Resolution 2021-21RESOLUTION NO.2021-21
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING THE DECLARATORY RESOLUTION AND THE
DEVELOPMENT PLAN FOR THE OLD TOWN
ECONOMIC DEVELOPMENT AREA
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") pursuant
to IC 36-7-14 (the "Act") serves as the governing body of the City of Carmel Redevelopment
District (the "District"); and
WHEREAS, the Commission has previously adopted and confirmed resolutions
(collectively, the "Declaratory Resolution") which established and expanded an economic
development area known as the "Old Town Economic Development Area" (the "Economic
Development Area"), designated certain portions thereof as allocation areas pursuant to Section 39
of the Act, one of which is known as the Smokey & Monon Allocation Area (the "Smokey & Monon
Allocation Area"), and approved a development plan for the Economic Development Area (the
"Plan") pursuant to the Act; and
WHEREAS, the Commission now desires to amend the Declaratory Resolution and Plan (i)
to remove the area described on Exhibit A attached hereto from the Smokey & Monon Allocation
Area, (ii) to designate the area described on Exhibit A attached hereto as a separate allocation area
pursuant to Section 39 of the Act to be known as the Smokey & Monon Phase II Allocation Area
(the "Smokey & Monon Phase II Allocation Area"), (iii) to remove the parcel identified on Exhibit B
from the Smokey & Monon Allocation Area, and (iv) to adopt a supplement to the Plan attached
hereto as Exhibit C (the "2021 Plan Supplement") (such amendments, collectively, the "2021
Amendments"); and
WHEREAS, the 2021 Amendments and supporting data were reviewed and considered at
this meeting; and
WHEREAS, Section 39 of the Act has been created and amended to permit the creation and
expansion of "allocation areas" to provide for the allocation and distribution of property taxes for the
purposes and in the manner provided in said Section; and
WHEREAS, this Redevelopment Commission deems it advisable to apply the provisions of
said Section 39 of the Act to the 2021 Amendments; and
WHEREAS, the Commission now desires to approve the 2021 Amendments.
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, governing body of the City of Carmel Redevelopment District, as follows:
1. The 2021 Amendments promote significant opportunities for the gainful employment
of the citizens of the City of Carmel, 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
the City and the State of Indiana (the "State"), and serving to protect and increase property values in
the City and the State.
2. The 2021 Plan Supplement for the Smokey & Monon Phase II Allocation 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 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 2021
Amendments.
4. It will be of public utility and benefit to amend the Declaratory Resolution and the
Plan for the Development Area as provided in the 2021 Amendments and to continue to develop the
Development Area, including the Smokey & Monon Phase II Allocation Area, as under the Act.
5. The accomplishment of the 2021 Plan Supplement for the Smokey & Monon Phase II
Allocation Area 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.
6. The Declaratory Resolution and the Plan, as amended by this Resolution and the 2021
Plan Supplement, conform to the comprehensive plan of development for the City.
7. The 2021 Amendments are reasonable and appropriate when considered in relation to
the Declaratory Resolution and Plan and the purposes of the Act.
8. The findings and determinations set forth in the Declaratory Resolution and the Plan
are hereby reaffirmed.
9. In support of the findings and determinations set forth in Sections 1 through 7 above,
the Commission hereby adopts the specific findings set forth in the 2021 Plan Supplement.
10. The Commission does not at this time propose to acquire any specific parcel of land
or interests in land within the boundaries of the Smokey & Monon Phase II Allocation Area. If at
any time the Commission proposes to acquire specific parcels of land, the required procedures for
amending the Plan, as amended by the 2021 Plan Supplement, under the Act will be followed,
including notice by publication to affected property owners and a public hearing.
11. The Commission finds that no residents of the Development Area will be displaced
by any project resulting from the 2021 Plan Supplement, and therefore finds that it does not need to
give consideration to transitional and permanent provision for adequate housing for the residents.
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12. The 2021 Amendments are hereby in all respects approved.
13. The area described in Exhibit A is hereby removed from the Smokey & Monon
Allocation Area, and is hereby designated as a separate "allocation area" pursuant to Section 39 of
the Act to be known as the "Smokey & Monon Phase II Allocation Area," for purposes of the
allocation and distribution of property taxes for the purposes and in the manner provided by said
Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the
benefit of any public body entitled to a distribution of property taxes on taxable property in said
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 the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made, or 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
Smokey & Monon Phase II Allocation Area hereby designated as the "Smokey &
Monon Phase II Allocation Fund" and may be used by the redevelopment district to
do one or more of the things specified in Section 39(b)(3) 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 June 15 of each year, the Commission shall take the actions set forth in
Section 39(b)(4) of the Act.
14. The foregoing allocation provision shall apply to the Smokey & Monon Phase II
Allocation Area. The Commission hereby finds that the adoption of this allocation provision will
result in new property taxes in the Smokey & Monon Phase II Allocation Area that would not have
been generated but for the adoption of the allocation provision, as specifically evidenced by the
findings set forth in Exhibit C. The base assessment date for the Smokey & Monon Phase II
Allocation Area is January 1, 2021.
15. The area described in Exhibit B is hereby removed from the Smokey & Monon
Allocation Area.
16. The provisions of this Resolution shall be subject in all respects to the Act and any
amendments thereto, and the allocation provisions herein relating to the Smokey & Monon Phase II
Allocation Area 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 Smokey & Monon Phase II Allocation Area.
17. This Resolution, together with any supporting data, shall be submitted to the City of
Carmel Plan Commission (the "Plan Commission") and the Common Council of the City (the
"Council") as provided in the Act, and if approved by the Plan Commission and the Council, shall be
submitted to a public hearing and remonstrance as provided by the Act, after public notice as
required by the Act.
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18. 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.
19. The provisions of this Resolution shall be subject in all respects to the Act and any
amendments thereto.
Adopted the 20t' day of October, 2021.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
ni
Vlc"
e President
Member
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EXHIBIT A
Parcels to be removed from the Smokey & Monon Allocation Area and designated as the
Smokey & Monon Phase II Allocation Area
The following parcels are removed from the Smokey & Monon Allocation Area and designated as
the Smokey & Monon Phase II Allocation Area, and are shown on the map attached hereto:
PARCEL ID NUMBER:
17-09-24-00-00-03 3.000
17-09-24-00-00-032.000
17-09-24-04-08-001.000
17-09-24-00-00-03 0.000
17-09-24-00-05-004.000
17-09-24-00-00-031.001
17-09-24-00-00-031.201
FEW
Smokey & Monon Phase II allocation area
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EXHIBIT B
Parcel to be removed from the Smokey & Monon Allocation Area
The following parcel is removed from the Smokey & Monon Allocation Area:
PARCEL ID NUMBER:
17-09-24-00-00-040.000
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EXHIBIT C
2021 Plan Supplement
This 2021 Plan Supplement reaffirms the existing Plan for the Old Town Economic
Development Area and provides that tax increment revenues derived from the Smokey & Monon
Phase II Allocation Area may be used for the payment of or reimbursement to the Commission of the
costs of the projects set forth in the Plan, including specifically: all or any portion of the design and
construction of infrastructure improvements, including but not limited to storm water improvements,
utilities relocation, road improvements and structured parking costs, estimated to cost at least
$1,000,000. The projects support a mixed use project development in the Development Area
consisting of retail, parking and residential uses. The Commission anticipates capturing tax
increment revenues from the Smokey & Monon Phase II Allocation Area and applying such tax
increment revenues either directly or through bonding or through the reimbursement to the
Commission to the costs of the projects.
Based on representations of the developer of the mixed use project, the Commission has
determined that the full development of the Smokey & Monon Phase II Allocation Area will not
proceed as planned without the contribution of tax increment revenues to be derived from the
Smokey & Monon Phase II Allocation Area to the projects described above. The creation of the
Smokey & Monon Phase II Allocation Area was planned as part of the Commission's agreement to
contribute 100% of the tax increment revenues derived from the original Smokey & Monon
Allocation Area to the projects set forth in the Plan, and was a necessary component to allow the
Commission to be reimbursed for a portion of the costs of those projects. Neither phase of the
developer's projects would have proceeded without this agreement in place.
DMS 211071770
C-1