CARMEL LEGACY PROJECT -- Summary of Changes for Plan CommissionSUMMARY OF PLAN COMMISSION RESOLUTION NO. PC-09-16-14-d
The City of Carmel Redevelopment Commission (“CRC”) previously has created the
Legacy Economic Development Area (the “EDA”) and designated the EDA as an allocation area
(the “Allocation Area”) for purposes of capturing tax increment revenues. Due to changes in the
Department of Local Government Finance’s worksheet to track yearly changes in assessed value
in economic development areas, any increases in residential values increase the assessed value
in the base of the EDA, which therefore decreases the amount of tax increment (TIF) available.
As you may know, residential property taxes are presently not captured in the formulation of
TIF, and because residential taxes were never contemplated to affect TIF, this result seems
overreaching.
The CRC now desires to amend the EDA and the Legacy Economic Development Plan
(the “Plan”) to remove any existing parcels of residential property from the EDA and to provide
that all parcels of property assessed as residential property under the rules of the Indiana
Department of Local Government Finance not be considered as part of the Economic
Development Area or Allocation Area in the future. On August 20, 2014, the CRC adopted a
resolution removing certain residential properties from the EDA and Allocation Area and made
findings relating to future residential properties not being a part of the EDA or Allocation Area in
the present or the future.
The redevelopment statute (IC 36-7-14) provides that any time the CRC amends an
economic development area or plan, the Plan Commission must adopt a resolution determining
whether the amendments conform to the plan of development of the City. Proposed Resolution
No. PC-09-16-14-d makes this determination in the affirmative for the proposed CRC
amendments to the EDA and Plan described above.
INDS01 RCS 1473850v1