HomeMy WebLinkAboutCRC-2011-6 EDA Designated Area/TIF RevenueRESOLUTION NO. 2011' to
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION OF ITS
DETERMINATION OF NEED TO CAPTURE TAX INCREMENT REVENUES
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission ") previously has
established the "Economic Development Areas, see attached Exhibit A" (the "Economic Development Areas "), and
designated the Economic Development Areas as the "Allocation Areas" for purposes of capturing incremental
property taxes (the "TIF Revenues ") pursuant to Indiana Code 36- 7 -14 -39 and IC 36 -7 -14 -39.3; and
WHEREAS, under IC 36- 7- 14- 39(b)(3) the Commission is required to make certain determinations relating
to its need to capture TIF Revenues for the following budget year.
WHEREAS, on July 5, 2011, The Commission's Treasurer provided the required Communication notifying
the Taxing Units impacted by the Economic Development Areas as detailed in Exhibit B of the Commissions intent
to capture all of the available TIF Revenues for budget year 2012 (See Exhibit C as an example).
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. Pursuant to IC 36 -7 -14- 39(6)(3), the Commission hereby makes the determination that, for budget year
2012, all of the incremental assessed value of taxable property in the Allocation Areas is needed to produce TIF
Revenues necessary to make, when due, principal and interest payments on bonds issued or to be issued pursuant to
IC 36 -7 -14- 39(6)(2), plus the amount necessary for other purposes described in 1C 36- 7- 14- 39(b)(2). The
Commission therefore determines that there is no excess assessed value in any of the Allocation Areas that may be
released to the respective units in the manner prescribed in IC 36- 7- 14- 39(b)(1).
2. The Commission hereby ratifies previous action of the Treasurer of the Commission in providing written
notifications of the determinations made herein to the each taxing unit that is wholly or partly located with the
Allocation Areas, in the manner set forth in IC 36- 7- 14- 39(b)(3)(B).
3. This Resolution shall take effect immediately upon adoption.
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ADOPTED by the City of Carmel Redevelopment Commission this 20th day of July 2011.
CA L REDEVELOP
T COMMISSION
Vice Presid
Secretary
Membe
Member
City of Carmel Redevelopment Commission
TIF Notification Letter
Exhibit A
Economic Development Area
Allocation Area
1116th Street Center 1
116th Street Center
Amended 126th Street
Amended 126th Street
Amended 126th Street Expansion
'Amended Illinois Street
Amended Illinois Street
'Arts District Lofts and Shoppes
Arts District Lofts and Shoppes
Carmel City Center
Carmel City Center
Carmel City Center Amended
'Carmel Downtown EDA 1
Carmel Downtown EDA 1
'Carmel Downtown EDA 2
Carmel Downtown EDA 2
'Carmel Drive
Carmel Drive
'CRC Parcel 12
CRC Parcel 12
Gramercy
Gramercy
(Gunstra
Gunstra
'Hazel Dell North
Hazel Dell North
'Hazel Dell South
Hazel Dell South
' Lauth- Walker
Lauth - Walker
'Legacy
Legacy
'Lurie
Lurie
Merchants Pointe
Merchants Pointe
2006 Merchants Pointe TIF
Merchants Square
Merchants Square
Exhibit A
Meridian & Main
Meridian & Main
(Meso
MISO
'National City TAA
National City TTA
North Illinois Street
North Illinois Street
North Illinois Street Expansion
Old Meridian
Old Meridian
Old Meridian Expansion
OId Methodist
Old Methodist
(OId Town
OId Town
Old Town Shoppes
OId Town Shoppes
2006 Old Town Shoppes Expansion
iParkwood Crossing
Parkwood Crossing
Parkwood East
Parkwood East
West Clay
West Clay
Exhibit A
City of Carmel Redevelopment Commission
TIF Notification Letter Distribution List
Exhibit B
• Douglas Callahan
Clay Township Trustee
10701 N College Ste B
Indianapolis, IN 46280
• Hamilton County Solid Waste Management District
1717 Pleasant Street, Suite 200
Noblesville, IN 46060
• Diana L. Cordray, Clerk- Treasurer
City of Carmel
Carmel City Center, Third Floor
One Civic Square
Carmel, IN 46032
• Wendy A. Phillips, Director
Carmel Clay Public Library
55 4th Avenue SE
Carmel, IN 46032
• Dr. Jeff Swensson, Superintendent
Carmel -Clay School Corporation
5201 E. Main Street
Carmel, IN 46033
• Hamilton County Council
One Hamilton County Square, Suite 157
Noblesville, IN 46060
• Dawn Coverdale
Hamilton County Auditor
33 North 9th Street, Suite L21
Noblesville, IN 46060
City of Carmel Redevelopment Commission
Sample TIF Notification Letter
Exhibit C
July 5, 2011
To the Members of the Attached Distribution List:
The City of Carmel Redevelopment Commission (the "Commission ") previously has
established the 116th Street Center Economic Development Area comprised of the 116th Street
Center Allocation Area (the "TIF Allocation Area ") for purposes of capturing tax increment
revenues pursuant to IC 36- 7 -14 -39 and IC 36 -7 -14 -39.3 (the "TIF Revenues "). This is to notify
you, pursuant to IC 36- 7- 14- 39(b)(3), that the Commission has determined that for budget year
2012, the Commission will need to capture all of the incremental assessed value from the TIF
Allocation Area to generate TIF Revenues sufficient to meet the Commission's outstanding debt
service obligations, to pay for projects that are located in or directly serve and benefit the TIF
Allocation Area, and to meet other purposes described in IC 36- 7- 14- 39(b)(2). Therefore there is
no excess assessed value from the TIF Allocation Area that may be allocated to the respective
taxing units for budget year 2012.
Sincerely,
CARMEL REDEVELOPMENT COMMISSION
By: James P. Higgins, Treasurer