Summary of PC ResolutionSUMMARY OF PLAN COMMISSION RESOLUTION NO. PC-09-16-14-a
The City of Carmel Redevelopment Commission (“CRC”) previously has created and
expanded the Old Meridian Economic Development Area (the “EDA”) and designated the EDA as
an allocation area for purposes of capturing tax increment revenues. KG Main LLC (“KG Main”)
is proposing a new mixed use development in the vicinity of the southwest corner of the
intersection of Main Street and Old Meridian Street in the City of Carmel (the “KG Main
Project”), which is located in the EDA. Zoning for the KG Main Project was approved in April this
year.
The CRC now desires to create a separate allocation area for the KG Main Project for
purposes of generating tax increment revenues to support site development for the project. On
August 20 the CRC adopted a resolution removing the KG Main Project site from the Old
Meridian allocation area and designating a new allocation area called The Olivia on Main
Allocation Area. The CRC resolution also approved a supplement to the Economic Development
Plan for the EDA adding site development for the KG Main Project to the Plan.
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-a makes this determination in the affirmative for the proposed CRC
amendments to the Old Meridian EDA and Plan described above.