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1998-Amended Economic Development Plan/126th St. Corridor t 1 Carmel Redevelopment Commission Carmel, Indiana y 1 r. ,tom ff r xtls rr v R evelo Le t• Pr xi Amended 126` Street Corridor Economic Development Area January 9, 1998 '1. L fi t, Michael R. Shaver, President 1 4742 Bluffwood North Drive Indianapolis, IN 46228 (voice) 317/299 -9529 (fax) 317/329 -9885 (e -mail) wabsci @aol.com Table Of Contents Introduction 1 Purpose of the Amendment 1 Description of the Amended Economic Development Area 2 Findings of Fact 5 FINDING OF FACT #1: "...PROMOTES SIGNIFICANT OPPORTUNITIES FOR THE GAINFUL EMPLOYMENT OF RS CITIZENS..." 5 FINDING OF FACT #2: "...LACK OF LOCAL PUBLIC IMPROVEMENT..." 6 FINDING #3: "...THE PUBLIC HEALTH AND WELFARE WILL BE BENEFITTED...." 8 FINDING #4: AN INCREASE IN THE PROPERTY TAX BASE 9 FINDING #5: "CONFORMS TO OTHER DEVELOPMENT REDEVELOPMENT PLANS" 10 SUMMARY: 12 Amended Description of the Proposed Projects 12 THE CITY CENTER PROJECT' 12 Estimated Cost of the Proposed Projects 13 Economic Development Strategy, as Amended 13 Conclusions: Economic Development Plan as Amended 15 Recommendations: Economic Development Plan as Amended 16 U i :w -tt LI �ipPl OW ti N Q Q X Q D R !t'. ISCUMI K owe 3 a CITY CENTER 1 r.: 6 a REDEVELOPM�NA au .e at s tea AMENDED 126 th r R CORR ECON IC wa 41��� I rov�rc at DEVELOPMENT 7.- r0 .___t_ L ..•41.41•••••. t 0.41.0... •4141••••. 41•• a 41. ....41. �j' 41.4141••••.. ••••41••••41 i i 41.41 Vt� •4141••••• :41414141••41.•, :,•41•••41•• ❖41•:, 4141 i i i ii •••••41• MI II ml 41.41 i j i _41 41.. 41 41 i ter..` ti I I 4 r mow I A I R. r a, new MEET mew, snaT dam e ce i f 1 t 1 CITY CENTER REDEVELOPMENT AREA AND AMENDED 128 th STREET CORRIDOR ECONOMIC DEVELOPMENT AREA MAP No. 1 WABASH SCIENTIFIC, INC. Introduction The 126th Street Corridor Economic Development Area was created by the Carmel Redevelopment Commission, with the affirmation of the Plan Commission and City Council, during the summer of 1997. The Economic Development Plan which documented the creation of the 126 Street Corridor Economic Development Area was officially named the "Economic Development Plan: Old Town 126 Street Corridor Economic Development Areas." It is clear from the title that the original Economic Development Plan created two Economic Development Areas simultaneously, each with its own documented findings and justification through previous editions of the comprehensive plan. This amended Economic Development Plan deals solely with the portion of the original Plan pertaining to the 126th Street Corridor. No portion of the Old Town Economic Development Area or Economic Development Plan is currently being amended by virtue of this effort, therefore, for simplicity in presentation, the amended Economic Development Plan which follows refers solely to the 126th Street Corridor Economic Development Area and its portion of the Plan without further reference to the Old To area and its portion of the plan. Purpose of the Amendment The purposes of this amendment to the 126 Street Corridor Economic Development Plan are to amend the boundaries of the 126 Street Corridor Economic Development Area and to establish a Tax Allocation Area to allow the capture of real property tax increment. The boundaries of the Economic Development Area are being amended for two reasons: 1. To remove the portion of the current Economic Development Area which contains the City Center project area in order to create a Redevelopment Area, and; 2. To increase the size of the Economic Development Area to include a larger portion of the Carmel Science Technology Park. Both of these boundary adjustments are reflected in Map #l. Amended 126th Street Corridor Economic Development Plan 1 The Tax Allocation Area (to allow the capture of property tax increment) is to create an additional revenue source to financially support the proposed City Center project. The City Center project area is located in a portion of the 126th Street Corridor Economic Development Area which is being removed from the Economic Development Area, as noted above. The use of Tax Increment Financing (TIF) will provide additional flexibility for financing portions of the City Center project. Description of the Amended Economic Development Area The description of the boundaries of the amended 126th Street Economic Development Area is based on the aerial parcel maps provided by the Hamilton County Auditor's office on December 15, 1997 (aerial photography dated April, 1994), as follows: Beginning at the point of intersection of the north right of way of Adams Street with the westem boundary of Parcel No. 005 on Map No. 09-36 00, and extending southwesterly and westerly along the north right of way line of Adams Street to its point of intersection with the western right of way line of Guilford Road; Thence north along the western right of way Tine of Guilford Road to the northeast corner of Parcel No. 007 of Map No. 09- 36 -00; 3 Thence west along the northem boundaries of Parcel Numbers 007, 007.001 and 002, to the point of intersection with the north right of way line of Carmel Drive; Thence northwesterly along the north right of way Tine of Carmel Drive to the point of intersection with the.sotttheastem right of way line of Old U.S. Hwy 31, as shown on Map No. 09- 35 -00; r Thence southwesterly along the southeastern right of way line of Old U.S. Hwy 31 to the point of intersection with the northem boundary of Parcel No. 027 (Map No. 09- 35 -00) to-the-northeast-corner-of-said-parcel oor ci6� �2 i ti�� Q7 Ti T; .vim 7 Thence south along the eastem boundaries of Parcel Numbers 027, 026, a 025, 024, 022, and 021 to the southeast corner of Parcel No. 021 (Map No. 09- 35 -00); 6 Thence east along the southern boundary of Parcel No. 021 to the point of intersection with the eastem right of way line of Pennsylvania Avenue; Thence south along the eastem right of way line of Pennsylvania Avenue, across 116th Street, to the point of intersection with the center line of 116th Street; Amended 126th Street Corridor Economic Development Plan 2 Thence east along the center line of 116th Street to the point of intersection with the westem boundary of Parcel No. 059 (Map No. 09- 36-00); Thence north along the westem boundary of Parcel Numbers 059 and 060 to the northwest comer of Parcel No. 060; Thence east along the northern boundary of Parcel 060 to the northeast corner of Parcel No. 060; Thence north along the eastem boundary of Parcel Numbers 002, 004, and 003 (as shown on Map No. 09- 36 -00) to the northeast comer of Parcel No. 003; G Thence east along the southem boundary of Parcel Numbers 003 and 005 to the interior southwest comer of Parcel No. 005; 1 J) Thence south along the southwest boundary of Parcel No. 005 and continuing south along the westem boundary of Parcel Numbers 004.005, 004 and 004.004 to the southwest comer of Parcel No. 004.004; Thence east along the southem boundary of Parcel 004.004 to the southeast comer of said parcel; Thence north along the eastem boundary of Parcel Numbers 004.004, 004.003, 004.101, and 004.001 to the point of intersection with the south right of way line of Carmel Drive; Thence east along the south right of way line of Carmel Drive, across Rangeline Road to the eastem right of way line of Rangeline Road; Thence north along the eastem right of way line of Rangeline Road to the south right of way line of Executive Drive, as shown on Map No.10- 31 -00; Thence east along the south right of way line of Executive Drive, as shown on Map No. 10- 31 -00, to the northwest comer of Parcel No. 006, as shown on said map; Thence south along the western boundary of Parcel No. 006 to the southwest comer of said parcel; Thence eastward, northward and eastward along the southern boundary of Parcel No. 006, as shown on Map No. 10- 31 -00, to the southeast comer of Parcel No. 006, thence eastward across the right of way of Executive Drive to the southwest comer of Parcel No. 001 (Centerpoint Section 2 -A); Thence eastward along the southern boundary of Parcel No. 001 of Centerpoint Section 2 -A, as shown on Map No. 10 -31-00 to the southeast comer of said parcel; Amended 126th Street Corridor Economic Development Plan 3 Thence northward along the eastern boundary of Parcel No. 001 to the northeast comer of said parcel; Thence westward along the northern boundary of Parcel No. 001, to the northeast comer of Parcel No. 003 (Centerpoint Section 2), thence westward along the northem boundaries of Centerpoint Section 2, Parcel Numbers 003, 002 and 001; Thence west along the northem boundary of Parcel No. 001 of Centerpoint Section as shown on Map No. 10 -31 -00, to the point of intersection with the center line of Rangeline Road; Thence north along the center line of Rangeline Road to the point of intersection with the northem boundary of Parcel No. 013 as shown on Map No. 09- 36-00; Thence west along the northem boundary of Parcel No. 013 to the northwest comer of said parcel; Thence south along the westem boundary of Parcel No. 013 to the southwest corner of said parcel; Thence west along the southern boundary of Parcel No. 008.001 to the southwest comer of said parcel; Thence south, across the road right of way and continuing south along the westem boundary of Parcel Numbers 016, 017, 018, 019, 020, 021, 022, 023, 024, 025.001, and 026.001, as shown on Map No. 09- 36 -00, to the southwest comer of Parcel No. 026.001; Thence west along the southem boundary of Parcel No. 015 to the southwest corner of said parcel, continuing across the Old Monon right of way to the point of intersection with the west right of way line of the Old Monon Railroad; Thence north along the west right of way line of the Old Monon Railroad to the point of intersection with the southern boundary of Parcel No. 005; Thence west along the southem boundary of Parcel No. 005 to the southwest corner of said parcel; Thence north along the western boundary of Parcel No. 005 to the point of intersection with the northem right of way line of Adams Street, which is the point of beginning. Amended 126th Street Corridor Economic Development Plan 4 Findings of Fact The Findings of Fact of the 126 Street Corridor Economic Development Plan are amended as follows to reflect the new areas being added to, or deleted from, the 126th Street Corridor Economic Development Area and the addition of new projects. The primary increase in the scope of the Economic Development Plan is the addition of the City Center project as a part of the Economic Development Strategy for the area. FINDING OF FACT #1: ...PROMOTES SIGNIFICANT OPPORTUNITIES FOR THE GAINFUL EMPLOYMENT OF ITS CITIZENS..." The area being added to the Economic Development Area consists mainly of the remainder of the Carmel Science Technology Park, located south of Carmel Drive, north of 116th Street, west of 3rd Avenue SW, and east of Pennsylvania Avenue. This area contains a substantial amount of the city's highest profile light industrial and office land uses, and is unquestionably the city's major employment center The original Economic Development Plan for the 126th Street Corridor Economic Development Area cited the need for improving the thoroughfare system in the area by completing the 126 Street corridor from Rangeline Road to Adams Street. In September, 1997, the Carmel Redevelopment Authority issued COIT Lease/Rental Revenue bonds. A portion of the COIT bond proceeds will be used to finance the 126th Street extension. This amendment to the 126 Street Corridor Economic Development Plan is undertaken in support of the City Center project. It is the specific finding of this amendment that the City Center project directly contributes to the economic development of and serves the amended 126th Street Corridor Economic Development Area. The City Center project area is being removed from the 126th Street Corridor Economic Development Area in order for the Redevelopment Commission to declare the City Center project area as a Redevelopment Area under Indiana statute. The proposed City Center project contributes to economic development in the 126th Street Corridor Economic Development Area in several ways. First, the City Center project will provide for development of land that is currently unimproved and meets the statutory definition of "blight." Amended 126th Street Corridor Economic Development Plan 5 Second, the retail/office space proposed for the City Center project will increase the intensity of use of the City Center project area, adjacent to the amended boundaries of the 126 Street Corridor Economic Development Area. This increased intensity will contribute to the economic activity of the area, including the amended 126th Street Corridor Economic Development Area and the proposed City Center Redevelopment Area. Third, the development of the City Center project is centered around the community's need for entertainment facilities. The City Center proposal includes a community center (which was cited as a need in the Comprehensive Plan), a major theater complex, an amphitheater and performing arts center, as well as commercial and retail space. By fulfilling these needs of the community, the City Center project contributes to the full development of the adjacent areas, including the amended 126 Street Corridor Economic Development Area. Development of the City Center project is expected to provide the community with a focal point for cultural and social interaction. This need has been expressed not only in the Comprehensive Plan but also by citizens and business leaders throughout the community and particularly by businesses located within the amended Economic Development Area. A vital city center would contribute to the overall quality of life in Carmel which is important to recruiting and retaining growth- oriented businesses to the community. For these reasons, it is concluded that the plan for the amended 126t Street Corridor Economic Development Area, as amended (including the proposed City Center project), promotes significant opportunities for the gainful employment of Carmel's citizens, and thereby confirms this statutory finding of fact. FINDING OF FACT #2: "...LACK OF LOCAL PUBLIC IMPROVEMENT..." The goal of amending the Economic Development Area (and creating the Redevelopment Area) is directly related to the need for additional public improvements in order to achieve the highest level of economic activity in the combined areas. Carmel is truly a gifted community. It has achieved a level and success of development which is virtually unparalleled in any other part of the state, and as such, the standards of the community are higher than most other communities. Because Indiana statute does not create highly specific and detailed criteria for statutory findings of fact or findings of blight, communities are able to adjust these findings to their Amended 126th Street Corridor Economic Development Plan 6 own context and apply the statute to the particular idiosyncracies of their community. In Carmel, the goal is literally to achieve the highest possible level of success with new development of the highest possible quality. The historical development patterns of the city are reaching the point where certain types of goals cannot be achieved without the re- arrangement of land uses and activities. The Comprehensive Plan predicts that by the year 2020, all of the land within the Carmel planning area will be developed. The importance of planning for the highest and best use of the land becomes even more important to achieve the community's goals. The amended 126 Street Corridor Economic Development Area represents Carmel's highest profile employment center. The Science and Technology Park holds many of the City's top employers and most growth- oriented companies. It is the success of these companies which will continue to provide the area with economic growth, even after the planning area is fully developed. The amended 126th Street Corridor Economic Development Area is in a critical location for the economic activity of the community. The 126th Street extension from Rangeline Road to Adams Street was presented as a critical element of the public improvements necessary for the original Economic Development Plan. In addition, this amendment establishes that the City Center project, which contributes directly to the Economic Development Plan for the 126th Street Corridor Economic Development Area, provides additional public improvements which are necessary to rectify some of the previous developmental errors and to enable the combined areas to reach their optimal economic potential. Included within the proposed City Center project are a number of public improvements designed to establish a cultural center for the City of Carmel. Those public improvements include: Parking Facilities A Community Center An Outdoor Amphitheater Improvements to the Monon Trail Corridor The City Center proposal provides additional perspective for the public to understand the magnitude and architectural detail of the City Center proposal. In addition, the architect also provides a perspective rendering of the proposed project to demonstrate the overall architectural integrity of the project and its impact on the community and surrounding area. Amended 126th Street Corridor Economic Development Plan 7 The City Center project is of such a substantial scale and impact that it will become an active part of the overall economic development of the area, including both the 126th Street Corridor Economic Development Area and the City Center Redevelopment Area. It is projected that the proposed City Center project and the public improvements to be funded as part of its implementation will have a direct impact on the entire community. Without these public improvements, the City of Carmel will not become economically distressed, but it is clear that the successful development of the City Center project will have a direct economic benefit to the surrounding area. For these reasons, it is concluded that the plan for the amended 126 Street Corridor Economic Development Area (including the proposed City Center project) cannot be achieved by the regulatory process or by the ordinary operation of private enterprise without resort to the powers allowed under IC Sections 36- 7- 14 -2.5, 41 and 43 because of lack of local public improvements which, once implemented, will enable the combined areas to achieve a higher level of economic activity than would otherwise be possible, thereby confirming this statutory finding of fact. FINDING #3: "...THE PUBLIC HEALTH AND WELFARE WILL BE BENEFITTED.... The amendment of the Economic Development Area along with the addition of the City Center project will benefit the public health and welfare of the City of Carmel in several ways. First, the City Center project will generate more intense and coordinated development in the central area. Instead of the existing pattern of unimproved land and property which needs reinvestment and remodeling, a single, architecturally coordinated development will be undertaken generating a substantially greater number of jobs and economic activity than the current land uses of the City Center area. Second, these improvements will lead to substantially greater levels of local tax revenues including property taxes and COIT. Such revenues can then be directed to public services needed by the community, including road repairs, maintenance of public spaces, infrastructure improvements and so forth. The uses for these funds can be determined annually by the City's leadership as part of the budgeting process. Third, the addition of cultural and public facilities such as the performing arts center and the community center will have a direct and positive impact Amended 126th Street Corridor Economic Development Plan 8 on the public welfare. These facilities will increase the number of opportunities available for Carmel's citizens to be exposed to intellectually and culturally enlightening performances, as well as offering the opportunity to participate in those activities directly. In addition, the community center will provide opportunities for the residents of the area to meet and interact with regard to a broad range of public, semi- public, and community -based activities. The activities programmed for a community center are virtually limitless, and with the creative capacity of an educated population, the community center in Carmel will undoubtedly provide a huge benefit to the community at large. Fourth, the Monon Trail corridor improvements are part of the City Center project. This linear park is an extension of the Monon Trail of northern Marion County which has become one of the most popular park facilities in central Indiana. The portion of the linear park which stretches from Broad Ripple to Nora is a public health attraction for the community at large with people making a point of traveling to the Monon Trail to jog or walk its entire length. It is not unreasonable to expect similar usage in Carmel, thereby creating a direct benefit to the public health and welfare of the community at large. For these reasons, it is concluded that the public health and welfare will benefitted by accomplishment of the plan for the 126 Street Corridor Economic Development Area (including the proposed City Center project), thereby confirming this statutory finding of fact. FINDING #4: "AN INCREASE IN THE PROPERTY TAX BASE..." The amended Economic Development Plan will directly meet the statutory finding of "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 public benefits." The City Center project will increase the land use intensity within the proposed Redevelopment Area (which is currently a part of the 126th Street Corridor Economic Development Area, but is to be removed by this amendment). This increased intensity will provide more office and retail space and, with that increase in space, there will be a commensurate increase in the number of perrnanent jobs created and retained in the community. Many of the proposed improvements will take place on land that is currently either totally unimproved or whose improvements are suffering Amended 126th Street Corridor Economic Development Plan 9 from a lack of reinvestment. Although there may be some acquisition and demolition involved in the project, the net result of the plan is to substantially increase the amount of taxable improvements in the real property of the area, leading to an increase in the property tax base. The construction of an integrated entertainment complex, economically buttressed by infrastructural improvements and new office and retail space will increase the diversity of the local economy. The location of this project, between the historic retail center of the community and the primary retail center of Carmel Drive /116t Street, links the overall retail functions of the community, providing continuity of land uses. This project, combined with the impact of the 126 Street corridor extension, should improve the diversity of the local economy, resulting in badly needed investment and reinvestment to property in the area. For these reasons, it is concluded that the accomplishment of the plan for the Amended 16th Street Corridor 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," thereby confirming this statutory finding of fact. FINDING #5: "...CONFORMS TO OTHER DEVELOPMENT AND REDEVELOPMENT PLA NS... This amended Economic Development Plan complies with other plans for the area in several ways. First, this plan is being amended to include the provision of deleting the City Center project area from the Economic Development Area and establishing a Redevelopment Area in that location. As such, this amended Economic Development Plan is developed in tandem with the City Center Redevelopment Plan and conforms specifically thereto. By developing these two Plans in tandem, the Redevelopment Commission can use its diligence of review and approval to assure that they conform directly with one another. This amended Economic Development Plan further complies with the 1997 Old Town Economic Development Plan. The Old Town Economic Development Area is located just north of the City Center Redevelopment Area and the 126th Street Corridor Economic Development Area, covering the areas of old Carmel, including the historic retail area. The Old Town Plan recommended enhancement of pedestrian access within the area, improvements to the Monon Trail corridor (which is also pedestrian- I Amended 126th Street Corridor Economic Development Plan 10 based), and streetscaping and infrastructure improvements to enhance the architectural and visual appeal of the area. The concept is to increase the retail viability of the area through these infrastructural improvements. Both the Old Town Economic Development Area and the 126 Street Corridor Economic Development Area were included in a single planning document, with each area separately addressed and justified. The Redevelopment Commission unified the document in order to firmly demonstrate the economic interrelationships between the two areas, as well as the interdependency of their individual projects and strategies. The 126th Street extension, for example, would increase transportation access to Old Town as well as increasing thoroughfare system efficiency through the 126th Street Corridor Economic Development Area. Simultaneously, improvements to the economic and retail environment in Old Town would benefit the development of the Carmel Science and Technology Park by providing viable space nearby for related functions. By combining the two Economic Development areas into one planning document, the economic links between the two areas was made indisputable. In addition to economic development planning for the overall area, this amended Economic Development Plan complies with the Carmel Drive Corridor Streetscape Master Plan. This plan, developed by David C. Klauba Associates, provides specific detail as to the proposed land uses for the 126th Street Corridor Economic Development Area, and details the landscaping design requirements for the Carmel Drive corridor. This amended Economic Development Plan complies with the recommendations of the Streetscape Master Plan. Finally, this amended Economic Development Plan complies with the Comprehensive Plan for the community. The Amended Economic Development Plan was meticulously crafted to comply with the Comprehensive Plan for the area. Pages 9 -15 of the original Economic Development Plan, entitled "Relationship to Previous Planning Efforts," were specifically dedicated to a detailed review of the relevant recommendations of comprehensive planning for the community dating back to 1961. In that detailed analysis, the Economic Development Plan tracked the comprehensive planning recommendations for these areas through each edition of the comprehensive plan and demonstrated conclusively and irrefutably that the recommendations within the Economic Development Plan conformed with the goals, policies and recommendations of the Comprehensive Plan. This amended Economic Development Plan simply extends that conformity to include the new Amended 126th Street Corridor Economic Development Plan 11 recommendations related to the City Center project and the Monon Trail improvements. For these reasons, it is concluded that the plan as amended for the 126th Street Corridor Economic Development Area conforms to other development and redevelopment plans for the City of Carmel, thereby confirming this statutory finding of fact. SUMMARY: The narrative above is presented to demonstrate that the Amended 126th Street Corridor Economic Development Plan meets the requirements of all five "findings of fact" as provided in Indiana statute, IC36 -7 -14. It is clear that the Redevelopment Commission has considered all of the relevant issues related to the establishment of the Amended 126th Street Corridor Economic Development Area and has determined that the City Center project is sufficiently important to the overall economic development of the Amended 126th Street Corridor Economic Development Area to justify this amendment to the 126 Street Corridor Economic Development Plan. Amended Description of the Proposed Projects This amendment to the 126 Corridor Street Economic Development Plan includes the addition of the City Center project, described as follows: THE CITY CENTER PROJECT: The City Center project is proposed for an area of slightly less than 100 acres located along Rangeline Road and stretching from the City Hall on the south to the new alignment of 126th Street on the north. The dominant land uses in the area are commercial and governmental uses with about 61 acres of the area totally unimproved. The primary proposed development within City Center project is commercial, and includes an entertainment complex with a theater and performing arts center and amphitheater. Full scale commercial retail and office development is planned along the major transportation corridors (126th h Street Rangeline Road). The project will include land acquisition, construction of parking facilities, infrastructure, and other project related and support activities, eligible for COIT and TIF financing. Amended 126th Street Corridor Economic Development Plan 12 Estimated Cost of the Proposed Projects The proposed projects do not yet have detailed architectural and engineering cost estimates, therefore the costs currently available are planning level estimates only. These planning level estimates are to be used for the development of an overall implementation strategy and will be revised as more detailed estimates are developed based on detailed design documents. These design documents may either be developed for the entire project at once, or for individual elements of the project to be undertaken incrementally. The costs are broken down as follows: Estimated Project Costs Cost item Est. Minimum Est. Maximum City Center: Land Acquisition 8,000,000 9,000,000 City Center. Infrastructure 2,500,000 3,500,000 Monon Trail Corridor improvements 2,000,000 3,000,000 Estimated Total Cost 12,500,000 S 15,500,000 Economic Development Strategy, as Amended The comprehensive planning for the City of Carmel over the last three decades demonstrates a substantial concern for the fate of the city's original core area. While Carmel has enjoyed an incredible amount of high quality growth, there are still some areas developed mostly before the city has a clear vision of its future, where the original development was /is not compatible with a city which is nearing its developmental limits. The prime areas of need are in the vicinity of the Old Town area and along Rangeline Road. With this understanding, the Economic Development Strategy for the 126 Street Corridor Economic Development Area as amended will contain the following major elements: 1. The Carmel Redevelopment Commission should amend the boundaries of the 126th Street Corridor Economic Development Area to include the boundaries shown on Map #1, as presented earlier in this document. Amended 126th Street Corridor Economic Development Plan 13 2. The City Center project was distinctly designed to re- direct the focal point of the community of Carmel. The Government Center was developed over the last decade to include a new City Hall, Police Station and Fire Station, as well as a central public space. The Government Center Is also adjacent to the Monon Trail corridor which is proposed for significant improvements creating a linear park, linked to Indianapolis and unequaled in the state of Indiana. By developing the proposed City Center project, the City of Carmel will generate a new focal point for the City based on an integrated entertainment complex, and new office and retail space designed to support and augment the space available at the Science Technology Park. The integration of these needs into the overall needs of Carmel's premier employment center assures that the City Center project will directly benefit the amended 126 Street Corridor Economic Development Area. 3. The Redevelopment Commission should consider the establishment of a Tax Allocation Area to coincide with the boundaries of the amended 126 Street Corridor Economic Development Area. 4. The Redevelopment Commission should consider the viability of using TIF proceeds, generated by the establishment of a Tax Increment Finance Allocation Area as recommended to assist in paying for the necessary improvements related to the City Center project. 5. The Redevelopment Commission should also consider the viability of using COPT bonding to assist in paying for the necessary improvements related to the City Center and Monon Trail projects. C Amended 126th Street Corridor Economic Development Plan 14 b Conclusions: Economic Development Plan as Amended The following conclusions are offered for the amended 126th Street Corridor Economic Development Plan. Unless otherwise noted, these conclusions are in addition to the conclusions offered for the original 126th Street Corridor Economic Development Plan. Based on the examination of the facts and the analysis set forth in this amended 126th Street Corridor Economic Development Plan, the following conclusions are offered: 1. That the Implementation of the City Center project will directly benefit the 126 Street Corridor Economic Development Area, as amended. 2. That the implementation of the City Center project will help to developmentally unify the entirety of the employment center of the City of Carmel, including the Rangeline Road corridor, the Old Town (historic downtown) area, and the Science and Technology Park. 3. That the need for the 126'" Street extension project Is still critical to the thoroughfare system of the area. 4. That the 126 Street extension project will directly benefit the City Center project. 5. That the future development of the entire area, including the amended 126 Street Corridor Economic Development Area, the Old Town Economic Development Area and the City Center Redevelopment Area, as the primary employment center for the community will be directly benefitted by the projects proposed in this amended Economic Development Plan. 6. That it is appropriate to delete the Ctty Center project area from the 126 Street Corridor Economic Development Area in order to facilitate the creation of the City Center Redevelopment Area and to implement the City Center project. 7. That it is appropriate to extend the boundaries of the 126`" Street Corridor Economic Development Area to take in a larger portion of the Science Technology Park, due to the economic Interdependence of the economic development areas as the functional employment center for the community. 8. That a positive economic impact will result from the implementation of the projects recommended in this amended Economic Development Plan in the form of creating new permanent jobs, securing existing jobs and additional tax revenues to the City. Amended 126th Street Corridor Economic Development Plan 15 I .4 9. That If this amended Economic Development Plan is not approved and the recommended projects are not implemented, it will be more difficult for the community to achieve the levels of economic intensity and competitive efficiencies which will be possible with the approval of this Economic Development Plan and the implementation of the recommended projects. 10. That it is appropriate to offer public financing for certain portions of the proposed projects in the form of COIT or TIF bonds as an economic stimulus for the proposed projects. 11. That the City and the Redevelopment Commission should seek private sectors partners to assist in the implementation of the recommended projects and in assembling project "packages" which will minimize the public sector investment and optimize the i.: economic impact of the projects. f.. The Redevelopment Commission has done an outstanding job of analyzing and implementing an appropriate level of activity to encourage the optimal economic development of the interdependent economic development areas. The conclusions of this amended Economic Development Plan are predicated on the continued perforrnance of objective analysis, public policy direction, and the formation of partnerships with the Plan Commission and the City Council necessary to assure the success of the projects. Recommendations: Economic Development Plan as Amended Based on the information presented, the analyses performed and the findings and conclusions of this amended Economic Development Plan, the following recommendations are presented for the consideration of the Carmel Redevelopment Commission, and thereafter to the Plan Commission and City Council for affirmation. 1. That the Carmel Redevelopment Commission should formally amend the boundaries of the 126 Street Corridor Economic Development Area in accordance with the boundaries shown on Map #1 and the boundary description contained previously In this Amended Economic Development Plan as amended, In accordance with IC 36 -14. 2. That the Carmel Redevelopment Commission should formally create a Tax Increment Finance (TIF) Allocation Area whose boundaries coincide with the boundaries of the 126th Street Corridor Economic Development Area. Amended 126th Street Corridor Economic Development Plan 16 4 4 3. That the Carmel Redevelopment Commission should formally approve this amended Economic Development Plan, including the addition of the City Center project and the Monon Trail corridor improvements, in order to develop potential financing opportunities for the projects included in this amended Economic Development Plan. 4. That the Carmel Redevelopment Commission should work directly with the City to develop a financial plan for the implementation of the City Center project, including possible eminent domain actions, as well as financing for various portions of the project, as determined necessary by the Redevelopment Commission and the City. /cramedp Amended 126th Street Corridor Economic Development Plan 17 1 RESOLUTION NO. Z -1 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE BOUNDARIES OF AN ECONOMIC DEVELOPMENT AREA, APPROVING AN AMENDED PLAN FOR THE AREA, DECLARING THE AREA AN ALLOCATION AREA, AND TAXING OTHER ACTIONS RELATED THERETO WHEREAS, on June 16, 1997, the City of Carmel Redevelopment Commission (the "Commission the governing body of the City of Carmel Department of Redevelopment (the "Department adopted Resolution No. 9 -1997 (the "Original Resolution pursuant to Indiana Code 36 -7 -14, as amended (the "Act approving a plan (the "Original Plan for and designating the "126th Street Corridor Economic Development Area" (the "Original Area and WHEREAS, Section 17.5 of the Act permits the amendment of a resolution designating an economic development area and the amendment of a plan for such an area; and WHEREAS, it has been proposed that the boundaries of the Original Area be amended to be the area of the City of Carmel, Indiana (the "City described on Exhibit A hereto (the "Amended Area and there has been presented to this meeting for consideration and approval of the Commission a plan (the "Amended Plan for the Amended Area, entitled "Amended Economic Development Plan-- Amended 126th Street Corridor Economic Development Area and WHEREAS, the Commission has caused to be prepared: (a) maps and plats showing the boundaries of the Amended Area, the location of the various parcels of property, streets, alleys and other features affecting the acquisition, clearance, replatting, replanning, rezoning or redevelopment and the economic development of the Amended Area, indicating any parcels of property to be excluded from the acquisition, if any, and showing the parts of the Amended Area acquired, if any, that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Amended Plan; (b) lists of the owners of the various parcels of property to be acquired, if any; and (c) an estimate of the cost of acquisition, redevelopment and economic development; and WHEREAS, the Amended Plan and supporting data were reviewed and considered at this meeting; and WHEREAS, Section 39 of the Act permits the creation of "allocation areas" to provide for the allocation and distribution of property taxes for the purposes and in the manner provided in said section; WHEREAS, the Commission has given consideration to transitional and permanent Ii provisions for adequate housing for any residents of the Amended Area who will be displaced by the project contemplated by the Amended Plan; and NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, the governing body of City of Carmel Department of Redevelopment, as follows: 1. The Commission hereby finds that the Amended Plan for the Amended Area promotes significant opportunities for the gainful employment of its citizens, attracts a major new business enterprise to the City, retains or expands a significant business enterprise 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 the 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 Commission hereby finds that the Amended Plan for the Amended 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 improvements or conditions that lower the value of the land below that of nearby land, multiple ownership of land and other similar conditions, including without limitation the cost of the projects contemplated by the Amended Plan and the necessity for requiring the proper use of the land so as to best serve the interests of the City and its citizens. 3. The Commission hereby finds that the public health and welfare will be benefited by accomplishment of the Amended Plan for the Amended Area. 4. The Commission hereby finds that the accomplishment of the Amended Plan for the Amended 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. 5. The Commission hereby finds that the Amended Plan for the Amended Area conforms to other development and redevelopment plans for the City. 6. Based upon the findings set forth in Sections 1 through 5 hereof, the Commission hereby determines, designates and declares that the Amended Area is an "economic development area" within the meaning of the Act. 7. The Commission hereby finds that: (a) the amendments to the Original Resolution and the Original Plan effected by this Resolution and the Amended Plan are reasonable and appropriate when considered in relation to the Original Resolution and the Original Plan and the purposes of the Act; and (b) the Original Resolution and the Original PIan, with the proposed amendments thereto effected by this Resolution and the Amended Plan, conform to the comprehensive plan of the City. 2 8. In support of the findings, determinations, designations and declarations set forth in Sections 1 through 7 hereof, the Commission hereby adopts the specific findings set forth in the Amended Plan, including any reports, studies and plans incorporated therein by reference. 9. The general boundaries of the Amended Area are those set forth in EallibiLA attached hereto. While the Amended Plan contemplates the possibility of future property acquisition in the Amended Area, the Department does not at this time propose to acquire any land or interests in land within the boundaries of the Amended Area. If, at some future time, the Department proposes to acquire any land or interests in land in the Amended Area, the required procedures for amending the Amended Plan under the Act will be followed. 10. The Amended Plan is hereby in all respects approved and adopted, and the secretary of the Commission is hereby directed to file a certified copy of the Amended Plan with the minutes of this meeting. 11. The Amended Area is hereby designated as an "allocation area" pursuant to Section 39 of the Act for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section 39. Any real property taxes 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 (a) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made or (b) 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 said allocation area that may be used by the redevelopment district to do one or more of the things specified in Section 39(b)(2) 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 July 15 of each year, the Commission shall take the actions set forth in Section 39(b)(3) of the Act. 12. The foregoing allocation provision shall apply to all of the Amended Area and shall expire on the date that is thirty (30) years after the effective date of this Resolution. 13. Said allocation area is hereby designated as the "126th Street Corridor Economic Development Allocation Area" and said allocation fund is hereby designated as the "126th Street Corridor Economic Development Allocation Area Fund." 14. Each officer of the Commission is hereby authorized and directed to make any and all required filings with the Indiana State Board of Tax Commissioners and the Hamilton County Auditor in connection with the creation of said allocation area. 3 15. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 16. This Resolution, together with any supporting data, including the Amended Plan, shall be submitted to the Carmel/Clay Plan Commission (the "Plan Commission and the Common Council of the City (the "Common Council as provided in the Act, and, if approved by the Plan Commission and the Common Council, shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. 17. Each officer of the Commission is hereby authorized and directed, for and on behalf of the Commission, to take any action determined by such officer to be necessary or appropriate to effect this Resolution, such determination to be conclusively evidenced by such officer's having taken such action, and any such action heretofore taken is hereby ratified and approved. 18. This Resolution shall be effective upon its adoption. Adopted this 15th day of January, 1998. CITY OF CARMEL REDEVELOPMENT COIVMISSION 7 j am President Vice President Secretary emb -,4 mber 4 exhibit A DESCRIPTION OF AMENDED 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA is ADSOI NWS 239204 r moo 0 g sasra Ram 1=-__..— 6 �ll t m r..: I 1 Li CITY CENT ft ft t_ a �i REDEYELOPVE o —aT t s AM 125 th I CORRIDOR EC x IC `a"• t I DEVELOPMENT j q JD •i.• t• 4 1 ii iiii i iii T i 1 a k i e A iii 7 i. 4 ,d L f d 4 I I I P .4. 4 7 O .41A 7 7 iss 7/ i A- .1 i al lep07 i /7 t irdgc 4 raw =err r I "001 mai i 1 J ..1. 1 1 1 ig 1 ow CITY CENTER REDEVELOPMENT AREA AND AMENDED f 126 th STREET CORRIDOR ECONOMIC DEVELOPMENT AREA t MAP No. 1 WABASH SCIENTIFIC, INC.