15. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 16. This Resolution, together with any supporting data, including the Amended Plan, shall be submitted to the CarmeliClayPlan Commission (the "Plan Commission and the Common Council of the City (the "Common Council as provided in the Act, and, if approved by the Plan Commission and the Common Council, shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. 17. Each officer of the Commission is hereby authorized and directed, for and on behalf of the Commission, to take any action determined by such officer to be necessary or appropriate to effect this Resolution, such determination to be conclusively evidenced by such officer's having taken such action, and any such action heretofore taken is hereby ratified and approved. 18. This Resolution shall be effective upon its adoption. Adopted this 15th day of January, 1998. CITY OF CARMEL REDEVELOPMENT COMMISSION President Vice President Secretary a 4. 19 t 1 emb 41/40111 r ember 4 Exhibit A DESCRIPTION OF AMENDED 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA Qxoso► NWS 219204 IL .0 I i la a MAO i 0. 44 SL I Ile y R I wr_v .0 l 1 CENTER 6 1 rr i OI1 v i .1 REDEVELOP .v. asairike7 I /AMENDED u.c i 1 C ••a11_ •>.a a•1 t• 4/ mom Ot 1••••••••;1: r A i .j L.. 1,, ,,w 74 4._ 1 o i w A t 1 r iri/r r 1 :11 1/E1 I I >i _i 1 1I WIT 918•• Oran i r i A CITY CENTER REDEVELOPMENT AREA AND AMENDED 126 th STREET CORRIDOR ECONOMIC DEVELOPMENT AREA MAP No. 1 WABASH SCIENTIFIC, INC. Carmel, Indiana. Hamilton Coun Econornic Development Plan l ©ocpurf c Dc ®P©p v @uv2 QC @8Z May 1, 1997 Nfabaev Sckge,110c orm@o Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @indy.net L Table of Contents THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN 1 DESCRIPTION OF THE PROPOSED PROJECT 3 IDENTIFICATION OF THE PLANNING AREA 3 RELATIONSHIP TO PREVIOUS PLANNING EFFORTS 4 Comprehensive Planning Sets the Stage: 4 Systemic Constraints: 4 North -South Corridors: 5 East -West Corridors: 5 Interconnecting Destinations within Carmel' 6 CREATION OF AN ECONOMIC DEVELOPMENT AREA 7 THE PROCESS: 7 FINDINGS OF FACT' 8 Finding #1: ...meets purposes of economic development 8 Finding #2: ...lack of public improvements... 10 Finding #3: "...the public health and welfare will be benefitted 12 Finding #4: "accomplishment of the plan will be a public utility as measured by...attraction of permanent jobs...increase in the property tax base...improved diversity in the economic base..." 13 Finding #5: "...Conforms with other development plans 13 Conclusions 14 ECONOMIC DEVELOPMENT STRATEGY 15 CONCLUSIONS 15 RECOMMENDATIONS 16 ESTIMATED COST OF THE PROJECT 16 DESCRIPTION OF THE ECONOMIC DEVELOPMENT AREAS 16 Pennsylvania Street North Economic Development Area: 17 Pennsylvania Street South Economic Development Area 17 Carmel Economic Development Plan 1 111 111 111 ■11 1 410.1111111•01•11111111111 41111111=1== I J ri.r sitr 1 i 1 Ag s ii A--... ..1:1 PENNSYLVANIA rt r I NORTH ECONOMIC 4� 4 J V DEVELOPMENT AREA 11; I� r 1 II V.. i j a ir 'i PENNSYLVANIA STREET 1 SOUTH ECONOMIC 4 1 1 DEVELOPMENT AREA I P i i 1 i 41 El- R ;i t j PENNSYLVANIA STREET oc �n„r i CORRIDOR a PROJECT 1 0M 1 'I� ikv l t ill 6 i 1 4 ICI v.— a Iqq i i fil 0 1 mill 10 1 I PENNSYLVANIA STREET CORRIDOR MAP i MAP N o 1 WABASH SCIENTIFIC, INC. I t THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN In cases where An economic development plan should not be a free standing document, designed and undertaken m isolation from the previous policies. It areas are should, instead, be philosophically and factually linked to the previous designated for and current planning efforts of the community. An economic commercial development plan should establish the historical perspective which development long enables community leaders to consciously connect proposed economic before any specific development activities to the economic development goals and policies project was which the community has previously endorsed. proposed, the The strongest economic development plans, therefore, are based on community's public policy which was initiated long before any current project was leadership should conceived. Economic development projects which are proposed in areas logically feel more which were designated for particular land uses should be the easiest to comfortable that defend. In cases where areas are designated for commercial they have properly development long before any specific project was proposed, the planned the community's leadership should logically feel more comfortable that they development have properly planned the development patterns for the community. patterns for the Public opinion can ebb and flow on a random basis, project by project, community. and opposition often requires only the scantiest factual basis for their challenges. In the face of such opposition, the Plan Commission, through the Economic Development Plan, must examine the body of previous policy and determine whether the proposed project fits into the development parameters which had been previously established. It therefore becomes the job of the economic development planner to objectively review the body of previous policy and determine the extent to which current projects comply with the prior development parameters. This Carmel Economic Development Plan must be undertaken with some care. First, the City of Carmel is probably one of the best planned communities in Indiana. The Plan Commission has been careful in crafting its plans and authoritative in implementing its recommendations. The community holds its developers to high standards, and in order to maintain those standards, the developers must be assured that they are not bearing an unfair burden. Consequently, the community must hold itself to the same high standards it sets for the developers. Carmel has done so with notable success. Second, Carmel has grown so fast for so long that, without careful planning and strict adherence to those plans, conditions of the city would "devolve" into chaos. Most communities cannot grow from a Carmel Economic Development Plan 1 Carmel has grown sleepy little town to a city of over 31,000 and still continue to grow. The infrastructure demands of that type of growth would paralyze most so fast for so long communities. As evidence of this, consider the plight of Zionsville, that, without careful. another growing community near Carmel whose growth so confused the planning and strict town's leadership that they tried to slam the door shut and pursued a adherence to those "no growth" policy which stymied the town for years. .Until new plans, conditions of leadership emerged in Zionsville, the town was crippled by its own the city would success. "devolve" into chaos. Third, the rate of growth in Carmel means that the city's leadership must be visionary. Infrastructure problems must be foreseen many years in advance in order to accommodate growth. Thoroughfares must be widened before the traffic is so congested that economic activity is choked. As such, strategies must not only remedy existing problems but must be integrated to solve multiple problems in a harmonious manner. Without visionary leadership, this type of "synoptic" planning is virtually impossible because the margin for success is often negotiated away in dealing with the intransigence of popular politics. Fourth, the projects must be well rooted in public consensus. There will always be honest disagreements amongst bright people. Carmel is a city of success its people tend to be successful success in modern times requires creativity in problem solving creativity is, itself, a process of inherent conflict. Consequently, for projects to be successful, they must be launched from a platform of consensus where people have already had the opportunity to discuss and debate. If that basic consensus is present, the final discussion involves only the negotiation of details. The Plan must meet the requirements of applicable Indiana statutes. If the planning process can provide economic stimulus to existing and /or new businesses and industries, giving those businesses a competitive advantage in the market place, then the Plan should address those opportunities and make the analysis necessary to assure that benefits accrue to the community. Public opposition is essentially a random phenomenon. Opinions and tempers often run hot with emotion. The Economic Development Plan provides the rational analytical process by which the community can measure whether a proposed project is consistent with the consensus built through the comprehensive planning process. It is not appropriate for a community to develop planning, land use and zoning recommendations for an area, then arbitrarily reverse themselves. 2 Pennsylvania Street Corridor Economic Development Area The Planning Area An Economic Development Plan, therefore, is an examination of for this Economic previous economic development policy in light of new proposals.• It Development Plan is examines proposed land uses, previous planning for the area, and the qualitative context of the development as a means of either justifying or generally bounded by repudiating any current project proposal. In so doing, the Plan re- f 103rd Street on the establishes the public policy basis of economic development for the south, by Spring Mill community, objectively tests the project against that basis, and makes Road on the west, by recommendations of the appropriate level of support for the project. 141st Street on the The chapters and pages set forth below attempt to achieve this goal. north and by Guilford Avenue on Because Carmel has enjoyed such success in implementing its plans, this Economic Development Plan faces an unusual challenge it must be the east. far ahead of the usual economic development curve. For Carmel, growth does not need to be stimulated, per se. It has been happening already. But Carmel's standards are higher. The City Administration and Plan Commission have rejected more "growth" than most communities ever see. It is not enough to merely "grow." For Carmel, the key is to generate "quality" growth...the kind of growth that continually re- identifies Carmel as one of the most successful and beautiful communities in Indiana. To accomplish this task will require forward thinking that looks decades ahead instead of years, while still remaining firmly rooted in the public consensus developed through the Comprehensive Planning process. DESCRIPTION OF THE PROPOSED PROJECT The proposed project contemplates the completion of the Pennsylvania Street Corridor from 103rd Street to 131st Street as a four lane facility with appropriate traffic control. While the facility has not yet been designed, the project was planned as a local thoroughfare for the purpose of removing loyal traffic from the US31 corridor. IDENTIFICATION OF THE PLANNING AREA The Planning Area for this Economic Development Plan is generally bounded by 103rd Street on the south, by Spring Mill Road on the west, by 141st Street on the north and by Guilford Avenue on the east. The purpose of drawing these boundaries was to include an area of sufficient size to examine fully the issue of development along the US31 corridor and to determine whether the Pennsylvania Street Corridor was important enough to rate the corridor improvement project as a high priority project. By viewing a larger picture, it is easier to obtain a more precise picture of the relative importance of a project such as this. Carmel Economic Development Plan 3 RELATIONSHIP TO PREVIOUS PLANNING EFFORTS COMPREHENSIVE PLANNING SETS THE STAGE: It is clear that the City of While Carmel was Carmel has invested meticulous in planning for its community, it is now developmental future, and they have invested the human capital in an economic center of protecting that future by setting high standards and enforcing them. its own, and the While most communities invest in comprehensive planning every 10 additional traffic from years or so, Carmel has updated its Comprehensive Plan in 1985, 1991 Indianapolis and again in 1996. dramatically changes Wh these comprehensive plans covered many, many topics, it is clear the traffic patterns of from reviewing the documents that traffic congestion is becoming a the area, shifting matter of more and more intense concern. Since 1985, Carmel has emphasis to the expended tens of millions of dollars in road improvements, both from importance of the public sector and from private developers. New road corridors have circulation within been built, fragmented corridors have been completed, and existing Carmel corridors have been improved, yet traffic congestion continues to haunt the City. The Comprehensive Plans have attempted to look far into the future and determine what must be done to allow the transportation network to function at acceptable levels. SYSTEMIC CONSTRAINTS: No matter how wide the roads are in Carmel, however, the entire Carmel system is constrained by certain limitations. First, the Carmel system must connect efficiently to the main economic center in Indianapolis. But as Carmel grows, its own importance as an economic center actually increases the flow of traffic from Indianapolis, toward Carmel. While Carmel was once a bedroom community, it is now an economic center of its own, and the additional traffic from Indianapolis dramatically changes the traffic patterns of the area, ti shifting emphasis to the importance of circulation within Carmel. Those connections are severely limited by the presence of the I -465 Corridor which cuts across the full length of Carmel's south side. The only overpasses crossing the I-465 corridor are located at Ditch Road, Spring Mill Road, Meridian Street (US31), Westfield Boulevard (Range Line Road), College Avenue, Keystone Avenue (US431), and River Road. The City of Indianapolis aggravated the problem by allowing a new commercial development to block the River Road corridor at 86th E Street, thus disconnecting that corridor as a thoroughfare into the economic center. By artificially constraining traffic on the Indianapolis side, Carmel becomes more desirable as an economic center, therefore, internal circulation within Carmel becomes more important. 4 Pennsylvania Street Corridor Economic Development Area The 1991 Plan NORTH -SOUTH CORRIDORS: Of these limited crossings, only US31 and states that "there US431 function as true highways. Each has four or more lanes of were almost three traffic capacity, yet each has severe congestion problems, despite careful traffic planning and traffic control management. These two U.S. times as many highways have been the focal point of transportation planning for the northbound trips (on community for 40 years. US31) in 1989 than there were in 1981." Yet the 1991 Comprehensive Plan tells a foreboding tale. It effectively says that US31 cannot continue to function at even minimal levels of efficiency unless it is converted into a freeway with extremely limited access. To do so would require parallel corridors with at least four lanes of capacity each to remove the local traffic from the freeway. The cost of such a project is expensive today, and getting more expensive as growth continues to consume available land. Spring Mill and Ditch Road will always be constrained by the nature of the development along those corridors. The large estates in the Clay Township area bordering these corridors preserve a low density development that counteracts high capacity traffic corridors. To put it simply, the traffic demand just isn't as high in these locations. To make it more difficult, both of these corridors are further constrained when they cross into Marion County. Range Line Road and College Avenue suffer from similar problems. No matter how much their capacity is increased in the Carmel area, they are two lane roads on the Marion County side of the line. Although College Avenue connects all the way to downtown Indianapolis, Marion County treats the corridor as a secondary corridor and has no real plans for increasing its capacity. Similarly, Westfield Boulevard is routed through some very sensitive areas and will probably never be capable of much more traffic than it now carries. The analysis shows clearly that the north -south traffic in the Carmel area has only two alternative routes: US31 or US431. The 1991 Plan states that "there were almost three times as many northbound trips (on US31) in 1989 than there were in 1981." The Comprehensive Plan clearly says that US31 will become dysfunctional unless it is converted into a freeway. EAST-WEST CORRIDORS: A similar problem exists with east -west corridors. At the present time, only 116th Street and 146th Street function as complete east -west corridors, capable of carrying traffic beyond the limits of development in the Carmel metropolitan area. A third corridor Carmel Economic Development Plan I a t 96th Street is currently under construction, including a new. river Carmel can reduce Y g the demand for crossing. It should be noted that 96th Street forms the boundary inter -city traffic by between Marion County and Hamilton County, and as such, it is only 50% beneficial to the Carmel area. developing more traffic destinations All of these corridors have limitations, but it is important to note that i. which would east -west travel is not as heavily demanded as north -south travel in preclude the need Carmel. Even while there are only two complete east -west corridors, for Carmel there are numerous smaller local streets which can disperse traffic loads. residents to leave Unfortunately, these dispersed loads are often directed through Carmel and go to residential neighborhoods which is both inefficient and unsafe other cities. In addition, east -west traffic is collected and funnelled into the major i' north -south corridors mentioned above. There is little that can be done to increase the larger corridors linking Indianapolis and Carmel. i However, Carmel can reduce the demand for inter -city traffic by i developing more traffic destinations which would preclude the need for Carmel residents to leave Carmel and go to other cities. In order to achieve that goal, Carmel's thoroughfare system will have to function more efficiently at connecting its economic development centers, making it easier for a resident near 146th Street to buy things from a business on the 96th Street corridor. INTERCONNECTING DESTINATIONS WITEIN CARMEL: One of the keys to the r successful future development of Carmel is to complete a transportation system interconnecting traffic destination areas within the City. These destination areas are located along the US31 and US431 corridors, the technology park between Carmel Drive and 126th Street, the Old Town area of Carmel, and the 96th Street area along the county line. r 1 The Comprehensive Plans since 1985 recognized this need and recommended several projects to support this end. The 1985 and 1991 r Plans both suggested a parkway corridor connecting Hazel Dell Road (near 146th Street) with 96th Street (west of the river). In addition, both plans also recommended completion of a four lane corridor along Pennsylvania Street which would enable local traffic to travel between destinations along the US31 corridor without co- mingling with regional traffic on US31. In addition, the Comprehensive Plans dating back several decades have acknowledged the need to complete the 126th Street corridor, even before Carmel Drive was conceived. By developing an internal transportation n etwork which interconnects t the traffic destinations within the City of Carmel, the traffic intensity for F 6 Pennsylvania Street Corridor Economic Development Area i ...the CRC will have inter -city corridors will be moderated. US31 will always be one of the no power of eminent major corridors in Carmel, but if a Carmel resident can find what they domain in the Area, want. (whether it be a job or a loaf of bread) without using the inter -city corridor, the thoroughfare system will provide a direct benefit to the cmd may not acquire health and safety of the community. land without the owner's consent CREATION OF AN ECONOMIC DEVELOPMENT AREA under Indiana law... THE PROCESS: A community may choose to create an Economic Development Area to implement an economic development strategy within an area. As provided in Indiana law, the community can use a number of development incentives to recruit new business or create new economic opportunities for its citizens, including various forms of public financing such as the use of County Option Income Taxes (COIT), and tax increment financing (TIF). The creation of an Economic Development Area is part of an overall strategy for implementing a community's economic development plan. The Economic Development Area would be directly administered by the Carmel Redevelopment Commission (CRC). The Area must be created through sequential approval actions by the Redevelopment Commission, the Plan Commission and the City Council, following the statutory process. Creation of an Economic Development Area enables the community to issue tax exempt municipal bonds payable from a number of revenue streams to pay for public improvements in the Area which would generate and shape economic growth. It is important to note that the designation of an Economic Development Area includes no powers of eminent domain within the area. Therefore, the CRC will have no power of eminent domain in the Area, and may not acquire land without the owner's consent under Indiana law (I.C. 36- 7- 14 -43). Voluntary acquisition of land, however, is allowable under these provisions. The recommendations contained in this report will not include any proposal for the use of eminent domain by the Redevelopment Commission, however, voluntary acquisition of land for economic development purposes may be included. This provision, however, should not be construed as any limitation upon the powers or actions of the incorporated City of Carmel to act in partnership with the CRC to implement any project(s). Carmel Economic Development Plan 7 FINDINGS OF FACT: t The following Indiana Statute IC 36 -7 -14 provides for the formation of an economic m analysis will set development area in locations meeting the following criteria: forth the extent to 1. The plan for the economic development area: promotes which the planning significant opportunities for the gainful employment of its area can meet the citizens; attracts major new business enterprise to the unit (of govemment); retains or expands a significant business enterprise requirements of the existing in the unit, OR; meets other purposes of redevelopment statute... and economic development. 2. The plan for the economic development area cannot be achieved by regulatory processes or by the ordinary operation of private F enterprise because of: lack of public improvements, existence of improvements or conditions that lower the value of land below that of nearby land; multiple ownership of land, OR; other similar 1 conditions. 3. The public health and welfare will be benefited by the accomplishment 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 in the economic base OR r other similar benefits. 5. The plan for the economic development area conforms to other development and redevelopment plans for the unit. The following analysis will set forth the extent to which the planning area can meet the requirements of the statute stated above. The Plan will f address each of the five required statutory findings individually to i determine whether the area can meet the statutory tests. i Finding #1: ...meets purposes of economic development.... The criteria set forth under finding #1, above, identifies four categories, with the stipulation that the statutory finding is satisfied if any one of the four categories is met. The categories are as follows: a. promotes opportunities for gainful employment, s b. attracts major new business enterprise, E. c. retains or expands existing business, OR d. meets other purposes of economic development. 1 8 Pennsylvania Street Corridor Economic Development Area I 1 Completion of the Pennsylvania Street Corridor (hereinafter referred to ...completion of the as the Penn") meets the conditions of categories a,c and d, above. It Penn will assist the promotes opportunities for gainful employment by completing a community in transportation corridor which serves Carmel's most intense commercial expanding existing and technology corridor along US31. Further, completion of "the Penn" business along the will assist the community in expanding existing business along the corridor in areas corridor in areas which are currently undeveloped. Finally, it meets which are currently other purposes of economic development by improving the traffic efficiency of the US31 corridor, allowing local traffic between the undeveloped.... commercial developments to remain separate from the regional traffic of US31, thereby increasing both efficiency and safety. The 1991 Comprehensive Plan is very clear in establishing the fundamental importance of the US31 corridor to the overall developmental health of the City. The 1991 Plan also emphasizes that the US31 corridor is only functioning at minimal levels of efficiency and will become dysfunctional unless it is re- designed into a freeway, with limited access, designed to carry through traffic. That same 1991 Plan recommended that the Penn be widened and completed as a three or four lane corridor from 103rd Street north all the way to a future connection with US31 between 131st Street and the hospital. US31 is an intense commercial and technology corridor and is Carmel's most lucrative employment center. The jobs provided along the US31 corridor are some of the highest compensated jobs in Indiana, and they are also very mobile. The office buildings are often rented space. When traffic congestion becomes too bad, the regional offices of national firms will move to places which are easier to travel to and from. Consequently, if the US31 commercial and technology corridor is to remain viable, and continue to offer gainful employment at the current lucrative levels, the corridor must be capable of moving traffic efficiently. Completion of the Penn will therefore promote opportunities for gainful employment within this intensely developed commercial and technology corridor. Second, completion of the Penn helps to retain or expand business enterprise within the area. The US31 corridor has been developed to connect directly to the city's technology park, and the corridor's combination of commercial office development and technology center creates the hub of Carmel's primary employment center. The combined area holds the most lucrative jobs and a huge proportion of the city's total payroll. While there is not one individual industry which will be retained or expanded in this case, the regional offices of some of the Carmel Economic Development Plan 9 The 1991 nation's largest companies, combined with some of the most successful local businesses, are located along .the US31 corridor and will directly Comprehensive benefit from completion of the Penn. Completion of the Penn should Plan is very clear promote the development of the remaining sites within the overall in establishing the corridor. fundamental importance of the Finally, the completion of the Penn as a 4 -lane corridor will assist the US31 corridor to overall economic development of the area by increasing the overall the overall traffic capacity of the area. The US31 facility cannot grow much more. developmental The documentation of previous planning shows that it is becoming increasingly dysfunctional and unable to move traffic smoothly during health of the City. peak hours. By adding the Penn as an adjacent corridor, two benefits are derived. First, more traffic lanes are provided which directly increases the number of cars which can travel around the area at a given time. Second, local traffic (amongst Carmel residents) can achieve local destinations without confronting regional travellers. Completion of the Penn as a 4 -lane facility will promote opportunities for gainful employment by separating local and regional traffic on US31, increasing the efficiency of both. Currently, someone travelling from Conseco to Metrobank to Meijer to Signature Inn to Delta Faucets must enter and exit the US31 corridor numerous times. Each entry onto US31 involves travelling only a few blocks, then re- entering the incomplete Penn corridor to gain access to the destination. Envision, if 1 you will, a delivery vehicle attempting to deliver packages along the current corridor even with the utmost planning and organization, that driver must enter and exit the US31 corridor multiple times when, in fact, his business destination was never on US31. If the Penn were complete, a person could travel from one destination along the corridor to another quickly and efficiently without co- mingling with regional traffic. This increased efficiency promotes more business in the commercial corridor and with increased business activity there is a commensurate increase in opportunities for gainful employment. Finding #2: ...lack of public improvements... The criteria set forth under finding #2, above, identifies the context of the need for an economic development area. The statute requires that this finding determine whether the plan for economic development can be achieved through the normal operation of private enterprise or other t regulatory processes. If the plan cannot be achieved in one of these 10 Pennsylvania Street Corridor Economic Development Area At the current time, manners, the finding lists four conditions which are acceptable reasons someone wishing to to create an economic development district, as follows: travel from a. lack of public improvements; Conseco to b. existence of conditions that lower the value of property below that Metrobank to of nearby land; c. multiple ownership of land; or Meijer to Signature d. other similar conditions. Inn to Delta Faucets must enter The Penn passes the first threshold and meets conditions a, b, and d as and exit the US31 noted, above. The Economic Development Plan for development of the corridor numerous US31 corridor cannot be achieved through the normal regulatory process or the normal operation of private enterprise. US31 has been an "open" times. corridor for years. Previously, there were individual driveways which had direct access to US31 in the Carmel area. While the driveways are gone and access has been dramatically reduced, the Comprehensive Plan has determined that the corridor can only operate at acceptable levels of efficiency if it is converted to a freeway. Neither the normal operation of the regulatory process nor the operation of free enterprise can convert the existing corridor into a freeway. To accomplish that end, there must be parallel corridors developed which can handle local traffic while US31 can be dedicated to handling regional traffic. The Penn is one of the corridors which must be developed. At this time, the Penn cannot function as a thoroughfare corridor, at all. The corridor has two missing pieces (north of 106th Street and north of 111th Street), as well as requiring an improved connection to US31 at the north end of the corridor (north of 131st Street). The lack of public roadway improvements connecting the existing roadway segments prevents it from functioning as a thoroughfare. Secondly, even if the roadway segments were all connected, the Penn is too narrow to function at an acceptable level. The Comprehensive Plan requires a 4 lane facility to handle the projected traffic volumes of the corridor and to reduce traffic congestion along US31. Therefore, the lack of public improvements which would provide adequate functional capacity prevents the Penn from operating efficiently. In addition, conditions along the Penn reduce the functional value of undeveloped property, when compared to the value of adjacent land. The corridor is more than half developed, yet some areas have no development. Roadways taper off to nothing to serve the last business on the roadway segment, when in fact, if that roadway were more fully constructed, the adjacent property would be developed, as well. Carmel Economic Development Plan 11 the Therefore, the construction of a full 4 -lane corridor from 103rd Street to 131st Street (and possibly re- connecting to US31) would remove the Comprehensive conditions that have caused these parcels to remain undeveloped. Plan has 0 determined that the Finally, other conditions exist which prevent the corridor from reaching corridor can only its full .development potential. Due to the incomplete status of the Penn, operate at traffic seeking multiple destinations along the US31 corridor must acceptable levels of repeatedly leave the Penn corridor and use the US31 corridor to travel efficiency if (US31) between segments of the Pennsylvania Street roadway. This type of trip 1 requires at least four turning movements (leaving the original is converted to a destination, turning onto US31, leaving the US31 corridor, and turning freeway. into the new destination) when only two turns would be required if the Penn were competed. This problem exacerbates the traffic congestion along S31 by adding additional, unnecessary cars to the corridor and g Y g azY reducing the traffic flow efficiency because of all the turning movements. If it were possible for people to travel between multiple destinations along the Penn without ever entering the US31 corridor, traffic on both roadways would move much more smoothly. By completing the Penn as a 4 -lane roadway, the corridor can be developed to its full economic development potential. Finding #3: "...the public health and welfare will be benefitted..." The public health and welfare are benefitted by efficient transportation t systems. Public health is negatively affected by increased air pollution and pollution levels increase when traffic slows down. Traffic slows down because inefficiencies in the design force many turning movements. If the Penn were completed as a 4 -lane corridor, traffic would move more efficiently and ambient pollution would be reduced. The public welfare would be benefitted by moving more cars more efficiently through the US31 corridor. As noted above, many travellers are forced to use US31, even though their actual business is with people along the Pennsylvania Street corridor. By allowing local traffic to use a separate route, more people can reach destinations more efficiently, getting there on time and allowing time to be more productively spent than waiting in a traffic jam. 12 Pennsylvania Street Corridor Economic Development Area ...if the Carmel Finding #4: "accomplishment of the plan will be a public utility as off ce market is not measured by...attraction of permanent jobs...increase in the stymied by severe property tax base...improved diversity in the economic base..." traffic congestion, There are four categories which comprise the totality of finding #4,. as the public utility follows: will be served by keeping the US31 a. attracting permanent jobs, b. increasing the property tax base, corridor office c. improving the diversity of the economy, OR developments d. other similar benefits. competitive in a growing economy. The Economic Development Plan for the Penn meets categories b, c, and d, as stated above. First, (category "b the development of parcels which are currently undeveloped will obviously add to the property tax base of the area as soon as those properties are assessed and property tax revenues begin to flow to the units of government. Second, (category "c the new developments will either compete directly with other existing development along the corridor, or the new developments will bring totally different businesses into the mix. Either way, the economy is diversified: either by introducing new competitive choices to the marketplace, or by bringing in a product or service which did not previously exist in this geographic market. Third, (category "c if the Carmel office market is not stymied by severe traffic congestion, the public utility will be served by keeping the US31 corridor office developments competitive in a growing economy. (Obviously, the new developments will also bring new jobs into the marketplace (category "a but the interplay between businesses renting office space and developers' incentives to discount office space in order to keep tenants is difficult to accurately track.) Clearly, completion of the 4 -lane Penn corridor meets the conditions of finding #4. Finding #5: Conforms with other development plans..." As noted in the section of this Plan regarding "relationship to previous planning," the Comprehensive Plan has recommended improving the Penn to a full, 4 -lane facility since 1985. There have been three consecutive Comprehensive Plan Updates which have mentioned the completion of the Pennsylvania Street Corridor at an increasingly important level. Therefore, this project is undeniably well documented f as conforming with other development plans for the area. t It is appropriate, however, to mention that neither the Comprehensive Plans nor this Economic Development Plan has sufficient information to Carmel Economic Development Plan 13 the Economic provide specific design details. For example, there is undeveloped land Development Areas available for building the improved roadway, however, there may be areas where the available land is insufficient and additional right of way which are proposed will be required. Similarly, a visual inspection of the area suggests that will add substantially t he alignment y gnment will not be perfectly straight, however, it is not clear to the tax base of the exactly how these bends will affect the final design of the roadway. community and aid in And finally, the Comprehensive Plan graphically suggests that the Penn the future attraction should re- connect with US31 on the north end, but it does not of new economic specifically indicate how that re- connection should be accomplished. Consequently, the design engineer will have to determine suitable opportunity answers to each of these problems as the project is implemented. Conclusions The evidence presented above clearly demonstrates that the Economic Development Area as proposed complies with all five of the "findings of fact" as set forth in Indiana statute IC 36 -7 -14. By conforming with those statutory findings, the Carmel Redevelopment Commission can initiate the process of establishing an Economic Development Area, as prescribed by statute. The establishment of an Economic Development Area should be pursued in a careful and timely fashion, preferably in time to allow construction in 1997. This Plan has been unable to determine any reason or interpretation whereby the establishment of an Economic Development Area would be inappropriate to the development interests of the county or its citizens. While additional analysis will be required when reviewing future industrial development proposals, the Economic Development Areas which are proposed will add substantially to the tax base of the community and aid in the future attraction of new economic opportunity. Therefore, it is the recommendation of this Economic Development Plan 1 that the Carmel Redevelopment Commission create "the Pennsylvania Street Corridor Economic Development Area." This Economic Development Area should be bounded on the south by 103rd Street, on the west and north by US31, and on the east by the proposed Pennsylvania Street Corridor, as it bends eastward to the north of 131st Street, as shown on Map No: 1. 14 Pennsylvania Street Corridor Economic Development Area The economic ECONOMIC DEVELOPMENT STRATEGY development strategy for the The economic development strategy for the area is to develop the area is to develo Pennsylvania Street Corridor into a full, 4 -lane facility from 103rd p Street north to re- connect with US31. This northern connection can the Pennsylvania either take place with an improved intersection at 131st Street of Street Corridor possibly via a new connection to the main highway farther north, into a full, 4 -lane depending upon the findings of the engineering study. By developing facility from 103rd this corridor, the first steps will be taken to removing local traffic from Street north to re- the US31 corridor, and isolating regional traffic by implementing a connect with freeway design for the US31 corridor in fulfillment of the US31. recommendations of the Comprehensive Plan. This is the only recommended project within this Economic Development Plan. CONCLUSIONS Based on the examination of facts and analysis set forth in this Economic Development Plan, the following conclusions are offered: 1. That the Economic Development Area studied in this Economic Development Plan has been formally identified as the primary benefit area for the proposed improvements. 2. That existing development in the Planning Area is suffering from the lack of public improvements, especially transportation corridors. 3. That future development of the Planning Area as a business area is in compliance with current zoning and land use provisions as expressed in the Comprehensive Plan. 4. That future business development will benefit the City of Carmel by drawing new economic opportunities as a result of improved efficiencies in the thoroughfare system. 5. That new economic development in the area can have a positive economic impact on the community at large in the form of new job opportunities and additional tax revenues. 6. That the City has sufficient access to municipal finance altematives which could be used to implement the recommended infrastructure improvements. 7. That if the Economic Development Area is not designated and the funding for implementation of the strategy is not pursued, the opportunity to provide a Tong -term solution to growing traffic problems will be lost. Carmel Economic Development Plan 15 This Plan's conclusions are The public bodies have done an outstanding job of examining growth proposals and designing funding packages which are appropriate to the predicated on the community and commensurate with the accrued benefits. This Plan's continued conclusions are predicated on the continued performance of the same performance of the sort of objective analysis and public policy direction which have same sort of objective preceded this Economic Development Plan, and which have formed the analysis and public basis for keeping Carmel moving forward without gridlock. policy direction which have preceded this RECOMMENDATIONS Economic Development Plan, Based on the information and conclusions presented, the following and which have recommendations are presented for the consideration of the Carmel formed the basis for Redevelopment Commission. keeping Carmel moving forward 1 That the Carmel Redevelopment Commission (CRC) should designate the two Pennsylvania Street Corridor Economic without gridlock. Development Areas (North and South) as Economic Development {F Areas in accordance with IC 36 -7 -14. (Identified on Map #1.) 2. That the City examine its municipal finance alternatives to implement the Pennsylvania Street Corridor road improvements, as recommended in the Comprehensive Plan for the community. 3. That the City work in partnership with the CRC to implement the project. ESTIMATED COST OF THE PROJECT 1 The Pennsylvania Street Corridor project is estimated to cost $4,420,000, according to information received from the City. DESCRIPTION OF THE ECONOMIC DEVELOPMENT AREAS The Economic Development Plan recommends the creation of two Economic Development Areas to support the Pennsylvania Street Corridor Project. These two Economic Development Areas are separated by the unincorporated area along the Pennsylvania Street Corridor just north of the intersection with Old Meridian Street. If this unincorporated area were inside the corporate limits of the City, there would be no need for two, separate Economic Development Areas, however, since the City has no jurisdiction to create an Economic 16 Pennsylvania Street Corridor Economic Development Area Development Area outside its corporate boundaries, it is necessary to separately identify the two areas. It should be clearly understood, however, that the presence of this small, unincorporated area does not r preclude the City from implementing the Pennsylvania Street Corridor project, even through the unincorporated area, because the project primarily benefits future economic development along the corridor. With this understanding, the following description of the boundaries of the two Economic Development Areas is as follows: PENNSYLVANIA STREET NORTH ECONOMIC DEVELOPMENT AREA: The boundaries of the Pennsylvania Street North Economic Development Area are generally described as beginning at the intersection of the south right of way line of 13 1st Street and the east right of way line of Pennsylvania Street, then going south along the east right of way line of Pennsylvania Street to the boundary of the Carmel corporate limits (which is located just north of Old Meridian Street), then turning west and following the corporate limits of the City of Carmel to the point of intersection with the east right of way line of US3 1, then turning north along the east right of way line of US3 1 to the intersection with the south-right of way line of 131St Street, then east along the south right of way line of 13 1st Street to the point of beginning. PENNSYLVANIA STREET SOUTH ECONOMIC DEVELOPMENT AREA: The boundaries of the Pennsylvania South Economic Development Area are generally described as beginning at the intersection of the north right of way line of 103rd Street and the east right of way line of Pennsylvania Street and continuing along a northward alignment to the point of intersection with the corporate limits of the City of Carmel (near the centerline of Old Meridian Street), thence turning southeast along the corporate limits of the City of Carmel to the point of intersection with the east right of way line of US3 1, then turning south along the east right of way line of US3 1 to the north right of way line of 103rd Street, then turning east along the north right of way line of 103rd Street to the point of beginning. /crpeni Carmel Economic Development Plan 17 Carmel Redevelopment Commission Carmel, Indiana City edevelopment Pln Strategy January 9, 1998 Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @aol.com Table of Contents The Redevelopment Plan Strategy 1 Overview 1 Definition of the Redevelopment Area 1 Conformity with Previous Plans 3 The Old Town Economic Development Area 3 The 126 Street Corridor Economic Development Area 3 Statutory Context of the Redevelopment Plan 4 Establishing the Statutory Parameters of the Project 4 Blighting Influences: Findings of Fact 5 1. Lack of Development 5 2. Cessation of Growth 6 3. Deterioration of Improvements 6 4. Age 7 5. Obsolescence 8 6. Substandard Buildings 8 7. Other Factors 9 Conclusions Regarding Findings of Blight (IC36- 7 -1 -3) 9 Statutory Tests of a Redevelopment Area (IC36- 7- 14 -15) 10 Designating a Redevelopment Area 11 Possible Amendments to the District 11 Tax Increment Financing 12 Determining the "Base Assessed Value" 12 Recommended Projects 12 Thoroughfare Improvement Rehabilitation 12 Infrastructure Redevelopment 13 Acquisition Demolition 13 Relocation of Existing Businesses 14 Parking Facilities 14 Conclusions Recommendations 14 Conclusions 14 Recommendations 15 List of Property to be Acquired 16 Estimated Cost of the Projects 17 I T 1J 1 M:CT 1 -wan lams. -1 xi I t 1_1.4 05 —Li 1 in ggl 114 MX/ 1 111:1 WPM -w..0 1 CITY CENTE 4v scurgm. IPTC 3 I r 77: s :11:1 1 1=7, te.pi CP. V,.. 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I :.;.:••••o.-!ia 4. 0 a fa ao 7- d• .f� VI s VD o es T 1 1 1 7 7 I� I -i Nl iff I;,,� ,I It lb .-7, ......0 r)-w...„i,,..i.e...--,Irup., r tee. -i _a r F 1 J' r b r _.t_of0 r r+ ii 161 r I∎ A er t ca r a i` O y di •di jib I NfN1op r A I 46 11 w et Z 7 ''e/ +i �G- t 4 iii t .M .w p 1. 7 AMY di iI C i ........1.1.1.;. s 1 r 4 ,f: fi 9'. "is is all A im II A m v ...n7rnanma n 1 z rn O n 0 n I. i 0 A a t I Z i t,....., ai r> Z v I i D f J. I D II j MAP NO.2 c Q I� Carmel City Center i Site Plan R g t Ir The Redevelopment Plan Strategy Overvie w The City Center project was conceived and presented to the public in the summer of 1997. During the next 6 months, the community was encouraged to informally consider the benefits which the City Center can bring to the City of Carmel. In that time, much of the community's leadership has confirmed that the creation of a major retail center in the heart of the city would at once define and join the City's historic center with its business center. The City Center project effectively provides a planned and integrated architectural core which physically and architecturally links the historic Old Town area with the modern commercial areas of Carmel Drive, 116 Street and the Science Technology Park. Map #1 depicts the proposed Redevelopment Area. The architectural plan for the City Center was developed by CSO architects and is included as Map #2. The complex is designed around a major entertainment center including facilities for both live and media performances, with office and retail space surrounding the entertainment complex. Despite its upscale and successful development, Carmel currently lacks a major theater and entertainment complex. By providing a major entertainment facility whose scale is unmatched in the community, the City Center provides a location where the community can come together. This major entertainment center is coupled with the center of the city's government to create an area which will become the focal point of the community. In order to execute that vision, a small portion of the Rangeline Road Corridor on the west side of the corridor, between the Government Complex and 126 Street, must be redeveloped,. This area contains some of the city's older retail parcels, but it is primarily (about 70 composed of unimproved land. The city has already moved to purchase an old grocery store complex which had apparently been repossessed by the lender (about 8 acres). Definition of the Redevelopment Area The proposed Redevelopment Area is south of 126 Street and west of Rangeline Road and includes approximately 85 acres of retail, public and unimproved land. According to the records in the Hamilton County Auditor's office, there are 9 parcels in the proposed Redevelopment Area, including two parcels containing the Government Complex (about 11 acres), one consisting of the old Monon Railroad, a dilapidated shopping center which had been re- possessed by the lender (containing about 8 acres and recently purchased by the City), two older retail parcels (consisting of about 3 acres), and over 61 acres of unimproved land. The Redevelopment Area is more specifically described as follows, based on the aerial plat maps on file at the Hamilton County Auditor's office (1974 aerial photos): Beginning at the northeast comer of parcel 005, as shown on Map #09- 36-00, and continuing Ctty Center Redevelopment Plan 1 eastward along the north property line of said parcel to the northwest comer of said parcel as shown on said map, then tuming southward along the west property line of said parcel to the southwest comer of said parcel, then tuming eastward along the south property line of said parcel to the point of intersection with the west right of way line of the old Monon railroad corridor (shown as being owned by the CSX Transportation, Inc.), then southward along the west right of way line of said parcel to a point directly west of the south property line of parcel #015, as shown on Map #09 -36-00, then crossing the railroad right of way in an easterly direction to the south property line of parcel #015 (containing the Carmel City Hall), and eastward along the south property line of Parcel #015 to the point of intersection with the west property line of Parcel #026.001, then northward along the west property lines of Parcels 025.001, #024, #023, #022, #021, #020, #019, #018, #017 and #016, then crossing the street right of way to the south property line of Parcel #008.001 (Police Station), then eastward along the south property line of said parcel, to the southeast comer of said parcel, then northward eastward along the east property line of said parcel to the point of intersection with the west right of way line of Rangeline Road, then northward along the west right of way line of Rangeline Road to the point of beginning. According to the Auditor's maps, the following table of parcels and areas is offered as a complete list of al parcels contained in the proposed Redevelopment Area (note: parcel numbers are listed as shown on Auditor's Map Number 09- 36 -00, based on 1994 aerial photo): Parcel (Auditor's Acreage Owner of Record. Acreage to be Map #03-06 -00) Acquired 005 60.651 Mueller, Helen Moffit 60.651 005.101 7.993 City of Carmel 005.001 0.956 Huffer, James E. Trust Betty J. 0.956 009 1.754 Kestner, E. Nicholas 1.754 010 0.88 Harrington Enterprises, Inc. 0.88 011 0.88 City of Carmel 008 3.770 Carmel Civic Square Building Corp. 015 7.440 Carmel Civic Square Building Corp. 008.001 1.370 Carmel Civic Square Building Corp. 070 (partial) 9.030 CSX Transportation, Inc. (partial) 9.030 Rights -of -way 5.000 City of Carmel (estimated) totals 99.724 Property to be Acquired 73.271 f 2 City of Carmel, Indiana E Conformity with Previous Plans This Redevelopment Plan is developed and presented as an integral and coordinated part of the overall Economic Development Plan for the central area of Carmel. This Redevelopment Plan is specifically developed in close coordination with two Economic Development Plans which were unanimously approved and funded in 1997 by the Plan Commission and City Council: the Old Town Economic Development Area and the 126 Street Corridor Economic Development Area. THE OLD TowN ECONOMIC DEVELOPMENT AREA: The Old Town Economic Development Area was presented to and approved by the Plan Commission and City Council during the early summer, 1997. The creation of this Economic Development Area enabled the City to pursue COIT bond funding for infrastructure improvements to the original town center of Carmel, installing various street furniture and other amenities to create viable pedestrian access within the area. The overall effort to improve the Old Town area will be undertaken in phases, several of which have already been completed. The City Center project includes as one of its elements the improvement of the Monon Trail Corridor which provides a pedestrian link to the entire north side of Indianapolis, including the Broad Ripple historic area and the Nora retail area. The Monon Trail will provide an effective recreational link between the historic area of Old Town Carmel and similar recreational facilities covering approximately 5 miles. This pedestrian linkage element of the overall design of these projects has been an important element of the Comprehensive Plan of the city for many years. For these reasons, the City Center Redevelopment Plan and the Old Town Economic Development Plan are closely integrated and coordinated to compliment and augment one another in pursuit of greater overall development in the center of Carmel. THE 126"' STREET CORRIDOR ECONOMIC DEVELOPMENT AREA: This Redevelopment Area has been amended out of the 126th Street Corridor Economic Development Area which was developed and approved during the summer of 1997. At that time, the concept of the City center was not yet fully developed and had not been presented to the public for scrutiny. Since that time, the Mayor and City Council have worked cooperatively to acquire the old Kroger center in a negotiated purchase, thus beginning the overall redevelopment effort in support of the City Center concept. The primary purpose of the 126th Street Corridor Economic Development Area is to support the implementation of the 126 Street road extension from Rangeline Road to Adams Street. This road corridor had been planned by the City for some time, but by creating the Economic Development Area, the City was able to finance the roadway through the use of COIT bonds which were approved and sold during the summer of 1997. Engineering design documents are now in the final stages of preparation for construction in 1998. The 126t Street extension will reduce traffic Ioading on 116 Street, linking Cannel's east and west sides across the Old Monon corridor as well as Rangeline Road. This linkage is important Ctty Center Redevelopment Plan 3 to the community at large, even without the City Center. However, the additional traffic access will most certainly benefit the City Center development, providing access from all parts of the City to its government and entertainment center. As such, the 126 Street Corridor Economic Development Plan will directly benefit and ampify the success of the City Center project. Statutory Context of the Redevelopment Plan The effort to redevelop the geographic and business heart of Carmel will require a great deal of public and private cooperation. Generally speaking, it is the responsibility of the City to develop design standards and parameters for the overall project, and then to assemble the real estate for redevelopment. After the real estate is assembled, it is then divided into "packages" containing various elements of the project. In the case of the Carmel City Center, for example, the entertainment complex may be developed separately from other elements, and the retail and office space offered for private development in one or more packages. These redevelopment "packages" can then be coupled with various economic development incentives, depending upon the nature of the end use and the need for new investment. Any investment of economic development incentives would be based on the need for the incentive in order to achieve the ultimate upscale goal of the City Center project. As such, Tax Increment Financing (TIF) could be an important redevelopment tool for the property within the Redevelopment Area. The primary purpose of this Redevelopment Plan is to determine whether the specific attributes of the proposed Redevelopment Area meet the statutory requirement for such designation. Establishing the Statutory Parameters of the Project Indiana law (IC36 -7- 14-15) sets forth the terms and conditions under which a Redevelopment Area can be established. The three tests are: 1. IC36- 7- 14-15(a) Whenever the redevelopment commission finds that an area...has become blighted to an extent that cannot be corrected by regulatory processes or the ordinary operations of private enterprise without resort to this chapter, and 2. that the public heatth and welfare will be benefitted by the acquisition and redevelopment of the area, and 3. IC36- 7- 15(b)...the blighted area is a menace to the social and economic interest of the (city) and tts inhabitants, and that it will be of public utility and benefit to acquire and redevelop (the area).... The discussion which follows represents a review of the conditions within the proposed Redevelopment Area and the extent to which they meet, or fail to meet, the statutory tests cited above. Obviously, each of the three tests cited in IC36 -7 -14-15 are rooted in the determination that an 4 Ctty of Carmel, Indiana 1 area is "blighted." As such, it is also necessary to establish a statutory definition of "blight" and then determine whether the details of the Plan project and its strategy meet the specific terms of the definition. IC36 -7 -1 -3 cites eight criteria for determining a "Blighted Area," as follows: 1. Lack of development; 2. Cessation of growth; 3. Deterioration of Improvements; 4. Character of Occupancy; 5. Age; 6. Obsolescence; 7. Substandard Buildings; 8. Other factors that impair values or prevent a normal use or development of property. Based on this section of the statute, it is clear that the situation surrounding the redevelopment of the City Center area complies with several of the definitions of "blight" as defined in the statute. In short, much of the area remains undeveloped, despite a thriving real estate market in the area, it has experienced a cessation of growth, the existing retail facilities are older and becoming obsolete in relation to newer development occurring nearby, the existing developments are having an increasing difficulty in functioning competitively in the modern marketplace, the buildings no longer meet current development standards for the area, and beyond these considerations, there are other factors which prevent modem use of the site. A detailed explanation of these considerations is set forth below. Please note that although the blighting influences cited above appear as separate arguments, they are, in fact, interwoven. Therefore, the blight findings discussed below will contain some redundancy of data, information and conclusions, from one blight finding to another. Blighting Influences: Findings of Fact 1. Li CX OF DEVELOPMENT: The lack of development within the proposed Redevelopment Area is its most glaring and undeniable evidence of blight. According to the Auditor's aerial plat maps, a single parcel composing the entire north end of the Redevelopment Area (parcel 09 -36-00 -005 containing 60.651 acres) remains undeveloped despite substantial growth all around it. In addition, a second parcel, (parcel 09 -36-00 -011, less than one acre) located just north of the police station also remains vacant. When combined, these two unimproved parcels account for over 70% of the land within the proposed Redevelopment Area. The fact that these parcels remain totally unimproved is important considering the overall development of the City of Carmel. Two of Carmel's oldest retail areas are located adjacent to these parcels, suggesting that development pressure has been prevalent for decades and the owners are non responsive. Coupling this private sector development pressure with the consideration that the new City Government Complex was constructed, including a new city City Center Redevelopment Plan 5 Hall, Police Headquarters, and Central Fire Station immediately to the south, shows implicitly that there is ample opportunity for development of the highest order, yet not a single improvement has been implemented on either of these parcels. Construction of the 126' Street extension will substantially enhance transportation access to the area and development pressure will again increase. It is imperative to the quality of the development of the City that these parcels be developed to their fullest and highest potential. These considerations meet the statutory definition of blight as "lack of development." 2. CESSATION OF GROWTH: A review of the Redevelopment Area and the commercial areas existing there shows that the area is not thriving economically. The parcels within the Redevelopment Area have been experiencing difficulty in competing in the broader economic market of the community, and a substantial amount of retail vacancy has befallen the existing commercial areas along Rangeline Road, particularly the Kroger center. In fact, it is that cessation of growth and reinvestment that enabled the City to negotiate the purchase of the Kroger Center from American United Life, which had re- possessed the property as the primary lender. Despite ample new development around and within the Redevelopment Area, there has been only the most modest efforts to reinvest in the existing retail development along the corridor, and it has not occurred even while new buildings were developed and occupied at greater cost, and while the existing retail buildings became increasingly obsolete and economically irrelevant. Two parcels located immediately north of the Police Station are in substantial need of reinvestment. While the businesses located within these parcels would probably be viable in newer surroundings, the landlord of these facilities has not provided a substantial and visible effort to remodel and upgrade the buildings in a manner commensurate with other development in the area. As a result, the combination of these two buildings with the vacancies of the Kroger center creates a distinct negative image for the area. The Redevelopment Area meets the statutory definition of "cessation of growth." Over 70% of the area remains totally unimproved despite immense investment all around the area, both in private and public sector activity. In addition, the developed parcels containing retail establishments have suffered from vacancies and disinvestment despite their prime location in a thriving local economy. These facilities need improvement and re- modeling in order to become economically viable and competitive. For these reasons, the Redevelopment Area is found to meet the statutory definition of blight through "cessation of growth." 3. DETERIORATION OF IMPROVEMENTS: As noted above, over 70% of the Redevelopment Area is totally unimproved and vacant. In addition to these parcels, approximately 11 acres have received substantial reinvestment by the 6 City of Carmel, Indiana City in the form of a new Government Complex, including a new City Hall, Police Headquarters and Central Fire Station completed in the early 1990's. Three of the remaining parcels contain developed retail space which has substantially deteriorated in recent years due to lack of reinvestment. These buildings, however, appear to contain viable businesses which could be preserved through creative redevelopment. The Kroger center is perhaps the most obvious example of deterioration. The center has experienced substantial vacancy and was recently purchased (through negotiated purchase) by the City in pursuit of the City Center project. This purchase serves as a sign of the cooperative efforts between the City Administration and City Council in pursuit of the City Center. Without substantial deterioration in the Kroger center it is unlikely that the building would have been offered for sale under these conditions. The two retail properties immediately south of the Kroger center are also in need of rehabilitation and reinvestment, but they do not have the level of vacancy of the Kroger center. The businesses located in these two retail buildings appear to have viable niches in the local retail marketplace, and could thrive even more greatly with appropriate reinvestment in the overall facility. Even the most cursory review of these properties, however, would suggest that they are tired and lack the type of reinvestment needed to keep pace with the new developments which virtually surround the area, as well as the extremely high level of public investment which has occurred in the form of the City Government Complex. While it would not be accurate to say that these facilities have degenerated to the extreme, it is clear that they have not kept economic pace with the surrounding property. For these reasons, it is the conclusion of this Redevelopment Plan that the Area meets the statutory definition of blight in terms of "deterioration of improvements" 4. AGE: The retail development in the proposed Redevelopment Area is 40 50 years old. While this is not old in an absolute sense, it is important that a substantial amount of competing space has been developed during the intervening period and has been maintained to a higher and more economically competitive standard. The "age factor," in itself, is not an absolute blighting condition in this case, because it is feasible that the existing development can be remodeled through reinvestment to meet the higher standards of competing space in the immediate area. The fact that such reinvestment has not occurred constitutes evidence that the landlords may not be as responsive to the changing marketplace as may be required in this particular local market. Carmel represents one of the most upscale retail markets in the State of Indiana. If retail developments remain competitive in such markets, they can be incredibly successful; however, in order for those developments to remain competitive, they must be periodically renewed through significant reinvestment in order to remain relevant to such a market. As the income of the customer increases, they become increasingly intolerant of inconveniences and more demanding Ctty Center Redevelopment Plan 7 of amenities. The retail development within the Redevelopment Area has been non responsive to these customer changes. For these reasons, it is the conclusion of this Redevelopment Plan that the Area meets the statutory definition of blight in terms of "age." S. OBSOLESCENCE The issue of obsolescence is only relevant in this case with regard to the need for reinvestment. In the case of the Redevelopment Area, the retail buildings are not obsolete in developmental terms, but are in need of substantial reinvestment in order to respond to market realities. As such, obsolescence is considered a blighting factor in that the retail buildings will require substantial reinvestment, even to the point of possibly demolishing some buildings and removing retail development from the mix through acquisition/redevelopment and re- configuring the developmental patterns, properties and amenities of the area to increase operational efficiencies such as ingress/egress, parking, visual/street appeal, landscaping, and architectural updating and improvements. Such improvements are a part of the proposed City center project. In this manner, it is concluded that the Redevelopment Area meets the statutory definition of blight in terms of "obsolescence." SUBSTANDARD .8 UILDINGS The issue of substandard buildings is similar to the issue of obsolescence, in this case. While the buildings are not substandard in terms of sanitation, health or safety factors, the buildings (especially the retail buildings) are not developed to a standard sufficient to enable them to attract new clientele from growth markets. As stated previously, new retail investment is needed to serve this market, and if the existing retail space within the proposed Redevelopment Area is not reconfigured and remodeled, it will become increasingly irrelevant to the local market, similar to what has happened in the Old Town retail area, located just north of the Redevelopment Area. In the case of Old Town, the original retail spaces/developments of the `old town' of Carmel lacked sufficient reinvestment and reconfiguration and, with time, the retail area became economically irrelevant to the growing city. A similar "devolution" could occur within the Redevelopment Area unless reinvestment occurs. Using this factor as the basis for consideration of this blighting influence, the retail buildings within the proposed Redevelopment Area are found to be "substandard" for purposes of attracting a viable share of a growth market which is vital to the continued economic viability of the area. These considerations suggest that properties within the proposed Redevelopment Area meet the statutory definition of blight in terms of "substandard buildings." 8 City of Carmel, Indiana r 7. OTHER FACTORS The redevelopment statutes in Indiana also allow for something referred to as "other factors" which could contribute to blight in a particular area. In the case of the proposed Redevelopment Area, the prominent "other factor" is the development of the City Center project plan. The City Center project proposes a massive reinvestment in the Redevelopment Area to- create a viable retail area centered upon entertainment and community activity. The City Center Redevelopment Area will also include the government complex and will be physically linked to the rest of the community (and southward, into Indianapolis) by the Monon Trail corridor, initially acquired and developed by the City of Indianapolis, and which has become a highly popular and well acclaimed public improvement for the north side of Marion County. The City Center Plan includes the creation of a major theater complex (which is generally lacking in the Carmel area), an amphitheater for outdoor performances, a performing arts center, a community center, and a substantial amount of private sector commercial and retail space. All of these developmental elements are architecturally interwoven in order to optimize the parking facilities and traffic control which are designed into the overall plan. The City Center project, as proposed, will provide an overall development pattern for the Redevelopment Area which includes full development of the area to its highest and best use for the benefit of the community at large. These considerations suggest that the Redevelopment Area meets the statutory definition of blight in terms of "other factors," as provided by the statute. Conclusions Regarding Findings of Blight (IC36- 7 -1 -3) The discussion presented above clearly indicates that the proposed Redevelopment Area is suffering from blighting influences on the community. The statute cites eight possible criteria for a blighting influence (including "other and the proposed Redevelopment Area suffers from seven of those influences, as presented above. The facilities were once the center of the Carmel economy, but competition from new retail development and the lack of timely reinvestment and/or investment in undeveloped property ended up becoming functional liabilities. Without substantial reinvestment and reconfiguration of the retail and service market within the proposed Redevelopment Area, the area cannot remain economically viable. Based on these considerations, it is clear that the proposed Redevelopment Area meets the statutory definition of blight in accordance with 1C36- 7 -1 -3, and that redevelopment of the area will be necessary in order to deal with that blighting influence. City Center Redevelopment Plan 9 Statutory Tests of a Redevelopment Area (1C36-7-14-15) As noted in the chapter entitled, "Establishing the Statutory Parameters of the Project, there are three statutory tests under IC36 -7- ]4-15. The first test, contained in IC36 -7 4- 15(a), states that the Redevelopment Commission must find that the area has become "blighted to an extent that cannot be corrected by regulatory processes or the ordinary operation of private enterprise without resort to 1C36-7-14." In the case of the proposed Redevelopment Area, it is clear that the ordinary operation of private enterprise has been either unwilling or unable to direct investment in the properties within the Redevelopment Area so as to create viable market function. As noted above, more than 70% of the land is totally unimproved, despite a lucrative Local marketplace, and another 15% of the area has received significant public investment to create the city government center. When these two fundamental land uses are combined with the fact that the City Council recently purchased the Kroger Center through negotiated purchase (another 8 acres), the total amount of undeveloped and public Iand in the area is over 93% of the Redevelopment Area (not counting the Monon Trail). It is clear from this ratio that the remaining retail development within the Redevelopment Area covers only a minor portion of the area. Although the businesses located within the Redevelopment Area appear to be viable and competitive in the local economy, it would appear that they, too would benefit from a commitment by the landlord to reinvest in the property, however, that reinvestment has not occurred in proportion to the investment in adjacent properties. Considering these factors, there appears to be no feasible means of applying the regulatory process to this area in order to induce the level of reinvestment necessary to bring the existing retail development up to the level present in adjacent areas. As such, these findings conclude that the proposed Redevelopment Area has met the statutory definition that `the area has become blighted to an extent that cannot be corrected by regulatory processes or the ordinary operation of private enterprise without resort to 1C36- 7 -14." The second statutory test for establishment of a Redevelopment Area is that the Redevelopment Commission must find that the acquisition and redevelopment of the area will "benefit the public health and welfare." The discussion above clearly points out that the City has developed a plan for establishing the City Center project which will make the Redevelopment Area the predominant entertainment complex in the region, including an outdoor amphitheater, a movie theater complex, a performing arts center, a community center, substantial retail development and coordinated and integrated parking and traffic facilities which will be enhanced by the advent of the 126 Street extension project (previously approved for COIT funding). Considering that the area has remained essentially undeveloped despite the market pressure in the area, it would appear that the economic welfare of the community will be directly benefited by the implementation of the City Center project. Therefore, it is the specific conclusion of this Redevelopment Plan that the implementation of the City Center project will have a definite benefit to the health and welfare of the community, thus meeting the statutory requirement that "the public health and welfare will be benefited by the acquisition and redevelopment of the area." 10 City of Carmel, Indiana 1 I The third statutory test is that the blighted area is a menace to the social and economic interest of the city and its inhabitants and that acquisition and redevelopment of the area will be of "public utilir y and benefit." The Redevelopment Plan clearly that the proposed Redevelopment Area is suffering from a lack of appropriate investment and/or reinvestment, with more than 70% of the land completely unimproved and another 13% of the land developed as public space. If the existing retail area were returned to viability, and the unimproved land developed in an appropriate fashion, the overall investment would provide a tremendous boost to the local economy, and would thus be a significant public utility to the community and its inhabitants. Therefore, it is the conclusion of this Redevelopment Plan that `the blighted area is a menace to the social and economic interest of the (city)," and that establishing the proposed Redevelopment Area and pursuing a range of recommended redevelopment activities within "will be of public utility and benefit." These considerations, in conjunction with the discussions and analyses presented in this Redevelopment Plan, lead to the finding that the proposed Redevelopment Area meets the statutory tests of IC36- 7 -14 -15 with regard to establishing a Redevelopment Area. Designating a Redevelopment Area Having determined that the Proposed Redevelopment Area meets the statutory definition of blight as defined by statute, this Redevelopment Plan recommends the boundaries of a "Redevelopment Area" within which redevelopment economic incentives can accrue to encourage public and private entities to undertake redevelopment projects which would eliminate the blighting factors, through eminent domain and other activities. In this case, the Study Area for the project included the Proposed Redevelopment Area which closely follows the proposed boundaries of the City Center project, but does not include the entirety of that site. Given these factors, it is recommended that the City of Carmel designate the Proposed Redevelopment Area as the "City Center Redevelopment Area." The area the contains a mixture of retail, office (service), and undeveloped real estate. Map #1 shows the area recommended for designation as the "City Center Redevelopment Area" (hereafter, the "Area Possible Amendments to the District Indiana statute includes provisions for amending a Redevelopment Area. While there is no current reason for including property outside of the proposed Redevelopment Area within the District, it may become prudent at some future date, based on some future developmentproposal, to amend the boundaries of the District to include additional property. If and when this happens, the Redevelopment Commission can consider such proposals on a case by case basis and can amend the boundaries of the Area accordingly. Depending upon the size of the area, it may be necessary to also amend this Redevelopment Plan in order to comply with statutory requirements. Clty Center Redevelopment Plan 11 Tax Increment Financing Designation of the proposed Redevelopment Area carries with it a number of possible redevelopment incentives. The incentive with the greatest potential fiscal impact on redevelopment activity is that of Tax Increment Financing, commonly referred to as "TIF." TIF is a redevelopment tool where the future increases in property revenues generated by private investment are used to fund improvements within the Area. The maximum statutory life of a TIF Allocation Area is 30 years, however, the term of financing for any TIF -based debt issue is generally shorter than the full life of the area. DETERMINING THE "BASE ASSESSED VALUE:" When a Tax Allocation Area is established, the County Auditor determines the "Base Assessed Value" of all property within the Allocation Area. This "Base Assessed Value" is established as the fiscal baseline for the Allocation Area. The intent is that the community, including all taxing entities, continue to receive property tax revenues based on the assessed value as of the date of origination of the Allocation Area, which is called the "Base Assessed Value." Recommended Projects The Redevelopment Commission has the authority to implement a broad range of projects in an effort to redevelop an area. The statutory procedure for project and funding approval assures that the project is considered and approved on several levels before it can be implemented. After following that procedure, the Redevelopment Commission has a great deal of authority. The Redevelopment Commission has the power to acquire and assemble parcels of land under single ownership in order to promote new development. In order to implement projects, however, the Redevelopment Commission must include the projects in the Redevelopment Plan. This Redevelopment Plan, therefore, recommends that the Redevelopment Commission (RDC) consider the following projects: THOROUGHFARE IMPROVEMENT REHABILITATION: There are two major thoroughfares of the city which directly serve the Redevelopment Area: Rangeline Road and 125''' Street. Improvements to either of these corridors would deliver traffic more efficiently to the Redevelopment Area and would enhance the overall performance of the local thoroughfare system. While it is not proposed that Rangeline Road be improved immediately, minor improvements to the corridor in the vicinity of the Redevelopment Area could occur, such as landscaping improvements to increase the visual appeal of the corridor. The 126 Street Corridor project was approved for funding using a 1997 COIT bond issue. The proposed project is currently in the final phases of design for 1998 construction, and includes 12 City of Carmel, Indiana 1 completion of the corridor from Rangeline Road to Adams Street. The alignment of the proposed roadway is along the far northern boundary of the Redevelopment Area, connecting the existing intersection alignment of Rangeline Road and Mohawk Avenue westward, past the Monon Trail corridor and continuing westward past 3r Avenue Southwest, then turning southwesterly to connect with the Adams Street corridor which currently extends northeasterly from Carmel Drive. The completion of this thoroughfare corridor has been contemplated by the Comprehensive Plan for the community for many years. Once completed, transportation access to the Redevelopment Area will be dramatically improved, and the economic competitiveness of the redeveloped real estate will also be enhanced. INFRASTRUCTURE REDEVELOPMENT: Along with the proposal to improve transportation corridors serving the Redevelopment Area, it is suggested that improvements to other infrastructure systems in the area may also be appropriate. Such improvements may be sought for the water system, natural gas, electric power, drainage, or sewer service to the Redevelopment Area, as well as other infrastructure improvements which would enhance the opportunities to redevelop the real estate in the Redevelopment Area. At this time, there are no specific plans for such improvements, but in considering various forms of redevelopment activities which may be required, it is logical to foresee the need for improvements to these infrastructure systems, when more specific information becomes available. ACQUISITION DEMOLITION: The Redevelopment Commission should also carefully consider acquiring property in an effort to improve retail activity and re- direct development in the area. As noted earlier in this Redevelopment Plan, as well as in the 1997 Economic Development Plan, there are several parcels which contain what appear to be viable businesses, however, the properties have not received appropriate levels of reinvestment to keep pace with surrounding retail areas. The Redevelopment Commission has the ability to acquire land within the Redevelopment Area. This land can then be reconfigured and sold back into the private marketplace. For example, a parcel can be reconfigured in several ways, including but not limited to: 1. The property purchased and its boundaries re- defined allowing wider rights of way for proposed road improvements. In some cases, such acquisition will facilitate road improvement projects by reducing the difficulty of right of way acquisition. 2. The property purchased and assembled with adjoining properties for redevelopment en masse. This technique was used for retail redevelopment projects such as Circle Center Mall in downtown Indianapolis. 3. The property purchased and structures demolished to enable the land use to be changed on a wholesale basis. For example, acquisition and demolition of several buildings to create permanent office or retail development 4. The property purchased and redeveloped to provide adequate parking, landscaping and other ancillary requirements of current zoning for that land use. City Center Redevelopment Plan 13 The net result of such redevelopment activities is to generate reinvestment in the property which would allow it to reflect current market realities, including implementation of the City Center project. In fact, acquisition and demolition may, in some cases, be the only means of enabling a particular site to be redeveloped to meet the demands of the current market. RELOCATION OF EXISTING BUSINESSES: Also noted in the analysis above was the indication that some of the retail buildings contain viable businesses which might benefit from relocation into the new retail space proposed for the City Center. It would be good public policy for businesses which are currently located in the Redevelopment Area but whose buildings might be acquired and demolished to be offered space within the new retail complex. Such a policy would enable those businesses to remain within their geographic and market niches during the redevelopment process. PARKING FACILITIES: It is also common for public funds to be used to create parking facilities to serve an integrated complex such as is proposed for the City Center. In general private sector development, each parcel or development is responsible for generating parking to serve its own development. In highly integrated and coordinated projects such as this, however, which encourage pedestrian interaction, it is common for certain areas to develop more intense parking facilities than could otherwise be supported by the individual development. In this case, parking for the amphitheater and/or other public buildings within the City Center complex will likely be required. As such, parking facilities would be an appropriate use of public funds for the redevelopment effort. Conclusions Recommendations The Redevelopment Plan contains an analysis of the statutory definition of blight as well as the finding that the real estate within the Redevelopment Area is blighted in accordance with Indiana law. Based on those findings, the following conclusions and Recommendations are offered for the consideration of the Redevelopment Commission. Conclusions The total body of analysis contained in the redevelopment Plan leads to a series of fairly succinct conclusions, which are listed as follows: 1. The area recommended for declaration as the 'City Center Redevelopment Area' under Indiana statute was originally contained within the Economic Development Area established as the 126th Street Corridor Economic Development Area. 14 City of Carmel, Indiana f 2. The 126th Street Corridor Economic Development Area is being amended to delete the area recommended for declaration as the 'City Center Redevelopment Area." 3. The area recommended for declaration as the 'City Center Redevelopment Area meets the statutory definition of blight.. 4. The City Center Redevelopment Plan (this Plan) Identifies and outlines a series of projects which can be undertaken to address the blighting influences which currently afflict the area. 5. The primary project which can be undertaken to address the blighting influences which currently afflict the area Is the implementation of the Ctty Center project which was publicly announced during the summer of 1997 and includes the creation of the city's major entertainment complex, as well as new retail space and improvements to the city's public spaces and thoroughfares. 6. The City Center project will directly benefit from improvements to the Rangeline Road corridor, as well as the 126th Street Extension project which was approved for COLT financing in 1997. 7. The City of Carmel should be prepared to acquire some or all of the real estate within the Redevelopment Area in accordance with the list of property to be acquired, as contained in the 'Recommendations' section of this Redevelopment Plan. Recommendations The Redevelopment Plan represents an analysis of the parcels within the proposed "City Center Redevelopment Area" and has concluded that the area meets the statutory definition of blight as defined in Indiana law. Based on this analysis and the information provided in the Redevelopment Plan, above, the following recommendations are offered for the consideration of the Redevelopment Commission: 1. That the Redevelopment Commission should move to amend the 126th Street Corridor Economic Development Area to exclude the area Identified as the proposed 'City Center Redevelopment Area.' 2. That the Redevelopment Commission should establish the 'City Center Redevelopment Area in accordance with the information presented and findings of blight contained in this Redevelopment Plan. 3. That the Redevelopment Commission should approve the List of projects contained in this Redevelopment Plan as a strategy for addressing the blighting conditions found in the °City Center Redevelopment Area.° 4. That the Redevelopment Commission should approve the list of properties recommended for possible acquisition in implementation of the Ctty Center project. City Center Redevelopment Plan 15 5. That the Redevelopment Commission should also move to establish the City Center Redevelopment Area as an Allocation Area for the purpose of affording Tax increment Financing for projects undertaken to combat blighting conditions in the City Center Redevelopment Area. 6. That the Redevelopment Commission should initiate the statutory approval process for the Redevelopment Plan, Including presentation to the Plan Commission and City Council for confirmation of the findings, conclusions and recommendations contained herein. List of Property to be Acquired The following table shows a List of the parcels within the Redevelopment Area, as well as those parcels which will be acquired as part of the redevelopment strategy for the area. (note: parcel numbers are listed as shown on Auditor's Map Number 09- 36-00, based on 1994 aerial photo): Parcel* (Auditor's Acreage Owner of Record Acreage to be Map #09 -36 -00) Acquired 005 60.651 Mueller, Helen Moffit 60.651 005.101 7.993 City of Carmel 005.001 0.956 Huffer, James E. Trust Betty J. 0.956 009 1.754 Kestner, E. Nicholas 1.754 010 0.88 Harrington Enterprises, Inc. 0.88 011 0.88 City of Carmel 008 3.770 Carmel Civic Square Building Corp. 015 7.440 Carmel Civic Square Building Corp. 008.001 1.370 Carmel Civic Square Building Corp. 070 (partial) 9.030 CSX Transportation, Inc. (partial) 9.030 Rights -of -way 5.000 City of Carmel (estimated) totals 99.724 Property to be Acquired 73.271 16 City of Carmel, Indiana 1 N s Estimated Cost of the Projects The following costs are presented as an estimate of the cost of acquisition and redevelopment recommended in the Redevelopment Plan for the purpose of addressing the blighting conditions and influences in the City Center Redevelopment Area. Land Acquisition 58,100,000 Demolition 5500,000 Utility /Infrastructure Relocation $400,000 Parking Facilities $1,500,000 Totals $10,500,000 /crrdpfin City Center Redevelopment Plan 17 r 1 RESOLUTION NO. 3-1 e) RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION DECLARING AN AREA IN THE CITY OF CARMEL A REDEVELOPMENT AREA, APPROVING A PLAN FOR THE AREA, DECLARING THE AREA AN ALLOCATION AREA, AND TAKING OTHER ACTIONS RELATED THERETO WHEREAS, the City of Carmel Redevelopment Commission (the "Conunission the governing body of the City of Carmel Department of Redevelopment (the "Department pursuant to Indiana Code 36 -7 -I4, as amended (the "Act has thoroughly studied that area of the City of Carmel, Indiana (the "City described on ExhibitA attached hereto and designated as the "City Center Redevelopment Area" (the "Area and WHEREAS Sections 15,16 and 17 of the Act permit the Commission to declare certain areas blighted areas, and the Act provides that the Commission may exercise certain rights, powers, privileges and immunities with respect to such blighted areas; and WHEREAS, there has been presented to this meeting for consideration and approval of the Commission a plan (the "Plan for the Area, entitled "City Center Redevelopment Plan Strategy and WHEREAS, the Commission has caused to be prepared: (a) maps and plats showing the boundaries of the Area, the location of the various parcels of property, streets, alleys and other features affecting the acquisition, clearance, replatting, replanning, rezoning or redevelopment of the Area, indicating any parcels of property to be excluded from the acquisition, and showing the parts of the Area acquired that are to be devoted to public ways, levees, sewerages, parks, playgrounds and other public purposes under the Plan; (b) lists of the owners of the various parcels of property to be acquired; and (c) an estimate of the cost of acquisition and redevelopment; and WHEREAS, the Plan and supporting data were reviewed and considered at this meeting; and WHEREAS, the Commission has given consideration to transitional and permanent provisions for adequate housing for any residents of the Area who will be displaced by the project contemplated by the Plan; 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; NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, the governing body of City of Carmel Department of Redevelopment, as follows: 1 1. The Commission hereby finds that the Area is an area in which normal development and occupancy are undesirable or impossible because of lack of development, cessation of growth, deterioration of improvements, age, obsolescence, substandard buildings and other factors that impair values or prevent a normal use or development of property. Based upon such findings, the Commission hereby determines, designates and declares that the Area is a "blighted area" within the meaning of the Act. 2. The Commission hereby finds that the Area has become blighted to an extent that cannot be corrected by regulatoryprocesses or the ordinary operations of private enterprise without resort to the Act, and that the public health and welfare will be benefited by the acquisition and redevelopment of the Area under the Act. 3. The Commission hereby finds that the Plan for the Area conforms to other development and redevelopment plans for the City. 4. Based upon the findings set forth in Sections 1 through 3 hereof, the Commission hereby declares that the Area is a menace to the social and economic interest of the City and its inhabitants and that it will be of public utility and benefit to acquire the Area and redevelop it under the Act. 5. In support of the findings, determinations, designations and declarations set forth in Sections 1 through 4 hereof, the Commission hereby adopts the specific findings set forth in the Plan, including any reports, studies and plans incorporated therein by reference. 6. The general boundaries of the Area are those set forth in Exhibit A attached hereto, and the Departmentproposes to acquire all of the interests in the land within the boundaries of the Area, except those not listed in the Plan as to be acquired. 7. The Plan is hereby in all respects approved and adopted, and the secretary of the Commission is hereby directed to file a certified copy of the Plan with the minutes of this meeting. 8. The Area is hereby designated as an "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 39. 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 (a) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made or (b) 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 said 2 1 allocation area that may be 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. 9. The foregoing allocation provision shall apply to all of the Area and shall expire on the date that is thirty (30) years after the effective date of this Resolution. 10. Said allocation area is hereby designated as the "City Center Redevelopment Allocation Area" and said allocation fund is hereby designated as the "City Center Redevelopment Allocation Area Fund." 11. Each officer of the Commission is hereby authorized and directed to make any and all required filings with the Indiana State Board of Tax Commissioners and the Hamilton County Auditor in connection with the creation of the allocation area. 12. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 13. This Resolution, together with any supporting data, including the Plan, shall be submitted to the CarmeUClayPlan Commission (the "Plan Commission and the Common Council of the City (the "Common Council as provided in the Act, and, if approved by the Plan Commission and the Common Council, shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. 14. Each officer of the Commission is hereby authorized and directed, for and on behalf of the Commission, to take any action determined by such officer to be necessary or appropriate to effect this Resolution, such determination to be conclusively evidenced by such officer's having taken such action, and any such action heretofore taken is hereby ratified and approved. 15. This Resolution shall be effective upon its adoption. 3 Adopted this 15th day of January, 1998. CITY OF CARMEL REDEVELOPMENT COMMISSION President fCfCfL��� Vice President Se ltary I •em• ember /N1:401 N WS :79211 4 Exhibit A DESCRIPTION OF CITY CENTER REDEVELOPMENT AREA NDSOI NWS 239211 11.414 ilm.g. 1 1 i ir. :rum wiwa 1 L1 if I WADI OP. -7..: r 77 CENTER :fag .s i I NI It x g-= I 1 i 1 I REDEYELOPMENT4cREA r. ileast.wi' l• r,•:-. asaltristT *WY i AMENDED 126 th 8 i i: gm= 3 1 REPT Ilitgli lekill, -EN_ CORRIDOR ECONOMIC 4 :-•-•-•-•-•-•••■■•-•-.14-4. Imam IR 04.6441■06:ir.6WAlltiqZ047M714! DEVELOPMENT AREA 1 a 0 v.1 :::$2 .........•.....i.......... 4■•••••••• AA !AA. ill!..•. 1k 1 a 4 77= —IM- O 110••••••••• c •71/.1 6 m .o....lc., Mt I 0 e• CR 405.1/f 0•••••••••■ g I 1: t••••••• 14,40•4002 gt. I 0-46-0.4"Z &Alb p I 1 g i -;:.2- 11••••• 9•32421r CR I 1 Mid riser b..... 1.. j il i .•4....- .4...4. :I I I 7 7 I I i t 1 1 I ON= am t 1 1 1 owe. CIRMC J 1 •=.1 1 I 11 11. rna—,6I ....m.■•■••• g ''d 1 I i I ill ..4 1.' 1 1 I i Pt. i 4 1 i I r, 1.1 11 I CITY CENTER REDEVELOPMENT AREA AND AMENDED 126 th STREET CORRIDOR ECONOMIC DEVELOPMENT AREA MAP No. 1 WABASH SCIENTIFIC, INC.