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HomeMy WebLinkAbout2000-Economic Development Plan/Parkwood (DRAFT)Carmel, Indiana Hamilton County (Draft Copy) Econ omic Development Plan P o FCPH ©©q //c©© l© n®y®O©p nolly Aom November 28, 2000 NAaEZG7 0©llGV oil11@9112C. 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 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: 7 The West Side. 8 Conclusions Regarding the ED Area 8 Conformity With Other Plans 9 Creation of an Economic Development Area 10 Statutory Requirements 11 Findings of Fact 13 Finding #1: promoting opportunities for employment 13 Finding #2: lack of local public improvements 14 Finding #3: the public health and welfare will be benefitted 15 Finding #4: the plan will increase the property tax base 16 Conclusions 17 Recommendations 18 Economic Development Strategy 18 Proposed Projects 18 List of Parcels 19 • Map No. 1 arkwood Economic Development Area KffbffloCD Schavffk, tL7V . REALTY CORRO.RATION C S 0 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 Devepment Pan 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`h 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 south right of way line of 96`h Street 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`h 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 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 (north of 96th Street) 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 Parkwood Economic Development Plan: Carmel, Indiana 6 development 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 the land within the ED Area is suitable for commercial 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 failed to gain approval. 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 NORTH SIDE Immediately north of the proposed ED Area lies the 1-465 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. 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 96th Street corridor. This land is in Marion County and lies within the jurisdiction of a separate planning agency. The 96th 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 96th Street corridor is a 2 -lane facility. The inconsistencies of the 96th Street corridor will have to be corrected for the north side of the corridor to be developed to its full potential. Therefore, one of the purposes of the ED Area designation is to enable the city to potentially provide economic incentives for improving the 96th Street corridor. 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 to residences. These developments Parkwood Economic Development Plan: Carmel, Indiana 7 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 never been substantially upgraded and remains a 2 -lane thoroughfare. 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. At the same time, the creation of the ED Area will enable the City to offer economic incentives for improvements to the Spring Mill corridor. 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. 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 Parkwood Economic Development Plan: Carmel, Indiana 8 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. The development proposal for the western portion of the ED Area carries similar upscale attributes. The 96`h Street corridor, however, is inconsistently developed, and the addition of more economic development adjacent to the 96`h Street corridor will almost certainly require substantial improvements to the 96th 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 rejected 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, 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 "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 the area is suited for commercial development, due to its high visibility and transportation access. The ED Area is located at the intersection of Parkwood Economic Development Plan: Carmel, Indiana 9 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 Indianapolis 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 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. 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. 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 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. 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 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. Parkwood Economic Development Plan: Carmel, Indiana 10 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). 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 Parkwood Economic Development Plan: Carmel, Indiana 11 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 ofpermanentjobs; (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." Parkwood Economic Development Plan: Carmel, Indiana 12 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 #1: PROMOTING OPPORTUNITIES FOR EMPLOYMENT The measurement of new employment opportunities for potential commercial development is complicated. In consideration of potential industrial development, the proposed job creation 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 simply a lot cheaper than that of moving an industry. Consequently, it is not uncommon for 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. 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 ones currently available. 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. 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 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. Parkwood Economic Development Plan: Carmel, Indiana 13 FINDING #2: 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 96th 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: 96th 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 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 96th 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 96th 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. Parkwood Economic Development Plan: Carmel, Indiana 14 This is an important consideration in the process of designating the ED Area. The ED Area effectively contains 3 of the 6 I -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 #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. There are also several ways in which the ultimate development of the ED Parkwood Economic Development Plan: Carmel, Indiana 15 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 any 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 direct 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 #4: 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 are located in the ED Area. These corridors must be significantly improved in order to meet the growing traffic needs of the two cities. Parkwood Economic Development Plan: Carmel, Indiana 16 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. 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. Conclusions The narrative presented above adequately demonstrates that the proposed ED Area meets the statutory requirements of IC36- 7- 14 -41. Although the statute requires that the ED Plan establish only one of the five findings of fact (including conformity with other plans), the proposed ED Area complies with all five of said findings. For these reasons, Wabash Scientific, inc., concludes that the proposed Parkwood Economic Development Area complies with the requirements of Indiana statute. Parkwood Economic Development Plan: Carmel, Indiana 17 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 potentially offering various economic incentives in support of infrastructure improvements. 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. Parkwood Economic Development Plan: Carmel, Indiana 18 1. Thoroughfare improvements. Thoroughfare projects are anticipated to include street widening, intersection improvements, traffic control facilities, corridor landscaping (or other aesthetic enhancement), curbs, gutters, and other such improvements to the driving pavement. It is anticipated that such improvements will be most desperately needed on Spring Mill Road, north of 96th Street, and on 966 Street west of Meridian, however, other improvement locations may be identified as the Redevelopment Commission considers the future development of the ED Area. 2. Utility enhancements. 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. 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 acreage *impr. 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 official action with regard to public financing. Site visits reveal that there are at least four office buildings in the Parkwood East development, and information from the Parkwood developer indicates that over 511,000 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. Parkwood Economic Development Plan: Carmel, Indiana /parkwood edplan dra 19