HomeMy WebLinkAboutPacket 05-18-10 from County HOWARD ASSOCIATES
ATTORNEYS FOR HAMILTON COUNTY
AND
r
THE CITY OF NOBLESVILLE f= Y.
MICHAEL A. HOWARD DARREN J. MURPHY
MEMORANDUM
TO: City of Carmel Plan Commission
Angie Conn, Planning Administrator
City of Carmel Planning 86 Zoning Dept.
FROM: Michael A. Howard
DATE: May 7, 2010
SUBJECT: May 18, 2010, Carmel Plan Commission Meeting
Enclosed are two separate Orders to be placed on the Plan Commission
agenda. Under the Redevelopment statute, amendments to a
development plan must go before the Plan Commission to allow the Plan
Commission to determine whether the development plan conforms with
the City's Comprehensive Plan.
The Thomson Amendment concerns road improvements within the Area
which is generally bounded by US 31 on the east, Sprinmill Road on the
west, 106th Street on the north, and I -465 on the south. Previous
amendments in 2005 approved payment of costs for Illinois Street north
of the Area and Airport improvements. Even though the Airport is outside
of your planning jurisdiction, the Commission found that the Airport was
public infrastructure which served and benefited the Area.
The second Order concerns the 96th-421 Area. This Area generally
consists of the retail development north of 96th Street on the east side of
US 421. There are a few additional parcels in the Area near the 421
106th Street intersection. The amendment to the Area allows funding
from the Area for the road improvements in western Clay Township and
provides some of the funds necessary to complete 146th Street to the
Boone County line.
I will be at the Plan Commission meeting along with a representative of
the Carmel Engineering Department to explain the Resolutions.
•694 LOGAN STREET, NOBLESVILLE, INDIANA 46060 (317) 773 -4212 •(FAX) (317) 776 -2369•
ORDER OF THE CARMEL PLAN COMMISSION
DETERMINING THAT AN AMENDED RESOLUTION
AND ECONOMIC DEVELOPMENT PLAN APPROVED
AND ADOPTED BY THE HAMILTON COUNTY
REDEVELOPMENT COMMISSION CONFORM TO THE
COMPREHENSIVE PLAN AND APPROVING THAT RESOLUTION
AND THE ECONOMIC DEVELOPMENT PLAN
(Thomson Consumer Electronics, Inc., Economic Development Area)
WHEREAS, the Hamilton County Redevelopment Commission
"Commission ")Commission on the 17th day of April, 1990, adopted a
Declaratory Resolution declaring that the Thomson Consumer
Electronics, Inc., Economic Development Area "Area was an economic
development area and subject to economic development activities
pursuant to IC 36 -7 -14 and IC 36 -7 -25, and all acts supplemental and
amendatory thereto "Act and,
WHEREAS, the Commission, on the 22 day of April, 2010,
preliminarily approved the Third Amendment to the Economic
Development Plan "Plan for the Area, which is located within the City
of Carmel "the City and,
WHEREAS, IC 36- 7 -14 -16 requires a Declaratory Resolution which
amends an economic plan within the City to be approved by the Carmel
Plan Commission "Plan Commission
NOW, THEREFORE, BE IT ORDERED by the Carmel Plan
Commission, as follows:
1. The Third Amendment to the Plan for the Area conforms to
the Comprehensive Plan for development for the City and for
the real estate within the Area.
2. The Third Amendment to the Plan is in all respects
approved, ratified and confirmed.
3. The Secretary of the Plan Commission is hereby directed to
file a copy of the Declaratory Resolution approving the Third
Amendment to the Plan with the permanent minutes of this
meeting.
Passed by the Carmel Plan Commission, this day of May,
2010.
President, Carmel Plan Commission
ATTEST:
Secretary, Carmel Plan Commission
RESOLUTION RC- 4- 22 -10 -A
A RESOLUTION OF THE HAMILTON COUNTY
REDEVELOPMENT COMMISSION PRELIMINARLY APPROVING
THE THIRD AMENDMENT TO THE ECONOMIC DEVELOPMENT
PLAN FOR THE THOMSON CONSUMER ELECTRONICS, INC.,
CLAY TOWNSHIP ECONOMIC DEVELOPMENT AREA
WHEREAS, the Hamilton County "County Redevelopment
Commission "Commission on April 17,1990, adopted a Declaratory
Resolution "Declaratory Resolution establishing the Thomson
Consumer Electronics, Inc., Clay Township, Economic Development Area
"Area and,
WHEREAS, the Declaratory Resolution approved the Economic
Development Plan "Plan which Plan contained specific
recommendations for construction of local public improvements to
enhance the economic development in the Area; and,
WHEREAS, the Declaratory Resolution was confirmed by the
Commission on the 16th day of April, 1991, after the approval of the Plan
by the Carmel Plan Commission and the Hamilton County Board of
Commissioners; and,
WHEREAS, the Declaratory Resolution established an allocation
area in accordance with Indiana Code 36- 7 -14 -39 "Allocation Area for
the purpose of capturing property taxes generated from the incremental
increases in assessed value of real property "Tax Increment located in
the Allocation Area; and,
WHEREAS, the Board of Commissioners approved the creation of
the Area and the Allocation Area; and,
WHEREAS, the Hamilton County Board of Aviation
Commissioners, on behalf of Hamilton County, acquired the Indianapolis
Executive Airport "the Airport in July of 2003, and the Airport
continues to expand to provide general aviation service to businesses
within Hamilton County; and,
WHEREAS, the powers and duties of the Hamilton County Board of
Aviation Commissioners have been transferred to the Hamilton County
Airport Authority; and,
WHEREAS, the Airport is public infrastructure which enhances
economic development opportunities within all of Hamilton County and
specifically benefits economic development within, and near, the Area as
shown in the January 19, 2005, report of the Indianapolis Executive
Airport, which is attached to Resolution RC- 3- 3 -05 -A; and,
WHEREAS, the Commission amended the Plan for the Area on the
3rd day of March, 2005, pursuant to Resolution RC- 3- 3 -05 -A, "the First
Amendment by finding that the acquisition and construction of
improvements to the Indianapolis Executive Airport served and benefited
the Area as set out in Paragraph 1 of Resolution RC- 3- 3 -05 -A, which is
attached hereto and made apart hereof; and,
WHEREAS, the Commission now desires to amend the Declaratory
Resolution, as confirmed by the Confirmatory Resolution, and the Plan,
as amended by the First Amendment, to add the construction of certain
improvements to Indianapolis Executive Airport, now managed by the
Hamilton County Airport Authority, and which Airport serves and
benefits the Area, to include the following local public improvements:
a. The construction of additions or improvements to runways,
ramps, or taxiways.
b. The construction of sanitary sewer facilities serving the
Airport.
c. Extension of water mains serving the Airport.
d. Construction, relocation, and soil remediation costs
associated with improving fueling stations located at the
Airport.
e. The above costs shall include the costs of design,
construction, construction inspection, and payment of any
matching funds for Federal or State grants used for any of
the above stated projects.
WHEREAS, the improvements listed in (a) through (e) above are
hereinafter referred to as "the Airport Projects and,
WHEREAS, on the 25th day of August, 2005, the Commission
approved Resolution RC- 8- 25 -05 -A, which amended the Plan to include
construction and improvement of Illinois Street from 111th Street to 136th
Street, "the Second Amendment and fund the construction of those
local public improvements serving and benefiting the Area as set out in
Resolution RC- 8- 25 -05 -A, which is attached hereto and made apart
hereof; and,
WHEREAS, the Commission now desires to amend the Declaratory
Resolution, as confirmed by the Confirmatory Resolution, and the Plan,
as amended by the Second Amendment, to add the construction of road
improvements serving and benefiting the Area to include:
a. The relocation, construction, and expansion of any roadways
located within or contiguous to the Area;
b. The completion of Illinois Street from 106th Street north to its
existing terminus between 116th Street and 111th Street; and
c. All land acquisition, design, construction, and construction
inspection costs related to the above.
and,
WHEREAS, the improvements listed in (a) through (c) are
hereinafter referred to as "the Road Projects and,
WHEREAS, Indiana Code 36 -7 -14 -15(4) authorizes the
Commission to amend the Declaratory Resolution and Plan, if it finds
that:
a. The Amendments are reasonable and appropriate when
considered in relation to the Declaratory Resolution and the
Plan and the purposes of Indiana Code 36 -7 -14; and,
b. The Declaratory Resolution and the Plan, with the proposed
Amendments, conform to the comprehensive plan for the
City;
NOW, THEREFORE, BE IT RESOLVED BY THE HAMILTON
COUNTY REDEVELOPMENT COMMISSION THAT:
1. The Plan as stated in the Declaratory Resolution and the
First Amendment shall include payment of all or part of the costs of the
Airport Projects.
2. The Plan as stated in the Declaratory Resolution and the
Second Amendment shall include payment of all or part of the costs of
the Road Projects.
3. The Commission finds that the above Amendments to the
Plan are reasonable and appropriate when considered in relation to the
original Plan for the Area and the First and Second Amendments to the
Plan as described in Resolution RC- 3- 3 -05 -A and Resolution RC -8 -25-
05-A.
4. The above Amendments to the Plan conform to the
Comprehensive Plan for the City of Carmel.
5. The Amendments to the Plan do not enlarge the boundaries
of the Area.
6. There is public utility and benefit to amend the Plan for the
Area to include the Airport Projects and Road Projects.
7. The estimated costs of the Airport Projects and Road Projects
to initially be fully or partially funded by the Commission are shown on
Exhibit A.
8. The Amendments described in Section 1 and Section 2 above
conform with the economic development purposes set forth in Indiana
Code 36 -7 -14.
9. The Secretary is hereby directed to forward a copy of this
Resolution to the Carmel Plan Commission for consideration pursuant to
Indiana Code 36- 7- 14 -16.
10. In all other respects, the original Declaratory Resolution and
Plan and the previous Amendments are hereby ratified and confirmed.
11. This Resolution is effective upon passage.
ALL OF WHICH IS RESOLVED this 22 day of April, 2010.
HAMILTON COUNTY REDEVELOPMENT
COMMISSION
Art Levine, President
randall, Vice President
Charlotte Swain, Secretary
ff
Stephen K. Andrews,,, ember
ATTEST: f
Ron Thomas, Member
ZrL.c,C ,�,tii
Charlotte Swain, Secretary
This instrument prepared by Michael A. Howard, Noblesville City Attorney, 694 Logan Street, Noblesville,
Indiana 46060, 773 -4212.
EXHIBIT A
COSTS OF PROJECT
Airport Reimbursement
Costs (2005 Resolution) 1,000,000
Airport Infrastructure 2,849,000
Land Acquisition 1,000,000
Costs for (Construction of Illinois Street 600,000
south of 106th Street)
Design Costs Illinois Street 400,000
5,849,000
Balance of Illinois Street costs to be funded
by extra increment or other Carmel funds.
RESOLUTION RC- 3- 3 -05 -A
A RESOLUTION OF THE HAMILTON COUNTY
REDEVELOPMENT COMMISSION
AMENDING RESOLUTION 4 -17 -90
TO AMEND THE ECONOMIC DEVELOPMENT PLAN FOR THE
THOMSON CONSUMER ELECTRONICS, INC.,
CLAY TOWNSHIP ECONOMIC DEVELOPMENT AREA
WHEREAS, this Commission on the 16 day of April, 1991, approved a
Confirmatory Resolution No. 4- 16 -91 -A, which confirmed Resolution No. 4 -17 -90 "the
Declaratory Resolution); and,
WHEREAS, the Declaratory Resolution created the Thomson Consumer
Electronics, Inc., Clay Township Economic Development Area "the Area and
approved the Economic Development Plan for the Area; and,
WHEREAS, the Hamilton County Board of Aviation Commissioners, on behalf of
Hamilton County, acquired the Indianapolis Executive Airport "the Airport") in July of
2003, and the Airport continues to expand to provide general aviation service to
businesses within Hamilton County; and,
WHEREAS, the Airport is public infrastructure which enhances economic
development opportunities within all of Hamilton County and specifically benefits
economic development within, and near, the Area as shown in the January 19, 2005,
report of the Indianapolis Executive Airport, which is attached hereto and marked as
Exhibit A; and,
WHEREAS, the intersection of 106 Street and Springmill Road is in need of
rehabilitation and the improvement and the proposed reconstruction of the intersection
will improve traffic flow within, contiguous to, and near the Area; and,
WHEREAS, the Board of Commissioners of Hamilton County and Hamilton County
Council have approved a Funding Plan to fund additional public infrastructure which
benefits the Area, which Funding Plan is attached hereto and marked as Exhibit B; and,
WHEREAS, the Economic Development Plan for the Area approved by the
Declaratory Resolution on April 17, 1990, described the Project as follows:
1. Construction of roads and related storm drainage and curbs within the
Thomson Area going from 106` Street south to 103r Street and the
extension of 103` Street to Springmill Road as shown in the attached Exhibit
B. Estimated total costs One Million Five Hundred Thousand Dollars
($1,500,000.00), Proposed TIF Funding One Million Five Hundred
Thousand Dollars ($1,500,000.00).
2. Construction of drainage retention facilities within the Thomson Area.
Estimated total cost Two Hundred Thousand Dollars ($200,000.00),
Proposed TIF Funding Two Hundred Thousand Dollars ($200,000.00).
3. Acquisition of approximately seventeen (17) acres for the above roads,
related drainage, and curbs, plus surface water retention ponds within the
Thomson Area at a price of Tess than the appraised value of said land.
Estimated total costs Two Million Two Hundred Thousand Dollars
($2,200,000.00) land, Proposed TIF Funding —Two Million Two Hundred
Thousand Dollars ($2,200,000.00).
and,
WHEREAS, in order to implement the intent of the Funding Plan approved by the
Board of Commissioners and the Hamilton County Council and to further provide
increased ingress and egress to the Area, it is necessary to amend the Economic
Development Plan to expand the scope of the Project described above; and,
WHEREAS, the Commission has caused to be published a Notice of Public
Hearing to be held on March 3, 2005, at 7:30 a.m., concerning a proposed amendment to
the Economic Development Plan.
IT IS THEREBY RESOLVED by the Hamilton County Redevelopment Commission
as follows:
1. The Project description, as included in the Economic Development Plan for
the Area which was approved by this Commission by the Declaratory Resolution on April
17, 1990, and was confirmed by the Confirmatory Resolution approved by this
Commission on April 16, 1991, is hereby amended to read as follows:
The following Projects will serve the Economic Development Area by
providing general aviation services and improved ingress, egress, and traffic
circulation to the existing and future commercial enterprises within,
contiguous to, and /or serve and benefit the Economic Development Area:
a. The acquisition and following improvements to Indianapolis Executive
Airport "the Airport") will provides general aviation service to
enhance economic development to businesses located within, and
near the Area as shown on Exhibit A.
1. Payment of Promissary Note to Raymond Van Sickle
for part of the acquisition costs of the Airport in the
amount of One Million Four Hundred Thousand Dollars
($1,400,000).
2. Payment of the costs of the Bailey land acquisition in the
approximate amount of Thirty Thousand Dollars ($30,000).
3. Costs of a T- hangar Taxiway in the amount of Two Hundred
Twenty Thousand Dollars ($220,000).
4. Costs of a Corporate Hangar Apron in the amount of Two
Hundred Sixty Thousand Dollars ($260,000).
5. Costs of RCO in the amount of Seventy -five Thousand Dollars
($75,000).
6. Costs of Land acquisition for a Taxiway in the amount of Two
Hundred Ten Thousand Dollars ($210,000).
7. Costs of a Corporate Hangar mound system in the amount of
Seventy Thousand Dollars ($70,000).
8. Costs of a Corporate Hangar Taxiway in the amount of Three
Hundred Forty -seven Thousand Dollars ($347,000).
9. Costs of relocated a fuel farm of One Hundred Sixty Thousand
Dollars ($160,000).
10. Payment of engineering, appraisal, legal, and professional
costs as are necessary to design, finance, and construct the
above improvements.
b. Payment or reimbursement of the costs of the improvement of the
intersection of 106` Street and Springmill Road including design,
right of way acquisition, construction, and construction inspection.
2. J.P. Morgan Trust Company, National Association, as successor to Bank
One Trust Company National Association, as Trustee, Registrar and Paying Agent "the
Trustee of the Hamilton County (Indiana) Redevelopment Commission Redevelopment
District Tax Increment Refunding Revenue Bonds of 2002 "the Bonds is directed to pay
to the Hamilton County Auditor all funds held by the Trustee in its capital account. The
Auditor shall deposit said funds in a Capital Fund pursuant to Section 10 of Resolution No.
2- 19 -02 -A, (the Final Bond Resolution) passed by this Commission on February 19, 2002.
3. The Hamilton County Auditor shall, from this date henceforth, pay to the
Trustee from the semi annual tax increment collected from the Area, only the amounts
necessary to pay the principle and interest on the Bonds as shown on Exhibit C. The
balance of any tax increment received by the Auditor shall be deposited into the Auditor's
Capital Fund described in Section 2 above.
4. The funds deposited in the Capital Fund may only be used for purposes
described in the Final Bond Resolution No. 2- 19 -02 -A and described in Section 1 above.
The funds in the Capital Fund shall be appropriated by the Hamilton County Council into
such accounts within the Capital Fund as are necessary for the Auditor to administer said
Fund.
5. The Commission now finds and determines that the amendment described
in Section 1 is reasonable and appropriate when considered in relation to the Declaratory
Resolution, as amended by this amendatory Resolution, the Economic Development Plan
and to the redevelopment and economic development purposes set forth in IC 36 -7 -14.
6. The Declaratory Resolution and the Economic Development Plan conform to
the comprehensive plan for the County.
7. All other terms of the Economic Development Plan for the Area approved by
Resolution No. 4 -17 -90 shall remain in full force and effect unless amended by this
Commission.
8. This Resolution shall be in full force and effect upon passage.
ALL OF WHICH IS RESOLVED this 3r day of March, 2005.
HAMILTON COUNTY REDEVELOPMENT
COMMISSION
Ga eunier, President
(2 4/j°31)
'r randall, Vice President
Art Levine, Secretary
(hL
(1
Charlotte Swain, Member
ATTEST: :92I/■
Steve rews, Member
Art Levine, Secretary
Indianapolis Executive Airport
1lamilton County Board of Aviation
Attn: Mike Howard Attorney for the Board
Wednesday, January 19, 2005
Re: Meridian Street Corridor Flights
The airport does not keep records of the flight destinations beyond the airport. However, the data we are providing is
based on the personal observations of our staff reviewing the data that is kept such as fueling records, flight plans, car
rental agreements and hotel reservations.
We have reviewed the Flights from 1 -1 -2004 to 12 -31 -2004 that purchased fuel upon arriving, 4897 flights in
total. This is approximately 10% of the annual flights the FAA records using the airport for the same period.
We previously referred business to the Wyndham Hotel at 103 and Meridian and in 2003 they reported 207
nightly bookings from IEA.
In 2004 we found that the pilots and passengers preferred the Marriott Courtyard Hotel also at the 103 and
Meridian, however they do not keep such records on the airport sales. They only remembered, "Those are the
guys who come in weekly in the blue suits." Our counter help, report the traffic to the Marriott to be
approximately 2 per week thus we're counting 100 flights on that basis, however it's probably much greater
possibly over 200.
We have a customer who lives in Minnesota that commutes to Indianapolis and uses IEA. His primary customer
is Thompson Electronics. He chose IEA because of the location and the 146 to Springmill access to Thompson.
Our staff also has observed many flights going to the heart center at 103 and Meridian.
We also have observed flights going to the eye surgeons at 103 and Meridian.
There were a total of 479 flights that we could correlate to the Meridian Street Corridor.
1. 91 flights went to 96 and Meridian
2. 201 flights went to 103 and Meridian
3. 35 flights went to 106 and Meridian
4. 118 flights went to 116 and Meridian
5. 34 flights went to 13 l and Meridian
We reviewed 4897 flights to arrive at these 479 flights. This personal observation and after the fact correlation is apt to be
extremely conservative, thus the flights to this area could easily be several times greater than this estimation. The data is
displayed graphically on the next page. The report the data is compiled from total some 200 pages and are available at the
airport for you review.
Sincerely
Dan R Montgomery, Manager IEA
11329 East State Road 32
Zionsville, IN 46077
1_1Io_nnQ1
EXHIBIT A, P. 1
Indianapolis Executive Airport
Flights
500
I ;,r 450
400
alli 350
I 300
M Illi 250
ilil,..1
200
a 150
r Y 100 Flights
50
Flights j W 106th 103rd 9
Total
131st 116th
Meridian Street Corridor Flights
96th 103rd 106th 116th 131st Total
Flights 91 201 35 118 34 479
11329 East State Road 32
Zionsville, IN 46077
:1 '7_'7K4_ddR7
EXHIBIT A, P. 2
.i
FUNDING PLAN
THOMSON ECONOMIC DEVELOPMENT AREA
Estimated Increment 2005 -2009
(In 1000's)
Scheduled Debt
Service for Increment
Tax Pay Existing TIF Hospital SPTR Existing Bonds Available
(Subject to
Abatement)
2005 1,200 131 226 771 786
2006 1,200 263 248 770 941
2007 1,200 394 270 381 1,483
2008 1,200 526 290 2,016
2009 1,200 657 320 2,177
1 Estimated' at 15% of total collections.
2 February 1, 2008, payment from Debt Service Reserve Fund.
THOMSON ECONOMIC DEVELOPMENT AREA
Estimated TIF Increases Due To Decrease In Hospital Abatement
PAY UNABATED HEART HOSPITAL BW 106 TOTAL AV INCREMENT
2005 20% 5,427,660 1,225,780 6,683,440 131,500
2006 40% 10,855,320 2,511,560 13,366,880 263,000
2007 60% 16,282,980 3,767,340 20,050,320 394,500
2008 80% 21,710,640 5,023,120 26,733,760 526,000
2009 100% 27,138,300 6,278,900 33,417,200 657,500
EXHIBIT B, P. 1
FUNDING PLAN
FOR SURPLUS INCREMENT FROM THOMSON AREA
2005 -2007
(in 1000's)
TIF AVAILABLE FUNDS
January
2005 2006 2007 2008
Capital Account 867
One Half 2005
Available Increment 393
One Half 2005
Available Increment 393
One Half 2006
Available Increment 470
One Half 2006
Available Increment 470
One Half 2007
Available Increment 551
Last Half 2008
Available Increment 932
TOTAL AVAILABLE FUNDS 1,260 863 1,021 932
EXHIBIT B, P. 2
EXPENDITURES
January
2005 2006 2007 2008
Note Payment 100 120 674 506
Bailey Acquisition 30
Tee Hangar Taxiway 220
Corporate Hangar Apron 260
RCO 75
Land Acquisition Taxiway 210
Mound System 70
Corporate Hangar Taxiway 347
Fuel Relocation 160
Springmill /106th Street 575 463
Extra Funds Available 266
TOTAL EXPENDITURES 1,260 863 1,021 932
Per Year
Total Airport Acquisition Costs $1,400,000
Total Airport Capital Costs 1,372,000
Total Intersection Improvements 1,038,000
$3,810,000
EXHIBIT B, P. 3
n {e
IIAMIE.. :CON COUNTY (INI MANA) REDEVELOPMENT COMMISSION
SCF{EDULE Oi
AMORTIZATION OF $4 PRINCIPAL AMOUNT' OF OUTSI'ANI)ING
REDEVELOPMENT DIS•IRE(T TAX INCREMENT REVI'.N1IE BONDS OF 1991
Payrncnt l'nncip�il lntcrest Bond Year
Trite Balance Principal Rate(s) 1ntt ,t I•otal Total
In $1,000's CA)
08/01 /02 156,037.50 $156,03750
02/01/03 $4,380 $375 7.125 156,03750 53 8687,075_00
08/01/03 142,678.12 142,678_12
02/01/04 4,005 -450 7.125 142,678.13 592,678.13 735,35625
08/01/04 126,646.87 126,646 87
02/01/05: 3,555 525 7.125 126,64618 651,646_88 378,293:75
-z 08/01/05. 107,943 75 107,943_75
02/01/06: 3,030 575 7,125. 107,943.75 682,943.75 790,88750
08/01/06. 87,45937 87,45937.
02/01/07 2,.455 600 7.125 ,87,45938 687,45938 774,918.75
`08/01/07: 08/01/07 66,08437 66
d 02/01/08 1,855 600 7.125 66,08438 666,08438 ..732,168.75
d 08/01/08 44,709.37 44,70937
02/01/09 1,255 625 7.125 44,70938 669,70938 714,418.75
08/01/09 22,443.75: 22,443_75
02/01/10 630 630 7.125 22,443.75 _652,443 674,887_50
ti Totals 84380 81,508,00625 $5,888;006.25 $5,888,00625
Bond principal subject to early redemption on March 25, 2002 $4,380,000
Times redemptiort premium 1.00%
Call premium due on March 25, 2002 $43,800
(Subject to the comments in the attached report
hated February 21,2002 of FU_ Umbarigr Associates)
EXHIBIT C
200500055745
Filed for Record in
HAMILTON COUNTY? INDIANA
JENNIFER J HAYDEN
08 -26 -2005 At 0936 an.
RESOLUTION RC- 8- 25 -05 -A MISC NC .00
RESOLUTION AMENDING THE RESOLUTION OF
THE HAMILTON COUNTY REDEVELOPMENT COMMISSION ENTITLED
"DECLARATORY RESOLUTION OF THE
HAMILTON COUNTY REDEVELOPMENT COMMISSION"
WHEREAS, the Hamilton County "County Redevelopment Commission
"Commission did on April 17, 1990, adopt a declaratory resolution "Declaratory
Resolution establishing the Thomson Consumer Electronics, Inc., Clay Township,
Economic Development Area "Area and the Declaratory Resolution was confirmed by a
confirmatory resolution adopted on April 16, 1991; and,
WHEREAS, the Declaratory Resolution approved the Economic Development Plan
"Plan which Plan contained specific recommendations for economic development in the
Area; and,
WHEREAS, the Declaratory Resolution established an allocation area in
accordance with IC 36- 7 -14 -39 "Allocation Area for the purpose of capturing property
taxes generated from the incremental assessed value of real property "Tax Increment
located in the Allocation Area; and,
WHEREAS, the Board of Commissioners approved the creation of the Area and
the Allocation Area; and,
WHEREAS, the Commission now desires to amend the Declaratory Resolution as
confirmed by the Confirmatory Resolution and the Plan to add the construction of certain
road improvements as described in Exhibit A ("Road Improvements and,
WHEREAS, IC 36 -7 -14 -17.5 authorizes the Commission to amend the Declaratory
Resolution, after conducting a public hearing, if it finds that:
a
1. The amendment is reasonable and appropriate when considered in relation
to the Declaratory Resolution and the Plan and the purposes of IC 36 -7 -14;
and,
2. The Declaratory Resolution and the Plan, with the proposed amendment,
conform to the comprehensive plan for the City;
WHEREAS, on August 12, 2005, the Commission published notice of the
substance of a proposed amendment to the Declaratory Resolution in accordance with IC
36 -7 -14 -17.5 and IC 5 -3 -1, which notice also gave notice of a hearing on the proposed
amendment to be held by the Commission, and notice to property owners; and,
WHEREAS, the Commission on August 25, 2005, conducted a public hearing at
which the Commission heard all persons interested in the proceedings and considered all
written remonstrances and objections that were filed.
NOW, THEREFORE, BE IT RESOLVED BY THE HAMILTON COUNTY
REDEVELOPMENT COMMISSION THAT:
1. The Declaratory Resolution and the Plan are hereby amended to include the
following:
The following Projects will serve the Economic Development
Area by providing improved ingress, egress, and traffic
circulation to the existing and future commercial enterprises
within, contiguous to, and /or serve and benefit the Economic
Development Area:
a. The construction of Illinois Street from the Clarian Hospital
development north to the northern boundary of the 136 Street
and Illinois Street intersection including the costs of design,
right of way acquisition, construction inspection, and project
supervision costs.
b. The costs of design of Illinois Street from 111 Street to 116
Street.
c. The costs of the realignment of 3r Avenue southwest and 4
Avenue southwest.
2. The estimated costs of the projects are shown on Exhibit A and the
estimated costs to be paid from the proceeds of the Bonds to be issued by
the Commission are shown on Exhibit B.
3. The Commission now finds and determines that the amendments described
in Section 1 are reasonable and appropriate when considered in relation to
the Declaratory Resolution, as amended by this Amendatory Resolution, and
the Plan and to the redevelopment and economic development purposes set
forth in IC 36 -7 -14.
4. The Declaratory Resolution and the Plan conform to the comprehensive plan
for the County and the City of Carmel.
5. The Secretary is hereby directed to record this resolution with the Hamilton
County Recorder, immediately to notify the Department,of Local Government
Finance of the amendment to the Plan and to file this resolution with the
Hamilton County Auditor.
6. In all other respects, the Declaratory Resolution and Plan are hereby ratified
and confirmed.
7. This Resolution is effective upon passage.
r"
ALL OF WHICH IS RESOLVED this 25' day of August, 2005.
HAMILTON COUNTY REDEVELOPMENT
COMMISSION
Gary n' r, resident
t)
ndall, Vice Presiders
Art Levine, Secretary
Charlotte Swain, a ember
ATTEST: el?
St Andrews, Member
Art Levine, Secretary
This instrument prepared by Michael A. Howard, Noblesville City Attorney, 694 Logan Street, Noblesville, Indiana 46060, 773 -4212.
J
THOMSON TIF DISTRICT PROJECT BUDGET
2005 SERIES
1. ROW Acquisition 3,313,500
Illinois Street from
Clarian to 126 Street
2. Design Costs Illinois Street 286,500
from 111` Street to 116 Street
TOTAL 3,600,000
2006 SERIES
1. ROW Acquisition 1,740,000
Illinois Street from
126 Street to 136 Street
2. Construction Construction 11,099,412
Inspection Illinois Street
Clarian to 136 Street
3. 3r Avenue Southwest and 2,400,000
4 Avenue Southwest Realignment
4. Contingency 260,588
TOTAL $15,500,000
EXHIBIT A
V X
HAMILTON COUNTY REDEVELOPMENT COMMISSION
Thomson Electronics Economic Development Area
SCHEDULE OF ESTIMATED PROJECT COSTS AND FUNDING
Assumes TIF with a COIT back -up.
Estimated Project Costs:
2005 costs $3,600,000
Redeem Refunding Bonds of 2002 1,821,493
Debt Service Reserve 399,338
Underwriter's discount (1 56,300
Bond issuance costs 127,869
Total Estimated Project Costs $6,005,000
Estimated Project Funding:
Tax Increment Refunding and
Revenue Bonds of 2005 $5,630,000
2002 Debt Service Reserve 375,000
Total Estimated Project Funding $6,005,000
For Discussion Purposes Only
Prepared by Umbaugh
July 13, 2005
EXHIBIT B, P. 1
HAMILTON COUNTY REDEVELOPMENT COMMISSION
Thomson Electronics Economic Development Area
SCHEDULE OF ESTIMATED PROJECT COSTS AND FUNDING
Assumes TIF with a COIT back -up.
Estimated Project Costs:
Street improvements $15,500,000
Capitalized interest 1,340,149
Debt Service Reserve 1,741,200
Underwriter's discount (1 189,000
Bond issuance costs 129,651
Total Estimated Project Costs $18,900,000
Estimated Project Funding:
Tax Increment Revenue Bonds of 2006 $18,900,000
Total Estimated Project Funding $18,900,000
For Discussion Purposes Only
Prepared by Umbaugh
July 13, 2005
EXHIBIT B, P. 2
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HAMILTON COUNTY REDEVELOPMENT COMMISSION
AUGUST 25, 2005
The Hamilton County Redevelopment Commission met on Thursday, August 25, 2005 at
8:00 am in the Commissioners Courtroom in the Hamilton County Government and
Judicial Center, One Hamilton County Square, Noblesville, Indiana.
President Meunier called the meeting to order. A quorum was present consisting of Gary
Meunier, Steve Andrews, Bill Crandall and Art Levine. Charlotte Swain was absent.
Approval of Minutes
Mr. Levine motioned to approve the minutes of March 3, 2005. Mr. Andrews seconded.
Motion carried unanimously.
Michael Howard stated this meeting is regarding the Thomson Consumer Electronics
Economic Development Area and the Village Park Economic Development Area. Since
the original bonds were issued both of these areas have been annexed. The statute states
that once there is an annexation and the bonds are paid off the redevelopment
commission can not use those funds to issue bonds or any other purpose unless there is an
interlocal agreement. At the request of the Hamilton County Commissioners Mr. Howard
has been working with representatives of the City of Carmel and the Town of Westfield
to enter into interlocal agreements to provide additional infrastructure from this revenue.
The Village ParlclWestfield project is approximately $7 million directly to the
construction fund and those bonds paying off the end of 2007. The Thomson/Carmel
project is approximately $19.1 million to the construction fund with retiring the bonds
that are outstanding and are not scheduled to come off until 2008. Earlier this year the
redevelopment commission approved using additional funds from the Thomson/Carmel
project for the 106 Street and Springmill Road road project and some Indianapolis
Executive Airport improvements.
Carmel/Thomson Projects
The interlocal agreement with Carmel has been signed for the 106 th Street and Springmill
Road project. The primary project is for Illinois Street. The bonds will be issued in two
series with the first approximately $6 million within the next 60 days for land acquisition
and design costs and retiring our previous bonds for this project. The second series of
bonds will be issued in March which will include additional land acquisition costs and
construction costs.
Mr. Steve Andrews requested the public hearings for resolutions A C be held at the
same time. The commission members agreed.
Public Hearing
President Meunier opened the public hearing for:
Resolution 8- 25 -05 -A, A Resolution Amending Resolution 4- 17 -90, Amending the
Economic Development Plan for the Thomson Consumer Electronics Economic
Development Area and;
Resolution 8- 25 -05 -C. An Additional Appropriation Resolution appropriating the
proceeds of the Commission's 2005 and 2006 Carmel- Thomson Bonds.
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mac, 4
Mr. Mike McBride, City of Carmel Engineer, described the proposed projects that will be
using the bonds the extension of Illinois Street and Rangeline Road connecting Third
Street from Main Street to Carmel Drive.
Mr. Andrews motioned to close the public hearing on Resolutions 8- 25 -05 -A and 8-25
05-C. Mr. Crandall seconded. Motion carried unanimously.
Mr. Andrews motioned to approve Resolution 8- 25 -05 -A, 8- 25 -05 -B, Final Bond
Resolution Thomson Carmel Project, and Resolution 8- 25 -05 -C. Mr. Levine seconded.
Motion carried unanimously.
Westfield/Village Park Project
Mr. Howard stated the Westfield/Village Park TIF area was the first TIF area in Hamilton
County. Hamilton County has been using the excess TIF from this area to help pay for
the 146 Street bonds. The last payment for the Westfield bonds is due in February 2006
and there have been negotiations regarding that revenue streams. An interlocal
agreement has been signed with Westfield regarding the revenue. If the TIF falls off the
taxpayers of Westfield would see a 9% decrease in their property taxes. Westfield knows
that something has to be done with the traffic within the Village Park area and on the
west side to make their retail sites competitive. A compromise was struck that beginning
with next years tax year, 50% of the assessed value will go into the underlying assessed
value for all the units. The other half will be divided 60/40 with 60% going to pay the
bonds in an amount not to exceed $7.3 million and 40% of the revenue would be
continued to be used by the county to help free up COLT by paying on the 146 Street
bonds.
Public Hearing
President Meunier opened the public hearing for:
Resolution 8- 25 -05 -D, A Resolution Amending the Resolution of the Hamilton County
Redevelopment Commission Entitled "Declaratory Resolution of the Hamilton County
Redevelopment Commission." and;
Resolution 8- 25 -05 -E, Consideration of Resolution 8- 25 -05 -E, An Additional
Appropriation Resolution appropriating the proceeds of the Commission's Bonds.
Mr. Bruce Hauk, Director of Public Works for Town of Westfield, described their
project. Mr. Hauk stated there are seven projects: 1) Enhancing of Greyhound Pass. 2) A
signal for the intersection of Westem Way and Greyhound Pass. 3) A signal for the
intersection that enters the Barnes Nobles shopping center. 4) A signal for the
intersection by Menards. 5) Acquire right of way behind Wal -Mart to build a road for
better traffic flow. 6) Align the road for the Cool Creek Park entrance. 7) Sidewalks
installed on the north side of 146` Street. Miscellaneous projects include installation of
Opti -Con Surge at intersections to enable the fire department to stop lights at
intersections when they need to get through and an upgrade of the helipad at a fire
station.
Mr. Andrews motioned to close the public hearing. Mr. Crandall seconded. Motion
carried unanimously.
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Mr. Crandall motioned to approve Resolution 8- 25 -05 -D, Resolution 8- 25 -05 -E, and
Resolution 8- 25 -05 -F, A Reimbursement Resolution for the Town of Westfield to be
Reimbursed Design Costs (Village Park Project). Mr. Levine seconded. Motion carried
unanimously.
Meeting adjourned.
Others Present
Mr. Michael Howard, County Attorney
Mr. Mike McBride, City of Carmel Engineer
Mr. Bruce Hauk, Town of Westfield Director of Public Works
Dawn Coverdale, Chief Deputy Auditor
Kim Rauch, Recording Secretary
APP D
Lola-
G. e. 'er, sident
AL
Bill V.. dall, Vice President
Art Levine, Secretary
Charlotte S ember
Are
�I -ws, Member
ATTEST
ti i QUixk
Kim Rauch, Recording Secretary
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