HomeMy WebLinkAbout2006-Economic Development Plan/Parcel #12 City of Carmel
Hamilton County, Indiana
CRC Parcel #12
Economic
Development Plan
(as originally approved, with 2006 Amendment
to include additional parcels requested by Pedcor
inserted into original ED Plan text, as noted)
November 17, 2006
Michael R. Shaver, President
3799 Steeplechase Drive
Carmel, I N 46032
(voice) 317/872 -9529
(fax) 317/872 -9885
(e -mail) wabsci @aol.com
CRC Parcel #12 Economic Development Plan
Carmel, Indiana
Purpose of the Economic Development Plan
This Economic Development Plan is being developed for the sole purpose of underwriting and
capturing a specific redevelopment proposal for the parcel of land identified by the Carmel
Redevelopment Commission (CRC) as Parcel #12, which was previously located within the City
Center Redevelopment Area. The land identified herein as CRC Parcel #12 was originally
amended into the City Center Redevelopment Area (RD Area) for the purpose of acquisition and
redevelopment by the CRC. Parcel #12 is a parcel aggregated from a number of originally
platted and developed parcels located on the west side of Rangeline Road and previously
containing a retail liquor store, a gas station, a grocer's bakery and other small retail
establishments.
The property comprising Parcel #12 was amended into the City Center Redevelopment Area
after being excised from the Old Town Economic Development Area. The CRC determined that
Parcel #12 was unlikely to be redeveloped at a suitable level of intensity without CRC
acquisition, and the need for acquisition/assembly of the parcel to remove multiple owners was a
justification for including Parcel #12 in the RD Area. After amending the Parcel #12 area into
the City Center Redevelopment Area, the CRC initiated actions to purchase the property and
then to re- assemble the smaller parcels into a larger tract which would be attractive for
redevelopment purposes. The result of these combined actions by the CRC is now identified as
Parcel #12 on the CRC Master Plan.
The purpose of this Economic Development Plan (ED Plan), therefore, is to remove Parcel #12
from the City Center Redevelopment Area in order to create a stand -alone CRC Parcel #12
Economic Development Area (specifically limited to Parcel #12) which allows the CRC to offer
a prospective developer the opportunity to capture tax increment financing (TIF) resulting from
the specific redevelopment of Parcel #12, alone. This TIF is to be used to accomplish projects
identified in the Economic Development Project List which is a part of this ED Plan. It has been
the determination of the CRC that the elevated, high quality type of redevelopment preferred for
Parcel #12 is not possible without the commitment of TIF revenues from the redevelopment of
Parcel #12 to this redevelopment project.
PURPOSE OF THE 2006 AMENDMENT
This 2006 Amendment to the CRC Parcel #12 ED Plan and ED Area is to be executed
for the specific purpose of adding two parcels to the CRC Parcel #12 ED Area (which will
simultaneously be removed from the City Center RD Area). These parcels have been
purchased by Pedcor and are to be used to add to the original development proposal,
which has already been approved by the CRC, with supplemental TIF funding.
STATEMENT ASSURING NO EXISTING DEBT
The CRC hereby states that there is no outstanding CRC debt which draws upon the two
parcels to be removed from the City Center Redevelopment Area for repayment, and as
such, these simultaneous amendments to the City Center RD Area and added to the
CRC Parcel #12 ED Area will have no adverse impact on any outstanding debt
obligations of the CRC.
Memo from Wabash Scientific, inc. page 2
Description of the Proposed Economic Development Area
The proposed CRC Parcel #12 Economic Development Area (Parcel #12 ED Area) is generally
located at the southwest quadrant of the intersection of 1 Street SW and Rangeline Road. The
CRC is preparing a formal legal description of Parcel #12, which will be included in the
Declaratory and Confirmatory Resolutions establishing the Parcel #12 ED Area. A list of the
original parcel identification numbers which have been assembled to comprise Parcel #12 is
presented below:
16- 09- 25- 16 -03- 005.000 16- 09- 25- 16 -03- 006.000 16- 09- 25- 16 -03- 007.000
16-09-25-16-03-008.000 16- 09- 25- 16 -03- 009.000 16- 09- 25- 16 -03- 010.000
16-09-25-16-03-015.000 16- 09- 25- 16 -03- 016.000 16- 09- 25- 16 -03- 017.000
16- 09- 25- 16 -03- 018.000 16- 09- 25- 16 -03- 019.000
2006 Amendment 16- 09- 25- 16 -03- 011.000 16- 09- 25- 16 -03- 012.000
2006 AMENDMENT ADDING PEDCOR PARCELS
Since the original designation of the CRC Parcel #12 ED Area, the CRC has fulfilled its
agreement with Pedcor for the economic redevelopment of the Parcel #12 ED Area.
During that interim, Pedcor moved to privately purchase two additional parcels,
numbered as follows (according to the records of the Hamilton County Auditor):
16- 09- 25- 16 -03- 011.000 and
16- 09- 25- 16 -03- 012.000.
(said parcels have been added to the table above for recording with the Hamilton
County Auditor).
This amendment to the CRC Parcel #12 ED Plan, as well as simultaneous amendment
to the CRC Parcel #12 ED Area, and deletion of the same parcels from the City Center
RD Area (cited below) are to be approved as an integrated set of amendments which are
not to be disaggregated.
2006 AMENDMENT: SAME PARCELS TO BE REMOVED FROM CITY CENTER REDEVELOPMENT
AREA
Simultaneously, the CRC seeks to delete these same parcels (16- 09- 25- 16 -03- 011.000
and 16- 09- 25- 16 -03- 012.000) from the City Center Redevelopment Area, as explained
previously.
2006 Amended Legal Description of the CRC Parcel #12 ED Area
(2006 Amendment to include two additional parcels: 16- 09- 25- 16 -03- 011.000 and 16-
09- 25- 16 -03- 012.000)
The amended boundaries of the CRC Parcel #12 Economic Development Area are described as
follows:
Beginning at the point of intersection of the west right of way line of Rangeline Road with the south right of
way line of 1st Street SW,
then proceeding southward along the west right of way line of Rangeline Road to the point of intersection
with the southeast corner of parcel 16- 09- 25- 16 -03- 012.000,
Memo from Wabash Scientific, inc. page 3
then proceeding west along the south property line of parcel 16- 09- 25- 16 -03- 012.000 to the southwest
corner of parcel 16- 09- 25- 16 -03- 012.000,
then proceeding north along the west property line of parcel 16- 09- 25- 16 -03- 012.000 to the southeast corner
of parcel 16- 09- 25- 16 -03- 015.000,
then proceeding along the south property line of parcel 16- 09- 25- 16 -03- 015.000 to the point the point of
intersection with the east right of way line of 1 Avenue SW,
then proceeding northward, along the east right of way line of 1 Avenue SW, to the point of intersection
with the southwest corner of parcel 16- 09- 25- 16 -03- 001 -000,
then proceeding eastward, along the south property line of parcels 16- 09- 25- 16 -03- 001 -000, 16- 09- 25 -16-
03- 002 -000 and 16- 09- 25- 16 -03- 003.000 to the southeast corner of parcel 16- 09- 25- 16 -03- 003 -000,
then proceeding northward, along the east boundary of parcel 16- 09- 25- 16 -03- 003 -000, to the point of
intersection with the south right of way line of 1st Street SW,
then proceeding eastward, along the south right of way line of 1 Street SW, to the point of beginning.
Parcel #12 Preliminary Redevelopment Proposal
The CRC has received and has tentatively endorsed a preliminary redevelopment proposal from
Pedcor for Parcel #12. The preliminary Pedcor Parcel #12 redevelopment proposal includes a
mixed -use retail development with some offices (final proportions will be determined by market
demand) specifically targeted for support of the Arts District redevelopment `motif which has
been designated in the Old Downtown of Carmel. This preliminary redevelopment proposal
indicates that the redeveloped parcels will be developed with far greater intensity than the
original developments on the assembled parcels.
The redevelopment proposal has been refined to propose development of a 2 -story building
totaling approximately 93,500 sf on a 45,000 sf footprint, with 64 surface parking spaces and 112
spaces provided underground. The estimated development cost is approximately $8M. The
CRC is prepared to support the development of parking facilities and appurtenances necessary to
support a more intense urban development at this location.
2006 AMENDMENT TO DEVELOPMENT PROPOSAL
The 2006 Amendment to the Parcel #12 ED Plan does not propose any material
changes form the original Pedcor development proposal, as approved by the CRC. The
only adjustment to the original development proposal is to add the two parcels, as noted,
to the ED Area, and to the development, in general, which further supports the TIF debt
which has been issued and guaranteed by Pedcor.
Economic Development Plan to Become a Part of the Integrated ED Plan
It is the intent of the CRC that this "CRC Parcel #12 Economic Development Plan," and
designated "CRC Parcel #12 Economic Development Area," will become a part of the Carmel
Integrated Economic Development Plan, as amended. The CRC previously created a series of
Economic Development Areas, as well as one redevelopment area (City Center), and developed
an integrated series of plans and strategies for the purpose of generating wholesale economic
development and redevelopment of these areas, both individually and collectively. The CRC has
developed (and amended over time to reflect progress on identified projects) an Integrated
Economic Development Redevelopment Plan itemizing the individual strategies and projects
Memo from Wabash Scientific, inc. page 4
from all of these TIF -based areas, as well as integrating all projects from all ED RD Areas into
a single, functioning whole, with the central goal of enabling the City of Carmel to utilize TIF
revenues from all ED RD Areas to benefit the City Center redevelopment initiatives.
It is the intent of the CRC that the "CRC Parcel #12 Economic Development Area" will become
a part of the integrated Economic Development and Redevelopment Areas, with all projects and
strategies integrated and coordinated with one another. As such, any excess TIF revenue
generated by the Parcel #12 ED Area is extended the same CRC policy provisions as the other
ED RD Areas, in that TIF revenues generated within the Parcel #12 ED Area can be used to
benefit the City Center Redevelopment Area, and such use of the TIF Revenue will directly serve
and benefit the Parcel #12 ED Area.
2006 AMENDMENT
The 2006 Amendment to the CRC Parcel #12 ED Plan is to become a part of the
Integrated Economic Development Redevelopment Plan for the City of Carmel.
Area Previously Designated for TIF Incentives
The public should know and understand that the Economic Development Area proposed herein
for designation does not include any parcels that are not already designated as part of an
economic development area or redevelopment area. The entirety of the Parcel #12 Economic
Development Area was previously designated as part of the original Old Town Economic
Development Area, and later amended into the City Center Redevelopment Area for purposes of
land acquisition and parcel assembly to facilitate redevelopment. The creation of the Parcel #12
ED Area enables the CRC to allow the developer of Parcel #12 to capture TIF from that
development to support projects identified later in this ED Plan.
Intent of this Economic Development Area Designation
By designating a separate Economic Development Area, the Carmel Redevelopment
Commission (CRC) can specifically designate that TIF revenues resulting from the proposed
development can be captured by the CRC and dedicated to the specific developer of Parcel #12
(Pedcor) as a development incentive to support the construction of surface and sub surface
parking, as well as other infrastructure for the ED Area.
2006 AMENDMENT
The parcels added to the CRC Parcel #12 ED Area are also intended to contribute TIF
revenue to the Pedcor project, as originally proposed and approved by the CRC.
Incorporation of Previous Findings
This Economic Development Plan incorporates any and all previous findings of fact and findings
of blight related to previous designations of Economic Development Areas and /or
Redevelopment Areas for the purpose of capturing TIF revenues. As such, in addition to the
specific findings of fact offered below, this Economic Development Plan also officially
incorporates previous findings of fact related to the designation of other Economic Development
Areas covering the original parcels, as well as the findings of blight that were previously
approved as part of the City Center Redevelopment Plan.
Memo from Wabash Scientific, inc. page 5
The incorporation of previous findings is undertaken with the direct intent of enabling the CRC
to supplement the specific findings offered in this Economic Development Plan, in the event of
legal or public disputes. Any citizen seeking full documentation of all findings related to this
designation should consult this Economic Development Plan as well as the other Economic
Development Plans and Redevelopment Plans, as amended and promulgated by the CRC, and
the Integrated Economic Development Redevelopment Plan, as amended.
Parcel #12 Findings of Fact
Indiana statute IC 36 -7 -14 provides for the formation of an Economic Development Area in
accordance with the following criteria:
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 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 plan for the economic development of the
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, or; improve the diversity and economic base or other similar benefits.
5. The plan for the Economic Development area conforms to other Development and
Redevelopment Plans of the unit.
Finding of Fact #1: "...the plan promotes significant opportunities for the gainful
employment of its citizens; attract major new business enterprise; ...retains or expands
a significant business enterprise existing in the unit...."
Designation of the CRC Parcel #12 Economic Development Area is undertaken for the specific
purpose of promoting a development proposal from Pedcor for Parcel #12. Pedcor's
redevelopment proposal for Parcel #12 involves creation of a mixed use retail/ office
development which is targeted to support Carmel's downtown Arts District. The specific target
market for this development is the attraction of upscale design and home furnishings companies
to complement the Arts District redevelopment motif. It is estimated that approximately 50 new
jobs will be created in this ED Area.
Pedcor has ongoing business activity in the Carmel City Center area and has been a major
proponent of the overall City Center redevelopment effort. As such, Pedcor already provides
employment opportunities to the citizens of Carmel, as well as the Indianapolis metropolitan
area, and has expressed an intent to expand its business enterprises in the CRC Parcel #12
Economic Development Area.
Memo from Wabash Scientific, inc. page 6
In addition, it is Pedcor's stated intent to develop Parcel #12 for the purpose of attracting new
business enterprise to the newly designated Economic Development Area. The intent to develop
commercial business space that will be offered to the business marketplace for the purpose of
housing new, existing, and relocated arts /design- related businesses in the CRC Parcel #12 ED
Area will generate new opportunities for gainful employment of Carmel and metropolitan area
citizens. The CRC is responding directly to a development proposal by Pedcor with the full
expectation that new employment opportunities will be captured in this ED Area, and as such, it
is determined that the proposed Economic Development Area meets this statutory finding of fact.
Finding of Fact #2: "the plan... cannot be achieved by regulatory processes or by the
ordinary operation of private enterprise because of lack of public improvements... or
other similar conditions."
The designation of the Parcel #12 ED Area responds to a series of conditions that relate to the
development /redevelopment of urban parcels. The development proposal which has been
received from Pedcor cannot be achieved through regulatory processes, nor through the normal
operation of private enterprise. The Parcel #12 ED Area has been designated for economic
development and urban redevelopment for an extended period of time. The Parcel #12 ED Area
was originally designated as part of an economic development area, with a full complement of
statutory findings of fact, as presented in the Old Town Economic Development Plan. Those
original findings of fact are hereby incorporated into this economic development plan by
reference.
Furthermore, the City Center Redevelopment Area was designated with a full complement of
findings of blight, indicating that the area was suffering from urban deterioration and other
blighting influences. The parcels being designated for the CRC Parcel #12 Economic
Development Area were also previously amended into the City Center Redevelopment Area as
part of an area of suffering from urban blight, with a full complement of findings of blight, also
in accordance with statute. These findings of blight are also hereby incorporated into this
economic development plan by reference.
This action to re- designate the parcels now comprising Parcel #12 as a separate Economic
Development Area is being undertaken in full recognition of these previous designations. The
additional findings of fact necessary to meet the statutory requirements for designation of the
Parcel #12 Economic Development Area are intended to supplement, rather than replace, the
previous findings of fact and findings of blight, which were originally a part of the
redevelopment area designation.
More specifically, the Parcel #12 area could not be developed at an appropriate level of intensity
or with appropriate design configurations without the designation as an economic development
area. Prior to designation, this ED Area was comprised of a number of fragmented parcels which
were incapable of separately supporting development or redevelopment at the level of urban
intensity sought by the CRC for the Downtown area (including the need for subsurface parking).
By acquiring these fragmented parcels and assembling them into a single parcel (identified as
Parcel #12), the CRC was able to encourage redevelopment proposals that were appropriate to
Memo from Wabash Scientific, inc. page 7
the CRC's strategic goals. None of these activities could have been accomplished through the
normal course of private enterprise, nor by accepted regulatory processes.
The Carmel Redevelopment Commission has undertaken an extended series of planning, design,
and construction projects to create a dynamic environment for economic development and
redevelopment. The City Center Redevelopment Plan clearly stated an extensive intent on the
part of the City of Carmel to develop a broad range of public improvements, possibly including a
performing arts center, an art museum, various new streets /roads, various improvements to
existing streets /roads, expansion/enhancement of public parking facilities, and other forms of
public improvements.
In addition, the CRC has sponsored an extensive redevelopment of street and drainage
infrastructure in order to reinforce the historic design parameters of the Old Town Area. Once
these infrastructure projects were completed, the CRC went further in designating the Old Town
Area as an Arts District, with the intent of capturing a broad range of arts related small
businesses in the urban core. The Pedcor development proposal supports and amplifies these
previous efforts on the part of the CRC in a manner that could not have been achieved through
the normal operation of private enterprise or the normal regulatory processes available to
municipalities.
Similarly, the developer has affirmed that neither regulatory processes nor the ordinary operation
of private enterprise can generate the type of projects which are being proposed in this case. In
all cases, the property designated for the CRC Parcel #12 Economic Development Area cannot
be developed or redeveloped to its highest potential without the intervention of the economic
incentives which accompany the designation of this ED Area.
The entirety of the CRC strategy depends upon making major public improvements in order to
enable the CRC Parcel #12 Economic Development Area to increase its developmental intensity
so as to serve a city with over 50,000 population, and a metropolitan area of nearly 200,000
population. Clearly, the existing public improvements serving this area, including infrastructure
and parking, were designed to serve a small town. Therefore, if developmental intensity is to be
increased to serve a community of 50,000- 100,000 population or more, there will be a need for
major public improvements which are unlikely to be realized through simple regulatory
enforcement or operation of private enterprise.
The sum of these arguments leads to only one possible conclusion that the CRC can only
achieve its development and redevelopment goals through the creative application of
development partnerships. In creating those partnerships, economic development and
redevelopment incentives can be applied to those development proposals which meet the CRC's
criteria and vision, but in no case can the simple operation of private enterprise or the simple
application of regulatory processes lead to a successful outcome. As such, the proposed CRC
Parcel #12 Economic Development Area is determined to meet this statutory finding of fact.
Finding of Fact #3: "the public health and welfare will be benefited..."
The proposal to create the CRC Parcel #12 Economic Development Area will benefit the public
health and welfare in several ways, as follows:
Memo from Wabash Scientific, inc. page 8
1. The public welfare will be benefited by providing new jobs and significant opportunities for
employment of the citizens of Carmel, as a result of the proposed developments.
2. The public welfare will be benefited by introducing new opportunities for arts, entertainment and
cultural enhancement in and near the Economic Development Area.
3. The public welfare will be benefited through the attraction of arts related businesses into the
designated Arts District which will increase the economic viability of the Arts District and
encourage individual artistic expression throughout the community.
4. The public welfare will be benefited by creation of new assessed value within the Economic
Development Area.
5. The public health will be benefited by improvements to safety features and local transportation
and infrastructure which are designed to reduce the incidence of traffic accidents, including
pedestrians struck by vehicles, as well as vehicular accidents.
6. The public health will be benefited by infrastructure improvements which reduce traffic congestion
and thus improve local air quality.
7. The public health will be benefited by introducing and enhancing artistic opportunities to citizens
of the community.
8. The public health will be benefited by providing enclosed and other parking which provides
customers with safe access to businesses in the ED Area.
It has been the CRC's strategy since the beginning to enhance the quality of life in Carmel by
improving the downtown and City Center area to offer more arts, recreational, and cultural
opportunities to citizens of Carmel and the metropolitan area. Effectively, "quality of life" and
"public health and welfare" are synonymous terms. Therefore, the CRC hereby asserts that this
statutory finding is satisfied.
Finding of Fact #4: accomplishment of the plan will be of public utility... as measured
by: the attraction or retention a permanent jobs; an increase in the property tax base...
or other similar benefits."
The CRC hereby asserts that the accomplishment of this Economic Development Plan, including
its goals, objectives, strategies, and projects, will be of public utility, as defined in the statute.
The development proposal offered by Pedcor proposes to increase the number of permanent jobs
in the downtown area (approximately 50), as well as supporting the retention of existing jobs
which are already located in the Arts District.
In addition, it is clear that the proposed development will also increase the property tax base, as
well as diversify the economic base of the City of Carmel. These proposed developments will
help the city to attract and retain a broad range of new businesses, including small, start-up
businesses, as well as arts related businesses. Many of these businesses could not be attracted or
retained, or otherwise would not be permitted to grow, without developments such as the ones
proposed by Pedcor. While Carmel has a number of areas where major new office /retail
development is occurring, the number of these types of facilities in the downtown area is
extremely limited.
The CRC is seeking to capture new arts- related business development in the downtown area,
including Old Town, City Center, and the Arts District, in order to diversify the city's economic
base, increase its property tax base, and provide a stable and growing opportunity for
employment in the area. Therefore, it is determined that this Economic Development Plan
satisfies this statutory finding of fact.
Memo from Wabash Scientific, inc. page 9
Finding of Fact #5: "the plan for the Economic Development Area conforms to other
development and redevelopment plans of the unit."
The CRC hereby asserts that the CRC Parcel #12 Economic Development Plan conforms in
every respect to the other economic development and redevelopment plans for the area. As
stated previously, the area to be designated as the CRC Parcel #12 Economic Development Area
was previously designated as part of the Old Town Economic Development Area, as well as the
City Center Redevelopment Area, as well as being included in the Integrated Economic
Development Plan. Despite the change in designation sought herein, all previous planning
documents prepared by the CRC were reviewed in full by the City, as well as the Plan
Commission, and were previously found in all cases to conform to the overall plan of
development for the area.
This Economic Development Plan alters none of the previous findings in this regard. The City
and the Plan Commission have worked cooperatively since the inception of economic
development and redevelopment efforts by the CRC. This Economic Development Plan cannot
reasonably be interpreted in any manner that does not conform to the overall plan of
development and redevelopment for the City of Carmel, and as such, is expected that this
statutory finding of fact is satisfied.
2006 AMENDMENT
The findings of fact applicable to the original CRC Parcel #12 ED Area designation have
been considered by the CRC and are considered to be commensurate with the same or
similar findings of fact as presented in the original ED Plan, and as applied to the
additional two parcels. The two additional parcels contained old residential structures
which had been incrementally converted to retail uses. Those old structures did not
retain adequate onsite parking to meet modern development standards, nor did they
conform to modern retail development standards.
The new parcels will also contribute to the public utility and benefit, and the
redevelopment project will be developed in full conformity with modem development
standards, making the property more secure and less susceptible to fire and other public
safety problems.
Economic Development Strategy
The CRC seeks to designate the CRC Parcel #12 Economic Development Area for the purpose
of promoting the specific, private sector project which has been preliminarily presented to the
CRC for consideration. The CRC's strategy for designating this Economic Development Area is
primarily directed at the formation of partnerships with developers possessing the professional
capability to successfully implement development projects which are compatible with the CRC's
vision of the City Center area, and which promote, support, and extend the capacity of the Old
Town commercial area to support arts- related businesses.
Pedcor has a successful track record in assisting the City and the CRC with successful
development /redevelopment implementation. As a result, the CRC is comfortable in developing
this additional partnership in support of the proposed project. The CRC believes that
Memo from Wabash Scientific, inc. page 10
implementation of this project will result in further redevelopment of the Arts District at an
appropriate level of intensity, and with high quality development standards.
As stated previously, this Economic Development Area is being designated explicitly for the
purpose of supporting the project proposed by Pedcor, and therefore the strategy for this
Economic Development Area relies heavily upon the representations made by Pedcor in
approaching the CRC.
Economic Development Projects
The CRC's partnership with Pedcor in creating the Parcel #12 ED Area includes the use of TIF
funds for the following projects in conjunction with the Pedcor proposal.
Cost item Estimated cost
Parking Structures (subsurface) 2,500,000
Surface parking 1,000,000
Ingress /Egress provisions 500,000
(including handicapped access, ramps, elevators, vehicle access, etc.)
Other infrastructure support 500,000
Preliminary Subtotal of Estimated Costs 4,500,000
In addition to the economic development projects presented above, the CRC acknowledges that
potential excess TIF revenues can be used to support other redevelopment projects undertaken by
Pedcor in the Carmel Downtown Economic Development Area, and that such use of the excess
TIF revenues will directly serve and benefit the Parcel #12 ED Area.
/crc parcel 12 ed plan amend061117
Memo from Wabash Scientific, inc. page 11