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HomeMy WebLinkAbout2008-Economic Development Plan/Pedcor City of Carmel Hamilton County, Indiana Preliminary Draft for Internal Review Only Carmel Trail Pedcor: Economic Development Plan February 7, 2008 Michael R. Shaver, President 3799 Steeplechase Drive Carmel, IN 46032 (voice) 317/872 -9529 (fax) 317/872 -9885 (e -mail) wabsci @aol.com Map #1 Pedcor: Carmel Trail Economic Development Plan Carmel, Indiana Purpose of the Economic Development Plan This Economic Development Plan (ED 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 the Pedcor: Carmel Trail project. A portion of the land identified herein as the Pedcor: Carmel Trail ED Area was originally amended into the Old Town Economic Development Area (Old Town ED Area) for the purpose of achieving economic development goals for the Old Town area of the city. The proposed Carmel Trail project is designed to provide commercial and residential redevelopment of currently under utilized parcels within the proposed ED Area. The purpose of this Economic Development Plan (ED Plan), therefore, is to remove the portion of the Pedcor: Carmel Trail ED Area located east of 3 Avenue SW from the Old Town ED Area, and to include those parcels in the re- designated Pedcor: Carmel Trail ED Area as a stand -alone ED Area. This course of action allows the CRC to offer the prospective developer the opportunity to capture tax increment financing (TIF) resulting from the Carmel Trail development proposal, 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 high quality type of development preferred for the old industrial corridor of the City of Carmel is not possible without the commitment of TIF revenues /incentives from the redevelopment of these parcels to this development project. HISTORICAL DEVELOPMENT CONSIDERATIONS The property comprising the proposed Pedcor: Carmel Trail ED Area includes a portion of the original Old Town ED Area, along with other parcels located on the west side of 3 Avenue SW, which was originally Carmel's industrial corridor. This is an important factor in this ED Area designation. In fact, it is extremely rare for a city to achieve economic success sufficient to redevelop urban industrial property. Many cities are plagued by old industrial facilities which cannot meet the economic thresholds for redevelopment. The industrial development that was historically located along 3 Avenue SW has since been surrounded by a mix of high quality residential and commercial development, thereby creating some substantial constraints against the continuation of the historically designated industrial land uses. In point of fact, any proposal to redevelop the parcels along 3 Avenue SW as industrial property in the traditional sense would not only be vehemently opposed by surrounding neighbors, but would also have an adverse impact on the value of surrounding property. This change in the character of surrounding development makes it extremely important to seriously consider viable proposals for new commercial and Pedcor: Carmel Trail Economic Development Plan (080207) 3 residential development in this area. The Pedcor: Carmel Trail ED Area proposal is one such opportunity. Description of the Proposed Economic Development Area The proposed Pedcor: Carmel Trail Economic Development Area is generally located on both sides of 3 Avenue SW, west of the Monon Trail, south of 2nd Street SW and Industrial Drive, and north of City Center Drive. The legal description of the proposed ED Area, which will be included in the Declaratory and Confirmatory Resolutions establishing the Pedcor: Carmel Trail ED Area is presented below. A list of the parcel identification numbers which have been assembled from the records of the Hamilton County Auditor to comprise the proposed ED Area is presented below: Parcels Included in the Pedcor: Carmel Trail ED Area Parcels newly designated in the Parcels previously designated as Pedcor: Carmel Trail ED Area Old Town ED Area 16- 09- 25- 04 -05- 012.000 16- 09- 25- 04 -05- 007.000 16- 09- 25- 04 -05- 013.000 16- 09- 25- 04 -05- 008.000 16- 09- 25- 04 -05- 014.000 16- 09- 25- 04 -05- 009.000 16- 09- 25- 04 -05- 015.000 16- 09- 25- 04 -05- 010.000 16- 09- 25- 00 -00- 016.000 16- 09- 25- 00 -00- 015.101 LEGAL DESCRIPTION (USING PARCEL CORNERS): The legal description of the proposed Pedcor: Carmel Trail ED Area is as follows: Beginning at the point of intersection of the west right of way line of 3 Avenue SW and the point of intersection with the northern boundary of parcel 16- 09 -25- 04-05- 014.000, then proceeding westward along the northern boundaries of parcels 06- 09- 25 -04- 05- 014.000 and 16- 09- 25- 04 -05- 015.000 to the western boundary of parcel 16- 09-25-04-05- 015.000, then proceeding southward along the western boundary of parcel 16- 09- 25 -04- 05- 015.000 to the point of intersection of the southern boundary of said parcel and the northern boundary of parcel 16- 09- 25- 00 -00- 016.000, then proceeding westward along the northern boundary of parcel 16- 09- 25 -00- 00- 016.000 and continuing to follow said parcel boundaries northward, westward, southward, eastward, southward, and eastward along the southern boundary of parcel 16- 09- 25- 00 -00- 016.000 to the eastern boundary of said parcel, then proceeding northward along the eastern boundary of parcel 16-09-25-00-00- 016.000 to the intersection with the southern boundary of parcel 16-09-25-04-05- 012.000, Pedcor: Carmel Trail Economic Development Plan (080207) 4 then proceeding eastward along the southern boundary of parcel 16- 09- 25 -04- 05- 012.000 to the intersection of the southern boundary of said parcel and the west right of way line of 3rd Avenue SW, then proceeding southward along the western right of way line of 3rd Avenue SW to the point of intersection of the west right of way line of 3rd Avenue SW with the southern boundary of parcel 16- 09- 25- 00 -00- 015.101, then proceeding eastward along the southern boundary of parcel 16- 09- 25 -00- 00- 015.101 to the eastern boundary of said parcel, then proceeding northward along the eastern boundary of parcel 16-09-25-00-00- 015.101 to the point of intersection with the northern boundary of said parcel, then proceeding westward along the northern boundary of parcel 16- 09- 25 -00- 00- 015.101 to the western boundary of parcel 16- 09- 25- 04 -05- 009.000, then proceeding northward along the eastern boundaries of parcels 16- 09- 25 -04- 05- 009.000, 16- 09- 25- 04 -05- 010.000, 16- 09- 25- 04 -05- 008.000, and 16- 09 -25- 04-05- 007.000 to the northern boundary of parcel 16- 09- 25- 04 -05- 007.000, then proceeding westward along the northern boundary of parcel 16- 09- 25 -04- 05- 007.000 to the point of intersection with the west right of way line of 3rd Avenue SW, then proceeding southward to the point of beginning. Pedcor: Carmel Trail Preliminary Redevelopment Proposal The preliminary Pedcor: Carmel Trail 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 as well as other redevelopment initiatives which the CRC has promoted in the city Center area over time. The redevelopment design `motif which has been designated in the Old Town area of Carmel is to create a `new urbanist' area, with higher density, upscale housing and a full complement of supporting retail, integrated with developmental amenities such as pedestrian facilities, historically reminiscent architecture, the Monon Trail, the Arts District and Performing Arts complex.. This preliminary redevelopment proposal indicates that the redeveloped parcels will be developed with far greater intensity and in more amenable land uses than the original industrial developments which were historically located on the assembled parcels. The redevelopment proposal has been refined to propose Carmel Trail ED Plan to Become a Part of Carmel's Integrated ED Plan It is the intent of the CRC that this "Pedcor: Carmel Trail Economic Development Plan," and designated "Pedcor: Carmel Trail Economic Development Area," will become a part of the Carmel Integrated Economic Development Plan, as amended. Pedcor: Carmel Trail Economic Development Plan (080207) 5 The CRC originally created a series of separate 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. Over time, the success of these separate economic development strategies and initiatives expanded the boundaries of the original ED RD Areas to the point where the separate areas became contiguous. In response to that contiguity, the CRC developed (and amended over time to reflect progress on a broad range of projects) an Integrated Economic Development Redevelopment Plan itemizing the individual strategies and projects 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 "Pedcor: Carmel Trail 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 Pedcor: Carmel Trails ED Area is extended the same CRC policy provisions as the other ED RD Areas, in that TIF revenues generated within the proposed Pedcor: Carmel Trail ED Area can be used to benefit the City Center Redevelopment Area, and such use of the TIF revenue (in the City Center Redevelopment Area) is determined to directly serve and benefit the Pedcor: Carmel Trail ED Area. Portion of ED Area Previously Designated for TIF Incentives The public should know and understand that the Pedcor: Carmel Trail Economic Development Area proposed herein for designation includes parcels that are already designated as part of an economic development area, as well as contiguous parcels. The creation of the Pedcor: Carmel Trail ED Area enables the CRC to provide incentives to the developer which would be otherwise more difficult to achieve, without the ED Area designation. The proposed uses of TIF are set forth in the "Projects" section of this ED Plan. The revenue impact of designating this Pedcor: Carmel Trail ED Area is projected to be nominal, but will be set forth in the financial analysis, to be prepared separately. 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 Carmel Trail (Pedcor) as a development incentive to support the reconstruction of infrastructure to serve more intense and upscale development in the Old Town area. Incorporation of Previous Findings As noted previously, this ED Plan is being amended directly into the Integrated Economic Development Redevelopment Plan which the CRC has developed to Pedcor: Carmel Trail Economic Development Plan (080207) 6 promote multiple and complimentary economic development and redevelopment strategies for the Old Town and City Center areas. This Pedcor: Carmel Trail Economic Development Plan, therefore, incorporates any and all relevant findings of fact and findings of blight related to previous designations of Economic Development Areas and /or Redevelopment Areas in/near Old Town, City Center, 126 Street, and so forth, 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 and Redevelopment Area covering the parcels in the general area, as well as the findings of blight that were previously approved as part of the City Center Redevelopment Plan. 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, the Integrate Economic Development Redevelopment Plan, and all other Economic Development Plans and Redevelopment Plans, as amended and promulgated by the CRC for purposes of redeveloping the Old Town, City Center and 126 Street areas. It is the intent of the CRC that all such actions, projects and strategies be integrated and complementary to the overall goals of the economic development and redevelopment effort. Pedcor: Carmel Trail 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...." Pedcor: Carmel Trail Economic Development Plan (080207) 7 Designation of the Pedcor: Carmel Trail Economic Development Area is undertaken for the specific purpose of promoting a development proposal from Pedcor for an area on both sides of 3` Avenue SW, west of the Monon Trail, south of 2 Street SW and Industrial Drive, and north of City Center Drive. Pedcor's redevelopment proposal for Carmel Trail involves creation of a mixed use retail/ office development which is targeted to support and complement Carmel's downtown Arts District, as well as the hotels and other commercial developments of the City Center RD Area. Pedcor's corporate headquarters are located adjacent to the City Center RD 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 Pedcor: Carmel Trail Economic Development Area. In addition, it is Pedcor's stated intent to develop Carmel Trail 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, relocated and /or expanded commercial businesses in the Pedcor: Carmel Trail ED Area and which 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. As such, it is determined that the proposed Economic Development Area meets the statutory finding of fact that the ED Area promotes new opportunities for gainful employment, attracts new business enterprise, and provides for the expansion of existing business in the City. 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...multiple ownership of land... or other similar conditions." The designation of the Pedcor: Carmel Trail ED Area responds to a series of conditions that relate to the development /redevelopment of urban parcels. The development proposal which has been offered by Pedcor cannot be achieved through regulatory processes, nor through the normal operation of private enterprise. The area in, near and surrounding the proposed Pedcor: Carmel Trail ED Area has been designated for economic development and urban redevelopment for an extended period of time into the 21 Century. Several parcels within the Pedcor: Carmel Trail ED Area were originally designated as part of the Old Town 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 were above incorporated into this economic development plan by reference. Furthermore, the City Center Redevelopment Area (located just south of the proposed ED Area) was designated with a full complement of findings of blight, indicating that the area was suffering from urban deterioration and other blighting influences. Pedcor: Carmel Trail Economic Development Plan (080207) 8 Beyond these recent actions by the CRC acknowledging the need for economic development and redevelopment in these areas, we have also noted that the 3 Avenue SW corridor was originally designated as the Town's industrial corridor. This historic zoning has become increasingly problematic in that any industrial development proposal that complies with the industrial zoning requirements could be constructed in this area, to the detriment of the surrounding property. As such, any redevelopment or economic development strategy for the proposed ED Area must also be prepared to confront the need for upgraded zoning for the industrial parcels along 3 Avenue SW. The zoning issues add more complexity to an already complex situation in this case. This action to re- designate the parcels now comprising the Pedcor: Carmel Trail ED Area as a separate Economic Development Area is being undertaken in full recognition of these previous designations by the CRC, as well as previous zoning decisions. The additional findings of fact necessary to meet the statutory requirements for designation of the Pedcor: Carmel Trail 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 generally located between Main Street and City Center Drive, and between Rangeline Road and 3 Avenue SW. More specifically, the Pedcor: Carmel Trail 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 and quality of urban intensity sought by the CRC for the old downtown area. When private interests acquire fragmented parcels and bring them under single ownership for redevelopment purposes, the CRC is able to more efficiently encourage /stimulate /negotiate a redevelopment proposal that is appropriate to 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 with the parcels under fragmented ownership. 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, focusing on this old downtown area. 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, including a performing arts center, new hotels, various new streets /roads, various improvements to existing streets /roads, expansion/enhancement of public parking facilities, new electrical infrastructure to support intensified development (and intensified electrical demand) 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 newly- designated Arts District has been Pedcor: Carmel Trail Economic Development Plan (080207) 9 overwhelmingly successful in attracting new, arts -based economic activity to the old downtown area. 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 redevelopment project which is being proposed in this case. In all cases, the property designated for the Pedcor: Carmel Trail Economic Development Area cannot be developed or redeveloped to its highest potential without the intervention/inclusion 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 Pedcor: Carmel Trail Economic Development Area to increase its developmental intensity so as to serve a city with over 50,000 population, and a metropolitan area of over 200,000 population. Clearly, the existing public improvements serving this area, including infrastructure and parking, were originally designed to serve a small town. Therefore, if developmental intensity in the city's historic center 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 Pedcor: Carmel Trail 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 Pedcor: Carmel Trail Economic Development Area will benefit the public health and welfare in several ways, as follows: 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 commercial development. 2. The public welfare will be benefited by introducing new opportunities for arts, entertainment and cultural enhancement in and near the proposed Economic Development Area. 3. The public welfare will be benefited through the attraction of arts- related and other businesses into the proposed ED Area, which will increase the economic viability of the ED Area and overcome the original industrial land uses designated for the 3` Avenue SW corridor. 4. The public welfare will be benefited by creation of new assessed value within the Economic Development Area. Pedcor: Carmel Trail Economic Development Plan (080207) 10 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 commercial redevelopment opportunities in an area historically designated to house industrial land uses. 8. The public health will be benefited by attracting more people to walk or jog along the Monon Trail. 9. The public health will be benefited by redeveloping an area which could possibly have lain fallow due to concerns over the cost of environmental cleanup necessitated by previous industrial activity in the proposed ED Area. 10. 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. By employing strategies to increase arts -based activities, the CRC also secondarily promotes adjunct commercial activities, producing secondary economic benefits to the ED Area, the surrounding ED /RD Areas, and the community in general. 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 (above). The development proposal offered by Pedcor is projected to increase the number of permanent jobs in the downtown area, as well as supporting the retention of existing jobs which are already located in the old downtown area. 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. The proposed Carmel Trail development will help the city to attract and retain a broad range of new businesses, including small, start-up businesses, as well as relocation opportunities for expanding businesses in the area. 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 for Carmel Trail. 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 business development in the downtown area, including Old Town, City Center, 126 Street 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. Pedcor: Carmel Trail Economic Development Plan (080207) 11 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 Pedcor: Carmel Trail Economic Development Plan is designed to conform in every respect to the other economic development and redevelopment plans for the area. As stated previously, a portion of the area to be designated as the Pedcor: Carmel Trail Economic Development Area was previously designated as part of the Old Town Economic Development Area. It is also noted that the original zoning designation for a substantial portion of the 3` Avenue SW corridor is industrial. This industrial zoning is not compatible with current development patterns in the City Center, Old Town and 126 Street areas. As such, the Plan Commission is obligated to consider redevelopment proposals which promote alternatives to heavy industrial redevelopment of historic industrial areas. If industrial redevelopment were located in the proposed ED Area, the surrounding property values would almost certainly suffer. Regardless of the proposed change in designation implicit 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. Economic Development Strategy The CRC seeks to designate the Pedcor: Carmel Trail Economic Development Area for the purpose of promoting a specific, private sector redevelopment proposal which will be simultaneously presented to the CRC for consideration. The development proposal and the ED Area designation will be considered by the CRC as part and parcel to one another. 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 old downtown area, and which promote, support, and extend the capacity of the Old Town commercial area to support a broad range of 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, and the developer will work with CRC to answer all questions and resolve all disputes, to the maximum practical extent. The CRC believes that implementation of this project will Pedcor: Carmel Trail Economic Development Plan (080207) 12 result in further redevelopment of the old downtown area at an appropriate level of urban 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 Pedcor: Carmel Trail ED Area includes the possible use of TIF funds for the following projects in conjunction with the Pedcor proposal. Cost item Estimated cost Parking Structures (subsurface) Surface parking 3rd Avenue corridor improvements Ingress /Egress provisions (including handicapped access, ramps, elevators, vehicle access, etc.) Other infrastructure support Preliminary Subtotal of Estimated Costs 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 in the City Center Redevelopment Area, including the Performing Arts Center, and that such use of the excess TIF revenues will directly serve and benefit the Pedcor: Carmel Trail ED Area. /carmel trail ed plan 080207 Pedcor: Carmel Trail Economic Development Plan (080207) 13