2008-Economic Development Plan/Pedcor City of Carmel
Hamilton County, Indiana
Preliminary Draft for Internal Review Only
Carmel Trail
Pedcor:
Economic
Development
Plan
February 7, 2008
Michael R. Shaver, President
3799 Steeplechase Drive
Carmel, IN 46032
(voice) 317/872 -9529
(fax) 317/872 -9885
(e -mail) wabsci @aol.com
Map #1
Pedcor: Carmel Trail Economic Development Plan
Carmel, Indiana
Purpose of the Economic Development Plan
This Economic Development Plan (ED Plan) is being developed for the sole purpose of
underwriting and capturing a specific redevelopment proposal for the parcel of land
identified by the Carmel Redevelopment Commission (CRC) as the Pedcor: Carmel Trail
project. A portion of the land identified herein as the Pedcor: Carmel Trail ED Area was
originally amended into the Old Town Economic Development Area (Old Town ED
Area) for the purpose of achieving economic development goals for the Old Town area of
the city. The proposed Carmel Trail project is designed to provide commercial and
residential redevelopment of currently under utilized parcels within the proposed ED
Area.
The purpose of this Economic Development Plan (ED Plan), therefore, is to remove the
portion of the Pedcor: Carmel Trail ED Area located east of 3 Avenue SW from the Old
Town ED Area, and to include those parcels in the re- designated Pedcor: Carmel Trail
ED Area as a stand -alone ED Area. This course of action allows the CRC to offer the
prospective developer the opportunity to capture tax increment financing (TIF) resulting
from the Carmel Trail development proposal, alone. This TIF is to be used to accomplish
projects identified in the Economic Development Project List which is a part of this ED
Plan. It has been the determination of the CRC that the high quality type of development
preferred for the old industrial corridor of the City of Carmel is not possible without the
commitment of TIF revenues /incentives from the redevelopment of these parcels to this
development project.
HISTORICAL DEVELOPMENT CONSIDERATIONS
The property comprising the proposed Pedcor: Carmel Trail ED Area includes a
portion of the original Old Town ED Area, along with other parcels located on the
west side of 3 Avenue SW, which was originally Carmel's industrial corridor.
This is an important factor in this ED Area designation.
In fact, it is extremely rare for a city to achieve economic success sufficient to
redevelop urban industrial property. Many cities are plagued by old industrial
facilities which cannot meet the economic thresholds for redevelopment. The
industrial development that was historically located along 3 Avenue SW has
since been surrounded by a mix of high quality residential and commercial
development, thereby creating some substantial constraints against the
continuation of the historically designated industrial land uses. In point of fact,
any proposal to redevelop the parcels along 3 Avenue SW as industrial property
in the traditional sense would not only be vehemently opposed by surrounding
neighbors, but would also have an adverse impact on the value of surrounding
property.
This change in the character of surrounding development makes it extremely
important to seriously consider viable proposals for new commercial and
Pedcor: Carmel Trail Economic Development Plan (080207) 3
residential development in this area. The Pedcor: Carmel Trail ED Area proposal
is one such opportunity.
Description of the Proposed Economic Development Area
The proposed Pedcor: Carmel Trail Economic Development Area is generally located on
both sides of 3 Avenue SW, west of the Monon Trail, south of 2nd Street SW and
Industrial Drive, and north of City Center Drive. The legal description of the proposed
ED Area, which will be included in the Declaratory and Confirmatory Resolutions
establishing the Pedcor: Carmel Trail ED Area is presented below. A list of the parcel
identification numbers which have been assembled from the records of the Hamilton
County Auditor to comprise the proposed ED Area is presented below:
Parcels Included in the Pedcor: Carmel Trail ED Area
Parcels newly designated in the Parcels previously designated as
Pedcor: Carmel Trail ED Area Old Town ED Area
16- 09- 25- 04 -05- 012.000 16- 09- 25- 04 -05- 007.000
16- 09- 25- 04 -05- 013.000 16- 09- 25- 04 -05- 008.000
16- 09- 25- 04 -05- 014.000 16- 09- 25- 04 -05- 009.000
16- 09- 25- 04 -05- 015.000 16- 09- 25- 04 -05- 010.000
16- 09- 25- 00 -00- 016.000 16- 09- 25- 00 -00- 015.101
LEGAL DESCRIPTION (USING PARCEL CORNERS):
The legal description of the proposed Pedcor: Carmel Trail ED Area is as follows:
Beginning at the point of intersection of the west right of way line of 3 Avenue
SW and the point of intersection with the northern boundary of parcel 16- 09 -25-
04-05- 014.000,
then proceeding westward along the northern boundaries of parcels 06- 09- 25 -04-
05- 014.000 and 16- 09- 25- 04 -05- 015.000 to the western boundary of parcel 16-
09-25-04-05- 015.000,
then proceeding southward along the western boundary of parcel 16- 09- 25 -04-
05- 015.000 to the point of intersection of the southern boundary of said parcel
and the northern boundary of parcel 16- 09- 25- 00 -00- 016.000,
then proceeding westward along the northern boundary of parcel 16- 09- 25 -00-
00- 016.000 and continuing to follow said parcel boundaries northward, westward,
southward, eastward, southward, and eastward along the southern boundary of
parcel 16- 09- 25- 00 -00- 016.000 to the eastern boundary of said parcel,
then proceeding northward along the eastern boundary of parcel 16-09-25-00-00-
016.000 to the intersection with the southern boundary of parcel 16-09-25-04-05-
012.000,
Pedcor: Carmel Trail Economic Development Plan (080207) 4
then proceeding eastward along the southern boundary of parcel 16- 09- 25 -04-
05- 012.000 to the intersection of the southern boundary of said parcel and the
west right of way line of 3rd Avenue SW,
then proceeding southward along the western right of way line of 3rd Avenue SW
to the point of intersection of the west right of way line of 3rd Avenue SW with the
southern boundary of parcel 16- 09- 25- 00 -00- 015.101,
then proceeding eastward along the southern boundary of parcel 16- 09- 25 -00-
00- 015.101 to the eastern boundary of said parcel,
then proceeding northward along the eastern boundary of parcel 16-09-25-00-00-
015.101 to the point of intersection with the northern boundary of said parcel,
then proceeding westward along the northern boundary of parcel 16- 09- 25 -00-
00- 015.101 to the western boundary of parcel 16- 09- 25- 04 -05- 009.000,
then proceeding northward along the eastern boundaries of parcels 16- 09- 25 -04-
05- 009.000, 16- 09- 25- 04 -05- 010.000, 16- 09- 25- 04 -05- 008.000, and 16- 09 -25-
04-05- 007.000 to the northern boundary of parcel 16- 09- 25- 04 -05- 007.000,
then proceeding westward along the northern boundary of parcel 16- 09- 25 -04-
05- 007.000 to the point of intersection with the west right of way line of 3rd
Avenue SW,
then proceeding southward to the point of beginning.
Pedcor: Carmel Trail Preliminary Redevelopment Proposal
The preliminary Pedcor: Carmel Trail redevelopment proposal includes a mixed -use
retail development with some offices (final proportions will be determined by market
demand) specifically targeted for support of the Arts District as well as other
redevelopment initiatives which the CRC has promoted in the city Center area over time.
The redevelopment design `motif which has been designated in the Old Town area of
Carmel is to create a `new urbanist' area, with higher density, upscale housing and a full
complement of supporting retail, integrated with developmental amenities such as
pedestrian facilities, historically reminiscent architecture, the Monon Trail, the Arts
District and Performing Arts complex.. This preliminary redevelopment proposal
indicates that the redeveloped parcels will be developed with far greater intensity and in
more amenable land uses than the original industrial developments which were
historically located on the assembled parcels.
The redevelopment proposal has been refined to propose
Carmel Trail ED Plan to Become a Part of Carmel's Integrated ED Plan
It is the intent of the CRC that this "Pedcor: Carmel Trail Economic Development Plan,"
and designated "Pedcor: Carmel Trail Economic Development Area," will become a part
of the Carmel Integrated Economic Development Plan, as amended.
Pedcor: Carmel Trail Economic Development Plan (080207) 5
The CRC originally created a series of separate Economic Development Areas, as well as
one redevelopment area (City Center), 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. Over time, the success
of these separate economic development strategies and initiatives expanded the
boundaries of the original ED RD Areas to the point where the separate areas became
contiguous. In response to that contiguity, the CRC developed (and amended over time
to reflect progress on a broad range of projects) an Integrated Economic Development
Redevelopment Plan itemizing the individual strategies and projects from all of these
TIF -based areas, as well as integrating all projects from all ED RD Areas into a single,
functioning whole, with the central goal of enabling the City of Carmel to utilize TIF
revenues from all ED RD Areas to benefit the City Center redevelopment initiatives.
It is the intent of the CRC that the "Pedcor: Carmel Trail 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. As such, any
excess TIF revenue generated by the Pedcor: Carmel Trails ED Area is extended the
same CRC policy provisions as the other ED RD Areas, in that TIF revenues generated
within the proposed Pedcor: Carmel Trail ED Area can be used to benefit the City Center
Redevelopment Area, and such use of the TIF revenue (in the City Center
Redevelopment Area) is determined to directly serve and benefit the Pedcor: Carmel
Trail ED Area.
Portion of ED Area Previously Designated for TIF Incentives
The public should know and understand that the Pedcor: Carmel Trail Economic
Development Area proposed herein for designation includes parcels that are already
designated as part of an economic development area, as well as contiguous parcels. The
creation of the Pedcor: Carmel Trail ED Area enables the CRC to provide incentives to
the developer which would be otherwise more difficult to achieve, without the ED Area
designation. The proposed uses of TIF are set forth in the "Projects" section of this ED
Plan. The revenue impact of designating this Pedcor: Carmel Trail ED Area is projected
to be nominal, but will be set forth in the financial analysis, to be prepared separately.
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 the specific
developer of Carmel Trail (Pedcor) as a development incentive to support the
reconstruction of infrastructure to serve more intense and upscale development in the Old
Town area.
Incorporation of Previous Findings
As noted previously, this ED Plan is being amended directly into the Integrated
Economic Development Redevelopment Plan which the CRC has developed to
Pedcor: Carmel Trail Economic Development Plan (080207) 6
promote multiple and complimentary economic development and redevelopment
strategies for the Old Town and City Center areas. This Pedcor: Carmel Trail Economic
Development Plan, therefore, incorporates any and all relevant findings of fact and
findings of blight related to previous designations of Economic Development Areas
and /or Redevelopment Areas in/near Old Town, City Center, 126 Street, and so forth,
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 and
Redevelopment Area covering the parcels in the general area, as well as the findings of
blight that were previously approved as part of the City Center Redevelopment Plan.
The incorporation of previous findings is undertaken with the direct intent of enabling the
CRC to supplement the specific findings 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, the
Integrate Economic Development Redevelopment Plan, and all other Economic
Development Plans and Redevelopment Plans, as amended and promulgated by the CRC
for purposes of redeveloping the Old Town, City Center and 126 Street areas. It is the
intent of the CRC that all such actions, projects and strategies be integrated and
complementary to the overall goals of the economic development and redevelopment
effort.
Pedcor: Carmel Trail 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
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.
3. 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.
5. 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...."
Pedcor: Carmel Trail Economic Development Plan (080207) 7
Designation of the Pedcor: Carmel Trail Economic Development Area is undertaken for
the specific purpose of promoting a development proposal from Pedcor for an area on
both sides of 3` Avenue SW, west of the Monon Trail, south of 2 Street SW and
Industrial Drive, and north of City Center Drive. Pedcor's redevelopment proposal for
Carmel Trail involves creation of a mixed use retail/ office development which is
targeted to support and complement Carmel's downtown Arts District, as well as the
hotels and other commercial developments of the City Center RD Area. Pedcor's
corporate headquarters are located adjacent to the City Center RD Area.
Pedcor has ongoing business activity in the Carmel City Center area and has been a major
proponent of the overall City Center redevelopment effort. As such, Pedcor already
provides employment opportunities to the citizens of Carmel, as well as the Indianapolis
metropolitan area, and has expressed an intent to expand its business enterprises in the
Pedcor: Carmel Trail Economic Development Area.
In addition, it is Pedcor's stated intent to develop Carmel Trail for the purpose of
attracting new business enterprise to the newly designated Economic Development Area.
The intent to develop commercial business space that will be offered to the business
marketplace for the purpose of housing new, existing, relocated and /or expanded
commercial businesses in the Pedcor: Carmel Trail ED Area and which will generate new
opportunities for gainful employment of Carmel and metropolitan area citizens. The
CRC is responding directly to a development proposal by Pedcor with the full
expectation that new employment opportunities will be captured in this ED Area. As
such, it is determined that the proposed Economic Development Area meets the statutory
finding of fact that the ED Area promotes new opportunities for gainful employment,
attracts new business enterprise, and provides for the expansion of existing business in
the City.
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...multiple ownership of land... or other similar conditions."
The designation of the Pedcor: Carmel Trail ED Area responds to a series of conditions
that relate to the development /redevelopment of urban parcels. The development
proposal which has been offered by Pedcor cannot be achieved through regulatory
processes, nor through the normal operation of private enterprise. The area in, near and
surrounding the proposed Pedcor: Carmel Trail ED Area has been designated for
economic development and urban redevelopment for an extended period of time into the
21 Century. Several parcels within the Pedcor: Carmel Trail ED Area were originally
designated as part of the Old Town Economic Development Area, with a full complement
of statutory findings of fact, as presented in the Old Town Economic Development Plan.
Those original findings of fact were above incorporated into this economic development
plan by reference. Furthermore, the City Center Redevelopment Area (located just
south of the proposed ED Area) was designated with a full complement of findings of
blight, indicating that the area was suffering from urban deterioration and other blighting
influences.
Pedcor: Carmel Trail Economic Development Plan (080207) 8
Beyond these recent actions by the CRC acknowledging the need for economic
development and redevelopment in these areas, we have also noted that the 3 Avenue
SW corridor was originally designated as the Town's industrial corridor. This historic
zoning has become increasingly problematic in that any industrial development proposal
that complies with the industrial zoning requirements could be constructed in this area, to
the detriment of the surrounding property. As such, any redevelopment or economic
development strategy for the proposed ED Area must also be prepared to confront the
need for upgraded zoning for the industrial parcels along 3 Avenue SW. The zoning
issues add more complexity to an already complex situation in this case.
This action to re- designate the parcels now comprising the Pedcor: Carmel Trail ED Area
as a separate Economic Development Area is being undertaken in full recognition of
these previous designations by the CRC, as well as previous zoning decisions. The
additional findings of fact necessary to meet the statutory requirements for designation of
the Pedcor: Carmel Trail Economic Development Area are intended to supplement, rather
than replace, the previous findings of fact and findings of blight, which were originally a
part of the redevelopment area designation generally located between Main Street and
City Center Drive, and between Rangeline Road and 3 Avenue SW.
More specifically, the Pedcor: Carmel Trail area could not be developed at an appropriate
level of intensity, or with appropriate design configurations without the designation as an
economic development area. Prior to designation, this ED Area was comprised of a
number of fragmented parcels which were incapable of separately supporting
development or redevelopment at the level and quality of urban intensity sought by the
CRC for the old downtown area. When private interests acquire fragmented parcels and
bring them under single ownership for redevelopment purposes, the CRC is able to more
efficiently encourage /stimulate /negotiate a redevelopment proposal that is appropriate to
the CRC's strategic goals. None of these activities could have been accomplished
through the normal course of private enterprise, nor by accepted regulatory processes
with the parcels under fragmented ownership.
The Carmel Redevelopment Commission has undertaken an extended series of planning,
design, and construction projects to create a dynamic environment for economic
development and redevelopment, focusing on this old downtown area. 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, including a performing arts center, new
hotels, various new streets /roads, various improvements to existing streets /roads,
expansion/enhancement of public parking facilities, new electrical infrastructure to
support intensified development (and intensified electrical demand) and other forms of
public improvements.
In addition, the CRC has sponsored an extensive redevelopment of street and drainage
infrastructure in order to reinforce the historic design parameters of the Old Town Area.
Once these infrastructure projects were completed, the CRC went further in designating
the Old Town Area as an Arts District, with the intent of capturing a broad range of arts
related small businesses in the urban core. The newly- designated Arts District has been
Pedcor: Carmel Trail Economic Development Plan (080207) 9
overwhelmingly successful in attracting new, arts -based economic activity to the old
downtown area. The Pedcor development proposal supports and amplifies these previous
efforts on the part of the CRC in a manner that could not have been achieved through the
normal operation of private enterprise or the normal regulatory processes available to
municipalities.
Similarly, the developer has affirmed that neither regulatory processes nor the ordinary
operation of private enterprise can generate the type of redevelopment project which is
being proposed in this case. In all cases, the property designated for the Pedcor: Carmel
Trail Economic Development Area cannot be developed or redeveloped to its highest
potential without the intervention/inclusion of the economic incentives which accompany
the designation of this ED Area.
The entirety of the CRC strategy depends upon making major public improvements in
order to enable the Pedcor: Carmel Trail Economic Development Area to increase its
developmental intensity so as to serve a city with over 50,000 population, and a
metropolitan area of over 200,000 population. Clearly, the existing public improvements
serving this area, including infrastructure and parking, were originally designed to serve a
small town. Therefore, if developmental intensity in the city's historic center is to be
increased to serve a community of 50,000- 100,000 population or more, there will be a
need for major public improvements which are unlikely to be realized through simple
regulatory enforcement or operation of private enterprise.
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 Pedcor: Carmel Trail 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 Pedcor: Carmel Trail 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 commercial
development.
2. The public welfare will be benefited by introducing new opportunities for arts,
entertainment and cultural enhancement in and near the proposed Economic
Development Area.
3. The public welfare will be benefited through the attraction of arts- related and other
businesses into the proposed ED Area, which will increase the economic viability of the
ED Area and overcome the original industrial land uses designated for the 3` Avenue
SW corridor.
4. The public welfare will be benefited by creation of new assessed value within the
Economic Development Area.
Pedcor: Carmel Trail Economic Development Plan (080207) 10
5. 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.
6. The public health will be benefited by infrastructure improvements which reduce traffic
congestion and thus improve local air quality.
7. The public health will be benefited by introducing and enhancing commercial
redevelopment opportunities in an area historically designated to house industrial land
uses.
8. The public health will be benefited by attracting more people to walk or jog along the
Monon Trail.
9. The public health will be benefited by redeveloping an area which could possibly have
lain fallow due to concerns over the cost of environmental cleanup necessitated by
previous industrial activity in the proposed ED Area.
10. The public health will be benefited by providing enclosed and other parking which
provides customers with safe access to businesses in the ED Area.
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 the metropolitan area. By employing
strategies to increase arts -based activities, the CRC also secondarily promotes adjunct
commercial activities, producing secondary economic benefits to the ED Area, the
surrounding ED /RD Areas, and the community in general. Effectively, "quality of life"
and "public health and welfare" are synonymous terms. Therefore, the CRC hereby
asserts that this statutory finding is satisfied.
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 (above). The development proposal offered by Pedcor is projected to
increase the number of permanent jobs in the downtown area, as well as supporting the
retention of existing jobs which are already located in the old downtown area.
In addition, it is clear that the proposed development will also increase the property tax
base, as well as diversify the economic base of the City of Carmel. The proposed Carmel
Trail development will help the city to attract and retain a broad range of new businesses,
including small, start-up businesses, as well as relocation opportunities for expanding
businesses in the area. 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 for Carmel Trail. While Carmel has a number of areas where major
new office /retail 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, 126 Street and the Arts District, 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.
Pedcor: Carmel Trail Economic Development Plan (080207) 11
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 Pedcor: Carmel Trail Economic Development Plan is
designed to conform in every respect to the other economic development and
redevelopment plans for the area. As stated previously, a portion of the area to be
designated as the Pedcor: Carmel Trail Economic Development Area was previously
designated as part of the Old Town Economic Development Area.
It is also noted that the original zoning designation for a substantial portion of the 3`
Avenue SW corridor is industrial. This industrial zoning is not compatible with current
development patterns in the City Center, Old Town and 126 Street areas. As such, the
Plan Commission is obligated to consider redevelopment proposals which promote
alternatives to heavy industrial redevelopment of historic industrial areas. If industrial
redevelopment were located in the proposed ED Area, the surrounding property values
would almost certainly suffer.
Regardless of the proposed change in designation implicit 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 in this regard. 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.
Economic Development Strategy
The CRC seeks to designate the Pedcor: Carmel Trail Economic Development Area for
the purpose of promoting a specific, private sector redevelopment proposal which will be
simultaneously presented to the CRC for consideration. The development proposal and
the ED Area designation will be considered by the CRC as part and parcel to one another.
The CRC's strategy for designating this Economic Development Area is primarily
directed at the formation of partnerships with developers possessing the professional
capability to successfully implement development projects which are compatible with the
CRC's vision of the old downtown area, and which promote, support, and extend the
capacity of the Old Town commercial area to support a broad range of businesses.
Pedcor has a successful track record in assisting the City and the CRC with successful
development/redevelopment implementation. As a result, the CRC is comfortable in
developing this additional partnership in support of the proposed project, and the
developer will work with CRC to answer all questions and resolve all disputes, to the
maximum practical extent. The CRC believes that implementation of this project will
Pedcor: Carmel Trail Economic Development Plan (080207) 12
result in further redevelopment of the old downtown area at an appropriate level of urban
intensity, and with high quality development standards.
As stated previously, this Economic Development Area is being designated explicitly for
the purpose of supporting the project proposed by Pedcor, and therefore the strategy for
this Economic Development Area relies heavily upon the representations made by Pedcor
in approaching the CRC.
Economic Development Projects
The CRC's partnership with Pedcor in creating the Pedcor: Carmel Trail ED Area
includes the possible use of TIF funds for the following projects in conjunction with the
Pedcor proposal.
Cost item Estimated cost
Parking Structures (subsurface)
Surface parking
3rd Avenue corridor improvements
Ingress /Egress provisions
(including handicapped access, ramps, elevators, vehicle access, etc.)
Other infrastructure support
Preliminary Subtotal of Estimated Costs
In addition to the economic development projects presented above, the CRC
acknowledges that potential excess TIF revenues can be used to support other
redevelopment projects in the City Center Redevelopment Area, including the
Performing Arts Center, and that such use of the excess TIF revenues will directly serve
and benefit the Pedcor: Carmel Trail ED Area.
/carmel trail ed plan 080207
Pedcor: Carmel Trail Economic Development Plan (080207) 13