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2005-Carmel Downtown Economic Dev. PlanCity of Carmel Hamilton County, Indiana Carmel Downtown Economic Development Plan April 25, 2005 YecTh Th g'id@uag# U U V a Michael R. Shaver, President 3799 Steeplechase Drive Carmel, IN 46032 (voice) 317/872-9529 (fax) 317/872-9885 (e -mail) wabsci@aol.com NMI NMI NMI Mil NM IMOD MIN 11•1111 EMI MN MO =II MI MS NM ;F::;:l ?,•=i■:"..„, i •,,:i A:-.'.!.. i ,...1 I CARMEL DOWNTOWN t 4 ECONOMIC DEVELOPMENT 2V 1547 „n 1 Ht.,11IGIt 2,P,2 CARMEL CITY CENTER PROPOSED MASTER PLAN 2005 CARMEL REDEVELOPMENT COMMISSION CSO !utak.° Carmel Downtown Economic Development Plan Carmel, Indiana Purpose of the Economic Development Plan This Economic Development Plan is being developed for the sole purpose of underwriting specific redevelopment proposals which have been offered by Pedcor Development for a site(s) in the immediate vicinity of the proposed. Carmel Performing Arts Center. The purpose of this Economic Development Plan is to assist in setting aside a special Economic Development Area for the purpose of capturing tax increment financing (TIF) incentives for the benefit of this proposed development. Economic Development Plan to Become a Part of the Integrated ED Plan It is the intent of the CRC that this Economic Development Plan, and designated Economic Development Area, will become a part of the Integrated Economic Development Plan, as amended. The CRC previously created a series of Economic Development areas in and around the urban core area, including one redevelopment area, and developed an integrated series of plans and strategies for the purpose of generating wholesale economic development and redevelopment of these areas, both individually and collectively. The CRC has developed an integrated plan itemizing the individual strategies and projects within each Economic Development Area and Redevelopment Area, as well as integrating all projects from all areas into a single, functioning whole. It is the intent of the CRC that the Carmel Downtown Economic Development Area will become a part of the integrated Economic Development and Redevelopment Areas, with all projects and strategies integrated and coordinated with one another. Area Previously Designated for TIF Incentives The public should know and understand that the Economic Development Area proposed herein for designation does not include any parcels that are not already designated to receive TIF incentives. The entirety of this Economic Development Area was previously designated as part of the original 126th Street Economic Development Area, and /or as part of the City Center Redevelopment Area. As result of these considerations, this new Economic Development Area is expected to have no impact, whatsoever, on the total amount of TIF revenues collected by the City of Carmel. Intent of this Economic Development Area Designation By designating a separate Economic Development Area, the Carmel Redevelopment Commission (CRC) can specifically designate that TIF revenues resulting from the proposed development can be captured by the CRC and dedicated to support the specific developer (Pedcor) as development incentives for CRC approved projects. Intent to Designate Two Separate Tax Allocation Areas It is the intent of the CRC to designate two separate tax allocation areas within this Carmel Downtown Economic Development area. This single Economic Development Caramel Downtown Economic Development Plan 2 Area will therefore serve the purpose of creating two separate tax allocation areas for the purpose of supporting two separate projects, although all projects proposed by Pedcor are seeking TIF incentives to develop integrated parking facilities in cooperation with CRC, in order to support public uses in the City Center area. Description of the Proposed Economic Development Area The proposed Economic Development Area consists of the following parcels as designated in the Proposed Master Plan, as developed by CSO Architects, and approved by the CRC. The parcels shown on the Carmel City Center Proposed Master Plan which are to be included in this Downtown Economic Development Area are listed as follows: Parcel #5 703,730 s.f. Parcel #4 39,300 s.f. Parcel #11 21,650 s.f. Parcel #7 (partial) Parcel #2 (partial) The Carmel Downtown Economic Development Area will also include contiguous rights of way for City Center Drive and 3rd Avenue SW for contiguity purposes. (A more detailed legal description will be included in the Declaratory Resolution.) Incorporation of Previous Findings This Economic Development Plan specifically incorporates any and all previous findings of fact and findings of blight related to previous designations of economic development areas and /or redevelopment areas for the purpose of capturing TIF revenues. As such, in addition to the specific findings of fact offered below, this Economic Development Plan also officially incorporates previous findings of fact related to the designation of other Economic Development Areas in the immediate vicinity, as well as the findings of blight that were previously approved as part of the City Center of Redevelopment Plan. The incorporation of previous findings is undertaken with the direct intent of enabling the CRC to supplement the specific findings of fact offered in this Economic Development Plan, in the event of legal or public disputes. Any citizen seeking full documentation of all findings related to this designation should consult this Economic Development Plan as well as the other Economic Development Plans and Redevelopment Plans, as amended and promulgated by the CRC, including the Integrated Economic Development Redevelopment Plans of the CRC, as amended. Findings of Fact Indiana statute IC 36-7-14 provides for the formation of an Economic Development Area in accordance with the following criteria: 1. The plan for the Economic Development Area: promotes significant opportunities for the gainful employment of its citizens; attracts major new business enterprise to the unit (of Carmel Downtown Economic Development Plan 3 government); retains or expands a significant business enterprise existing in the unit, or; meets other purposes of redevelopment and economic development. 2. The plan for the Economic Development Area cannot be achieved by regulatory processes, or by the ordinary operation of private 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 conditions. The public health and welfare will be benefited by the plan for the economic development of the 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, or; improve the diversity and economic base or other similar benefits. The plan for the Economic Development area conforms to other Development and Redevelopment Plans of the unit. Finding of Fact #1: "...the plan promotes significant opportunities for the gainful employment of its citizens; attract major new business enterprise; retains or expands a significant business enterprise existing in the unit...." Designation of the Carmel Downtown Economic Development Area is undertaken for the specific purpose of promoting development proposals from a developer; Pedcor. Pedcor currently has ongoing business activity in the City Center area. Pedcor provides employment opportunities to the citizens of Carmel, as well as the Indianapolis metropolitan area, and Pedcor has expressed a stated intent to expand their business enterprises in the Carmel Downtown Economic Development Area. In addition, it is the stated intent of Pedcor to develop real estate within the Carmel Downtown Economic Development Area for the purpose of attracting new business enterprise to the newly designated Economic Development Area. The stated intent of these developers is to develop commercial business space that will be offered to the business marketplace for the purpose of housing new, existing, and relocated businesses into the Carmel Downtown area. The CRC is responding directly to development proposals by Pedcor, and as such, it is determined that the proposed Economic Development Area meets this statutory finding of fact. Finding of Fact #2: "the plan... cannot be achieved by regulatory processes or by the ordinary operation of private enterprise because of lack of public improvements... or other similar conditions." The development proposals which have been received. Pedcor cannot be achieved through regulatory processes, nor through the normal operation of private enterprise. The general area has been designated for urban redevelopment for an extended period of time. Furthermore, the City Center Redevelopment Area was designated with a full complement of findings of blight, indicating that the area was suffering from urban deterioration and other blighting influences. The parcels being designated for the Carmel Carmel Downtown Economic Development Plan 4 Downtown Economic Development Area were previously designated as part of an area of suffering from urban blight, thereby also making the blight findings relevant to this ED Plan. This action to re- designate these parcels as a separate Economic Development Area is being undertaken in full recognition of the previous designation as part of the City Center Redevelopment Area. The additional findings of fact necessary to meet the statutory requirements for designation of an Economic Development area are intended to supplement, rather than replace, the findings of blight, which were originally a part of the redevelopment area designation. As stated above, this Economic Development plan hereby incorporates and integrates all previous findings of fact and findings of blight appropriate to designation of the Economic Development areas and Redevelopment areas affecting the central part of the City of Carmel. Having stated these premises, the CRC takes the position that implementation of the strategies incorporated into this Economic Development Plan cannot be achieved by the regulatory processes or by the ordinary operation of private enterprise. The City Center Redevelopment Plan clearly stated an extensive intent on the part of the City of Carmel to develop a broad range of public improvements, possibly including a performing arts center, an art museum, various new streets in roads, various improvements to existing streets in roads, expansion/enhancement of public parking facilities, and other forms of public improvements, in addition to a substantial increase in developmental intensity as proposed by the City Center Redevelopment Plan. The CRC has meticulously negotiated with an extensive series of property owners and developers for the purpose of implementing the strategies and projects contained in the Integrated Economic Development Plan. These extensive efforts have resulted in extensive redevelopment projects undertaken in the various economic development and redevelopment areas. These successful results serve to underscore the reality that the Integrated Plan for the Economic Development Area (including the component economic development and redevelopment plans) cannot be achieved by regulatory processes or by the ordinary operation of private enterprise. Without the extensive efforts of the CRC to intercede on behalf of redevelopment projects, it is unlikely that any of these projects would have taken place. Similarly, the developers involved in the projects proposed for the Carmel Downtown Economic Development Area have indicated that neither regulatory processes nor the ordinary operation of private enterprise can generate the type of projects which are being proposed in this case. In all cases, the property designated for the Carmel Downtown Economic Development Area cannot be developed or redeveloped to its highest potential without the intervention of economic incentives. The CRC has been consistent in all of its planning and strategic development. In every case since the inception of the CRC, the CRC has taken the position that major public improvements will be necessary in order to redevelop this area using a level of intensity commensurate with an urban core. The CRC's strategies have consistently incorporated the need for new roads and thoroughfares to handle increased traffic, as well as enhanced Carmel Downtown Economic Development Plan 5 and improved parking facilities to support the community -based uses which are intended for the area. The entirety of the CRC strategy depends upon making major public improvements in order to enable the Carmel Downtown Economic Development Area to increase its developmental intensity so as to serve a city with a population approaching 100,000 people, and a metropolitan (Hamilton County) area of nearly 200,000 population. Clearly, the public improvements serving this area, including roads, bridges, and parking, were originally designed to serve a small town. Therefore, if developmental intensity is increased to serve a community of 50,000 100,000, or more, there will be a need for major public improvements. The sum of these arguments leads to only one possible conclusion that the CRC can only achieve its development and redevelopment goals through the creative application of development partnerships. In creating those partnerships, economic development and redevelopment incentives can be applied to those development proposals which meet the CRC's criteria and vision, but in no case can the simple operation of private enterprise or the simple application of regulatory processes lead to a successful outcome. As such, the proposed Carmel Downtown Economic Development Area is determined to meet this statutory finding of fact. Finding of Fact #3: "the public health and welfare will be benefited..." The proposal to create the Carmel Downtown Economic Development Area will benefit the public health and welfare in several ways, as follows: 1. The public welfare will be benefited by providing new jobs and significant opportunities for employment of the citizens of Carmel, as a result of the proposed developments. 2. The public welfare will be benefited by introducing new opportunities for entertainment and cultural enhancement in and near the Economic Development Area, as well as jobs directly related thereto. 3. The public welfare will be benefited by creation of new assessed value within the Economic Development Area thereby enhancing the tax base of the community. 4. The public health will be benefited by improvements to safety features and local transportation and infrastructure which are designed to reduce the incidence of traffic accidents, including pedestrians struck by vehicles, as well as vehicular accidents. 5. The public health will be benefited by thoroughfare improvements which reduce traffic congestion and thus improve local air- quality. 6. The public health will be benefited by introducing and enhancing exercise and recreational opportunities to citizens of the urban core. It has been the CRC's strategy since the beginning to enhance the quality of life in Carmel by improving the downtown and City Center area to offer more arts, recreational, and cultural opportunities to citizens of Carmel and its metropolitan area. Effectively, "quality of life" and "public health and welfare" are synonymous terms. Therefore, the CRC hereby asserts that this statutory finding is satisfied. Carmel Downtown Economic Development Plan 6 Finding of Fact #4: accomplishment of the plan will be of public utility... as measured by: the attraction or retention a permanent jobs; an increase in the property tax base... or other similar benefits." The CRC hereby asserts that the accomplishment of this Economic Development Plan, including its goals, objectives, strategies, and projects, will be of public utility, as defined in the statute. The development proposals offered by Pedcor propose to increase the number of permanent jobs in the downtown area, as well as helping to retain existing jobs which are already located in this area. In addition, it is clear that the proposed developments will also increase the property tax base, as well as diversify the economic base of the City of Carmel. These proposed developments will help the City to attract and retain a broad range of new businesses, including small, start -up businesses, as well as intermediate -and large- sized businesses. Many of these businesses could not be attracted or retained, or otherwise would not be permitted to grow, without developments such as the ones proposed by Pedcor. While Carmel has a number of areas where major new office development is occurring, the number of these types of facilities in the downtown area is extremely limited. The CRC is seeking to capture new business development in the downtown area, including Old Town, City Center, and the Arts District, as well as the Carnrle Downtown ED Area, in order to diversify the city's economic base, increase its property tax base, and provide a stable and growing opportunity for employment in the area. Therefore, it is determined that this Economic Development Plan satisfies this statutory finding of fact. Finding of Fact #5: "the plan for the Economic Development Area conforms to other development and redevelopment plans of the unit." The CRC hereby asserts that the Carmel Downtown Economic Development Plan conforms in every respect to the other development and redevelopment plans for the area. As stated previously, the area to be designated as the Carmel Downtown Economic Development Area was previously designated as part of the City Center Redevelopment Area, as well as being included in the Integrated Economic Development Plan. As such, these previous ED RD Plans were found to be in conformity with the comprehensive plan of the City, by repeated action and affirmation of the Carmel Plan Commission over time. Despite the change in designation sought herein, all previous planning documents prepared by the CRC were reviewed in full by the City, as well as the Plan Commission, and were previously found in all cases to conform to the overall plan of development for the area. This Economic Development Plan alters none of the previous findings with regard to conformity. The City and the Plan Commission have worked cooperatively since the inception of economic development and redevelopment efforts by the CRC. This Economic Development Plan cannot reasonably be interpreted in any manner that does not conform to the overall plan of development and redevelopment for the City of Carmel, and as such, is expected that this statutory finding of fact is satisfied. Carmel Downtown Economic Development Plan 7 Finding of Fact #6: "...or other, similar benefits_ This ED Plan hereby affirms the incorporation of all previous findings of fact and findings of blight, as reported in previous ED RD Plans for the area now being designated as the Carmel Downtown Economic Development Area, as stated previously. The previous findings of blight related to the City Center RD Plan remain relevant to the intent and purpose of this ED Plan in all respects. This ED Plan is simply offered as a method for separating the economic /TIF impact of the Pedcor development proposals for the purposes of affirming a public /private partnership which can develop the parking necessary to support proposed public sector uses within the City Center area. This ED Plan therefore incorporates all previous findings of fact and findings of blight relevant to this ED Plan, and previously contained in the ED RD Plans for the general area, as well as the Integrated Economic Development and Redevelopment Plan for the area as amended. The CRC hereby asserts that this provision addresses the statutory finding of "other, similar benefits" to the ED Area. Economic Development Strategy Projects The CRC seeks to designate the Carmel Downtown Economic Development Area for the purpose of promoting specific, private sector projects which have been preliminarily presented to the CRC for consideration. The CRC's strategy for designating this Economic Development Area is primarily directed at the formation of partnerships with a developer (Pedcor) possessing the professional capability to successfully implement development projects which are compatible with the CRC's vision of the City Center area. Pedcor has a successful track record in assisting the City and the CRC with a successful redevelopment implementation. As a result, the CRC is extremely comfortable in developing additional partnerships for the projects proposed herein. The CRC believes that implementation of these projects will result in redevelopment of the City Center at an appropriate level of intensity, and with high- quality development standards. As stated previously, this Economic Development Area is being designated explicitly for the purpose of supporting the projects proposed by Pedcor, and therefore the strategy for this Economic Development Area relies heavily upon the representations made by Pedcor in approaching the CRC. Pedcor proposes to develop a number of projects in the economic development area, including office buildings, hotels, and other facilities, conforming to and complementing the CRC's plan for redevelopment of the City Center. The CRC has reviewed Pedcor's proposal and has determined that the proposal has sufficient merit to justify the creation of a separate the economic development area (apart from the City Center Redevelopment Area), designated for the purposes of supporting the Pedcor proposal, specifically. On its most fundamental level, the City Center Redevelopment Plan proposes to dramatically alter the developmental intensity of the City Center area. Similar increases Carmel Downtown Economic Development Plan 8 in developmental intensity are also affirmed in the Old Town ED Plan, which also compliments the City Center RD Plan. The City Center area was developed historically as a low intensity commercial and industrial corridor for the original Town of Cannel. The most fundamental purpose of the City Center Redevelopment Plan was to redevelop the City Center area into an urban core serving nearly 100,000 people, with substantially higher developmental intensity, including a broad range of urban attractions and community -based activities. This type of shift in developmental intensity is common to growing metropolitan areas. Virtually every growing city in the United States has faced the need to urbanize its core in order to maintain its competitiveness and economic viability. This increase in developmental intensity must be accompanied by an increase in the infrastructure capacity of the area in order to serve the new, more intense, development. T!F for Parking Facilities The primary activity to be undertaken by the CRC as a result of the designation of the Carmel Downtown Economic Development Area is to provide parking to serve the overall redevelopment activities for this economic development area, as well as the City Center Redevelopment Area. Under low intensity design parameters, parking was /is provided using surface lots surrounding one -story buildings. Under design parameters for more intense urban cores, buildings are multi- story, and parking is provided either underground, or in parking structures. The Pedcor development proposals include provisions to cooperate with the CRC in development of structural underground parking in quantities sufficient to serve Pedcor's developments, as well as serving the public uses proposed for the City Center. These parking structures have not yet been designed, and as such, it is too early to determine the exact number of such spaces, or their configuration. This Economic Development Plan projects the need for 1900 -2100 parking spaces to serve the overall parking need of the fully redevelop City Center. Using unitized cost estimates of $17,500- $25,000 per space for structural parking, the estimated cost of developing the estimated number of parking spaces would be approximately $35.000,000- $55,000,000. Obviously, these estimates of cost and parking demand must be refined as specific design parameters are established, and specific site conditions are known. However, for purposes of this Economic Development Plan the overall cost for providing all parking to serve the area is expected to be within this range. By establishing a cooperative partnership with Pedcor, including the provision of TIF incentives, the CRC can assure that Pedcor's developments are coordinated with and complementary to any development of public spaces ultimately chosen for City Center. There can be no question that the substantial increase in developmental intensity proposed by the City Center Redevelopment Plan will require additional parking. Further, there can be no question that surface parking is not a viable option in the urban Carmel Downtown Economic Development Plan 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 core. Consequently, the CRC must explore alternatives for development of parking structures, either above- ground or underground. In pursuing this partnership with Pedcor, the CRC can assure that parking needs for public facilities are addressed at the same time as private development proposals are considered. The CRC's strategy of building public- private partnerships for the purpose of elevating the quality of the City Center redevelopment attempts to assure the best possible result from this activity. Carmel Downtown Economic Development Plan 10 Carmel Redevelopment Commission Legal Description: Carmel Downtown Economic Development Area The Carmel Downtown Economic Development Area shall consist of the following parcels, as designated by the Carmel Redevelopment Commission: Parcel #4, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 39,300 square feet, located north of and contiguous to the right of way of City Center Drive, and contiguous with the right of way of Rangeline Road (the northwest quadrant of the intersection of Rangeline Road and City Center Drive); and, Parcel #11, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 21,650 square feet, located immediately west of Parcel #4 (described above), also contiguous with the right of way of City Center Drive, with its eastern boundary being the Monon Trail right of way; and, Parcel #5, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 703,730 square feet, whose boundaries are generally described as Rangeline Road on the east, the Monon Trail on the west, City Center Drive on the north and the future Monon Green Boulevard on the south; and, The right of way of City Center Drive contiguous with parcels #4, #5, and #11, as described above; and A portion of Parcel #7 as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, including the portion of Parcel #7 which is bounded by the future Monon Green Boulevard on the south, 3rd Avenue SW on the west, the Mono Trail on the east, and on the north by the parcel identified by the CRC as the future "Village Green" parcel; and, Including the full width of right of way of 3 Avenue SW, from the intersection with the future Monon Green Boulevard as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, northward to the point of intersection with the south right of way line of City Center, and Then commencing westward along City Center Drive, and including the full right of way of City Center Drive to the point of intersection with the northeast corner of the parcels which will serve as the sites for "Buildings #4 and #5, as described below, and The site for Pedcor Building #4 (Phase IIIa), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 197.13 feet along the south line of said Phase II to the southwest corner of said Phase II and the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 124.83 feet along the north line of the land described in the deeds to Pedcor Office, LLC, for Carmel City Center Phase I, recorded as Instrument numbers 2003 59244, 2003 -59245 and 2003 -59246 in said Recorder's office; thence North 00 degrees 00 minutes 00 seconds East 139.77 feet to the southern right -of -way line of City Center Drive described in Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence South 89 degrees 54 minutes 04 seconds East 124.83 feet along said southern right -of -way line to the west line of said Phase II -East Parcel; thence South 00 degrees 00 minutes 00 seconds West 139.49 feet along said west line to the point of beginning and containing 0.400 acres, more or less, and The site for Pedcor Building #5 (Phase 2 west and Phase 3b), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West (assumed bearing) along the North line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the. western right -of -way line of Third Avenue; thence North 00 degrees 46 minutes 33 seconds West along said western right -of way line 162.24 feet; thence South 89 degrees 58 minutes 22 seconds West 404.83 feet to the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 82.00 feet; thence North 00 degrees 01 minute 38 seconds West 153.88 feet to the southerly right -of -way line of 126 Street; thence North 89 degrees 45 minutes 36 seconds East along said southerly right -of -way line 82.00 feet; thence South 00 degrees 01 minute 38 seconds East 154.18 feet to the Point of Beginning and containing 0.290 acres, more or less, as well as Part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: /carmel dntn ed area legal Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office, said corner being on the north line of the land described in the deeds to Pedcor Office, LLC for Carmel City Center Phase I, recorded as Instrument numbers 2003- 59244, 2003 -59245 and 2003 -59246 In said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 321.96 feet along said north line to the POINT OF BEGINNING of this description; thence South 89 degrees 58 minutes 22 seconds West 82.87 feet along said north line to the southeast corner of Carmel City Center Phase II -West Parcel (Instrument number 2004- 22999); thence North 00 degrees 01 minute 38 seconds West 154.18 feet along the East line of said Parcel to the southern right of -way line of City Center Drive; thence North 89 degrees 45 minutes 36 seconds East 13.55 feet along said right -of -way line to the northwest corner of the land described as Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence the following two (2) courses along the southwest and south lines of said Transfer Parcel 2: 1) South 60 degrees 55 minutes 48 seconds East 29.55 feet; 2) South 89 degrees 54 minutes 04 seconds East 43.56 feet; thence South 00 degrees 00 minutes 00 seconds West 139.77 feet to the POINT OF BEGINNING and containing 0.275 acres, more or less. The bearings In this description are based upon the north line of the Northeast Quarter of said Section 36 having a bearing of South 89 degrees 12 minutes 13 seconds West. Carmel Redevelopment Commission Legal Description: Carmel Downtown Tax Allocation Area #1 The Carmel Redevelopment Commission (CRC) hereby designates the parcels described below as the Carmel Downtown Tax Allocation Area #1, including the following parcels: Parcel #4, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 39,300 square feet, located north of and contiguous to the right of way of City Center Drive, and contiguous with the right of way of Rangeline Road (the northwest quadrant of the intersection of Rangeline Road and City Center Drive); and, Parcel #11, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 21,650 square feet, located immediately west of Parcel #4 (described above), also contiguous with the right of way of City Center Drive, with its eastern boundary being the Monon Trail right of way; and, Parcel #5, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 703,730 square feet, whose boundaries are generally described as Rangeline Road on the east, the Monon. Trail on the west, City Center Drive on the north and the future Monon Green Boulevard on the south; and, The right of way of City Center Drive contiguous with parcels #4, #5, and #11, as described above; and A portion of Parcel #7 as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, including the portion of Parcel 747 which is bounded by the future Monon Green Boulevard on the south, 3` Avenue SW on the west, the Mono Trail on the east, and on the north by the parcel identified by the CRC as the future "Village Green" parcel. Carmel Redevelopment Commission Legal Description: Carmel Downtown Tax Allocation Area #2 The Carmel Redevelopment Commission (CRC) hereby designates the parcels described below as the Carmel Downtown Tax Allocation Area #1, including the following parcels, as described by Pedcor: The site for Pedcor Building #4 (Phase IlIa), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 197.13 feet along the south line of said Phase II to the southwest corner of said Phase 11 and the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 124.83 feet along the north line of the land described in the deeds to Pedcor Office, LLC, for Carmel City Center Phase I, recorded as Instrument numbers 2003- 59244, 2003 -59245 and 2003 -59246 in said Recorder's office; thence North 00 degrees 00 minutes 00 seconds East 139.77 feet to the southern right -of -way line of City Center Drive described in Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence South 89 degrees 54 minutes 04 seconds East 124.83 feet along said southern right -of -way line to the west line of said Phase II -East Parcel; thence South 00 degrees 00 minutes 00 seconds West 139.49 feet along said west line to the point of beginning and containing 0.400 acres, more or less, and The site for Pedcor Building #5 (Phase 2 west and Phase 3b), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West (assumed bearing) along the North line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the. western right -of -way line of Third Avenue; thence North 00 degrees 46 minutes 33 seconds West along said western right -of way line 162.24 feet; thence South 89 degrees 58 minutes 22 seconds West 404.83 feet to the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 82.00 feet; thence North 00 degrees 01 minute 38 seconds West 153.88 feet to the southerly right -of -way line of 126 Street; thence North 89 degrees 45 minutes 36 seconds East along said southerly right -of -way line 82.00 feet; thence South 00 degrees 01 minute 38 seconds East 154.18 feet to the Point of Beginning and containing 0.290 acres, more or less, as well as Part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office, said corner being on the north line of the land described in the deeds to Pedcor Office, LLC for Carmel City Center Phase I, recorded as Instrument numbers 2003 59244, 2003 -59245 and 2003 -59246 In said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 321.96 feet along said north line to the POINT OF BEGINNING of this description; thence South 89 degrees 58 minutes 22 seconds West 82.87 feet along said north line to the southeast corner of Carmel City Center Phase II -West Parcel (Instrument number 2004 22999); thence North 00 degrees 01 minute 38 seconds West 154.18 feet along the East line of said Parcel to the southern right of -way line of City Center Drive; thence North 89 degrees 45 minutes 36 seconds East 13.55 feet along said right -of -way line to the northwest corner of the land described as Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence the following two (2) courses along the southwest and south lines of said Transfer Parcel 2: 1) South 60 degrees 55 minutes 48 seconds East 29.55 feet; 2) South 89 degrees 54 minutes 04 seconds East 43.56 feet; thence South 00 degrees 00 minutes 00 seconds West 139.77 feet to the POINT OF BEGINNING and containing 0.275 acres, more or less. The bearings In this description are based upon the north line of the Northeast Quarter of said Section 36 having a bearing of South 89 degrees 12 minutes 13 seconds West.