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1997-Economic Development Plan/Pennsyl. St. Corridor Ca rrnel Hamilton Cou ti 'iC Development Plan 0000 goo ooic 0000- 0000ac0000 0oo0ooao oovolop0000 0000 May 1, 1997 NiaaaoGv ool@ llll©, o0©. Michael R. Shaver, President 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @indy.net Table of Contents THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN 1 DESCRIPTION OF THE PROPOSED PROJECT 3 IDENTIFICATION OF THE PLANNING AREA 3 RELATIONSHIP TO PREVIOUS PLANNING EFFORTS 4 Comprehensive Planning Sets the Stage: 4 Systemic Constraints: 4 North -South Corridors: 5 East -West Corridors: 5 Interconnecting Destinations within Carmel' 6 CREATION OF AN ECONOMIC DEVELOPMENT AREA 7 THE PROCESS: 7 FINDINGS OF FACT' 8 Finding #1: ...meets purposes of economic development 8 Finding #2: ...lack of public improvements... 10 Finding #3: "...the public health and welfare will be benefitted..." 12 Finding #4: "accomplishment of the plan will be a public utility as measured by...attraction of permanent jobs...increase in the property tax base...improved diversity in the economic base..." 13 Finding #5: "...Conforms with other development plans 13 Conclusions 14 ECONOMIC DEVELOPMENT STRATEGY 15 CONCLUSIONS 15 RECOMMENDATIONS 16 ESTIMATED COST OF THE PROJECT 16 DESCRIPTION OF THE ECONOMIC DEVELOPMENT AREAS 16 Pennsylvania Street North Economic Development Area: 17 Pennsylvania Street South Economic Development Area 17 Carmel Economic Development Plan 1 E A I 1 1 i t". A d N_I 1 lit w i f i' 1 I 'Hirir' ip: PENNSYLVANIA STRE_ g ..4 I NORTH ECONOMIC I� r DEVELOPMENT AREA ll /41,1 E ::1 rots i r E PENNSYLVANIA STREET 4 41 SOUTH ECONOMIC DEVELOPMENT AREA k 6.. A .;_ij r I i Iii 1 ii r �'i r II L PENNSYLVANIA 1 �LI 1 STREET =======3c: f li CORRIDOR PROJECT� :01,1, 114.7. l'"7-- d 1 TAI r ;71 i PENNSYLVANIA STREET CORRIDOR MAP i MAP N o 1 WABASH SCIENTIFIC, INC. I. 1 THE PURPOSE OF AN ECONOMIC DEVELOPMENT PLAN In cases where An economic development plan should not be a free standing document, designed and undertaken in isolation from the previous policies. It areas are should, instead, be philosophically and factually linked to the previous designated for and current planning efforts of the community. An economic commercial development plan should establish the historical perspective which development long enables community leaders to consciously connect proposed economic before any specific development activities to the economic development goals and policies project was which the community has previously endorsed. proposed, the The strongest economic development plans, therefore, are based on community's public policy which was initiated long before any current project was leadership should conceived. Economic development projects which are proposed in areas logically feel more which were designated for particular land uses should be the easiest to comfortable that defend. In cases where areas are designated for commercial they have properly development long before any specific project was proposed, the planned the community's leadership should logically feel more comfortable that they development have properly planned the development patterns for the community. patterns for the Public opinion can ebb and flow on a random basis, project by project, community. and opposition often requires only the scantiest factual basis for their challenges. In the face of such opposition, the Plan Commission, through the Economic Development Plan, must examine the body of previous policy and determine whether the proposed project fits into the development parameters which had been previously established. It therefore becomes the job of the economic development planner to objectively review the body of previous policy and determine the extent to which current projects comply with the prior development parameters. This Carmel Economic Development Plan must be undertaken with some care. First, the City of Carmel is probably one of the best planned communities in Indiana. The Plan Commission has been careful in crafting its plans and authoritative in implementing its recommendations. The community holds its developers to high standards, and in order to maintain those standards, the developers must be assured that they are not bearing an unfair burden. Consequently, the community must hold itself to the same high standards it sets for the developers. Carmel has done so with notable success. Second, Carmel has grown so fast for so long that, without careful planning and strict adherence to those plans, conditions of the city would "devolve" into chaos. Most communities cannot grow from a Carmel Economic Development Plan 1 Carmel has grown sleepy little town to a city of over 31,000 and still continue to grow. The infrastructure demands of that type of growth would paralyze most so fast for so long 'communities. As evidence of this, consider the plight of Zionsville, that, without careful another growing community near Carmel whose growth so confused the planning and strict town's leadership that they tried to slam the door shut and pursued a adherence to those "no growth policy which stymied the town for years. Until new plans, conditions of leadership emerged in Zionsville, the town was crippled by its own the city would success. "devolve" into chaos. Third, the rate of growth in Carmel means that the city's leadership must be visionary. Infrastructure problems must be foreseen many years in advance in order to accommodate growth. Thoroughfares must be widened before the traffic is so congested that economic activity is choked. As such, strategies must not only remedy existing problems but must be integrated to solve multiple problems in a harmonious manner. Without visionary leadership, this type of "synoptic" planning is virtually impossible because the margin for success is often negotiated away in dealing with the intransigence of popular politics. Fourth, the projects must be well rooted in public consensus. There will always be honest disagreements amongst bright people. Carmel is a city of success its people tend to be successful success in modern times requires creativity in problem solving creativity is, itself, a process of inherent conflict. Consequently, for projects to be successful, they must be launched from a platform of consensus where people have already had the opportunity to discuss and debate. If that basic consensus is present, the final discussion involves only the negotiation of details. The Plan must meet the requirements of applicable Indiana statutes. If the planning process can provide economic stimulus to existing and /or new businesses and industries, giving those businesses a competitive advantage in the market- place, then the Plan should address those opportunities and make the analysis necessary to assure that benefits accrue to the community. Public opposition is essentially a random phenomenon. Opinions and tempers often run hot with emotion. The Economic Development Plan provides the rational analytical process by which the community can measure whether a proposed project is consistent with the consensus built through the comprehensive planning process. It is not appropriate for a community to develop planning, land use and zoning recommendations for an area, then arbitrarily reverse themselves. 2 Pennsylvania Street Corridor Economic Development Area The Planning Area An Economic Development Plan, therefore, is an examination of for this Economic pre economic development policy in light of new proposals. It Development Plan is exam proposed land uses, previous planning for the area, and the qualitative context of the development as a means of either justifying or generally bounded by repudiating any current project proposal. In so doing, the Plan re- 103rd Street on the establishes the public policy basis of economic development for the south, by Spring Mill community, objectively tests the project against that basis, and makes Road on the west, by recommendations of the appropriate level of support for the project. 141st Street on the The chapters and pages set forth below attempt to achieve this goal. north and by Because Carmel has enjoyed such success in implementing its plans, this Guilford Avenue on Economic Development Plan faces an unusual challenge it must be the east. far ahead of the usual economic development curve. For Carmel, growth does not need to be stimulated, per se. It has been happening already. But Carmel's standards are higher. The City Administration and Plan Commission have rejected more "growth" than most communities ever see. It is not enough to merely "grow. For Carmel, the key is to generate "quality" growth...the kind of growth that continually re- identifies Carmel as one of the most successful and beautiful communities in Indiana. To accomplish this task will require forward thinking that looks decades ahead instead of years, while still remaining firmly rooted in the public consensus developed through the Comprehensive Planning process. DESCRIPTION OF THE PROPOSED PROJECT The proposed project contemplates the completion of the Pennsylvania Street Corridor from 103rd Street to 131st Street as a four lane facility with appropriate traffic control. While the facility has not yet been designed, the project was planned as a local thoroughfare for the purpose of removing loyal traffic from the US31 corridor. IDENTIFICATION OF THE PLANNING AREA The Planning Area for this Economic Development Plan is generally bounded by 103rd Street on the south, by Spring Mill Road on the west, by 141st Street on the north and by Guilford Avenue on the east. The purpose of drawing these boundaries was to include an area of sufficient size to examine fully the issue of development along the US31 corridor and to determine whether the Pennsylvania Street Corridor was important enough to rate the corridor improvement project as a high priority project. By viewing a larger picture, it is easier to obtain a more precise picture of the relative importance of a project such as this. Carmel Economic Development Plan 3 RELATIONSHIP TO PREVIOUS PLANNING EFFORTS COMPREHENSIVE PLANNING SETS THE STAGE: It is clear that the City of Es While Carmel was Carmel has invested significantly in the comprehensive planning once a bedroom process. The City has been meticulous in planning for its community, it is now developmental future, and they have invested the human capital in an economic center of protecting that future by setting high standards and enforcing them. its own, and the While most communities invest in comprehensive planning every 10 additional traffic from years or so, Carmel has updated its Comprehensive Plan in 1985, 1991 Indianapolis and again in 1996. dramatically changes Wh these comprehensive plans covered many, many topics, it is clear the traffic patterns of from reviewing the documents that traffic congestion is becoming a the area, shifting matter of more and more intense concern. Since 1985, Carmel has emphasis to the expended tens of millions of dollars in road improvements, both from importance of the public sector and from private developers. New road corridors have circulation within been built, fragmented corridors have been completed, and existing Carmel. corridors have been improved, yet traffic congestion continues to haunt the City. The Comprehensive Plans have attempted to look far into the future and determine what must be done to allow the transportation network to function at acceptable levels. SYSTEMIC CONSTRAINTS: No matter how wide the roads are in Carmel, however, the entire Carmel system is constrained by certain limitations. First, the Carmel system must connect efficiently to the main economic center in Indianapolis. But as Carmel grows, its own importance as an economic center actually increases the flow of traffic from Indianapolis, toward Carmel. While Carmel was once a bedroom community, it is now an economic center of its own, and the additional traffic from Indianapolis dramatically changes the traffic patterns of the area, shifting emphasis to the importance of circulation within Carmel. Those connections are severely limited by the presence of the I -465 Corridor which cuts across the full length of Carmel's south side. The only overpasses crossing the I -465 corridor are located at Ditch Road, Spring Mill Road, Meridian Street (11S31), Westfield Boulevard (Range Line Road), College Avenue, Keystone Avenue (US431), and River Road. The City of Indianapolis aggravated the problem by allowing a new commercial development to block the River Road corridor at 86th Street, thus disconnecting that corridor as a thoroughfare into the r economic center. By artificially constraining traffic on the Indianapolis side, Carmel becomes more desirable as an economic center, therefore, internal circulation within Carmel becomes more important. 4 Pennsylvania Street Corridor Economic Development Area The 1991 Plan NORTH -SOUTH CORRIDORS: Of these limited crossings, only US31 and states that "there US431 function as true highways. Each has four or more lanes of were almost three traffic capacity, yet each has severe congestion problems, despite careful traffic planning and traffic control management. These two U.S. Mmes as many highways have been the focal point of transportation planning for the northbound trips (on community for 40 years. US31) in 1989 than there were in 1981." Yet the 1991 Comprehensive Plan tells a foreboding tale. It effectively says that US31 cannot continue to function at even minimal levels of efficiency unless it is converted into a freeway with extremely limited access. To do so would require parallel corridors with at least four lanes of capacity each to remove the local traffic from the freeway. The cost of such a project is expensive today, and getting more expensive as growth continues to consume available land. Spring Mill and Ditch Road will always be constrained by the nature of the development along those corridors. The large estates in the Clay Township area bordering these corridors preserve a low density development that counteracts high capacity traffic corridors. To put it simply, the traffic demand just isn't as high in these locations. To make it more difficult, both of these corridors are further constrained when they cross into Marion County. Range Line Road and College Avenue suffer from similar problems. No matter how much their capacity is increased in the Carmel area, they are two lane roads on the Marion County side of the line. Although College Avenue connects all the way to downtown Indianapolis, Marion County treats the corridor as a secondary corridor and has no real plans for increasing its capacity. Similarly, Westfield Boulevard is routed through some very sensitive areas and will probably never be capable of much more traffic than it now carries. The analysis shows clearly that the north -south traffic in the Carmel area has only two alternative routes: US31 or US431. The 1991 Plan states that "there were almost three times as many northbound trips (on US31) in 1989 than there were in 1981." The Comprehensive Plan clearly says that US31 will become dysfunctional unless it is converted into a freeway. EAST -WEST CORRIDORS: A similar problem exists with east -west corridors. At the present time, only 116th Street and 146th Street function as complete east -west corridors, capable of carrying traffic beyond the limits of development in the Carmel metropolitan area. A third corridor Carmel Economic Development Plan 5 f` I Carmel can reduce at 96th Street is currently under construction, including a new river the demand for crossing. It should be noted that 96th Street forms the boundary inter -city traffic by between Marion County and Hamilton County, and as such, it is only 50% beneficial to the Carmel area. developing more traffic destinations All of these corridors have limitations, but it is important to note that which would east -west travel is not as heavily demanded as north -south travel in preclude the need Carmel. Even while there are only two complete east -west corridors, for Carmel there are numerous smaller local streets which can disperse traffic loads. residents to leave Unfortunately, these dispersed loads are often directed through i Carmel and go to residential neighborhoods which is both inefficient and unsafe. fe other cities. In addition, east -west traffic is collected and funnelled into the major north -south corridors mentioned above. There is little that can be done to increase the larger corridors linking Indianapolis and Carmel. i However, Carmel can reduce the demand for inter -city traffic by f developing more traffic destinations which would preclude the need for Carmel residents to leave Carmel and go to other cities. In order to achieve that goal, Carmel's thoroughfare system will have to function more efficiently at connecting its economic development centers, making it easier for a resident near 146th Street to buy things from a business on the 96th Street corridor. INTERCONNECTING DESTINATIONS WITHIN CARMEL: One of the keys to the successful future development of Carmel is to complete a transportation system interconnecting traffic destination areas within the City. These destination areas are located along the US31 and US431 corridors, the technology park between Carmel Drive and 126th Street, the Old Town area of Carmel, and the 96th Street area along the county line. The Comprehensive Plans since 1985 recognized this need and C recommended several projects to support this end. The 1985 and 1991 r Plans both suggested a parkway corridor connecting Hazel Dell Road (near 146th Street) with 96th Street (west of the river). In addition, both plans also recommended completion of a four lane corridor along Pennsylvania Street which would enable local traffic to travel between destinations along the US31 corridor without co- mingling with regional traffic on US31. In addition, the Comprehensive Plans dating back i several decades have acknowledged the need to complete the 126th t Street corridor, even before Carmel Drive was conceived. c I By developing an internal transportation network which interconnects t. the traffic destinations within the City of Carmel, the traffic intensity for f 6 Pennsylvania Street Corridor Economic Development Area i ...the CRC will have inter -city corridors will be moderated. US3 I will always be one of the no power of eminent major corridors in Carmel, but if a Carmel resident can find what they domain in the Area, want. (whether it be a job or a loaf of bread) without using the inter -city corridor, the thoroughfare system will provide a direct benefit to the and may not acquire health and safety of the community. land without the owner's consent CREATION OF AN ECONOMIC DEVELOPMENT AREA under Indiana law... THE PROCESS: A community may choose to create an Economic Development Area to implement an economic development strategy within an area. As provided in Indiana law, the community can use a number of development incentives to recruit new business or create new economic opportunities for its citizens, including various forms of public financing such as the use of County Option Income Taxes (COIT), and tax increment financing (TIF). The creation of an Economic Development Area is part of an overall strategy for implementing a community's economic development plan. The Economic Development Area would be directly administered by the Carmel Redevelopment Commission (CRC). The Area must be created through sequential approval actions by the Redevelopment Commission, the Plan Commission and the City Council, following the statutory process. Creation of an Economic Development Area enables the community to issue tax exempt municipal bonds payable from a number of revenue streams to pay for public improvements in the Area which would generate and shape economic growth. It is important to note that the designation of an Economic Development Area includes no powers of eminent domain within the area. Therefore, the CRC will have no power of eminent domain in the Area, and may not acquire land without the owner's consent under Indiana law (I.C. 36- 7- 14 -43). Voluntary acquisition of land, however, is allowable under these provisions. The recommendations contained in this report will not include any proposal for the use of eminent domain by the Redevelopment Commission, however, voluntary acquisition of land for economic development purposes may be included. This provision, however, should not be construed as any limitation upon the powers or actions of the incorporated City of Carmel to act in partnership with the CRC to implement any project(s). Carmel Economic Development Plan 7 FINDINGS OF FACT: The following Indiana Statute IC 36 -7 -14 provides for the formation of an economic analysis will set development area in locations meeting the following criteria: forth the extent to 1. The plan for the economic development area: promotes which the planning significant opportunities for the gainful employment of its citizens; attracts major new business enterprise to the unit (of area can meet the j rn govemment); retains or expands a significant business enterprise requirements of the existing in the unit, OR; meets other purposes of redevelopment statute... and economic development. 2. The plan for the economic development area cannot be achieved by regulatory processes or by the ordinary operation of private k: enterprise because of: lack of public improvements, existence of improvements or conditions that lower the value of land below that of nearby land; multiple ownership of land, OR; other similar 1 conditions. 3. The public health and welfare will be benefited by the accomplishment of the plan for the economic development area. 4. The accomplishment of the plan for the economic development 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 in the economic base OR other similar benefits. 5. The plan for the economic development area conforms to other development and redevelopment plans for the unit. The following analysis will set forth the extent to which the planning area can meet the requirements of the statute stated above. The Plan will address each of the five required statutory Findings individually to determine whether the area can meet the statutory tests. Finding #1: ...meets purposes of economic development.... f p r i The criteria set forth under finding #1, above, identifies four categories, with the stipulation that the statutory finding is satisfied if any one of the four categories is met. The categories are as follows: a. promotes opportunities for gainful employment, b. attracts major new business enterprise, c. retains or expands existing business, OR d. meets other purposes of economic development. R 8 8 i Pennsylvania Street Corridor Economic Development Area Completion of the Pennsylvania Street Corridor (hereinafter referred to ...completion of the as the Penn”) meets the conditions of categories a,c and d, above. It Penn" will assist the promotes opportunities for gainful employment by completing a community in transportation corridor which serves Carmel's most intense commercial expanding existing and technology corridor along US31. Further, completion of "the Penn" business along the will assist the community in expanding existing business along the corridor in areas corridor in areas which are currently undeveloped. Finally, it meets which are currently other purposes of economic development by improving the traffic efficiency of the US31 corridor, allowing local traffic between the undeveloped.... commercial developments to remain separate from the regional traffic of US31, thereby increasing both efficiency and safety. The 1991 Comprehensive Plan is very clear in establishing the fundamental importance of the US31 corridor to the overall developmental health of the City. The 1991 Plan also emphasizes that the US31 corridor is only functioning at minimal levels of efficiency and will become dysfunctional unless it is re- designed into a freeway, with limited access, designed to carry through traffic. That same 1991 Plan recommended that the Penn be widened and completed as a three or four lane corridor from 103rd Street north all the way to a future connection with US31 between 131st Street and the hospital. US31 is an intense commercial and technology corridor and is Carmel's most lucrative employment center. The jobs provided along the US31 corridor are some of the highest compensated jobs in Indiana, and they are also very mobile. The office buildings are often rented space. When traffic congestion becomes too bad, the regional offices of national firms will move to places which are easier to travel to and from. Consequently, if the US31 commercial and technology corridor is to remain viable, and continue to offer gainful employment at the current lucrative levels, the corridor must be capable of moving traffic efficiently. Completion of the Penn will therefore promote opportunities for gainful employment within this intensely developed commercial and technology corridor. Second, completion of the Penn helps to retain or expand business enterprise within the area. The US31 corridor has been developed to connect directly to the city's technology park, and the corridor's combination of commercial office development and technology center creates the hub of Carmel's primary employment center. The combined area holds the most lucrative jobs and a huge proportion of the city's total payroll. While there is not one individual industry which will be retained or expanded in this case, the regional offices of some of the Carmel Economic Development Plan 9 The 1991 nation's largest companies, combined with some of the most successful local businesses, are located along the US31 corridor and will directly. Comprehensive benefit from completion of the Penn. Completion of the Penn should r Plan is very clear promote the development of the remaining sites within the overall in establishing the corridor. fundamental importance of the Finally, the completion of the Penn as a 4 -lane corridor will assist the US31 corridor to overall economic development of the area by increasing the overall the overall traffic capacity of the area. The US31 facility cannot grow much more. The documentation of previous planning shows that it is becoming developmental increasingly dysfunctional and unable to move traffic smoothly during health of the City. peak hours. By adding the Penn as an adjacent corridor, two benefits are derived. First, more traffic lanes are provided which directly increases the number of cars which can travel around the area at a given time. Second, local traffic (amongst Carmel residents) can achieve local destinations without confronting regional travellers. Completion of the Penn as a 4 -lane facility will promote opportunities for gainful employment by separating local and regional traffic on US31, increasing the efficiency of both. Currently, someone travelling from Conseco to Metrobank to Meijer to Signature Inn to Delta Faucets must enter and exit the US31 corridor numerous times. Each entry onto US31 involves travelling only a few blocks, then re- entering the incomplete Penn corridor to gain access to the destination. Envision, if you will, a delivery vehicle attempting to deliver packages along the current corridor even with the utmost planning and organization, that driver must enter and exit the US31 corridor multiple times when, in fact, his business destination was never on US31. If the Penn were complete, a person could travel from one destination along the corridor to another quickly and efficiently without co- mingling with regional traffic. This increased efficiency promotes more business in the commercial corridor and with increased business activity there is a commensurate increase in opportunities for gainful employment. Finding #2: ...lack of public improvements... The criteria set forth under finding #2, above, identifies the context of the need for an economic development area. The statute requires that this finding determine whether the plan for economic development can be achieved through the normal operation of private enterprise or other regulatory processes. If the plan cannot be achieved in one of these 10 Pennsylvania Street Corridor Economic Development Area At the current time, manners finding lists four conditions which are acceptable reasons someone wishing to to create an economic development district, as. follows: travel from a. lack of public improvements; Conseco tO b. existence of conditions that lower the value of property below that Metrobank tO of nearby land; c. multiple ownership of land; or Meijer to Signature d. other similar conditions. Inn to Delta Faucets must enter The Penn passes the first threshold and meets conditions a, b, and d as and exit the US31 noted, above. The Economic Development Plan for development of the corridor numerous US31 corridor cannot be achieved through the normal regulatory process or the normal operation of private enterprise. US31 has been an "open" times. corridor for years. Previously, there were individual driveways which had direct access to US31 in the Carmel area. While the driveways are gone and access has been dramatically reduced, the Comprehensive Plan has determined that the corridor can only operate at acceptable levels of efficiency if it is converted to a freeway. Neither the normal operation of the regulatory process nor the operation of free enterprise can convert the existing corridor into a freeway. To accomplish that end, there must be parallel corridors developed which can handle local traffic while US31 can be dedicated to handling regional traffic. The Penn is one of the corridors which must be developed. At this time, the Penn cannot function as a thoroughfare corridor, at all. The corridor has two missing pieces (north of 106th Street and north of 111th Street), as well as requiring an improved connection to US31 at the north end of the corridor (north of 131st Street). The lack of public roadway improvements connecting the existing roadway segments prevents it from functioning as a thoroughfare. Secondly, even if the roadway segments were all connected, the Penn is too narrow to function at an acceptable level. The Comprehensive Plan requires a 4 lane facility to handle the projected traffic volumes of the corridor and to reduce traffic congestion along US31. Therefore, the lack of public improvements which would provide adequate functional capacity prevents the Penn from operating efficiently. In addition, conditions along the Penn reduce the functional value of undeveloped property, when compared to the value of adjacent land. The corridor is more than half developed, yet some areas have no development. Roadways taper off to nothing to serve the last business on the roadway segment, when in fact, if that roadway were more fully constructed, the adjacent property would be developed, as well. Carmel Economic Development Plan 11 the Therefore, the construction of a full 4 -lane corridor from 103rd Street to 131st Street (and possibly re- connecting to US31) would remove the Comprehensive conditions that have caused these parcels to remain undeveloped. Plan has determined that the Finally, other conditions exist which prevent the corridor from reaching corridor can only its full .development potential. Due to the incomplete status of the Penn, operate at traffic seeking multiple destinations along the US31 corridor must acceptable levels of repeatedly leave the Penn corridor and use the US31 corridor to travel efficiency if (US31) between segments of the Pennsylvania Street roadway. This type of trip requires at least four turning movements (leaving the original is converted to a destination, turning onto US31, leaving the US31 corridor, and turning freeway. into the new destination) when only two turns would be required if the Penn were competed. This problem exacerbates the traffic congestion along US31 by adding additional, unnecessary cars to the corridor and reducing the traffic flow efficiency because of all the turning movements. If it were possible for people to travel between multiple destinations along the Penn without ever entering the US31 corridor, traffic on both roadways would move much more smoothly. By completing the Penn as a 4 -lane roadway, the corridor can be developed to its full economic development potential. Finding #3: "...the public health and welfare will be benefitted..." The public health and welfare are benefitted by efficient transportation systems. Public health is negatively affected by increased air pollution and pollution levels increase when traffic slows down. Traffic slows down because inefficiencies in the design force many turning movements. If the Penn were completed as a 4 -lane corridor, traffic would move more efficiently and ambient pollution would be reduced. The public welfare would be benefitted by moving more cars more efficiently through the US31 corridor. As noted above, many travellers are forced to use US31, even though their actual business is with people along the Pennsylvania Street corridor. By allowing local traffic to use a separate route, more people can reach destinations more efficiently, getting there on time and allowing time to be more productively spent than waiting in a traffic jam. 12 Pennsylvania Street Corridor Economic Development Area ...if the Carmel Finding #4: "accomplishment of the plan will be a public utility as office market is not measured by...attraction of permanent jobs...increase in the property tax base...improved diversity in the economic base..." stymied by severe traffic congestion, There are four categories which comprise the totality of finding #4, as the public utility follows: will be served by keeping the US31 a. attracting permanent jobs, b. increasing the property tax base, corridor office c. improving the diversity of the economy, OR developments d. other similar benefits. competitive in a growing economy. The Economic Development Plan for the Penn meets categories b, c, and d, as stated above. First, (category "b the development of parcels which are currently undeveloped will obviously add to the property tax base of the area as soon as those properties are assessed and property tax revenues begin to flow to the units of government. Second, (category "c the new developments will either compete directly with other existing development along the corridor, or the new developments will bring totally different businesses into the mix. Either way, the economy is diversified: either by introducing new competitive choices to the marketplace, or by bringing in a product or service which did not previously exist in this geographic market. Third, (category "c if the Carmel office market is not stymied by severe traffic congestion, the public utility will be served by keeping the US31 corridor office developments competitive in a growing economy. (Obviously, the new developments will also bring new jobs into the marketplace (category "a but the interplay between businesses renting office space and developers' incentives to discount office space in order to keep tenants is difficult to accurately track.) Clearly, completion of the 4 -lane Penn corridor meets the conditions of finding #4. Finding #5: "...Conforms with other development plans..." As noted in the section of this Plan regarding "relationship to previous planning," the Comprehensive Plan has recommended improving the Penn to a full, 4 -lane facility since 1985. There have been three consecutive Comprehensive Plan Updates which have mentioned the completion of the Pennsylvania Street Corridor at an increasingly important level. Therefore, this project is undeniably well documented as conforming with other development plans for the area. It is appropriate, however, to mention that neither the Comprehensive Plans nor this Economic Development Plan has sufficient information to Carmel Economic Development Plan 13 The economic ECONOMIC DEVELOPMENT STRATEGY development strategy for the The economic development strategy for the area is to develop the area is to develop Pennsylvania Street Corridor into a full, 4 -lane facility from 103rd the Pennsylvania Street north to re- connect with US31. This northern connection can either take place with an improved intersection at 131st Street of Street Corridor possibly via a new connection to the main highway farther north, into a full, 4 lane depending upon the findings of the engineering study. By developing facility from 103rd this corridor, the first steps will be taken to removing local traffic from Street north to re the US31 corridor, and isolating regional traffic by implementing a connect with freeway design for the US31 corridor in fulfillment of the US31. recommendations of the Comprehensive Plan. This is the only recommended project within this Economic Development Plan. CONCLUS IONS Based on the examination of facts and analysis set forth in this Economic Development Plan, the following conclusions are offered: 1. That the Economic Development Area studied in this Economic Development Plan has been formally identified as the primary benefit area for the proposed improvements. 2. That existing development in the Planning Area is suffering from the lack of public improvements, especially transportation corridors. 3. That future development of the Planning Area as a business area is in compliance with current zoning and land use provisions as expressed in the Comprehensive Plan. 4. That future business development will benefit the City of Carmel by drawing new economic opportunities as a result of improved efficiencies in the thoroughfare system. 5. That new economic development in the area can have a positive economic impact on the community at large in the form of new job opportunities and additional tax revenues. 6. That the City has sufficient access to municipal finance alternatives which could be used to implement the recommended infrastructure improvements. 7. That if the Economic Development Area is not designated and the funding for implementation of the strategy is not pursued, the opportunity to provide a Tong -term solution to growing traffic problems will be lost. Carmel Economic Development Plan 15 1 This Plan's conclusions are The public bodies have done an outstanding job of examining growth proposals and designing funding packages which are appropriate to the predicated on the community and commensurate with the accrued benefits. This Plan's continued conclusions are predicated on the continued performance of the same performance of the sort of objective analysis and public policy direction which have same sort of objective preceded this Economic Development Plan, and which have formed the analysis and public basis for keeping Carmel moving forward without gridlock. policy direction which have preceded this RECOMMENDATIONS Economic Development Plan, Based on the information and conclusions presented, the following and which have recommendations are presented for the consideration of the Carmel formed the basis for Redevelopment Commission. keeping Carmel moving forward 1. That the Carmel Redevelopment Commission (CRC) should designate the two Pennsylvania Street Corridor Economic without k ridloc. g Development Areas (North and South) as Economic Development Areas in accordance with IC 36 -7 -14. (Identified on Map #1.) 2. That the City examine its municipal finance altematives to implement the Pennsylvania Street Corridor road improvements, as recommended in the Comprehensive Plan for the community. 3. That the City work in partnership with the CRC to implement the project. ESTIMATED COST OF THE PROJECT The Pennsylvania Street Corridor project is estimated to cost $4,420,000, according to information received from the City. DESCRIPTION OF THE ECONOMIC DEVELOPMENT AREAS The Economic Development Plan recommends the creation of two Economic Development Areas to support the Pennsylvania Street Corridor Project. These two Economic Development Areas are separated by the unincorporated area along the Pennsylvania Street Corridor just north of the intersection with Old Meridian Street. If this unincorporated area were inside the corporate limits of the City, there would be no need for two, separate Economic Development Areas, however, since the City has no jurisdiction to create an Economic 16 Pennsylvania Street Corridor Economic Development Area Development Area outside its corporate boundaries, it is necessary to separately identify the two areas. It should be clearly understood, however, that the presence of this small, unincorporated area does not preclude the City from implementing the Pennsylvania Street Corridor project, even through the unincorporated area, because the project primarily benefits future economic development along the corridor. With this understanding, the following description of the boundaries of the two Economic Development Areas is as follows: PENNSYLVANIA STREET NORTH ECONOMIC DEVELOPMENT AREA: The boundaries of the Pennsylvania Street North Economic Development Area are generally described as beginning at the intersection of the south right of way line of 13 1st Street and the east right of way line of Pennsylvania Street, then going south along the east right of way line of Pennsylvania Street to the boundary of the Carmel corporate limits (which is located just north of Old Meridian Street), then turning west and following the corporate limits of the City of Carmel to the point of intersection with the east right of way line of US3 1, then turning north along the east right of way line of US3 1 to the intersection with the south right of way line of 131St Street, then east along the south right of way line of 13 1st Street to the point of beginning. PENNSYLVANIA STREET SOUTH ECONOMIC DEVELOPMENT AREA: The boundaries of the Pennsylvania Street South Economic Development Area are generally described as beginning at the intersection of the north right of way line of 103rd Street and the east right of way line of Pennsylvania Street and continuing along a northward alignment to the point of intersection with the corporate limits of the City of Carmel (near the centerline of Old Meridian Street), thence turning southeast along the corporate limits of the City of Carmel to the point of intersection with the east right of way line of US3 1, then turning south along the east right of way line of US3 1 to the north right of way line of 103rd Street, then turning east along the north right of way line of 103rd Street to the point of beginning. /crpenfin Carmel Economic Development Plan 17