Economic Development Plan - BrookshireECONOMIC DEVELOPMENT PLAN PAGE 1
City of Carmel
Redevelopment Commission
Economic Development Plan for the
Brookshire Village Shoppes Economic Development Area
Dated: February 19, 2020
PURPOSE AND INTRODUCTION
The City of Carmel Redevelopment Commission (the “Commission”), the governing
body of the Department of Redevelopment and the Redevelopment District (the “District”) of
City of Carmel, Indiana (the “City”), proposes to designate and declare an economic
development area within the City to be known as the “Brookshire Village Shoppes Economic
Development Area” (the “Area”) and proposes to designate the entire Area as an allocation area
to be known as the “Brookshire Village Shoppes Allocation Area” (the “Allocation Area”). This
document is the plan for the Area (the “Plan”), provided that this Plan may be amended in the
future as provided in Indiana Code 36-7-14, as amended from time to time (the “Act”) and in this
Plan.
Pursuant to Sections 15 and 16 of the Act, the Plan must be approved by the Commission,
the City Plan Commission and the Common Council of the City. Upon such approvals, the
Commission will hold a public hearing on the Plan as required under Section 17 of the Act,
before confirming (or modifying and confirming) the designation of the Area and the approval of
the Plan.
PROJECT OBJECTIVES
The purposes of the Plan are to benefit the public health, safety, morals and welfare of the
citizens of the City; increase the economic well-being of the City and the State of Indiana; and
serve to protect and increase property values in the City and the State of Indiana. The Plan is
designed to (i) promote significant opportunities for the gainful employment of citizens of the
City, (ii) assist in the attraction of major new business enterprises to the City, (iii) retain and
expand significant business enterprises existing in the City, (iv) provide for local public
improvements in the Area, (v) retain and attract permanent jobs, (vi) increase the property tax
base, and (v i i) improve the diversity of the economic base of the City.
DESCRIPTION OF AREA
The Area is bounded as follows: A map identifying the parcels comprising the Area is
attached to this Plan as Exhibit A hereto.
DESCRIPTION OF PROJECTS
In order to accomplish the Plan, the Commission currently estimates that it will proceed
to carry out the design, acquisition, construction, installation, equipping and improvement
projects in, serving or benefitting the Area which are necessary to facilitate the orderly
development in the Area, including, but not limited to, (1) acquisition of rights-of-way to be
determined; (2) surface water drainage and collection infrastructure; (3) water system and
ECONOMIC DEVELOPMENT PLAN PAGE 2
storage facilities; (4) water treatment infrastructure; (5) roads, streets, sidewalks, streetlights,
pathways, trails and related infrastructure; (6) sewer infrastructure, (7) the acquisition,
demolition, rehabilitation and/or reconstruction of buildings and other site improvements, and (8)
other local public improvements deemed appropriate (collectively, the “Projects”).
ESTIMATED COSTS OF THE PROJECTS
Because the Commission does not intend to acquire any interests in real property for the
Project at this time, the Commission will not incur any costs of acquisition. However, the
Commission will incur certain costs in connection with the development of the Projects. The
estimated cost of the Projects is approximately $4,500,000. The Commission anticipates paying
for such Projects with tax increment revenues derived from the Allocation Area or bonds or
leases of the District payable from such tax increment revenues.
ACQUISITION OF PROPERTY
In connection with the accomplishment of the Plan, the Commission has no present plans
to acquire any interests in real property. In the event the Commission determines to acquire any
interests in real property in the future, it shall follow procedures set forth in Section 19 of the
Act. The Commission may not exercise the power of eminent domain.
DISPOSAL OF PROPERTY
The Redevelopment Commission may dispose of any real property acquired in the future
by sale or lease to the public pursuant to procedures set forth in Section 22 of the Act.
STATUTORY FINDINGS OF FACT
A. The Plan for the Area addresses the statutory requirements under Section 41(b) of the Act,
as evidenced by the following findings of fact:
1. The Plan for the Area promotes significant opportunities for the gainful
employment of the citizens of the City, attracts new business enterprise to the
City, retains or expands a business enterprise existing in the City, or meets other
purposes of Sections 2.5, 41 and 43 of the Act.
The Plan will improve the City’s infrastructure and aesthetics and foster
additional economic development in and serving the Area. In addition, the Plan will
provide and improve existing infrastructure that is required to attract new commercial
development in the Area. These new business enterprises will provide opportunities for
employment for the citizens of the City.
2. The Plan for the Area 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 a lack of local public
improvements, the existence of improvements or conditions that lower the value
of the land below that of nearby land, multiple ownership of land, or other similar
conditions.
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Implementation of the Plan is necessary because local public improvements are
greatly needed and lack thereof is resulting in decreased property values in the City. The
construction of improved infrastructure will pave the way for future growth and
development in the Area. The implementation of the Plan will also provide greater
accessibility and walkability for residents and commercial entities in the Area.
3. The public health and welfare will be benefited by accomplishment of the Plan for
the Area.
By creating new opportunities for employment, implementation of the Plan will
benefit the public health and welfare for the citizens of the City. Additionally, new or
expanded industry and other development will contribute to the overall health of the City
by increasing and the diversifying the tax base. The development of trails and pathways
through the Area further aids in the public health and welfare of the City.
4. The accomplishment of the Plan for the Area will be a public utility and benefit as
measured by public benefits similar to the attraction or retention of permanent
jobs, an increase in the property tax base, improved diversity of the economic
base, or other similar public benefits.
The Projects contemplated by the Plan will be of public utility and benefit by
putting in place infrastructure and/or other incentives to support future development,
thereby retaining or creating new jobs, maintaining the property tax base and allowing for
further economic development and improved diversity of the economic base of the City.
5. The Plan for the Area conforms to other development and redevelopment plans
for the City, if any.
The Plan conforms with the intended plan of development for the area as
prescribed by the City of Carmel Plan Commission. The Plan does not provide for any
change in use of the property in the Area, but rather better utilization of the Area for the
purposes currently contemplated by the intended plan of development for the City.
B. The Plan for the Area addresses the statutory requirements under Section 39(b) of the Act, as
follows:
The adoption of the allocation provisions for the Allocation Area will result in new
property taxes in the Area that would not have been generated but for the adoption of the
allocation provision. After discussing the development of the Area with various stakeholders,
the Commission finds that the ability to maintain and attract new business would not occur but
for the availability of tax increment revenues to finance the Projects as contemplated by this
Plan.
AMENDMENT OF THE PLAN
This Plan may be amended by following the procedures described in Section s 15-17.5 of
the Act.
EXHIBIT A
EXHIBIT A
MAP AND DESCRIPTION OF AREA
Attached hereto is a map describing the parcels comprising the Area.
PARCEL ID NUMBER: 16-10-32-00-00-005.000