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HomeMy WebLinkAbout1997-Economic Development Plan/Old Town/126th Corridor S /997 Carmel, I Harnilton Cou 4ity Ec s- L 3 t1 OF vets it ent Odd Tawv/ 2000 ZgYeM7 Ccxyac]orr lal0000moo rasuellopmeug are___ May 1, 1997 WaL IIJ Zg eudoll©, olc�Q Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @indy.net Table of Contents The Purpose of an Economic Development Plan 1 Identification of the Planning Area 3 Description of the Proposed Projects 8 126th Street Connection: 8 Downtown Revitalization: 9 Relationship to Previous Planning Efforts 9 The 126th Street Corridor 9 Comprehensive Plans, 1961, 1970 1971: 10 1985 Update: 10 "Development Supports: Circulation 11 The 1991 Comprehensive Plan Update: 12 Thoroughfare Plan Description 12 "2020 Vision" /the 1997 Comprehensive Plan Update: 12 Summary Carmel Changed from 1961 to 1991: 13 Old Town Revitalization: 13 Introduction: 13 1961 Comprehensive Plan 13 1970 Comprehensive Plan (Harland Bartholomew): 13 1971 Comprehensive Plan Update: 14 1985 Comprehensive Plan Update: 14 1991 Update: 14 1997 Update (2020 Vision): 15 Summary: 15 Capital Improvements Plan: 15 Creation of an Economic Development Area 16 The Process: 16 Findings of Fact: 17 Note: 17 The Statute: 17 Finding of Fact #1: ...promotes significant opportunities for gainful employment...meets other purposes of redevelopment and economic development." 18 126th Street: 18 Old Town Revitalization 19 Finding #2: "...lack of public improvements..." 19 Old Town /Rangeline Road Corridor Economic Development Plan 1 126th Street Corridor: 19 Old Town: 20 Finding #3: "...the public health and welfare will be benefitted 20 General Commentary: 20 126th Street Corridor: 20 Old Town Revitalization* 21 Finding #4: "...public benefit as measured by...improved diversity in the economic base. 22 126th Street Corridor: 22 Old Town Revitalization* 23 Finding #5: "the plan conforms to other development plans for the community. 23 Summary: 24 Economic Development Strategy 24 Conclusions 25 Recommendations 26 Estimated Cost of the Projects 26 Description of the Economic Development Areas 27 The 126th Street Corridor Economic Development Area: 27 The Old Town Economic Development Area 27 H Old Town 126th Street Economic Development Areas �bM 514'Li co..,y f •ar IMO OLD TOWN %j/ i/�/� DEVELOPMENT OP I MENT %i o �r ,,e'� I AREA or F`'- ri 1 1 .46/61 N- v ArAt __.„4, .117 7 4 -40 p ril f. 7 421 a P S i lk i l l I 4.447 z .ousrtua e %Y g Kr v 11/94' yr j� y 3 I Ilk, STATE ROAD r.r 1 N J■ADY I cr/ A g X 1 K I I m. J� 1 126 th STREET E .t +i F-7 I DEVELOPMENT REA I i sf GG .D.u3 sr. UR y t I E 7 vo 'o'c as I 1 j s d d I I Lam(____ tiu k I um a. i COW. owyc 8 3� I Z i K *7. 1 e �SW :.a �r i g 'ig i L OLD TOWN /126th ST. CORRIDOR MAP MAP No. 1 WAHASH SCI NTI IC, INC. THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN The strongest An economic development plan should not be a free standing document, designed and undertaken in isolation from the previous policies It economic should, instead, be philosophically and factually linked to the previous development plans and current planning efforts of the community. An economic are based on public development plan should establish the historical perspective which policy which was enables community leaders to consciously connect proposed economic initiated long development activities to the economic development goals and policies before any current which the community has previously endorsed. project was The strongest economic development plans, therefore, are based on conceived public policy which was initiated long before any current project was conceived. Economic development projects which are proposed in areas which were designated for particular land uses should be the easiest to defend. In cases where areas are designated for industrial development long before any specific project was proposed, the community's leadership should logically feel more comfortable that they have properly planned the development patterns for the community. Public opinion can ebb and flow on a random basis, project by project, and opposition often requires only the scantiest factual basis for their challenges. In the face of such opposition, the Plan Commission, through the Economic Development Plan, must examine the body of previous policy and determine whether the proposed project fits into the development parameters which had been previously established. It therefore becomes the job of the economic development planner to objectively review the body of previous policy and determine the extent to which current projects comply with the prior development parameters. This Carmel Economic Development Plan must be undertaken with some care. First, the City of Carmel is probably one of the best planned communities in Indiana. The Plan Commission has been careful in crafting its plans and authoritative in implementing its recommendations. The community holds its developers to high standards, and in order to maintain those standards, the developers must be assured that they are not bearing an unfair burden. Consequently, the community must hold itself to the same high standards it sets for the developers. Carmel has done so with notable success. Second, Carmel has grown so fast for so long that, without careful planning and strict adherence to those plans, conditions of the city would "devolve" into chaos. Most communities cannot grow so quickly Old Town /Rangeline Road Corridor Economic Development Plan 1 Carmel has grown from a sleepy little town to a city of over 31,000 and still continue to so fast for so long grow. The infrastructure demands of that type of growth would paralyze most communities. As evidence of this, consider the plight of that, without careful Zionsville, another growing community near Carmel whose growth at planning and strict one point so confused the town's leadership that they tried to slam the adherence to those door shut and pursued a "no growth" policy which stymied the town for plans, conditions of years. Until new leadership emerged in Zionsville, the town was the city would crippled by its own success. "devolve" into chaos. Third, the rate of growth in Carmel means that the city's leadership must be visionary. Infrastructure problems must be foreseen many years in advance in order to accommodate growth. Thoroughfares must be widened before the traffic is so congested that economic activity is choked. As such, strategies must not only remedy existing problems but must be integrated to solve multiple problems in a harmonious manner. Without visionary leadership, this type of "synoptic" planning is virtually impossible because the margin for success is often negotiated away in dealing with the intransigence of popular politics. Fourth, the projects must be rooted in public consensus. There will always be honest disagreement amongst bright people. Carmel is a city of success its people tend to be successful success in modern times requires creativity in problem solving creativity is, itself, a process of inherent conflict. Consequently, for projects to be successful, they must be launched from a platform of consensus where people have already had the opportunity to discuss and debate. If that basic consensus is present, the final discussion involves only the negotiation of details. The Plan must meet the requirements of applicable Indiana statutes. If the planning process can provide economic stimulus to existing and /or new businesses and industries, given those businesses a competitive advantage in the market- place, the Plan should address those opportunities and make the analysis necessary to assure that benefits accrue to the community. Public opposition is essentially a random phenomenon. Opinions and tempers often run hot with emotion. The Economic Development Plan provides the rational, analytical process by which the community can measure whether a proposed project is consistent with the consensus built through the comprehensive planning process. It is not appropriate for a community to develop planning, land use and zoning recommendations for an area, then arbitrarily reverse themselves. 2 Old Town 126th Street Economic Development Areas For Carmel, the An Economic Development Plan, therefore, is an examination of key is to generate previous economic development policy in light of new proposals. It "quality examines proposed land uses, previous planning for the area, and the quality growth qualitative context of the development as a means of either justifying or ...the kind of growth repudiating any current project proposal. In so doing, the Plan re- that continually re- establishes the public policy basis of economic development for the identifies Carmel as community, objectively tests the project against that basis, and makes one of the most recommendations of the appropriate level of support for the project. successful and The chapters and pages set forth below attempt to achieve this goal. beautiful Because Carmel has enjoyed such success in implementing its plans, this communities in Economic Development Plan faces an unusual challenge it must be Indiana. far ahead of the usual economic development curve. For Carmel, growth does not need to be stimulated, per se. It has been happening already. But Carmel's standards are higher. The City Administration and Plan Commission have rejected more "growth" than most communities ever see. It is not enough to merely "grow." For Carmel, the key is to generate "quality growth "...the kind of growth that continually re- identifies Carmel as one of the most successful and beautiful communities in Indiana. To accomplish this task will require forward thinking that looks decades ahead instead of years, while still remaining firmly rooted in the public consensus developed through the Comprehensive Planning process. Identification of the Planning Area The planning area for this Economic Development Plan is a generalized area intended to constitute the center of the older city of Carmel. The generalized area is shown on Map No. 1, and is not intended to be restricted by "hard" boundaries, such as the centerline of a particular street or a particular physical feature. Instead, this specific planning area is intended to encompass the older portions of the community, including the old downtown area near the intersection of Rangeline Road and Main Street, as well as the area along the Carmel Drive corridor. The eastern and western boundaries of the planning area are generally the US31 and US431 corridors. This planning area was prescribed in order to determine those projects which could be considered for funding via a municipal bond to be repaid through County Option Income Tax (COIT) revenues, and which have substantial roots in the previous planning for the community. Old Town /Rangeline Road Corridor Economic Development Plan 3 Downtown Revitalization The The City of Carmel has maintained a rate of growth that is highly Comprehensive unusual, especially in the State of Indiana. Generally speaking, growth Plans of can only be maintained for nominal periods of time before the stress on local infrastructure is so great that public officials are faced with very 1961, 1970, 1971, difficult choices. Often those choices are met with intransigence and 1985 1991 &1997 inflexibility, and that intransigence devolves into unsound public policy were all examined which stymies growth. Carmel has not suffered from such an affliction. to determine the evolution of the The oldest Comprehensive Plan available for examination was approved plans with regard in 1961. That Plan expressed concern for the future of the downtown to the old area. How could it compete with the newer retail centers? How can the city help to maintain the character of the area? Questions like these downtown and were contemplated even then, but at that time the magnitude of the issue 126th Street. was not fully envisioned. Local officials could not foresee the kind of growth that would define the City of Carmel over the next four decades, but even before the magnitude of the growth issue was known, the city was interested in preserving its downtown area. The Comprehensive Plans of 1961, 1970, 1971, 1985, 1991 and 1997 were all examined to determine the evolution of the plans with regard to the old downtown and 126th Street. Basically, the concepts have matured, but the fundamental recommendations of all of these plans have remained constant. The boundaries of the area have been adjusted from time to time, but the area remains locked into the intersection of Main Street and Rangeline Road, with emphasis on the southwest quadrant of that intersection. In addition, the plans all basically agree that the old downtown should be directed toward a "niche" economy, with specialty shops which offer profit margins sufficient to support small business owners. In order to support these economic development strategies, the City was encouraged to invest in new streets, parking, and pedestrian amenities such as furniture, street lights and other items which would enhance the human scale of the area. The Transportation Network Comprehensive Planning Sets the Stage: In Indiana, comprehensive planning is not heavily regulated. Cities and towns have the opportunity to define those aspects of their community which they think are the most important and essentially build a blueprint for their own future. The most fundamental requirement of comprehensive planning in Indiana is that the plan set forth the parameters of benefitting the public 4 Old Town 126th Street Economic Development Areas The City has been health and welfare of the community. meticulous in planning for its It is clear that the City of Carmel has invested significantly in the health developmental and welfare of their community through the comprehensive planning process. The City has been meticulous in planning for its future, and it developmental future, and it has invested the human capital in protecting has invested the that future by setting high standards and enforcing them. While most human capital in communities invest in comprehensive planning every 10 years or so, protecting that Carmel has updated its Comprehensive Plan in 1985, 1991 and again in future by setting 1996. high standards and While these comprehensive plans covered many, many topics, it is clear enforcing them. from reviewing the documents that traffic congestion is becoming a matter of more and more intense concern. Since 1985, Carmel has expended tens of millions of dollars in road improvements, both from the public sector and from private developers. New road corridors have been built, fragmented corridors have been completed, and existing corridors have been improved, yet traffic congestion continues to haunt the City. The Comprehensive Plans have attempted to look far into the future and determine what must be done to allow the transportation network to function at acceptable levels. Systemic Constraints: No matter how wide the roads are in Carmel, however, the entire Carmel system is constrained by certain limitations. First, the Carmel system must connect efficiently to the main economic center in Indianapolis. Those connections are severely limited by the presence of the I -465 Corridor which cuts across the full length of Carmel's south side. The only overpasses crossing the 1 -465 corridor are located at Ditch Road, Spring Mill Road, Meridian Street (US31), Westfield Boulevard (Range Line Road), College Avenue, Keystone Avenue (US431), and River Road. The City of Indianapolis aggravated the problem by allowing a new commercial development to block the River Road corridor at 86th Street, thus disconnecting that corridor as a thoroughfare into the economic center. North South Corridors: Of these limited crossings, only US31 and US431 function as true highways. Each has four or more lanes of traffic capacity, yet each has severe congestion problems, despite careful traffic planning and traffic control management. These two U.S. highways have been the focal point of transportation planning for the community for 40 years. Yet the 1991 Comprehensive Plan tells a foreboding tale. It effectively Old Town /Rangeline Road Corridor Economic Development Plan 5 Rangeline Road says that US31 cannot continue to function at even minimal levels of and College efficiency unless it is converted into a freeway with extremely limited access. To do so would require parallel corridors with at least four Avenue suffer from lanes of capacity each to remove the local traffic from the freeway. The similar problems. cost of such a project is expensive today, and getting more expensive as No matter how growth continues to consume available land. much their capacity is Spring Mill and Ditch Road will always be constrained by the nature of increased in the the development along those corridors. The large estates in the Clay Carmel area they Township area bordering these corridors preserve a low density development that counteracts high capacity traffic corridors. To put it are two lane roads simply, the traffic demand just isn't as high in these locations. To make on the Marion it more difficult, both of these corridors are further constrained when County side of the they cross into Marion County. line. Rangeline Road and College Avenue suffer from similar problems. No matter how much their capacity is increased in the Carmel area, they are two lane roads on the Marion County side of the line. Although College Avenue connects all the way to downtown Indianapolis, Marion County treats the corridor as a secondary corridor and has no real plans for increasing its capacity. Similarly, Westfield Boulevard is routed I through some very sensitive areas and will probably never be capable of much more traffic than it now carries. So the process of elimination shows clearly that the north -south traffic in the Carmel area has only two alternative routes: US31 or US431. The Comprehensive Plan clearly says that US31 will become dysfunctional unless it is converted into a freeway. In both cases, the limitation on crossings of the I -465 corridor force traffic onto one of these major thoroughfares in travelling between these economic centers, making their function crucial to the future transportation network of the Carmel area. EAST -WEST CORRIDORS: A similar problem exists with east -west corridor At the present time, only 116th Street and 146th Street function as complete east -west corridors, capable of carrying traffic beyond the limits of development in the Carmel metropolitan area. A third corridor at 96th Street is currently under construction, including a new river crossing. It should be noted that 96th Street forms the boundary between Marion County and Hamilton County, and as such, it is only 50% beneficial to the Carmel area. 6 Old Town 126th Street Economic Development Areas Therefore, one of All of these corridors have limitations, but it is important to note that the keys to the east -west travel is not as heavily demanded as north -south travel in Carmel. Even while there are only two complete east -west corridors, I successful future there are numerous smaller local streets which can disperse traffic loads. development of Unfortunately, these dispersed loads are often directed through Carmel is to residential neighborhoods which is inefficient and unsafe. complete a transportation In addition, this dispersion of east -west traffic is often collected and I network which funnelled into the major north -south corridors mentioned above. There successfully is little more that can be done to link Indianapolis and Carmel.. However, Carmel can reduce the demand for inter -city traffic by interconnects the developing more traffic destinations which would preclude the need for traffic destination Carmel residents to leave Carmel and go to other cities. In order to areas within the achieve that goal, Carmel's thoroughfare system will have to function City. more efficiently at connecting its economic development centers, making it easier for a resident near 146th Street to buy things from a `I business on the 96th Street corridor. INTERCONNECTING DESTINATIONS WITHIN CARMEL: Therefore, one of the keys to the successful future development of Carmel is to complete a transportation network which successfully interconnects the traffic i 1 destination areas within the City. These destination areas are located along the US31 and US431 corridors, the technology park between 1 Carmel Drive and 126th Street, the Old Town area of Carmel, the 96th Street area along the county line and the 146th Street area (immediately north of Carmel) which is beginning to emerge as a regional shopping alternative to Castleton and Keystone at the Crossing. The Comprehensive Plans since 1985 recognized this need and 1 recommended several projects to support this end. The 1985 and 1991 Plans both suggested a parkway corridor connecting Hazeldell Road (near 146th Street) with 96th Street (west of the river). In addition, both plans also recommended completion of a four lane corridor along Pennsylvania Street which would enable local traffic to travel between destinations along the US31 corridor without co- mingling with regional traffic on US31. In addition, the Comprehensive Plans dating back several decades have acknowledged the need to complete the 126th Street corridor, even before Carmel Drive was conceived. By developing an internal transportation network which interconnects the traffic destinations within the City of Carmel, the traffic intensity for inter -city corridors will be moderated. US31 will always be one of the major corridors in Carmel, but if a Carmel resident can find what they Old Town /Rangeline Road Corridor Economic Development Plan 7 The total estimated want (whether it be a job or a loaf of bread) without using the inter -city cost of the (Old corridor, the thoroughfare system will provide a direct benefit to the health and safety of the community. Downtown) project is listed in the Capital Description of the Proposed Projects Improvements Plan as $3,855,400. 126TH STREET CONNECTION: The 126th Street Corridor is a major east west thoroughfare for the east side of Carmel, but the corridor is not complete west of Rangeline. Although the roadway extends all the way to River Road on the east, the corridor is interrupted on the west at Range Line Road, and this lack of continuity has caught the attention of city planners for the last three revisions /updates of the Comprehensive Plan. In fact, the 126th Street Corridor has been a topic in the Comprehensive Plan topic for decades. The project being considered is to connect the 126th corridor from Rangeline Road to the northern terminus of Adams Street, which is located within the Carmel Science and Technology Park. At this time, the corridor is incrementally complete, from 3rd Avenue Southwest to Crescent Drive. However, as this is a planning report designed to test the possibility of creating an economic development area under Indiana statute, the precise nature of the project design is not determined at this time. The design engineer must determine whether the existing segments of pavement can be effectively interconnected without sacrificing public safety, and the resultant design process must retain the flexibility to make the adjustments necessary to provide Carmel with a flawlessly functional transportation artery. It is, therefore, appropriate to note some factors related to the potential project design. Much of the land along the general corridor alignment is vacant. This should substantially simplify the design adjustments necessary to link the sections. The parcel of land immediately west of Rangeline is vacant, as is the parcel immediately west of that, which fronts onto 3rd Avenue SW. There is a residential development on the north side of 126th Street, west of 3rd Avenue SW, however the south side of the street is undeveloped in that area. Finally, the development along Adams Street terminates just southwest of the western terminus of the new segment of 126th Street. Adams Street has been extended to serve new residential development along the north edge of the Science and Technology Park, therefore, this final connection of the 126th Street corridor is becoming increasingly important. 8 Old Town 126th Street Economic Development Areas The City has been These factors all combine to create a viable justification for the project, planning for the as well as making it clear that the opportunities to complete the corridor f are becoming more limited. The City has been planning for the completion of the completion of the 126th Street corridor for more than three decades. 126th Street The project is listed in the Capital Improvements Plan with a cost Corridor for more estimate of $3,007,500. The project is technically feasible, the cost of than three decades. the project will increase as more options are lost with time, and the The project is listed financing can be accommodated. If the other restrictions and limitations in the Capital can be met, after 37 years of planning, the 126th Street corridor could Improvements Plan be complete by 1998. with a cost estimate DOWNTOWN REVITALIZATION: The revitalization of the old downtown area, of $3, 007, 500. hereafter referred to as "Old Town," is projected to be a long term project involving comprehensive revitalization of the infrastructure of the area shown on Map No. 1, plus the addition of pedestrian amenities, as recommended in the Comprehensive Plans. The project includes rebuilding road surfaces; improvements to drainage; addition and rehabilitation of sidewalks, storm sewers, curbs and gutters; brick features; and the addition of historic lighting to capture the historic and traditional ambiance of the area. The total estimated cost of the project is listed in the Capital Improvements Plan as $3,855,400. Relationship to Previous Planning Efforts The 126th Street Corridor Carmel is one of the best planned communities in Indiana. It is abundantly clear from the review of previous Comprehensive Planning documents from 1961 to 1997 that the City of Carmel has been almost religious in planning for its future and finding ways to implement those plans. Problems that emerged in the 1961 Plan were addressed in subsequent updates. Projects that were undertaken were designed to complete at least a portion of related issues. Designs for one infrastructure system were amended and enhanced to address needs of other infrastructure systems. The end result is that the City of Carmel is a very well planned community. Of course, there are those that would point to some shortfall as evidence that the community's planning is deficient, but that is merely evidence that planning is composed of a concept with a series of creative adjustments. In essence, no person could read the Comprehensive Plans of 1961, 1970, 1971, 1985, 1991 and 1997 and Old Town /Rangeline Road Corridor Economic Development Plan 9 The latest plan, avoid the notice of the fact that the City took those comprehensive pla entitled, seriously and invested heavily in implementing them. "2020 Vision," The latest plan, entitled "2020 Vision," suggests that the City of Carmf suggests that the will be completely built out by the year 2020. At that point, the City City of Cannel projected to have some 85,000 people and become a regional will be completely employment center. These projections are several orders of magnitude built out by the greater than anything that could have been anticipated in 1961. Witho, year 2020. the commitment of Carmel's leadership to implementing the community's plans, no matter how incrementally those plans were accomplished, the larger vision would never have been possible withou attending to the individual issues of the community. The projects anticipated under this Economic Development Plan are a part of that larger visionary process. Their implementation, however, is also a component of that smaller focus. One of the strengths of the Cit of Carmel lies in their commitment to planning and the implementation of those plans. This Economic Development Plan seeks to continue tha commitment. COMPREHENSIVE PLANS, 1961, 1970 1971: The 1961 Comprehensiv Plan recommended the extension of 126th Street past College, which at the time, appeared to encompass most of Carmel's future potential for growth. In 1970, the Harland Bartholomew Comprehensive Plan made a much more aggressive projection that growth would require the E 126th Street Corridor to be pushed westward all the wav to Old Meridian! In addition, the 1970 Plan suggested that the new Carmel Drive corridor should "work in tandem with 126th Street to the west." This projection was basically affirmed in the 1971 Comprehensive Plan where the Thoroughfare element of the Plan recommended extending Carmel Drive to Pennsylvania Street and 126th Street extended to Old Meridian essentially as a tandem pair. 1985 UPDATE: In 1985, Woolpert Consultants completed an update of the Carmel Comprehensive Plan and one of the prominent findings of that effort was, despite the fact that Carmel had grown in so many ways, that the 126th Street corridor was still incomplete. Selections from the "1985 Comprehensive Plan Update Summary: Problems Opportunities" explain the situation with regard to the corridor. The 1985 Update Summary mentions the importance of completing the 126th Street Corridor in two of "four major traffic issues" under the section entitled, "Problems Opportunities as well as suggesting the 10 Old Town 126th Street Economic Development Areas ...one of the importance, overall, of creating additional east -west traffic capacity. In prominent describing the first issue, the Summary states, "...a suitable east/west findings of that thoroughfare does not exist in Carmel /Clay Township." In retrospect, the 1985 Update could not have anticipated the continuation of the rate (1985 Update) of growth of Carmel, especially at the accelerated pace which has effort was, despite proven to be true. the fact that Carmel had grown The 1985 Update Summary also notes, in "major issue 2," that "the in so many ways, extension of Carmel Drive west to US31 will help to alleviate the the 126th Street overloading of east -west traffic in this vicinity....These plans also corridor was still provide for the future extension of 126th Street from its current terminus at Range Line Road westward to the Carmel Drive extension." incomplete. These two notations of "major issues" underscore the importance of east -west thoroughfares, in general, and the specific importance of 126th Street and Carmel Drive. Both of these thoroughfares are located very near the center of the community and generate the opportunity for efficient traffic management, if the thoroughfares are properly developed. Finally, the "Problems Opportunities" section addresses the need for the 126th Street extension/connection a third time. Under recommendation n3, the Summary states, "Opening Carmel Drive and 126th Street to Meridian Street would relieve heavy traffic flow experienced by 3rd Avenue Southwest...." It is important to note that the 126th Street Corridor has been creeping incrementally toward completion. As development occurred in the technology park, the City and Plan Commission have methodically and incrementally persuaded developers to extend Carmel Drive to US31, and along with that extension, they have also extended additional roadways from the Carmel Drive Corridor toward 126th Street. The closest roadway to 126th Street at this time is Adams Street. "DEVELOPMENT SUPPORTS: CIRCULATION This section of the 1985 Summary states, "...Other important thoroughfares in the City and Township...include Range Line Road, 116th Street, Main Street (131st Street), Carmel Drive, and Mohawk Drive (126th Street). This same section of the report indicates that the traffic projections suggest a 2% annual growth rate in volume with more in the eastern and central portions of the area. This rate has obviously been exceeded in certain areas, but the need for a completed 126th Street corridor is becoming more critical with time. Old Town /Rangeline Road Corridor Economic Development Plan 11 After the 1985 It is also important to note the time context of the 1985 Update. At that time, Carmel Drive connected US431 with the area then referred to Update was "the i ndustr i al park." The industrial park was a small area just west of completed, Rangeline Road which held some modest light industrial development. developers After the 1985 Update was completed, developers cooperated to link the cooperated to link old industrial park area with the US31 corridor, creating the "Science the old industrial and Technology Park" which currently exists. This project included park area with the completing a significant portion of the local thoroughfare system, US31 corridor, including the extension of the Carmel Drive corridor from Rangeline to creating the US31, thus finally linking the east and west sides of the City of Carmel. Th project, however, did not include the completion of the 126th "Science and Street corridor. Technology Park THE 1991 COMPREHENSIVE PLAN UPDATE: Recommended 20 -Year Roadway Improvement Plan: The graphic depiction of the 20 -Year Plan clearly shows that 126th Street is to be completed west of Rangeline Road to Adams Street. 1 Thoroughfare Plan Description: The 1991 Update indicates that the central and eastern Clay Township thoroughfares are much more critical at this time than those of western Clay Township. The Update confirmed the earlier suggestion of developing "parallel collector roadways" (like 126th Street and Carmel Drive), and goes further to state, "new roadway links are proposed to extend 126th Street from Rangeline Road to Guilford Road...." "2020 VISION" /THE 1997 COMPREHENSIVE PLAN UPDATE: The 1997 update emphasizes the importance of the 126th Street Corridor, however, it includes a substantial recommendation for increasing the capacity of the corridor west of US31 to a freeway design. Obviously, this suggestion only underscores the importance of the corridor to the City, overall. However, the importance of completing the 126th Street corridor is also mentioned both directly and indirectly. Under "Growth Management," the Plan states, "encourage proactive infrastructure planning and enhance east -west access." It further states that "east -west access must be improved...to avoid the Township being divided into three separate areas." Clearly, the 126th Street corridor facilitates that end. In another section of the Update, it states, "east -west roadways are fairly limited...as the area's employment reliance on downtown Indianapolis shifts...the need for good east -west access will be magnified. 12 12 OId Town 126th Street Economic Development Areas ...even the SUMMARY CARMEL CHANGED FROM 1961 TO 1991: It is clear that the planning for 1991 Update invested significant effort in testing much of the planning, revitalizing the suggestions and preliminary conclusions of the 1985 effort. It is equally clear that the majority of the 1985 projections were either on target or old downtown o conservative in their estimates. In the final analysis, although the city the city is based of Carmel has changed drastically in the 30 years from the 1961 upon the Comprehensive Plan to the 1991 Update, the need for the 126th Street completion of project remains, although for different reasons. 126th Street. In fact, even the planning for revitalizing the old downtown of the city is based upon the completion of 126th Street. The 126th Street corridor is located immediately south of the "Old Town" area, and the success of the revitalization of "Old Town" is at least partially dependent upon the delivery of traffic from 126th Street to parking facilities of the area. This conceptual linkage must be recognized as part of the overall project configuration, creating a minor synergy and inter dependence between the project being considered for the City Center area. Old Town Revitalization: Introduction: Obviously, Carmel's old downtown area dates to the very beginnings of the community, and the revitalization project has been contemplated for many years. As Carmel grew and modern retail areas were developed around the area, the relative importance of the old downtown was diminished. However, the community never turned its back on the historic significance of the area, and some provision for the revitalization of the area was generally included in the comprehensive planning for the area. Minor changes to the boundaries of the area have occurred over time, but there has been a consistent interest in preserving the area and making it function in the modern marketplace. 1961 Comprehensive Plan: In 1961, the growth which would eventually eclipse the old downtown area was only beginning. The plan generally called for attention to the issue of the retail area's continuing relevance, without much in the way of concrete recommendations to increase its vitality. 1970 Comprehensive Plan (Harland Bartholomew): The 1970 Plan basically suggests that the downtown area is dysfunctional as a retail area and that other areas will emerge as the new Central Business District (CBD). The Harland Bartholomew Plan, however, makes two important first steps: first, to make a detailed definition of the boundaries of the area; and second, to make specific recommendations Old Town /Rangeline Road Corridor Economic Development Plan 13 ...the 1970 Plan as to the potential characteristics of a redevelopment/revitalization recommended... project. Much of the fundamental character of the 1970 "improve visual recommendations are still valid today. characteristics o f The 1970 plan identified something it called "the Carmel Business the area by a Area." It was bounded on the north by North 1st Street, and on the east program to enhance by an irregular line running south along East 1st Avenue, then west building appearance along South 2nd Street, then south again along West 1st Avenue. The southern boundary of the area is formed by South 3rd Street, and the and by provision of amenities such as western boundary of the area was defined as the Monon Railroad. pedestrian walks, Page 73 of the 1970 Plan recommended... "improve visual characteristics street trees and of the area by a program to enhance building appearance and by landscaping." provision of amenities such as pedestrian walks, street trees and landscaping." These same basic recommendations have been carried through to the modern project proposal. The map on page 76 of the Plan showed street trees recommended on Rangeline Road to one block south of South 5th Street. 1971 Comprehensive Plan Update: The 1971 Plan did not represent a terribly deep analysis. Basically, the entire Plan was little more than a recapitulation of the previous plan, suggesting that the 1971 Plan may have simply represented the final approved form of the 1970 document (after approval delays by various bodies). In that 1971 document, the downtown plan appeared to be precisely the same as the one contained in the 1970 document. 1985 Comprehensive Plan Update: Pages 186 -205 contained the bulk of the analysis and recommendations regarding the old downtown area. The boundaries of the area identified in the 1985 Plan were: 2nd Avenue Southwest, 1st Street Northwest, 1st Avenue Southeast, Rangeline Road and 3rd Street Southwest. These boundaries represent a slight adjustment to those contained in the 1961 Plan, but the same basic configuration was left intact, with a slightly larger area included. In addition, the 1985 Update recommended the same sorts of pedestrian- oriented improvements as were indicated previously. 1991 Update: The 1991 Update used the same map as the 1985 Update, apparently even leaving the previous consultant's logo on the document. The 1991 Update refers to the area as the "Business Core Focus Area" and specifically recommends streetscape and parking improvements, specialty shops, and "street trees, street furniture and amenities such as benches, planters, drinking fountains, trash containers, 14 Old Town 126th Street Economic Development Areas There has been a etc., textured sidewalks, uniform signage and low level lighting for long and nighttime use...." continuous interest 1997 Update (2020 Vision): This plan drew upon new information in the from the 1994 "Old Town Carmel Design Charette." It recommended revitalization of upgrading the economic development potential image of Carmel, and old downtown more clearly indicates the linkage of the old downtown project with the Carmel. proposed improvements to the Monon Corridor, which would create a linear park drawing leisure time pedestrians into the area. The 1997 Update emphasized the need to develop a "center" to the community, including "actions to revitalize downtown Carmel." These actions included incentives to encourage reuse and modernization of the old downtown buildings, as well as a pedestrian link for the downtown, which would ultimately connect the pedestrian system of the City of Indianapolis with the old downtown of Carmel. The 1997 Plan also recommended that the "Old Town/Village Center Study Area" receive further study which would broaden the impact of the initial design plan (which this project proposes to implement). The extended planning would provide more detail for linkages to the new "Civic Center" area, near city hall, and the high school area to the east. Summary: There has been a long and continuous interest in the revitalization of old downtown Carmel. Most recently, the renovation project has finally begun to take shape, with specific design elements incorporated into a phased program of improvements. The boundaries of the area defined as "old downtown" have remained remarkably constant, with the only variation evolving from changes to buildings and uses which affect the viability of those properties within the theme of the revitalization project. In essence, the proposed project is essentially the same project which has been contemplated by the community for over 20 years. CAPITAL IMPROVEMENTS PLAN: It is important to note that both the Old Town Improvements and the 126th Street Corridor projects were included in the City's Capital Improvement Plan (CIP) drafted by the City Engineer in cooperation with a consulting engineering firm. The total value of the projects was slightly less than $7 million, as noted in the CIP. The presence of these projects in the CIP is further evidence of the long term commitment to these projects on the part of the City, as well as evidence of the level of consistency between the planning effort and implementation on the part of the City, overall. Old Town /Rangeline Road Corridor Economic Development Plan 15 A community may CREATION OF AN ECONOMIC DEVELOPMENT AREA choose to create an Economic THE PROCESS: A community may choose to create an Economic Development Area to Development Area to implement an economic development strategy within an area. As provided in Indiana law, the community can use a implement an number of development incentives to recruit new business or create new economic economic opportunities for its citizens, including various forms of public development strategy financing such as the use of County Option Income Tax (COIT), and within an area. tax increment financing (TIF). The creation of an Economic Development Area is part of an overall strategy for implementing a community's economic development plan. The Economic Development Area would be directly administered by the Carmel Redevelopment Commission (CRC). The Area must be created through sequential approval actions by the Redevelopment Commission, the Plan Commission and the City Council, following the statutory process. Creation of an Economic Development Area enables the community to issue tax exempt municipal bonds payable from a number of revenue streams to pay for public improvements in the Area which would generate and shape economic growth. It is important to note that the designation of an Economic Development Area includes no powers of eminent domain within the area. Therefore, the CRC will have no power of eminent domain in the Area, and may not acquire land without the owner's consent under Indiana law (I.C. 36- 7- 14 -43). Voluntary acquisition of land, however, is allowable under these provisions. The recommendations contained in this report will not include any proposal for the use of eminent domain by the Redevelopment Commission, however, voluntary acquisition of land for economic development purposes may be included. This provision, however, should not be construed as any limitation upon the powers or actions of the incorporated City of Carmel to act in partnership with the CRC to implement any project(s). 16 Old Town 126th Street Economic Development Areas FINDINGS OF FACT: in each NOTE: The following narrative regarding the statutory findings of fact is divided into separate considerations for each of the two projects under of the five finding consideration. Consequently, in each of the five finding narratives, narratives, there may be more than one justification for the project with regard to there may be the statutory findings. more than one justification for THE STATUTE: Indiana Statute IC 36 -7 -14 provides for the formation of the project with an economic development area in locations meeting the following regard to the criteria: statutory findings. 1. The plan for the economic development area: promotes significant opportunities for the gainful employment of its citizens; attracts major new business enterprise to the unit (of government); retains or expands a significant business enterprise existing in the unit, OR; meets other purposes of redevelopment and economic development. 2. The plan for the economic development area cannot be achieved j f by regulatory processes or by the ordinary operation of private enterprise because of: lack of public improvements, existence of improvements or conditions that lower the value of land below that of nearby land; multiple ownership of land, OR; other similar conditions. 3. The public health and welfare will be benefited by the accomplishment of the plan for the economic development area. 4. The accomplishment of the plan for the economic development area will be a public utility and benefit as measured by: the attraction or retention of permanent jobs; an increase in the property tax base; improved diversity in the economic base OR other similar benefits. 5. The plan for the economic development area conforms to other development and redevelopment plans for the unit. The following analysis will set forth the extent to which the planning area can meet the requirements of the statute stated above. The Plan will address each of the five required statutory findings individually to determine whether the area can meet the statutory tests. Old Town /Rangeline Road Corridor Economic Development Plan 17 The most singularly Finding of Fact #1: ...promotes significant opportunities for important issue in gainful employment...meets other purposes of redevelopment and economic development." economic development is the 126TH STREET: The most singularly important issue in economic delivery of adequate development is the delivery of adequate infrastructure services to an infrastructure area targeted for economic growth. Carmel has grown at an incredible services to an area rate over the last 3 -4 decades, yet the northwestern portion of the oldest targeted for industrial area of the City remains vacant. By contrast, the portion of economic growth. that same industrial area, located along a completed roadway (Carmel Drive) is not only developed, but has stimulated the development of another generation of economic development, expanding what was once the rather humble Carmel industrial park into the Carmel Science and Technology Park, which is much larger, and much more intensely developed than anything which could have been foreseen in 1961. Completion of the 126th Street Corridor should stimulate the complete development of the northwestern corner of the old industrial park area. More importantly, however, it will increase the functional levels of the existing development by increasing the capacity of the roadway system serving the area. The Science Technology Park is Carmel's most important employment area. The salaries paid in this area are far more affluent than those of most "industrial parks" in Indiana. The types of jobs created in this area are the envy of virtually every other city in the State. In order to complete the development of the park with the same levels of jobs, the comprehensive planning for the community has stated that the completion of the 126th Street corridor is vital. The 126th Street corridor project will also directly serve the center of the city, offering commuters a second east -west travel alternative. This will directly decrease the level of traffic on Carmel Drive and other local streets. But it is equally important to note that this second east- west alternative will also decrease traffic levels south of 126th Street on Rangeline Road. By providing the 126th Street alternative, the number of left turns from Mohawk onto Rangeline and subsequent right turns onto Carmel Drive will be significantly reduced during peak traffic periods. Without efficient traffic access to an employment center, that center will deteriorate. In Carmel, the Science Technology Park has become an important economic engine for the community, and the 126th Street Corridor can help to stimulate the full development of the area. 18 Old Town 126th Street Economic Development Areas The proposal to OLD TOWN REVITALIZATION: The old downtown area has been a prime revitalize the Old concern of Carmel's planners for many, many years. As the newer Town area, retail areas were developed, the Old Town area had difficulty finding a niche. The proposal to revitalize the Old Town area, however, is however, is intended intended to help establish an identity which is unique from the rest of r to help establish an the community. The Comprehensive Plans since 1970, including identity which is Updates in 1971, 1985, 1991 and 1997, have all recommended unique from the rest fundamentally the same improvements be undertaken to help the old of the community. downtown establish that unique identity. The most recent iteration of that image creation refers to the area as "Old Town." The Old Town project will support the creation of new opportunities for gainful employment in several ways. First, the streets in the area will be reconstructed, lowering their grade significantly and restoring the efficient drainage patterns of the area. This part of the project will relieve a current problem which retards growth and redevelopment. Secondly, the installation of street lights and other amenities are designed to emphasize the "human scale" of the area that it is not a high -rise, high- intensity economic area, but instead an area where small, "human scale" businesses can thrive. Third, by resolving an assortment of infrastructure problems, plus restoring and emphasizing the "human scale" of the area, it is the intent of the city's planners that pedestrians be welcomed into the Old Town area. This pedestrian emphasis is further underscored by the proposed Monon Corridor project, which will connect all the way to Broad Ripple in Indianapolis, and will bring joggers, bikers and pedestrians from the region into Old Town. While the City does not purport to take an investment role in these small businesses, the intent of the infrastructure revitalization project is to underscore the business attraction of the Old Town area. From that business attraction, new jobs will emerge through private investment in the small businesses which can and will find a niche in the area. Finding #2: "...lack of public improvements..." 126TH STREET CORRIDOR: Both the 126th Street Corridor project and the Old Town revitalization project are needed because a lack of sufficient public improvements is causing a restriction in the development of the area. Without the 126th Street corridor, travellers from the northeast side of Carmel must use circuitous routes to get to the jobs and Old Town /Rangeline Road Corridor Economic Development Plan 19 the northeast shopping along the US31 corridor. These destinations currently include several new shopping centers, a Meijer development and the Science corner of the Technology Park. Technology Park (previously called the Although most of the land which was previously designated for Industrial Park) has economic development purposes in the older portions of the city were never been developed, developed long ago, the northeast corner of the Technology Park and remains vacant, (previously called the Industrial Park) has never been developed, and despite development remains vacant, despite development virtually all around. This restricted virtually all around. economic activity appears to be directly traceable to a lack of public improvements. OLD TOWN: The Old Town situation is only slightly different. The proposed project includes reconstruction of the streets, as well as storm drainage improvements, including new storm sewers, as well as improved sidewalks and other street and pedestrian amenities. Thus, the local residents will receive multiple benefits as a result of the project. At this time, these inadequate facilities are effectively reducing the value of property through their inadequacy. Second, the Old Town project proposes to improve the public portions of the area in order to make it more friendly to visitors. These public improvements are more human in scale and include such things as street lighting, sidewalks, furniture and other amenities which will increase the use of the area by pedestrians. These types of public improvements have long been suggested in the comprehensive planning for the city and are well established as a form of public consensus. Finding #3: "...the public health and welfare will be benefitted...." GENERAL COMMENTARY: As noted previously, the purpose of comprehensive planning in the State of Indiana is that the comprehensive plan provide for the general health and welfare of the community. As such, those projects which are clearly defined in the comprehensive planning for the community are, by definition, designed to benefit the public health and welfare. It is equally clear that the previous comprehensive plans for the City of Carmel have anticipated both the 126th Street project and the Old Town Revitalization as projects which would directly benefit the public health and welfare. 126TH STREET CORRIDOR: As noted in the previous narrative of this report, completion of the 126th Street Corridor will connect the corridor from 20 Old Town 126th Street Economic Development Areas When the far east side of the city all the way to the western portions of the the 126th Street township. The missing link at this time is the section between Rangeline and Adams Street, in the northeast portion of the Science Corridor is Technology Park. complete, the number of This project would benefit the public health and welfare by increasing turning movements the efficiency of the transportation system in the vicinity of the old on Rangeline Road downtown and Rangeline Road. When the 126th Street Corridor is will be reduced and complete, the number of turning movements on Rangeline Road will be the amount of reduced and the amount of through traffic which can be handled by the roadway will be increased. This will increase the safety level of the through traffic roadways in the area, as well as reducing the number of accidents due to which can be turning movements. handled by the roadway will be In addition, the general welfare of the community will be benefitted by increased reducing travel time between destinations on the east side and those in the Technology Park area. This reduction in travel time has a commensurate decrease in air pollution resulting from auto emissions by reducing the operating time of those automobiles, as well as by increasing the mixing rate (due to faster operating speeds and less traffic congestion) of ambient air in/along the corridor. OLD TOWN REVITALIZATION: The Old Town project will increase the public health and welfare in several ways.First, the project proposes to reconstruct the streets in the area, improving the local drainage and transportation efficiency. These improvements represent a clear improvement to the public welfare, and the improvements to the drainage will benefit the public health by reducing or eliminating potential health threats which could result from inadequate drainage. Second, the public welfare is benefitted by making the Old Town area more economically viable. The Comprehensive Plans for the community have indicated that the old downtown area needs additional support in the form of public investment similar to that which has been proposed. That investment is projected to have the impact of encouraging additional private investment in small businesses in the area, thus increasing occupancy of the buildings, as well as increasing the maintenance and remodelling effort for those buildings. Third, the provision of improved sidewalks and pedestrian amenities is projected to increase pedestrian traffic in the Old Town area. The long term plans for the community include the improvement of the old Monon Rail Corridor, which would connect the Monon linear park in Old Town /Rangeline Road Corridor Economic Development Plan 21 Completion of the Indianapolis with the Old Town Carmel area. This would effectively 126th Street corridor provide regional pedestrian access to Old Town Carmel, which would is a well- documented further enhance the public benefit of the Old Town project. If the Monon Corridor were improved without the commensurate need of the improvements to Old Town, there would still be increased pedestrian community, as access, but there would be no retail destination to capture consumer established by the trade as a result of the corridor. Therefore, for both impacts to be repeated optimized, both projects must be undertaken on a long term basis. recommendation of Without the Monon Corridor project, however, there would still be an the city's appreciable benefit to the citizens of Carmel. comprehensive plans that the corridor be Finding #4: benefit as measured b ...im r completed from east in the economic base...." y p oved diversity to west. {III 126TH STREET CORRIDOR: Completion p on of the 126th Street corridor is a well- documented need of the community, as established by the repeated recommendation of the city's comprehensive plans that the corridor be completed from east to west. At this time, traffic levels have reached or exceeded the capacity of the major traffic corridors of the planning area. In fact, corridors like US31 and US431 are so overloaded with traffic that their operative performance has dropped below acceptable levels. The Comprehensive Plan states that US31 operations can only be restored to acceptable levels if the corridor is turned into a limited access freeway, separating local traffic from regional traffic. The completion of the 126th Street corridor will reduce traffic levels and congestion on Rangeline Road. First, because it completes a corridor which serves the far east side of the city, it allows traffic to move smoothly, and without significant turning movements, from the intense residential developments to the employment center of the community. Turning movements are the leading cause of traffic congestion. Therefore, by making 126th Street complete, the number of turns is reduced thereby reducing congestion. In addition, the completed corridor eliminates the need for traffic to turn onto Rangeline Road in order to gain access to the Technology Park at Carmel Drive. The comprehensive planning has long suggested that Carmel Drive and 126th Street operate as a tandem pair, and completion of this corridor will enable that planning goal to be accomplished. Completion of the 126th Street corridor will help to diversify the economic base by enabling the existing transportation system to function more efficiently, and improving the access to the northeast portion of 22 Old Town 126th Street Economic Development Areas the comprehensive the technology park which is projected to stimulate further development. plans recommended It must be reiterated that the area immediately adjacent to the proposed that the best hope 126th Street corridor west of Rangeline has been recommended for development for at least 36 years, yet it has not developed, in part for the economic because of lack of access. By removing this development constraint, it viability of the is expected that the area will be fully developed, thus increasing the tax old downtown base and diversifying the local economy. (Old Town) was to establish a OLD TOWN REVITALIZATION: As new retail centers were developed to "niche" economy, serve the growth of the area, the old downtown became more and more where the services dysfunctional. This fact was acknowledged repeatedly in the comprehensive planning for the city. At the same time, the and products offered comprehensive plans recommended that the best hope for the economic were unique viability of the old downtown (Old Town) was to establish a "niche" and not offered by economy, where the services and products offered were unique and not discount competitors offered by discount competitors in the newer retail areas. The in the newer retail development of such a "niche" economy is, by definition, an increase in the economic diversity of the community. areas. In addition, the revitalization of the Old Town area will attract new permanent jobs to the community. The redevelopment plan for the area is to facilitate the creation of new, small businesses with highly specialized products and services. These businesses generally have a substantial turnover rate, however, many of them survive and thrive and generate substantial new employment for the community. Those that turn over, however, provide a similar economic benefit to the community by providing real job training opportunities. The number of these businesses operative at any particular time also creates a relatively constant number of jobs available at any particular time in the local economy. In other words, while the names of the businesses change, the turnover simply transfers the jobs from one corporate entity to another, thereby creating a fluid, but somewhat constant, employment base. In this manner, it has been determined that the plan for economic development of the area provides for the attraction of permanent jobs as well as providing other similar benefits. Finding #5: "the plan conforms to other development plans for the community...." l In the case of both projects, the 126th Street Corridor project and the Old Town Revitalization project, the conformity with previous development plans is unquestionable. As noted in the section of this Old Town /Rangeline Road Corridor Economic Development Plan 23 In the case of both report entitled "Relationship to Previous Planning Efforts," both of these projects, the 126th projects have been encouraged and endorsed by the Comprehensive Street Corridor Plans for the City of Carmel, dating back to 1961. While the details of project and the Old these projects has evolved, the proposed projects are remarkably similar in proposed design detail to the suggestions of the comprehensive plans. Town Revitalization It would be severely redundant to recite all of the quotes and excerpts project, the from these previous development plans in this section, therefore, it is conformity with concluded, on the basis of the evidence presented under the section of previous this report entitled "Relationship to Previous Planning Efforts," that development plans is these projects conform entirely to the other development plans for the unquestionable. community, as required by statute. SUMMARY: The narrative presentation entitled "Findings of Fact" detail the logic behind the conclusion that the proposed projects meet the statutory requirements of all five findings of fact, per IC36 -7 -14. It is absolutely clear that the City of Carmel has considered both of the proposed projects for many years and that the only restriction to previous implementation was priority and funding availability. In the interim, the community has had repeated opportunity to strengthen and reconsider these projects. If there had been an interest in deleting those projects from the list of needs, there was ample opportunity to do so. Instead, the details of the projects evolved, but the core project remained intact, in some cases for over 30 years. Thus, there can be no question that these projects are the result of community consensus as to their importance to the future prosperity of Carmel. Although other projects previously were higher in priority, the community has now found an acceptable method of financing these improvements, and therefore, the findings of fact recited above set the stage for implementation after decades of planning and preparation. With the prospect of developing some form of municipal bond, the funding element appears to be feasible at this time. Economic Development Strategy The City of Carmel has meticulously set forth a community wide plan for its own development and has established standards for that development. The analysis performed as part of this Economic Development Plan has not discerned any flaws in the previous planning, but instead has affirmed the community consensus which was developed 1 as part of those previous planning processes. 24 Old Town 126th Street Economic Development Areas ...future The outlines of the economic development strategy were, therefore, in development of the Place prior to initiating this Economic Development Plan. The three Planning Area as a major strategic elements which are added by this analysis and planning effort are as follows: business area is in compliance with 1. That there is statutory justification for designating two economic current zoning and development areas for the purpose of implementing the Old Town and land use provisions the 126th Street Corridor projects, as expressed in the 2. That both of the areas meet the tests posed by the statutory findings Comprehensive contained in IC 36 -7 -14, and Plan. 3. That the projects can be financed through issuance of municipal debt instruments by the City of Carmel. CONCLUSIONS Based on the examination of facts and analysis set forth in this Economic Development Plan, the following conclusions are offered: 1. That the Planning Area studied in this Economic Development Plan has been identified as the primary benefit area for the proposed improvements. 2. That existing development in the Planning Area is suffering from the lack of public improvements, especially transportation corridors, and the revitalization of the historic "Old Town" area. 3. That future development of the Planning Area as a business area is in compliance with current zoning and land use provisions as expressed in the Comprehensive Plan. 4. That future business development will benefit the City of Carmel by creating new economic opportunities as a result of improved efficiencies in the thoroughfare system. 5. That two new economic development areas are recommended to support the two proposed projects. a. The first Economic Development Area is recommended to be located along a proposed alignment of 126th Street to connect the intersection of 126th Street (Mohawk Drive) and Rangeline Road with the northeastern terminus of Adams Street. This area shall be called the "126th Street Corridor Economic Development Area." Old Town /Rangeline Road Corridor Economic Development Plan 25 two new economic b. The second economic development area shall be entitled the "Old Town Economic Development Area" and is development areas recommended to include the old downtown area, as are recommended to shown on Map No. 1. support the two 6. A positive economic impact on the community is expected to proposed projects... occur in the form of new job opportunities and additional tax the first Economic revenues as a result of the proposed projects. Development Area 7 That if the Economic Development Areas are not designated and shall be called the the funding of the strategy is not pursued, the opportunity to "126th Street provide a Tong -term solution to problems of growth in these areas Corridor Economic will possibly be lost. Development Area..." (and the second) The public bodies have done an outstanding job of examining growth shall be entitled the proposals and designing funding packages which are appropriate to the "Old Town Economic community and commensurate with the benefits to accrue. This Plan's Development Area. conclusions are predicated on the continued performance of the same sort of objective analysis and public policy direction which have preceded this Economic Development Plan, and which have formed the basis for keeping Carmel moving forward without gridlock. RECOMMENDATIONS Based on the information and conclusions presented, the following recommendations are presented for the consideration of the Carmel Redevelopment Commission. 1. That the Carmel Redevelopment Commission (CRC) should designate two new economic development areas in accordance with IC 36 -7 -14 (Identified on Map #1). The first area should be entitled the "126th Street Corridor Economic Development Area" and the second area should be entitled the "Old Town Economic Development Area." 2. That the City of Carmel should investigate alternative forms of municipal financing to implement these projects in order to generate additional economic development opportunities within the City. ESTIMATED COST OF THE PROJECTS The estimated cost of the projects that provided by the City, in conjunction with the City Engineer's office, is $3.855 million for the Old Town project and $3.01 million for the 126th Street corridor project. f 26 Old Town 126th Street Economic Development Areas Description of the Economic Development Areas The Economic Development Plan recommends the creation of two Economic Development Areas in support of two separate projects for the City of Carmel. The Plan conclusively established that these f projects have been contemplated in the community's comprehensive planning for some time, therefore, the boundaries of the Economic Development Areas within which these projects will take place are generally described below. THE 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA: The boundaries of the 126th Street Corridor Economic Development Area are generally described as beginning at the intersection of the west right of way line of Rangeline Road and the north right of way line of 126th Street (Mohawk Drive), and extending west to the intersection of 3rd Avenue S.W. and 126th Street. Then continuing westward along the north right of way line of 126th Street to the current terminus of 126th Street at Crescent Drive. Then continuing in a southwesterly direction to intersect with the centerline of Adams Drive, and continuing along that centerline of Adams Drive to its intersection with the centerline of Carmel Drive. Then turning eastward and southward continuing along the centerline of Carmel Drive to the west right of way line of Rangeline Road, then turning northward along the west right of way line of Rangeline Road to the point of beginning. THE OLD TOWN ECONOMIC DEVELOPMENT AREA: The Old Town streetscape improvement project is designed to restore the historic character of the area, and the work on that project will generally take place on either or both sides of the streets included in the area. Therefore, the boundaries of the Old Town Economic Development Area are generally described as aligning with the street corridors of the area, as follows: beginning at the intersection of Rangeline Road and 6th Street S.E., and continuing eastward along 6th Street S.E. to 1st Avenue S.E., then north along 1st Avenue S.E. to Carmelaire Drive, then east on Carmelaire Drive to Heather Drive, then south along Heather Drive to Aspen Way, then east along Aspen Way to Amy's Run Drive; then continuing generally northward along the alignment of Amy's Run Drive, extending northward to 4th Avenue S.E., and continuing northward along 4th Avenue N.E. to 2nd Street N.E., then turning eastward along 2nd Street N.E. to Sylvan Lane, then turning north along Sylvan Lane to Audubon Drive, then continuing north along Audubon Drive, and at the point where Audubon Drive begins to turn west, extending northward beyond Audubon Drive to 136th Street; then Old Town /Rangeline Road Corridor Economic Development Plan 27 the boundary turns westward along 136th Street to 1st Avenue N.W., then south along 1st Avenue N.W. to 5th Street N.W., then turning westward along 5th Street N.W. and extending beyond 5th Street N.W., past Lark Drive, to Meadow Lane, then south along Meadow Lane, past Main Street, to York Drive; then continuing southward on York Drive to its intersection with Emerson Road, then turning eastward along the alignment of Emerson Road, and extending past Emerson Road, to 3rd Avenue S.W., then south along 3rd Avenue S.W. to a point aligning with the alignment of 6th Street S.E., then eastward along a line aligning with 6th Street S.E. to the point of beginning. /crccedp F 1 r r i 28 Old Town 126th Street Economic Development Areas