Resolution 2008-06 S tT
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RESOLUTION NO. 0200g
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
APPROVING AN AMENDMENT TO THE INTEGRATED ECONOMIC
DEVELOPMENT PLAN FOR THE OLD TOWN ECONOMIC DEVELOPMENT AREA
WHEREAS, on May 13, 1997, the City of Carmel Redevelopment Commission (the
"Commission as the governing body for the City of Carmel Redevelopment Department,
pursuant to .Indiana Code 36 -7 -14, as amended (the "Act), adopted its Resolution No. 5 -1997 (as
subsequently confirmed and amended, the "Declaratory Resolution designating an area known
as the `Old Town Economic Development Area (the "Economic Development Area as an
economic development area pursuant to Section 41 of the Act, and the Commission subsequently
has approved an Integrated Economic Development Plan Amended Redevelopment Plan
which applies to the Economic Development Area (the "Plan and
WHEREAS, pursuant to Sections 15 -17.5 of the Act, the Commission desires to amend
the Declaratory Resolution and the Plan by (1) designating a portion of the Economic
Development Area described in Exhibit A attached hereto as an "allocation area" under Section
39 of the Act known as the "Arts District Lofts Shoppes Tax Allocation Area" (the
"Allocation Area"), and (2) adding the project described in Exhibit B attached hereto (the "2008
Project to the Plan (collectively, the "Amendments and
WHEREAS, the Commission has caused to be prepared maps and plats showing the
boundaries of the Allocation Area, the location of various parcels of properly, streets, alleys, and
other features affecting the replotting, replanning, rezoning, or redevelopment of the Allocation
Area, and the parts of the Allocation Area that are to be devoted to public ways, sewerage and
other public purposes under the Amendments; and
WHEREAS, the Commission has caused to be prepared a List of the parcels of property
located in the Allocation Area and the owners thereof; and
WHEREAS, the Commission has caused to be prepared estimates of the costs of the 2008
Project as set forth in Exhibit B hereto; and
WHEREAS, the proposed Amendments and supporting data were reviewed and
considered at this meeting;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as the governing body of the City of Carmel Redevelopment Department, as
follows:
1. The Commission hereby finds that the public health and welfare will be benefited
by the Amendments. The Commission further finds and determines that the Amendments are
reasonable and appropriate when considered in relation to the Plan and the purposes of the Act,
and that the Plan, with the Amendments, conforms to the comprehensive plan for the City of
Carmel.
2. The Amendments are hereby approved in all respects. The Plan, as amended by
Amendments, is hereby confirmed in all respects.
3. The Allocation 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 the 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 the
Allocation Area that May be used by the redevelopment district only 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. The foregoing allocation provisions shall apply to all of
the Allocation Area and shall expire on the date that is twenty-five (25) years after the effective
date of this resolution. Each officer of the Commission is hereby authorized and directed to
make any and all required filings with the Indiana Department of Local Government Finance
the Hamilton County Auditor in connection with .the Allocation Area.
4. Any member of the Commission is hereby authorized to take such actions as are
necessary to implement the purposes of this resolution, and any such action taken prior to the
date hereof is hereby ratified and. approved.
5. This Resolution, together with any supporting data, shall be submitted to the
Carmel Plan Commission (the "Plan Coimthission and the Common Council of the City of
Carmel (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.
Adopted this 18 day of August, 2008.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
President
Vice President
Secretary
Member
Member
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EXHIBIT A
Arts District Lofts Shoppes Tax Allocation Area
The Arts District Lofts Shoppes Tax Allocation Area is comprised of the following described area in
the City of Carmel:
Beginning at the point of intersection of the centerline of Main Street and the centerline of First
Avenue NW;
o then turning northward, along the centerline of First Avenue NW, to the point of intersection with
the centerline of First Street NW;
o then turning westward, along the centerline of First Street NW, to the point of intersection with the
centerline of Second Avenue NW;
then turning southward, along the centerline of Second Avenue NW, to the point of intersection
with the centerline of Main Street;
then turning eastward, along the centerline of Main Street to the point of beginning.
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y
EXHIBIT B
Description of the 2008 Project
The 2008 Project is described as follows: the design, construction and equipping of a
multi- level parking facility to be located in the Allocation Area, at a current estimated cost of
S13,000,000.
INDSOI BDD 1059788x1
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CITY OF CARMEL REDEVELOPMENT COMMISSION
Adopted:
...Ronald E. Carter, President
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Rick Sharp, S retary
William Hammer, Vice President
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Carolyn E. _.iker
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Je Trot, l
ATTEST:
Signature /Title
Date:
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