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HomeMy WebLinkAboutCRC-2011-1 Amend 126th EDARESOLUTION NO. 2011- 1 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE INTEGRATED 126" STREET CORRIDOR ECONOMIC DEVELOPMENT AREA WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment Commission "), governing body of the City of Carmel Redevelopment District (the "District "), previously has adopted and amended resolutions (collectively, the "Declaratory Resolution ") establishing and expanding an economic development area known as the "Integrated 126th Street Corridor Economic Development Area" (the "Development Area "), approving an Economic Development Plan (the "Development Plan ") for the Development Area, pursuant to Indiana Code 36 -7 -14, as amended (the "Act "), and designating the Development Area as an "allocation area" pursuant to Section 39 of the Act (the "126th Street Allocation Area "); and WHEREAS, the Redevelopment Commission now desires to amend the Declaratory Resolution and the Development Plan to (1) incorporate into the Development Plan the "Economic Development Plan Supplement to 126th Street ED Plan & The Integrated Plan: 116''' Street Centre Project Area," presented to this meeting (the "Plan Supplement "), and (2) remove the area described in the Plan Supplement as the "116`h Street Centre Project Area" from the 126th Street Allocation Area, and designate such area as its own separate allocation area (such amendments, collectively, the "2011 Amendments "); and WHEREAS, the 2011 Amendments and supporting data were reviewed and considered at this meeting; and WHEREAS, Sections 41 and 43 of the Act have been created to permit the creation of "economic development areas" and to provide that all of the rights, powers, privileges and immunities that may be exercised by this Redevelopment Commission in a redevelopment area or urban renewal area may be exercised in an economic development area, subject to the conditions set forth in the Act; and WHEREAS, this Redevelopment Commission deems it advisable to apply the provisions of said Sections 41 and 43 of the Act to the 2011 Amendments. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF CARMEL DEPARTMENT OF REDEVELOPMENT, as follows: 1. The 201 1 Amendments promote significant opportunities for the gainful employment of the citizens of the City of Cannel, Indiana (the "City "), attraction of major new business enterprises to the City, retention and expansion of significant business enterprises existing in the boundaries of the City, and meets other purposes of Sections 2.5, 41 and 43 of the Act, including without limitation benefiting public health, safety and welfare, increasing the economic well being of —1— the City and the State of Indiana, and serving to protect and increase property values in the City and the State. 2, The 201 1 Amendments cannot be achieved by regulatory processes or by the ordinary operation of private enterprise without resort to the powers allowed under Sections 2.5, 41 and 43 of the Act because of lack of local public improvement, existence of conditions that lower the value of the land below that of nearby land, multiple ownership of land, and other similar conditions. 3. The public health and welfare will be benefited by accomplishment of the 2011 Amendments. 4. The accomplishment of the 2011 Amendments will be a public utility and benefit as measured by the attraction or retention of permanent jobs, an increase in the property tax base, improved diversity of the economic base and other similar public benefits, and therefore it will be of public utility and benefit to amend the Development Plan to incorporate the Plan Supplement and adopt the 201 1 Amendments. 5. The Plan Supplement conforms to other development and redevelopment plans for the City. 6. The Redevelopment Commission proposes to acquire land or interests in land only to the extent indicated in the Plan Supplement. 7. The Redevelopment Commission finds that no residents of the Development Area or the City will be displaced by any project resulting from the Plan Supplement, and therefore finds that it does not need to give consideration to transitional and permanent provisions for adequate housing for the residents. 8. The Redevelopment Commission hereby adopts the specific findings set forth in the Plan Supplement, and the Plan Supplement is hereby in all respects approved. 9. The Commission hereby finds and determines that the 2011 Amendments are reasonable and appropriate when considered in relation to the original Development Plan and the purposes of the Act, and that the Plan Supplement conforms to the comprehensive plan for the City. 10. The area described in the Plan Supplement as the "116`x' Street Centre Project Area" is hereby removed from the 126`h Street Allocation Area, and is hereby designated as its own separate allocation area to be known as the "116th Street Centre Allocation Area" pursuant to Section 39 of the Act for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section 39. Any real property taxes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in the 116t Street Centre Allocation Area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of (a) the assessed value of the property for the assessment date with respect to which the —2-- allocation and distribution is made, or (b) the base assessed value, shall be allocated to and, when collected, paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the redevelopment district and, when collected, paid into an allocation fund for the 116°1 Street Centre Allocation Area that may be used by the redevelopment district only to do one or more of the things specified in Section 39(b)(2) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before July 15 of each year, the Commission shall take the actions set forth in Section 39(b)(3) of the Act. The foregoing allocation provisions shall apply to all of the 116th Street Centre Allocation Area and shall expire on the date that is twenty -five (25) years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from tax increment revenues derived from the 116`" Street Centre Allocation Area. The base assessment date for the 116th Street Centre Allocation Area is March 1, 2010. Tax increment revenues derived from the 116`x' Street Centre Allocation Area may be spent for any of the purposes identified in the Development Plan, as supplemented by the Plan Supplement. Each officer of the Commission is hereby authorized and directed to make any and all required filings with the Indiana Department of Local Government Finance and the Hamilton County Auditor in connection with the 116`x' Street Centre Allocation Area. 1 1 . This Resolution shall be submitted to the Plan Commission and the Common Council as provided in the Act, and if approved by the Plan Commission and the Common Council shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. 12. The officers of the Commission are hereby authorized to make all filings necessary or desirable to carry out the purposes and intent of this Resolution. 13. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. Adopted the 9" day of February, 2011. INDSOI BDD 1226665v2 CITY OF CARMEL REDEVELOPMENT COMMISSION esident .\ , Vice President/ Secretary —4—