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2001-Parkwood Economic Development Plan (Final)
Carmel, Indiana Hamilton County (Final Draft Copy) Econom evelopm en t Plan Poufmrood lEoon© fl@ D ®e @Doppuongi are @a January 10, 2001 Wffiaazlv Scf®n y llu Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @aol.com es 4 I l flu d e.d ,o ne Table of Contents a The Purpose of the ED Plan 4 Description of the Area 6 Legal Description 6 Land Use within the Proposed ED Area 6 The North Side 7 The South Side: 7 The East Side: 8 The West Side. 8 Conclusions Regarding the ED Area 9 Conformity With Other Plans 10 The Fiscal Stategic Plan 12 Creation of an Economic Development Area 12 Statutory Requirements 14 Findings of Fact 15 Finding #1A: promoting opportunities for employment 16 Finding #1B: attracts a major new business enterprise 18 Finding #1C: retains or expands a significant (existing) business 19 Finding #1D: serves to protect property values 19 Finding #2A: lack of local public improvement 21 Finding #2B: the cost of infrastructure 22 Finding #3: the public health and welfare will be benefitted 24 Finding #4A: the plan will increase the property tax rate 25 Finding #4B: attraction or retention of permanent jobs 26 Finding #4C: improved diversity in the economic base 28 Conclusions 29 Recommendations 29 Economic Development Strategy 30 Proposed Projects 30 List of Parcels 31 The Purpose of the ED Plan An economic development plan should not be a free standing document, designed and undertaken in isolation from previous planning and development policies. It should, instead, be philosophically and factually linked to the previous and current planning efforts of the community. An economic development plan should build upon the historical perspective of the community, enabling community leaders to consciously connect the proposed economic development activities to the economic development goals and policies which the community has previously endorsed. The strongest economic development plans, therefore, are based on public policy which was initiated before any current project was conceived. Economic development projects which are proposed in areas designated for particular business land uses should be the easiest to defend. In cases where economic development areas are designated for commercial development before any specific project is 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, and opposition often requires only the scantiest factual basis for their challenges. In the face of opposition to economic development projects, the Plan Commission and the community's other leaders can use the Economic Development Plan to examine previous community development policy and determine whether a proposed project fits into the development parameters which had been previously established. At the point where a development project is proposed, it becomes the job of the Economic Development Plan to objectively review the body of previous development policy and determine the extent to which the current project complies with those policies. This Economic Development Plan has been undertaken in the context of a comprehensive and detailed planning effort by the municipality. The local economy must grow in order for the citizenry and the community to prosper, and at the same time municipal leaders seek to preserve the character of the community. Consequently, the community must assure itself that any development proposed will place the community in a better position to implement its long term developmental goals. Second, infrastructure issues must be foreseen many years in the future in order to accommodate growth. Infrastructure problems must be identified Parkwood Economic Development Plan: Carmel, Indiana 4 and potential solutions developed in order for an Economic Development Area to be successful on a long term basis. This Economic Development Plan attempts to identify the infrastructure improvements required to support growth in the proposed Economic Development Area, as well as offering the community a mechanism to update the needs periodically. Third, any proposed economic development project needs to be well rooted in public consensus. There will always be honest disagreements among good people. 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 the issues. If that basic consensus is present, the final discussion involves only the negotiation of details. Finally, an Economic Development 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 marketplace, 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, and then arbitrarily reverse themselves. By virtue of the extensive overall planning effort of the community over the past several years, it is clear that this Economic Development Plan can never be challenged as being incremental, short- sighted, or hastily drawn. An Economic Development Plan, therefore, is an examination of previous economic development policy in light of new proposals. It examines proposed land uses, previous planning for the area, and the qualitative context of the development as a means of either justifying or repudiating any current project proposal. In so doing, the ED Plan re- establishes the public policy basis of economic development for the community, objectively tests the project against that basis, and makes recommendations of an appropriate level of support for the project. Parkwood Economic Development Plan: Carmel, Indiana 5 Description of the Area Legal Description The boundaries of the proposed Economic Development Area (ED Area) are described as follows: Beginning at the point of intersection of the north right of way line of 96 Street and the west right of way line of Spring Mill Road, Then north along the western right of way line of Spring Mill Road to the point of intersection with the south right of way line of 1-465, Then in an easterly direction along the south right of way line of 1-465 to the point of intersection with the east right of way line of College Avenue, Then south along the east right of way line of College Avenue to the point of intersection with the Marion /Hamilton County line, Then west along the Marion /Hamilton County line to the point of intersection with the west right of way line of Spring Mill Road, Then north to the point of beginning. Land Use within the Proposed ED Area The land use within the proposed ED Area is 100% commercial zoning, except for those portions designated as roadway right of way. The portion of the proposed ED Area between Meridian Street (US31) and College Avenue (north of 96 Street and south of I -465), is developed as the Parkwood East office park. This development is high- density, upscale commercial offices. Immediately west of the Parkwood East complex there is a 10 -acre parcel which is undeveloped at this time. The prime location of this parcel makes it a solid candidate for economic development, however, there is no such development currently proposed. The portion of the proposed ED Area between Meridian Street on the east and Spring Mill Road on the west is also currently undeveloped. The City of Carmel has received a development proposal for this area which proposes to develop this parcel as a second commercial office park on a scale similar to that of the Parkwood East complex. This development Parkwood Economic Development Plan: Carmel, Indiana 6 proposal is currently being considered for the necessary re- zoning by the Carmel /Clay Plan Commission and no final decision has been reached. The Carmel Comprehensive Plan suggests that much of the land within the ED Area is suitable for commercial or other high intensity development, regardless of the final decisions regarding current development proposals. It is appropriate to note that this is the second development proposal submitted for this undeveloped land. The first development proposal suggested substantially more intense commercial office development, and that proposal was withdrawn from consideration before the Plan Commission. One of the primary objections to that original proposal was that the developmental intensity was too great, and that the resulting impact on the surrounding areas would be detrimental. The current development proposal is substantially less intense, but it has nonetheless also encountered opposition from neighbors in the area. THE NORTH SIDE Immediately north of the proposed ED Area lies the I -465 interstate highway corridor. This corridor forms a substantial "buffer" for any form of development which might take place within the ED Area. North of the I -465 corridor there is additional commercial/office development, including a major corporate headquarters, a medical facility, various upscale offices, and a car dealership. THE SOUTH SIDE: Immediately south of the proposed ED Area there is a combination of residential and commercial land uses. The commercial uses are oriented along the Meridian Street corridor, with residential uses both east and west, on the south side of the 96 Street corridor. This land is in Marion County and lies within the jurisdiction of a separate planning agency. The 96 Street corridor is only 2 -lanes west of Meridian, however, it has been improved to 4 -lanes east of Meridian, due to the Parkwood East office complex. Beyond College Avenue to the east, the 96 Street corridor is a 2 -lane facility. The inconsistencies of the 96 Street corridor will have to be corrected at some point. Therefore, one of the purposes of the ED Area designation is to enable the city to potentially provide economic incentives for improving the 96 Street corridor. The designation of the ED Area is also important because the reductions in developmental intensity requested by neighbors obfuscate tie capacity of the City to provide adequate infrastructure to the I D Area. Parkwood Economic Development Plan: Carmel, Indiana 7 s THE EAST SIDE: Immediately east of the proposed ED Area, along the College Avenue corridor (one of three crossings of I -465) there is a mixture of land uses, dominated by smaller commercial developments of various forms, ranging from gas stations to office buildings. These developments are generally older than the recent Parkwood office developments and are substantially less intense. THE WEST SIDE: Immediately west of the proposed ED Area the land use is almost entirely residential, with mid- to upscale single family homes. The Spring Mill corridor has served as a secondary commuting corridor for decades because it is one of a limited number of crossings of the I -465 corridor between Carmel /Clay and Indianapolis, however, the corridor has not been substantially upgraded in the last 20 years and remains a 2 -lane thoroughfare, despite thousands of new units of residential development approved along the corridor in recent years, as far north as Carmel/Westfield. The west side of the ED Area is the area facing the greatest amount of controversy, due to the interface between existing residential development and the proposed commercial development. This interface creates a number of potential impacts which will be considered by the Plan Commission, but which are outside of the purview of the Redevelopment Commission and this ED Plan. It is the responsibility of the Plan Commission to reconcile these potential land use conflicts. This reconciliation process is both an important issue, as well as being extremely delicate. The opponents to new development routinely complain of developmental intensity and impact, requesting that the proposed development be reduced in intensity and that impact mitigation facilities be included in the approved development. At the same time, these reductions in intensity also reduce the capacity of the development to pay for impact mitigating amenities. If the developmental intensity is reduced, the capacity of the development to pay for non revenue producing improvements is also reduced. Consequently, designation of the ED Area is amplified in its importance because it is the economic incentive paid through the ED Area designation that enables the City to pay for the improvements that are requested by the neighbors. The paradox caused by the opponents to a development leaves the Redevelopment Commission in a delicate situation. Parkwood Economic Development Plan: Carmel, Indiana 8 The creation of the ED Area will enable the City to offer economic incentives for improvements to the Spring Mill corridor, and to 96 Street. It is virtually certain that the existing office development to the north of the proposed ED Area, in addition to any development which occurs within the ED Area will generate traffic volumes which will quickly overwhelm the traffic capacity of the Spring Mill Road (2 -lane) facility. It is also indisputably true that the Plan Commission has previously approved literally thousands of residential units along the Spring Mill corridor which will add to the traffic levels along the corridor. While the long term design needs of Spring Mill Road are not yet determined, it is clear that the thoroughfare will need significant improvements in order to support additional development, and one of the purposes of the ED Plan is to offer economic incentives in support of meeting these needs. CONCLUSIONS REGARDING THE ED AREA The proposed ED Area is appropriately defined. The zoning/land uses designated in the Comprehensive Plan appear to recognize the attributes of the sites, especially with regard to high -level transportation and infrastructure access. The high visibility of the ED Area due to the I -465 and US31 corridors gives the ED Area a substantial likelihood for commercial development. An economic development area is expected to have the potential for development as commercial real estate, thereby making the ED Area proposal viable. It is also appropriate to note that the proposed ED Area will ultimately represent the "front door" of the Carmel community, thus increasing the relative importance of design and aesthetic issues. As a "front door" location, it will be important for the city to consider the need for upscale /enhanced design considerations, including such things as streetscaping, burying utilities, and roadway profiles, which may increase the infrastructure cost of the proposed development. The existing Parkwood development, east of Meridian is an established, high profile, upscale office park, developed to premium standards. It is appropriate to note that the Parkwood East development did not require economic incentives to pay for developmental amenities, because that development was more intense than the proposal for Parkwood West. The development proposal for the western portion of the ED Area carries similar upscale attributes, but it has been reduced in intensity due to neighborhood opposition. This reduction in intensity actually amplifies the need for the ED Area designation. Parkwood Economic Development Plan: Carmel, Indiana 9 The 96` Street corridor is inconsistently developed, and the addition of more economic development adjacent to the 96` Street corridor will almost certainly require substantial improvements to the 96 Street corridor, as well as other transportation corridors serving the ED Area. By designating the proposed ED Area, as recommended herein, the City of Carmel will create new financial tools which could be dedicated to necessary improvements to the transportation corridors, as well as other infrastructure needs of the area. The combination of these factors suggests that the city should carefully consider the possibility of investing economic incentives as a means of achieving the high level of importance of site aesthetics. The previous development proposal was opposed ostensibly because it was too intense. The current development proposal is less intense than the first, but it has not yet been approved. By lowering developmental intensity as requested by the neighborhood the ability of the developer to afford upscale infrastructure improvements is proportionately reduced. At the same time, the location represents the "front door" of the city of Carmel, which means that the aesthetics of any development will be very important, regardless of the developmental intensity. All of these factors, therefore, lead to an increased likelihood that the city will be asked to offer economic incentives in order to achieve its aesthetic goals for this sensitive "front door" location. Conformity With Other Plans The designation of the proposed ED Area conforms in all respects with the overall plan of development of the community because it is proposed for the specific purpose of implementing the recommendations of the comprehensive plan. The comprehensive plan suggests that at least a portion of the area is suited for commercial development, due to its high visibility and transportation access. The ED Area is located at the intersection of interstate highway 465 and US highway 31, as well as containing 3 of the six thoroughfare crossings over I -465. The two highway corridors, as well as the three crossing corridors, are among the most heavily traveled corridors in the area, thereby making the adjacent land extremely suitable for commercial development. The. ED Plan does not propose any adjustments or alterations to the proposed land uses of the ED Area, as suggested in the comprehensive plan. The ED Plan, instead, suggests the creation of the ED Area as a Parkwood Economic Development Plan: Carmel, Indiana 10 means of assuring the community at large that the infrastructure facilities serving this critical "front door" development area will be improved to meet the long term needs /demands of the area, even if developmental intensity is reduced. As noted elsewhere in this ED Plan, the reduction in developmental intensity (which was necessitated to address the concerns of neighbors) reduces the ability of the development to support the high- level infrastructure demands of the ED Area. The creation of the ED Area would generate the local capacity to provide economic incentives which would help to assure that the infrastructure systems are sufficient to meet the demands of the community at this location. One further point is appropriate here. Opponents to the development would prefer that the Redevelopment Commission (CRC) not designate the ED Area because that lack of designation would obviate the developmental proposal which they oppose. This would be an unfortunate outcome. In fact, the designation of an ED Area is virtually the only way that the City will be able to pay for the level of improvements necessary to protect the interests of local residents on a long -term basis. The current proposal is the second such proposal in 12 months. If this proposal is rejected, it is unreasonable to expect that more such proposals will come along because of the prime commercial attributes of the site. Therefore, even if the Plan Commission rejects the current proposal, the demands for reduced developmental intensity by the neighbors will almost certainly require the investment of public funds for various infrastructure amenities which are only possible if the CRC designates the proposed ED Area. The final result of these considerations is that the ED Plan conforms in all respects to the comprehensive plan for the ED Area. There are no proposed changes in the land use of the area, nor are there proposed changes in the standards for such development. The CRC is prepared to simply accept any development which meets the standards of the Plan Commission and succeeds in gaining approval. The Carmel Redevelopment Commission (CRC) proposes to designate the ED Area for the purpose of assuring that appropriate infrastructure improvements are achieved in conjunction with any development approved by the Plan Commission. Therefore, it is the conclusion of Wabash Scientific, inc., that the ED Plan also meets the statutory requirement of conforming to the plan of development for the community. Parkwood Economic Development Plan: Carmel, Indiana 11 The Fiscal Strategic Plan In 2000, the City completed a Fiscal Strategic Plan covering the portion of Clay Township east of Spring Mill Road. That analysis demonstrated conclusively that the City's growth east of Spring Mill Road will be limited to about 1% per year for the next 20 years. In recent years, the City has grown at a rate of 5% to 10% annually. At the same time, growth of the city to the west has historically generated substantial opposition. These growth limitations forecast an economic scenario which requires that the City begin to address immediate infrastructure needs without relying on revenue growth. The Fiscal Strategic Plan has two outcomes which lend themselves to the designation of the Parkwood ED Area. First, the designation of the ED area would enable the City to capture TIF revenues to pay for at least part of the needed improvements to Spring Mill Road and 96 Street, regardless of what development is ultimately approved. Second, the Fiscal Strategic Plan's findings underscore the importance of assuring that infrastructure needs of areas currently within the city limits be addressed before revenue growth becomes severely restricted. The proposed Parkwood ED area is currently within the city limits of Carmel and is in need of such improvements. Creation of an Economic Development Area A community may choose to create an Economic Development Area (ED Area) to implement an economic development strategy within an area. As provided in Indiana law, the community can use a number of economic incentives to recruit new business, encourage new development or create new economic opportunities for its citizens, including various forms of public financing such as the use of the County Option Income Tax (COIT) bonds, and tax increment financing (TIF). The creation of an ED Area is part of an overall strategy for implementing a community's economic development plan. This matter is of particular importance with regard to the City of Carmel. The Carmel Comprehensive Plan has noted for some time that the planning area will be fully developed by the year 2020. At such time as full development is achieved, the fiscal growth parameters of the city will be substantially curtailed. The City completed a Fiscal Strategic Plan in 2000 which showed that the amount of undeveloped land east of Spring Parkwood Economic Development Plan: Carmel, Indiana 12 Mill Road in Clay Township would add less than 20% to the overall development of the City. The impact of this finding is that the City must take extreme care to make certain that its infrastructure needs are well planned and methodically addressed. Once the City has achieved full development, municipal revenue growth will be essentially halted. Consequently, the designation of the proposed Parkwood ED Area would enable the City to address the infrastructure needs of 96 Street and Spring Mill Road at this time. The proposed ED Area will be administered by the Redevelopment Commission. The Economic Development Area must be created through approval actions by the Redevelopment Commission, the Plan Commission and the City Council, following the statutory process in IC 36 -7 -14. Creation of an Economic Development Area does not directly result in the issuance of any municipal debt in any form. It does, however, enable the community to issue tax exempt municipal bonds (payable from a number of revenue streams) to pay for those public improvements which would generate and shape economic growth in the Area, and would otherwise implement the Economic Development Strategy for the Area. Any decision on financing, however, is completely separate from the decision to establish an economic development area. It is important to note that the designation of an Economic Development Area includes no powers of eminent domain within the area. Therefore, the Redevelopment Commission will have no power of eminent domain in the Economic Development Area, and may not acquire land without the owner's consent under Indiana law (IC 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 so long as the Redevelopment Commission follows the appropriate statutory procedure. This provision should not be construed as any limitation upon the powers of the incorporated municipality to act in partnership with the Redevelopment Commission to implement any project(s). Parkwood Economic Development Plan: Carmel, Indiana 13 Statutory Requirements The minimum contents of an Economic Development Plan (ED Plan) are set forth in Indiana Code. IC 36- 7 -14 -41 states that: "The (redevelopment) commission may, by following the procedures set forth in sections 15 through 17 of this chapter, approve a plan for and determine that a geographic area in the redevelopment district is an economic development area. Designation of an economic development area is subject to judicial review in the manner prescribed in section 18 of this chapter. (b) The commission may determine that a geographic area is an economic development area if it finds that: (1) the plan for the economic development area: (A) promotes significant opportunities for the gainful employment of its citizens; (B) attracts a major new business enterprise to the unit; (C) retains or expands a significant business enterprise existing in the boundaries of the unit; or (D) meets other purposes of this section and sections 2.5 and 43 of this chapter; (2) the plan for the economic development area cannot be achieved by regulatory processes or by the ordinary operation of private enterprise without resort to the powers allowed under this section and sections 2.5 and 43 of this chapter because of (A) lack of local public improvement; (B) existence of improvements or conditions that lower the value of the land below that of nearby land; (C) multiple ownership of land; or (D) other similar conditions; (3) the public health and welfare will be benefitted by 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: (A) the attraction or retention of permanent jobs; Parkwood Economic Development Plan: Carmel, Indiana 14 (B) an increase in the property tax base; (C) improved diversity of the economic base; or (D) other similar public benefits; and (5) the plan for the economic development area conforms to other development and redevelopment plans for the unit. (c) The determination that a geographic area is an economic development area must be approved by the unit's legislative body. The approval may be given either before or after judicial review is requested. The requirement that the unit's legislative body approve economic development areas does not prevent the commission from amending the plan for the economic development area. However, the enlargement of any boundary in the economic development area must be approved by the unit's legislative body." Findings of Fact This Economic Development Plan will directly address the statutory requirements of 36- 7- 14 -41, as stated previously through explanation of the following findings of fact. FINDING #1A: PROMOTING OPPORTUNITIES FOR EMPLOYMENT The measurement of new employment opportunities for potential commercial development is complicated. The proposed job creation of potential industrial development is much simpler to track because the heavy equipment needs and large scale of industrial operations makes it very difficult for industries to re- locate, thus simplifying the quantification of new job opportunities. In commercial development situations, however, businesses relocate fairly regularly. The cost of moving an office is cheaper than that of moving an industry. Consequently, it is not uncommon for commercial businesses to change from one Carmel address to another. Because it is difficult to know how much of the office space is occupied by "new" employers, vs. "relocated" employers, it is difficult to specifically quantify "new opportunities for employment." It would not be uncommon for there to be some public debate on such issues from opponents to development proposals. While there could potentially be some argument over precisely how many "new" jobs would be created, as opposed to "relocated" jobs, we find this distinction to be fundamentally academic in this case. In the opinion of Parkwood Economic Development Plan: Carmel, Indiana 15 Wabash Scientific, inc., any development proposal which conforms to the designated commercial land use for the ED Area will certainly generate more jobs than the ones that currently exist in the undeveloped portions of the ED Area, and thus requirements of this finding of fact are met. Having stated that caveat, it is equally clear that the western portion of the proposed ED Area currently provides no employment opportunities, whatsoever. Consequently, while there may be the potential for debate regarding "how many" jobs will be created, it can be stated with substantial certainty that whatever new commercial development is proposed will generate more jobs than the jobs currently available at this site. As such, it is the finding of this ED Plan that the designation of the ED Area will certainly and categorically generate new opportunities for gainful employment of the citizens of Carmel and the surrounding areas, which conforms to the required statutory finding of fact. FINDING #1B: ATTRACTS A MAJOR NEW BUSINESS ENTERPRISE The eastern portion of the proposed Parkwood ED Area has already been substantially developed, and in doing so, that development has succeeded in attracting a number of new business enterprises to the ED Area. At this time, the western portion of the ED Area is undeveloped and a development proposal is currently pending from a major developer (Duke- Weeks) which is facilitated by the needs of a "major new business" tenant which would occupy space within the development, if approved. As is often the case, the major new business tenant cannot be identified for reasons of confidentiality. The Carmel Redevelopment Commission, therefore, is left in the position of either accepting or rejecting the word of the developer that the development proposal includes a major new tenant, without specific "proof' of the identity of that developer. It is the assertion of Wabash Scientific, inc., that the reputation of the developer becomes a key matter in such a situation, and the reputation of Duke Weeks for delivering the highest quality commercial development product lends credence to the truthfulness of the developer's assertion. There is further evidence of the truthfulness of this assertion in that Duke Weeks has conditionally agreed to pay the expenses of creating the ED Area and to guarantee the debt related to the TIF financing for the project. Again, it is the assertion of Wabash Scientific, inc., that the developer would not be likely to agree to bear such significant expenses and liabilities if their statements regarding the attraction of a major new business were not truthful. Parkwood Economic Development Plan: Carmel, Indiana 16 Please note that the subject of client identity confidentiality has been publicly debated at the highest levels of economic development policy of the State of Indiana. These discussions included public debates in both Houses of the Indiana Legislature. In those debates, it was concluded as a matter of statewide economic development policy that the confidentiality of the business client could be validly protected during the negotiations stage of the development proposal, but that, once the negotiations were successfully concluded, the identity of the major new business would be publicly revealed. As such, there is valid precedent for the CRC to use as a basis for confidentiality policy. In addition to the arguments related to a specific, major client, the Duke proposal will clearly provide a major source of new office space for the Carmel market. It should be noted that a business location in northern Marion County recently lost the regional distribution operation of Macmillan Publishing due to a lack of adequate facilities. The loss of headquarters operations has been a notable economic development problem for the entire state of Indiana and has generated significant public policy discussion. These difficulties in attracting and retaining business headquarters operations have been a specific target of development proposals such as Parkwood West, as indicated by the unidentified prospect. Therefore, regardless of the identity of a single, major new business enterprise, the proposed development, as well as the development proposal prior to that, will constitute a major new business development which will obviously seek to attract several major new business enterprises to Carmel. Developers utilize a broad range of market criteria and other factors to identify unmet needs in the business markets. Duke -Weeks is a top -tier, highly successful developer which has a consistent track record of successful business development which attracts major new business enterprise to locations throughout the nation. Therefore, even if the prospect of confidentiality causes one to doubt the voracity of the statements regarding a high visibility client to occupy space, it is clear that the proposed development is intended to attract other major new business enterprises. The profile and visibility of the ED Area are so ideally suited to development that Wabash Scientific, inc., is therefore fully comfortable with the prospect that the commercial development of ED Area will attract one or more major new business enterprises, thereby meeting the statutory requirements of this finding of fact. Parkwood Economic Development Plan: Carmel, Indiana 17 FINDING #1 C: RETAINS OR EXPANDS A SIGNIFICANT (EXISTING) BUSINESS The City of Carmel has been highly successful in attracting growth oriented business enterprises at all levels: from very small businesses to regional and national headquarters. In fact, the area immediately north of the Parkwood West development proposal once contained two major headquarters operations Macmillen Publishing and Thomson Electronics. In recent years, the Macmillen facility has changed monikers lost, however, the purpose of this discussion is to demonstrate that it is common for growing businesses in high visibility locations to require new office space, and that requirement often include detailed specifications with regard to the configuration of that space for efficiency of operation. Carmel is home to literally dozens of such growing companies, and the Parkwood development proposal would provide flexible space to retain or expand these significant businesses along the I -465 corridor. It is probably useful to identify some of the businesses which have selected locations in the high visibility areas along the I -465 North corridor (because I -465 is a key factor in access and visibility of the business location). In recent years, IBM relocated its regional operation from downtown Indianapolis to a new development along I -465, as did the national accounting firm of Crow Chizek. Within the last 12 months, the law firm of Baker Daniels moved its municipal finance operations to a satellite location to the Parkwood East development. The Morgan Stanley Dean Witter Indiana regional headquarters operations were recently moved from 116 Street to the Parkwood East development. In addition, Indiana Insurance built its new headquarters building which contains 180,000 square feet of office space and houses its entire headquarters operation. The fact that Indiana Insurance owns its building indicates that it is not intending to move its location, thereby meeting the specific parameters of the statute. All of these examples, as well as others, conclusively demonstrate that the developments in the ED Area both existing and proposed are designed to "retain or expand" significant existing business enterprises within the ED Area. This premise is even more stridently underscored by the extensive regional economic development effort called "MAGIC" which has been undertaken in the last 2 -3 years to promote economic development, including both new business recruitment and retention/expansion, as an 8- county region. Under the MAGIC policies, the 8- counties of metropolitan Indianapolis, and their constituent municipalities work together to promote economic development in the entire region, and the policy is to retain or expand Parkwood Economic Development Plan: Carmel, Indiana 18 businesses within this region, regardless of the specific corporate boundaries of the municipalities. Since the current and previous development proposals both provide for facilities to encourage the retention and/or expansion of significant business enterprises within both the city of Carmel and the MAGIC region, it is the determination of Wabash Scientific, inc., that the proposed ED Area meets this statutory requirement. FINDING #1D: SERVES TO PROTECT PROPERTY VALUES This assertion is a constant source of public debate. Anyone who regularly attends the meetings of plan commissions in Indiana becomes painfully aware that opponents to a development virtually always argue that the proposed development will have an adverse impact on the property values of the neighbors to the proposed development. In a recent case before the Carmel/Clay Plan Commission, opponents argued that a development proposing homes in excess of $1 million would have an adverse impact on the value of their homes. Similar arguments are made in cases where the development proposal includes business development adjacent to residential areas. It is difficult to substantiate such fears, and it is equally difficult to debate the issue with passionate advocates. For example, the area immediately north of the proposed ED Area is also developed for commercial office development. Immediately west of that location, along Spring Mill Road, there are homes of substantial value which do not appear to have been adversely affected by the development of the commercial office complex. Similar market conditions exist immediately south of the proposed ED Area, between Meridian and Spring Mill Road from 1975 tp the present. The office developments along Meridian which occurred between 86`' Street and 96 Street all bordered on residential developments. Research indicates that the office developments had no adverse impact on existing residences along Spring Mill Road, adjacent to the Meridian corridor office developments. These homes have continued to appreciate in value and to be well maintained. The lack of adverse market impact is further substantiated in the presence of a new, upscale residential development along the north side of 91 Street and east of Spring Mill Road. This development has occurred within the last 5 years, well after most of the office development had taken place along the corridor, and provides extremely upscale residences. Parkwood Economic Development Plan: Carmel, Indiana 19 The sum of these considerations is this. It would seem logical that, if office developments had an adverse impact on adjacent residential property, one of two things would have occurred in the local real estate market. First, one would expect that the market value of this adjacent residential property would decrease. In the case of the proposed ED Area, there are similarly- situated residential areas both north and south, along Spring Mill Road, and there is no discernable evidence that the office developments have adversely affected the value of these properties. Second, one would expect that, if the residential property values are adversely affected by commercial office developments, then it would be extremely unlikely that new residential development would occur. In fact, the opposite has happened! There have been new residential developments proposed and constructed both to the north and the south of the proposed ED Area with new homes of a higher value than those of the existing homes. Consequently, the claim of adverse impact on residential property values is difficult to support with objective information, even though there may be idiosyncratic situations to the contrary. We would suggest that such property values are far more affected by conditions of the general economy and personal demographics than by adjacent office development. Given that there is no demonstrable adverse market impact, it can be suggested that the capacity of the proposed ED Area to support new jobs is a general stimulus to supported property values. The fact that the residential area is located very near an employment center is generally considered a benefit to the overall community. It is fairly simple to suggest that minimizing personal commuting time increases the opportunity for personal family and recreational time, and therefore, residences located near employment are generally of higher value. If this were not true, there would be no difference in price between a house in Arcadia and one in Carmel. Furthermore, the market information suggests that there is a high level of correspondence between the cost of the office space and the quality /salary of the jobs located therein. Of course, this is not universally true in that there are low- paying jobs in every office building. But there is sufficient data to suggest that upscale office developments house jobs with overall higher salary levels than are housed in lower -rent office complexes. Therefore, upscale office developments, such as the ones proposed by Duke- Weeks, would generally indicate the presence of upscale jobs. One would logically expect this economic equation to support higher Parkwood Economic Development Plan: Carmel, Indiana 20 residential property values in adjacent developments, and it would most certainly indicate that higher property values would exist in an upscale office building than in a low -rent office building (especially when the State converts the property tax assessment process to reflect market values). Therefore, Wabash Scientific, inc., would suggest that there is sufficient market data to indicate that the continuation of the current development pattern of providing commercial office development along the Meridian Corridor would support increased property values within the ED Area, as well as in surrounding areas. FINDING #2A: LACK OF LOCAL PUBLIC IMPROVEMENTS The ED Area cannot be developed to its highest and best use as a commercial office development without substantial improvements to the infrastructure systems of the area. It is expected that there will be several types of infrastructure improvements required to support any new development, but the most obvious and the most important is the need for improvement to the thoroughfare corridors of the western portion of the ED Area. These corridors (west 96` Street and Spring Mill Road) will have to be widened and traffic controls installed or else the traffic generated by new development will overwhelm the facilities, causing major traffic congestion, as explained below. Neither regulatory processes or the normal operation of private enterprise can resolve these problems. The ED Area has three major thoroughfare corridors to provide direct traffic access: 96 Street, College Avenue and Spring Mill Road. The land along College Avenue is already virtually fully developed, with a mixture of residential and commercial development along the corridor. The importance of the College Avenue corridor is amplified because it is one of only a limited number of crossings of I -465, linking Carmel with Indianapolis. It is obvious that interstate highways pose an obstruction for local corridors because the local thoroughfares must either pass over or under the interstate highway through a grade separation facility. College Avenue happens to pass under I -465, as does Meridian Street, however, Spring Mill Road passes over I -465. The Meridian corridor is a US highway and is not within the jurisdiction of the municipalities for improvements. Improvements to the Meridian/US31 corridor are planned and executed by INDOT and the Indianapolis metropolitan transportation planning organization. The Spring Mill corridor is a primary source of concern for the Carmel Redevelopment Commission (CRC). There have been two proposals for Parkwood Economic Development Plan: Carmel, Indiana 21 developing the eastern portion of the ED Area, and both proposals will substantially increase traffic on Spring Mill Road, as well as the eastern portion of 96 Street. In order to accommodate such traffic increases, the thoroughfare will have to be substantially improved and traffic controls will have to be installed at the intersection of 96 and Spring Mill, as a minimum. The economic incentives which will be possible as a result of the designation of the ED Area can possibly be used to support these necessary improvements. This is an important consideration in the process of designating the ED Area. The ED Area effectively contains 3 of the 6 1-465 crossings between Carmel and Indianapolis, and as such, these three corridors carry an enormous proportion of the commuter traffic between the two cities. Therefore, the city of Carmel must take substantial precaution to assure that these thoroughfare crossings continue to be capable of handling increasing traffic loads as Carmel continues to grow. No new crossings of I -465 will be created to handle the traffic loads resulting from new development. Therefore, these three interstate crossing points will have to handle an increasing traffic burden as Carmel continues to grow. The result of these considerations is clear. The proposed ED Area will provide the CRC with the potential for TIF financing for public improvements, including thoroughfare improvements as well as various other infrastructure improvements. FINDING #2B: THE COST OF INFRASTRUCTURE PREVENTS DEVELOPMENT The ED Area designation is proposed in part because the infrastructure needs of the ED Area (including 96` Street, Spring Mill Road possibly College Avenue) are disproportionate to the capacity of the development to pay for that infrastructure. There are several reasons for this problem, but the most important of these reasons is the expectation of the neighbors in this regard. Please note that the previous Parkwood West proposal was substantially more intense than the current development proposal. This reduction of intensity was proposed in direct response to the public testimony of the project's neighbors during the previous zoning process, in which the original development proposal was withdrawn. It is worthy of further note that opposition to the current proposal is advocating even further reductions in intensity. The irony of the position of the neighbors is this the reduction in developmental intensity also reduces the capacity of the development to Parkwood Economic Development Plan: Carmel, Indiana 22 bear the cost of infrastructure improvements. In other words, the need for the ED Area designation is inversely proportional to the intensity of development. Therefore, for every reduction in developmental intensity, there is an increased need for economic incentives to pay for needed infrastructure improvements. As the City and the developer seek to meet the concerns of the neighbors by reducing the intensity of the proposed development, the Carmel Redevelopment Commission (CRC) is increasingly compelled to designate the ED Area in order to assure that infrastructure needs are met. As stated elsewhere in this ED Plan, the cost of infrastructure for the proposed ED Area is projected to be significantly higher than it would be for lower profile sites. The proposed ED Area is located along the primary traffic corridor of the north side of Indianapolis, and the only major highway linkage between Indianapolis Kokomo and South Bend. Furthermore, the 96 Street intersection represents the front door of the city of Carmel, and the presence of I -465 substantially elevates the visibility of the ED Area. Therefore, there is a direct need for upscale infrastructure service from a community perspective, as well as from the perspective of mitigating impact on the neighbors of the development. All of these factors amplify the infrastructure costs for the ED Area. Finally, there is one further factor which amplifies the need for the designation of the Parkwood ED Area. Neighbors of the Parkwood East development have publicly complained about the increased traffic resulting from the Parkwood East development. Parkwood East was developed without ED Area incentives (the developers paid for infrastructure improvements). Consequently, in order to make the best possible effort to mitigate impact on the neighbors, the CRC is virtually compelled to designate the ED Area in order to be capable of providing sufficient funding for the amplified level of infrastructure which the site will certainly require in order to meet the sum of all of these demands. The scenario surrounding the proposed ED Area is a paradox which can best be described as a sequence, roughly portrayed as follows: 1. The high -level visibility of the proposed ED Area demands that the development be upscale and include developmental amenities, which increases the cost of infrastructure. 2. Neighbors are seeking to reduce the intensity of the development to take place in the ED Area, which also reduces the capacity of the development to pay for infrastructure. Parkwood Economic Development Plan: Carmel, Indiana 23 3. At the same time, the same neighbors are requesting additional infrastructure expenses to mitigate the impact of the of the development on their property. 4. These mitigation measures increase the cost of infrastructure, which is further amplified by the high visibility of the location, yet the reduction in developmental intensity reduces the capacity of the development (private enterprise) to bear such infrastructure expenses. 5. The sum of all of these factors creates a classic economic development scenario which requires the investment of economic incentives in order to achieve development of suitable character to meet the needs of the community at large. Given the above factors, the CRC's motivation to designate the ED Area should be substantially increased. The above factors represent a classic scenario for designating an ED Area and undeniably meet the statutory criteria for such designation. FINDING #3: THE PUBLIC HEALTH AND WELFARE WILL BE BENEFITTED The issues of health and welfare are fairly easy to define for the proposed ED Area. It is clear that the purpose of the ED Area designation is to promote the development of the area in accordance with the land use parameters of the city's comprehensive plan, which suggests commercial development for the area. It is equally clear that new commercial development will generate new jobs, and the creation of new job opportunities inherently benefits the welfare of the community at large. Beyond the simple issue of job creation is an amplifying factor in the case of this particular community and this particular ED Area. The eastern portion of the ED Area is already occupied by very upscale office development. These are not boiler -room offices designed to be occupied by minimum -wage telemarketing jobs. These are upscale offices designed to serve successful, high profit businesses looking for a high profile location. Current occupants of the existing space include some of the region's leading accounting, legal, medical, dental and professional service firms. Therefore, it can be appropriately stated that the welfare of the community is served not only by the simple creation of new opportunities for gainful employment, but additionally by the creation of space for high paying, professional employment opportunities. This additional amplification of the economic parameters of the employment factor generates an amplification of the benefit to the welfare of the community. Parkwood Economic Development Plan: Carmel, Indiana 24 There are also several ways in which the ultimate development of the ED Area will serve to benefit the health of the community. First, and most obviously, the office space anticipated to be developed is expected to include health care facilities, which would have an obvious benefit to the capacity of the community to meet its health care needs. This carries an obvious and direct benefit to the health of the community, thus meeting the requirements of the statutory finding of fact. In addition, the health of the community will be benefitted by the improvements to the thoroughfare corridors serving the ED Area which will occur in conjunction with new development. The designation of the ED Area is directly intended to assure that the adjacent thoroughfares (as well as other infrastructure) can be improved in conjunction with the development of the ED Area. These improvements will improve traffic safety in the thoroughfare corridors which generates a secondary improvement to the overall health of the community through the reduction in personal injuries resulting from vehicular accidents. Based on these considerations, it is the finding of this ED Plan that the proposed designation of the ED Area will directly benefit the health and welfare of the community. FINDING #4A: THE PLAN WILL INCREASE THE PROPERTY TAX BASE The ED Area is currently partially developed. A portion of the proposed ED Area east of Meridian has already been successfully developed as an upscale office park, although about 10 acres of undeveloped land remain, immediately east of Meridian Street (US31). In addition, the portion of the proposed ED Area located west of Meridian is essentially undeveloped. This lack of development results in a commensurate lack of property tax base. There have been two commercial development proposals for the western portion of the proposed ED Area, with the second development proposal currently under the consideration of the Plan Commission. Obviously, the successful development of these areas would add significantly to the property tax base, as well as adding diversity to the economic base of the community. There is, however, a second dimension to the potential increase in the local property tax base resulting from additional development in the ED Area. The ED Area represents a critical element of the thoroughfare network for the Carmel/Indianapolis communities 3 of the 6 crossings of I -465 between Carmel and Indianapolis are located in the ED Area. These Parkwood Economic Development Plan: Carmel, Indiana 25 corridors must be improved in order to meet the traffic needs of the area. The western portion of the proposed ED Area is substantially undeveloped. The previous development proposal was rejected due in part to the high intensity of the development proposal and the perceived impact on nearby residences. The new development proposal, which is currently before the Plan Commission, proposes a much less intense commercial development, in an attempt to address the concerns of the neighbors. The reduction in intensity, however, simultaneously reduces the capacity of the developer to finance off -site infrastructure improvements, which are critical to the long term interests of the city for this "front door" location. The conflict is obvious. In order to generate sufficient economic activity for the developer to afford off -site improvements, the project would have an adverse impact on the neighbors, according to the testimony of the neighbors. In order to address the concerns of the neighbors, the intensity of the development must be reduced, thereby reducing the capacity of the developer to finance necessary infrastructure improvements. Therefore, the city must consider other alternatives for financing the needed infrastructure improvements. Regardless of whether the current development proposal is approved, it is clear that the neighbors will object to a high intensity development. Without a high intensity development, it will be difficult to develop the necessary infrastructure improvements, thus requiring the possible investment of TIF financing in order for the community to achieve its developmental goals for the ED Area. If the ED Area remains undeveloped, the community will not benefit from the increased assessed valuation which would result from development. Thus, the intent of this ED Plan is to encourage the commercial development of the ED Area, thus resulting in an increase in the property tax base as well as an increase in the diversity of the local economy. As such, it is the finding of this ED Plan as described herein, meets the required statutory finding of fact, in accordance with IC36- 7- 14 -41. FINDING #4B: ATTRACTION OR RETENTION OF PERMANENT JOBS There are several levels of understanding to this finding of fact. On the most general level, research was performed into the Comprehensive Plans of the towns of Westfield and Sheridan (both located north of Carmel and served by the US31 corridor) and the City of Tipton, as well as the Carmel Comprehensive Plan. Each of these plans approaches the issue of Parkwood Economic Development Plan: Carmel, Indiana 26 development from the individual perspective of that specific community and its needs. However, in all of these plans there is an over -riding uniformity of one finding that the City of Carmel has emerged as a regional employment center for high- paying jobs. In reaching that conclusion, the developmental patterns of all of these cities were affected. Since Indianapolis was no longer the dominant employment center for the region, the jobs located in Carmel significantly reduced commuting time and enabled communities farther north to potentially attract various forms of new development in support of this employment shift. The Carmel Comprehensive Plan makes several specific citations of the fact that north- bound traffic on US31 was increasing at a significantly higher rate than south bound traffic, which supports the fact that Indianapolis people are increasingly traveling to Carmel to work and that population dynamics are shifting north. The primary location of this new employment is the Meridian (US31) corridor. From 86` Street in Indianapolis to 151 Street in Westfield there is commercial development of substantial intensity along the corridor, including some retail, but predominantly in the form of office development. Obviously, the intersection of Meridian Street and I -465 represents a key intersection along this major business corridor. Please note that the proposed ED Area is located at the intersection of I -465 and Meridian. Despite the proliferation of commercial office developments along the corridor, the demand for new commercial office development continues. As noted previously in this ED Plan, the Parkwood East development has already attracted and/or retained enough permanent jobs to fill 8 office buildings totaling over 1,000,000 square feet, and including an estimated 3,500 permanent jobs. Indiana Insurance owns its building within the Parkwood East development which accounts for over 180,000 square feet and over 700 jobs. The current proposal for Parkwood West includes 3 buildings constituting approximately 600,000 square feet, and projected to retain over 1,500 new jobs, including a major, unnamed new employer (as discussed previously). It is also important to note that the lack of available space has previously proven to be a detriment to the economic development of the community. As noted previously in this ED Plan, the Carmel area has lost at least one headquarters operation due to the inability to provide sufficient space to meet the growth needs of the company. Modern companies are demanding Parkwood Economic Development Plan: Carmel, Indiana 27 not only sufficient space, but space which can be flexibly re- configured to meet the operational efficiencies necessary to control production costs. The Duke -Weeks proposals both anticipate the development of high profile, upscale commercial space which can be flexibly configured to meet the needs of modern businesses. Clearly, the City of Carmel, as well as the 8- county MAGIC alliance, seek to remain competitive in the market for new jobs and new economic development. The current proposal to develop Parkwood East into flexible upscale commercial office space will attract new permanent jobs to Carmel, thus meeting the statutory requirement. FINDING #4C: IMPROVED DIVERSITY IN THE ECONOMIC BASE Diversity in the economic base of the community is essential to the fiscal health of the municipality. As a developmental matter, the City of Carmel is primarily served by two major highway corridors: Meridian Street (US31) and Keystone Avenue (US431). The Meridian Corridor has served as the employment center of the community by providing office developments targeting upscale professional office operations. The Keystone Corridor retains some professional office development, as well as the bulk of the city's retail development. Together, these corridors have developed as a major employment center for the central Indiana region. Designation of the proposed ED Area will support the continued diversification of the economic base of the community. These professional office developments house a broad range of business enterprises, ranging from very small operations to national headquarters for major insurance companies, as well as high technology corporations like Thomson. Collectively, these professional businesses are far more resilient to fluctuations of the local, state and national economies than are industrial operations. For example, the Chrysler Motors plants are already undergoing major employment shifts due to national fluctuations in product demand, while the collection of businesses located along the Meridian Corridor have not experienced much impact from the recent national economic downturn. By providing upscale commercial office facilities, the local economy is diversified. A single office building or an office building complex could feasibly contain dozens of businesses of all sizes and with an extremely diverse range of products and services. Each of these businesses retains a separate sensitivity to the fluctuations of the overall economy, and Parkwood Economic Development Plan: Carmel, Indiana 28 therefore, this diversity reduces major fluctuations in employment due to economic conditions. The designation of the proposed ED area will help to further diversify the economic base of the community by providing new facilities in which new and existing businesses can grow and flourish. In the process, some businesses will relocate or cease to exist, as is common in every economy in the world. This does not in any way diminish the interests of the community at large in the importance of economic diversification. The 3 buildings currently proposed by Duke -Weeks would help to diversify the local economic base. Frankly, the same number of buildings built to similar market specifications by any developer would help to diversify the community's economic base, if professionally marketed. As such, the development of the sort of upscale, flexible commercial office space as currently proposed is consistent with the overall need of the City of Carmel to diversify its economic base. Conclusions The narrative presented above adequately demonstrates that the proposed ED Area meets all five of the statutory requirements of IC36- 7- 14 -41. Furthermore, it is the conclusion of Wabash Scientific, inc., that the demands of the neighbors for reduced developmental intensity increases the urgency of the ED Area designation because the reduction in developmental intensity will necessarily increase the need for supplemental financial assistance through TIF for infrastructure development. For these reasons, Wabash Scientific, inc., concludes that the proposed Parkwood Economic Development Area complies with the requirements of Indiana statute, and the designation is critical to the interests of the community at large. Recommendations Based upon the above considerations, it is the recommendation of Wabash Scientific, inc., that the Redevelopment Commission establish the Parkwood Economic Development Area as a tax allocation area for purposes of offering economic incentives for infrastructure improvements. Parkwood Economic Development Plan: Carmel, Indiana 29 Economic Development Strategy The Strategy for promoting development within the ED Area is straightforward. If the ED Area is established, as recommended, through the sequential approvals of the Plan Commission and the City Council, the strategic elements would be generally suggested as follows: 1. The Redevelopment Commission takes no formal position with regard to the endorsement or approval of any development proposal. Such decisions are left entirely and respectfully to the plan commission and city council, as authorized by statute. 2. The Redevelopment Commission will consider the use of economic incentives for the purpose of providing the ED Area with infrastructure services sufficient to meet the current and future needs of the ED Area. 3. Consideration of providing economic incentives for the development of infrastructure systems /facilities shall be considered separately from any other decisions, especially those of other duly authorized bodies, such as the plan commission, board of works or city council. 4. Any decision to offer economic incentives as proposed will be undertaken in full cooperation with all appropriate bodies of the City. 5. The decision to offer any TIF incentive may be undertaken based on a specific development proposal. As such, the Redevelopment Commission may choose whether or not a specific development proposal is appropriate for such incentives. Proposed Projects The following is intended to serve as a general list of the types of projects to be considered for funding using the financial incentives afforded through the establishment of an ED Area. In conjunction with the above narrative, these projects are directed primarily toward assuring adequate infrastructure service to the ED Area for the foreseeable future. 1. Thoroughfare improvements (est. cost $2.5 to $3.5 million) Thoroughfare projects are anticipated to include street widening, intersection improvements, traffic control facilities, corridor landscaping/ aesthetic enhancements, curbs, gutters, and other such improvements to the driving pavement, as well as right of way. It is anticipated that such improvements will be needed on Spring Mill Road, north of 96 Street, and on 96 Street west of Meridian, however, other improvement locations may be identified as the Redevelopment Commission considers the future development of the ED Area. Parkwood Economic Development Plan: Carmel, Indiana 30 2. Utility enhancements (est. cost $2.0 to $3.0 million Utility enhancement projects are anticipated to include such things as utility burial and enhanced utility service, such as increases in sewer and water lines, as well as other possible utility enhancements. It is anticipated that these enhancements could be necessitated due to the high profile of this "front door" location, thereby generating an above average need for aesthetic consideration. 3. Impact mitigation (est. cost $1.0 to $1.5 million) Impact mitigation projects would be those activities which would mitigate the impact of the proposed development on surrounding neighborhoods. Such projects could include such items as landscaping, screening, earthwork, and other improvements designed for this purpose. At this point, the specific details of such impact mitigation projects is not final, but the CRC should be prepared to consider such requests, if they determine that such requests are reasonable and appropriate to the interests of the community at large. The precise scope of any public funding should be determined by the CRC in conjunction with the leadership of the City of Carmel. In these discussions, the explicit details of those improvements which are appropriate to the public interest should be finalized and presented to the public as part of the financial packaging for the project. List of Parcels The list of parcels presented below represents information taken directly from the property tax assessment cards obtained from the Hamilton County Auditor in November, 2000. PARCEL OWNER acres *imps. sq.ft. *NAV (as of 11 -00) 16- 13- 11- 04- 17 -001 -002 Duke Realty 4.96 70,826 $1,037,170 16 -13-11 -00-00-025 -000 NRC Corp. 19.20 0 $24,870 16- 13- 11- 00-00 -026-000 NRC Corp. 29.90 0 $5,100 16- 13- 11- 04- 17 -001 -001 Indiana Insurance 7.81 176,802 $3,123,700 *This data appears to be incorrect and should be verified by the Financial Advisor prior to any public financing action. Site visits reveal that there are at least eight office buildings in the Parkwood East development, and information from the Parkwood developer indicates that over 1,000,000 square feet of office space is currently in place. We believe, however, that the four parcel numbers cited above represent 100% of the parcels within the described proposed ED Area, subject to verification by the Financial Advisor. iparkwood edplan fdra Parkwood Economic Development Plan: Carmel, Indiana 31