Loading...
CRC Resolution 22-2006 RESOLUTION NO. 22-2006 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION DECLARING AN AREA IN THE CITY OF CARMEL AS AN ECONOMIC DEVELOPMENT AREA AND APPROVING AN ECONOMIC DEVELOPMENT PLAN FOR SAID AREA WHEREAS, the City of Carmel Redevelopment Commission (the "Commission governing body of the City of Carmel Department of Redevelopment (the "Department pursuant to Indiana Code 36 -7 -14, as amended (the "Act has thoroughly studied that area of the City of Carmel, Indiana (the "City as described on Exhibit A attached hereto and designated as the "WestClay Economic Development Area" (the "Economic Development Area and WHEREAS, the existing public infrastructure is inadequate to service anticipated demand in or near the Economic Development Area; and WHEREAS, there has been presented to this meeting for consideration and approval of the Commission an economic development plan (the "Plan for the Economic Development Area and entitled "WestClay Economic Development Plan and WHEREAS, the Commission has caused to be prepared maps and plats showing the boundaries of the Economic Development Area, the location of various parcels of property, streets, alleys, and other features affecting the replatting, replanning, rezoning, or redevelopment of the Economic Development Area, and the parts of the Economic Development Area that are to be devoted to public ways, sewerage and other public purposes under the Plan; and WHEREAS, the Commission has caused to be prepared estimates of the costs of the development projects as set forth in the Plan; and WHEREAS, the Plan and supporting data was reviewed and considered at this meeting; and WHEREAS, Section 39 of the Act has been created and amended to permit 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; and WHEREAS, Sections 41 and 43 of the Act have been created to permit the creation of "economic development areas" and to provide that all of the rights, powers, privileges and immunities that may be exercised by this Commission in a redevelopment area or urban renewal area may be exercised in an economic development area, subject to the conditions set forth in the Act; and WHEREAS, the Commission deems it advisable to apply the provisions of said Sections 39, 41, and 43 of the Act to the Plan and financing of the Plan. NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, governing body of the City of Carmel Department of Redevelopment, as follows: 1. The Plan for the Economic Development Area promotes significant opportunities for the gainful employment of its citizens, attracts major new business enterprises to the City, may result in the retention or expansion of significant business enterprises 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 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 Plan for the Economic Development 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 2 public improvements, including without limitation the cost of the projects contemplated by the Plan. 3. The public health and welfare will be benefited by accomplishment of the Plan for the Economic Development Area. 4. The accomplishment of the Plan for the Economic Development Area will be a public utility and benefit as measured by the attraction or retention of permanent jobs, an increase in the property tax base, improved diversity of the economic base and other similar public benefits. 5. The Plan for the Economic Development Area conforms to other development and redevelopment plans for the City. 6. In support of the findings and determinations set forth in Sections 1 through 5 above, the Commission hereby adopts the specific findings set forth in the Plan. 7. While the Plan contemplates the possibility of property acquisition as a part of the economic development strategy, the Department does not at this time propose to acquire any specific parcel of land or interests in land within the boundaries of the Economic Development Area. At the time the Department proposes to acquire specific parcels of land, the required procedures for amending the Plan under the Act will be followed, including notice by publication and to affected property owners and a public hearing. 8. The Commission finds that no residents of the Economic Development Area will be displaced by any project resulting from the Plan, and therefore finds that it 3 does not need to give consideration to transitional and permanent provisions for adequate housing for the residents. 9. The Plan is hereby in all respects approved, and the secretary of the Commission is hereby directed to file a certified copy of the Plan with the minutes of this meeting. The Economic Development Area is hereby designated as an "economic development area" under Section 41 of the Act. 10. The entire Economic Development Area is hereby designated as the "WestClay 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. 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 the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or 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 the "WestClay Allocation Area 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. 11. The foregoing allocation provision set forth in Section 10 shall expire on the date that is thirty (30) years after the effective date of this resolution. 12. The officers of the Commission are hereby directed to make any and all required filings with the Indiana Department of Local Government Finance and the Hamilton County Auditor in connection with the creation of the allocation area. 4 13. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto. 14. This Resolution, together with any supporting data and together with the Plan, shall be submitted to the Carmel Plan Commission (the "Plan Commission 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 the 22nd day of December, 2006. CITY OF CARMEL REDEVELOPMENT COMMISSION f Pfesident Vice President Secretary c _4 Zit Member Member 5 EXHIBIT A Description of the WestClay Economic Development Area and WestClay Allocation Area The WestClay Economic Development Area and WestClay Allocation Area is described as follows: Beginning at the point of intersection of the west right of way line of Towne Road and the south right of way line of 131 Street, then proceeding westward along the south right of way line of 131 Street to the point of intersection with the western boundary of parcel 17- 09- 29- 00 -00- 012.001, then proceeding southward along the western boundary of parcel 17- 09- 29- 00 -00- 012.001, to the point of intersection with the southern boundary of that parcel, then proceeding eastward along the south property line of parcel 17- 09- 29- 00 -00- 012.001 to the point of intersection with the western boundary of parcel 17- 09- 29- 00 -14- 010.000, then proceeding eastward and southward along the south property line of parcel 17-09-29-00-14- 010.000 to the southwest corner of that parcel, then turning eastward along the south property line of parcel 17- 09- 29- 00 -14- 010.000 to the point of intersection with the west right of way line of Towne Road, then turning northward to the point of beginning, the aforementioned legal description to contain two parcels, according to the Hamilton County Auditor's website: 17- 09- 29- 00- 00- 012.001 and 17- 09- 29- 00 -14- 010.000. INDSOI BDD 908059v1 6 City of Carmel Hamilton County, Indiana draft WestClay Economic Development Plan December 15, 2006 W L T 2 ©osoffk aU @o Michael R. Shaver, President 3799 Steeplechase Drive Carmel, IN 46032 (voice) 317/872 -9529 (fax) 317/872 -9885 (e -mail) wabsci @aol.com W 5T .4 L 315T met-5 T CLA ECONQM /C VE Pl{+ EN AREA 11E5 0,0r B P 0 ED .IREA iTti i:1'.2:]!:',,fi me ria W ,,:,.1 9 .,,,,,,,:„...,,:viir,„,:,:,- b:; ti�_ fir 0 1. 4 j f' s. 11 mot :'r y YY a 1, 1 x r �51137 JiR P iiMI! I W 2 TH ST Map 1 WestClay Economic Develo Area WestClay Economic Development Plan Carmel, Indiana Purpose of the Economic Development Area Plan This Economic Development Plan is being developed for the sole purpose of capturing tax increment revenue from a retail development proposal for parcels of land located in the Village of WestClay. These parcels of land are zoned for retail development, as well as a highly specialized form of high- density elderly commercial development, and are located in the southwest quadrant of the intersection of 131 Towne Road. The high density elderly commercial development carries a corporate form of ownership and generates no school children, thereby making it eligible for the capture of tax increment. This type of development is designed to enjoy the convenience of retail shopping virtually next door. The retail development at this location consists of approximately 100,000 square feet of retail space which was originally designed as part of the Village of WestClay. This retail center competes with the other retail areas of the City of Carmel and is designed to capture retail spending in western Clay Township. The WestClay ED Area is shown on the map provided earlier in this ED Plan. This ED Area Plan are being developed for the specific purpose of including the WestClay ED Area Plan into the Integrated Economic Development Plan for the City of Carmel, with the integrated findings of fact and integrated economic development polices previously presented to the public by the Carmel Redevelopment Commission (CRC). In the previous Integrated Economic Development Plan, the CRC set forth for public discussion the general policy that the redevelopment of the City Center Area, including all city Center Redevelopment projects, are considered to benefit the remainder of all economic development throughout Carmel. This general policy premise is hereby asserted by the CRC in public consideration of creation of the WestClay ED Area Plan. To state the case more directly, the CRC hereby offers this ED Plan for public discussion with the specific note that the CRC intends to capture tax increment from the WestClay ED Area for the purpose of supporting the revenue needed to repay bonds issued to construct the performing arts center. Description of the Proposed Economic Development Area The proposed WestClay Economic Development Area is generally located at the southwest quadrant of the intersection of 131 Street and Towne Road. The boundaries of the potential WestClay ED Area to be created for the purpose of potentially capturing TIF increment from proposed commercial development at the Village of WestClay (SW corner of 131st and Towne Road) are described as follows: Beginning at the point of intersection of the west right of way line of Towne Road and the south right of way line of 131 Street, then proceeding westward along the south right of way line of 131 Street to the point of intersection with the western boundary of parcel 17- 09- 29- 00 -00- 012.001, WestClay Economic Development Plan 061215 3 then proceeding southward along the western boundary of parcel 17-09-29-00-00- 012.001, to the point of intersection with the southern boundary of that parcel, then proceeding eastward along the south property line of parcel 17-09-29-00-00- 012 001 to the point of intersection with the western boundary of parcel 17-09-29-00-14- 010.000, then proceeding eastward and southward along the south property line of parcel 17 -09- 29-00-14- 010.000 to the southwest corner of that parcel, then turning eastward along the south property line of parcel 17- 09- 29- 00 -14- 010.000 to the point of intersection with the west right of way line of Towne Road, then turning northward to the point of beginning, the aforementioned legal description to contain two parcels, according to the Hamilton County Auditor's website: 17- 09- 29- 00 -00- 012.001 and 17- 09- 29- 00 -14- 010.000. WestClay Retail /Commercial Development Proposal The Carmel Plan Commission has approved a retaillcommercial development proposal at this location within the village of WestClay. The approved development proposal includes a mixed -use retail development with some office, retail and other uses, specifically targeted for support of residential development located in western Clay Township, as well as the city of Carmel and Westfield. This development proposal indicates that the newly developed parcels will be developed with greater intensity than the previous agricultural uses, and was thoroughly discussed as it moved through the plan commission process. The previous approval of the Carmel Plan Commission is interpreted by the CRC as proof in fact of the conformity of this ED Plan to the overall plan of development for the ED Area, as required by statute. The CRC believes that it has developed an ED policy process which respects the statutory role of the Plan Commission in the development process, as well as respecting that similar, confined role in the ED Area designation and ED Plan approval process. Economic Development Plan to Become a Part of the Integrated ED Plan It is the intent of the CRC that this "WestClay Economic Development Plan," Clay ED Plan) and designated "WestClay Economic Development Area," (WestClay ED Area) will become a part of the Carmel Integrated Economic Development Plan, as amended. The CRC previously 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 complimentary economic development and redevelopment of these areas throughout the city of Carmel, both individually and collectively. The CRC has developed (and amended over time to reflect progress in meeting economic development and redevelopment policies and on identified 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 WestClay Economic Development Plan 061215 4 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 "WestClay Economic Development Area" will become a part of the integrated Economic Development and Redevelopment Areas, with all projects and strategies for the city of Carmel and CRC to be integrated and coordinated with one another. As such, TIF revenue generated by the WestClay ED Area is extended the same CRC policy provisions as revenue from the other ED RD Areas, in that TIF revenues generated within the WestClay ED Area can be used to benefit the City Center Redevelopment Area, and such use of the TIF revenue in City Center will directly serve and benefit the WestClay ED Area. Most specifically, the CRC publicly advances the intent to capture tax increment revenue for the purposes of securing the performing arts center bonds, in the event that there is a shortfall of such revenue. Incorporation of Previous Findings This Economic Development Plan 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 covering the affected/designated parcels, 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 WestClay 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 WestClay Economic Development Plan as well as the Integrated Economic Development Plan and Redevelopment Plan, as amended and promulgated by the CRC. The Integrated Economic Development Redevelopment Plans contain all previous ED RD Plans for the CRC. WestClay 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 WestClay Economic Development Plan 061215 5 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...." Designation of the WestClay Economic Development Area is undertaken for the specific purpose of capturing proposed commercial retail development into the integrated economic development areas. The specific target market for this commercial /retail development is the capture of business activity supported by residential development in western Clay Township, as well as eastern Eagle Township in Boone County, and western Washington Township in Hamilton County. It is estimated that 150 -300 full time equivalent jobs will be created in the commerciaUretail area captured by the WestClay ED Area designation. In addition, it is the intent of the WestClay developer to attract new business enterprise to the ED Area in response to reluctance of other units of government to approve commercial/retail development in the general area. The CRC is responding directly to an approved development proposal in WestClay with the full expectation that new employment opportunities will be captured in this ED Area, 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 designation of the WestClay ED Area responds to a series of conditions that relate to the development of commercial parcels in support of broad -scale residential development. The original Village of WestClay was approved as a `new urbanism' concept which included a commercial /retail area from the beginning. The areas were reviewed and amended by the Carmel Plan Commission during 2005 -06 and the ED Area designation reflects the final approval. The ED Plan and policies cannot be achieved through regulatory processes, or through the normal operation of private enterprise for several reasons. First, the City Center redevelopment projects, as reflected in the Integrated ED/RD Plan (of which the WestClay ED Plan will become a part) cannot be accomplished through the normal operation of private enterprise or through the regulatory process. Obstacles to successful redevelopment are becoming more difficult as a result of knee-jerk legislative actions and WestClay Economic Development Plan 061215 6 policies at the state level which frustrate and elongate redevelopment efforts. These state -level actions add to the difficulty of successful redevelopment of City Center, and contribute to the need to draw potential revenues from new development toward the City Center in order to keep redevelopment plans on track. Second, while the WestClay developer has provided amplified levels of infrastructure support in the vicinity of the ED Area, the intensity of redevelopment in the broader area of western Clay Township has exposed other infrastructure needs and inadequacies. The City of Carmel is moving to address these problems with new road construction bonds and major infrastructure projects, and this ED Area designation is intended to be a part of this comprehensive effort to address the infrastructure needs of the area. These increasing infrastructure needs cannot be addressed through regulatory action or through the normal operation of private enterprise, especially insofar as those needs reflect increased traffic patterns from outside of the regulatory jurisdiction of the city of Carmel. 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. These findings of blight are also hereby incorporated into this economic development plan by reference. The additional findings of fact necessary to meet the statutory requirements for designation of the WestClay Economic Development Area are intended to supplement, rather than replace, the previous findings of fact and findings of blight, which are a part of the Integrated Economic Development Redevelopment Plan. 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. 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 to draw economic, recreational and arts activity into the City Center, possibly including a performing arts center, an art museum, various new streets /roads, various improvements to existing streets /roads, expansion/enhancement of public parking facilities, and other forms of public improvements. This ED Area designation is simply an extension of that previously- stated policy on the part of the CRC. The entirety of the CRC development strategy depends upon making major public improvements in order to enable the WestClay Economic Development Area to increase its developmental intensity so as to serve a city with over 60,000 population, and a metropolitan area of nearly 200,000 population. Clearly, the existing public improvements serving the City Center area, including infrastructure and parking, were designed to serve a small town of less than 2,000 people. Therefore, if developmental intensity 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 normal operation of private enterprise. WestClay Economic Development Plan 061215 7 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 WestClay 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 WestClay 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 arts, entertainment and cultural enhancement in the City Center. 3. The public welfare will be benefited through the development of retail /commercial business to serve residents of Clay Township, reducing travel time, fuel consumption and air pollution related to commercial business trips originating in the area. 4. The public welfare will be benefited by creation of new assessed value within the Economic Development Area. 5. The public health will be benefited by improvements to safety features and local transportation and infrastructure which are designed to reduce the incidence and severity 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 providing enhanced roadway design other thoroughfare amenities 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. 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. The approved development will increase the number of permanent jobs in the ED Area by approximately 150 -300 jobs, as well as supporting the retention of existing jobs which are already located in the Arts District and City Center. In addition, it is clear that the approved commercial /retail development 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 WestClay Economic Development Plan 061215 8 businesses, including small, start-up businesses, major commercial businesses and arts related 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 supported by this retail /commercial development. While Carmel has a number of areas where major new office /retail development is occurring, the number of these types of facilities in the western Clay Township area is extremely limited. As such, the CRC asserts that the WestClay ED Area Plan meet this statutory requirement. 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 WestClay Economic Development Plan conforms in every respect to the other economic development and redevelopment plans for the area. The Carmel Plan Commission has previously considered and approved the development of the commercial/retail parcels that comprise the proposed WestClay ED Area. By virtue of the Plan Commission's approval of this retail /commercial development, the CRC hereby asserts that the Plan Commission has approved the development as conforming to the comprehensive plan for the area. This Economic Development Plan alters none of the previous findings of the Integrated ED Plan Area. 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 WestClay Economic Development Area for the purpose of promoting the overall economic development and redevelopment strategies and policies of the CRC. The CRC's strategy for designating this Economic Development Area is primarily directed at integrating the economic development and redevelopment activities and policies of the CRC for the entire City. The CRC has been consistent with regard to its overall economic development and redevelopment policies. Beginning with the original "Integrated Economic Development Area Plan" and continuing through several subsequent amendments, as well as the creation of several subsequent ED Areas, the CRC has publicly maintained their initial economic development and redevelopment strategies. The fundamental premise of these ED/RD strategies is that in order to combat urban blight caused by removal of investment from the urban core, the CRC must implement policies which recognize the interdependence of `suburban' and `urban' economic development projects. The CRC has consistently taken the position that an economically unhealthy urban core will cause suburban economic development to deteriorate, and therefore that redevelopment projects in City Center do, in fact, directly benefit the `suburban' economic development areas by maintaining an economically healthy downtown. WestClay Economic Development Plan 061215 9 The CRC has sought constructive partnerships with developers possessing the professional capability to successfully implement development and redevelopment projects which are compatible with the CRC's vision for the City Center area. This ED Area designation is therefore consistent with previous and continuing CRC economic development and redevelopment projects. Economic Development Projects The CRC's intent with regard to creation of the WestClay ED Area includes the use of TIF funds for the following projects in conjunction with the approved retail /commercial development. Cost item Estimated cost (min /max) Potential revenue support for City Center projects $1 million to $3 million Thoroughfare Corridor Improvements $500,000 to $1 million Ingress /Egress provisions $100,000 to $500,000 (including handicapped access) Other infrastructure support $100,000 to $500,000 Preliminary Subtotal of Estimated Project Costs $1.7 million to $5 million In addition to the economic development projects presented above, the CRC acknowledges that potential future TIF revenues can be used to support redevelopment projects undertaken by the CRC in the City Center Area, and that such use of the excess TIF revenues will directly serve and benefit the WestClay ED Area, in accordance with statutory requirements. /crc WestClay ed plan WestClay Economic Development Plan 061215 10 RESOLUTION NO. RESOLUTION OF THE CARMEL PLAN COMMISSION DETERMINING THAT A RESOLUTION AND AN ECONOMIC DEVELOPMENT PLAN APPROVED AND ADOPTED BY THE CITY OF CARMEL REDEVELOPMENT COMMISSION CONFORM TO THE PLAN OF DEVELOPMENT FOR THE CITY OF CARMEL AND APPROVING THE RESOLUTION AND PLAN WHEREAS, the Carmel Plan Commission (the "Plan Commission is the body charged with the duty of developing a general plan of development for the City of Carmel, Indiana (the "City and WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment Commission as the governing body for the City of Carmel Redevelopment Department (the "Department pursuant to Indiana Code 36 -7 -14, as amended (the "Act), adopted a Declaratory Resolution on December 22, 2006 (the "Declaratory Resolution designating an area known as the WestClay Economic Development Area (the "Economic Development Area as an economic development area pursuant to Section 41 of the Act; and WHEREAS, the Declaratory Resolution approved an economic development plan for the Economic Development Area designated as the "WestClay Economic Development Plan" (the "Plan and WHEREAS, the Redevelopment Commission has submitted the Declaratory Resolution and the Plan to the Plan Commission for approval pursuant to the provisions of Section 16 of the Act, which Declaratory Resolution and Plan are attached hereto and made a part hereof; and WHEREAS, in determining the location and extent of the Economic Development Area, the Plan Commission has determined that no residents of the City of Carmel will be displaced by the proposed development thereof; and WHEREAS, the Plan Commission has reviewed the Declaratory Resolution and the Plan and determined that they conform to the plan of development for the City, and now desires to approve the Declaratory Resolution and the Plan. NOW, THEREFORE, BE IT RESOLVED BY THE CARMEL PLAN COMMISSION, THAT: 1. The Plan Commission hereby finds and determines that the Declaratory Resolution and the Plan for the Economic Development Area conform to the plan of development for the City. 2. The Declaratory Resolution and the Plan for the Economic Development Area are hereby approved. 3. This Resolution hereby constitutes the written order of the Plan Commission approving the Declaratory Resolution and the Plan for the Economic Development Area pursuant to Section 16 of the Act. 4. The Secretary is hereby directed to file a copy of the Declaratory Resolution and the Plan for the Economic Development Area with the minutes of this meeting. SO RESOLVED BY THE CARMEL PLAN COMMISSION this 20th day of November, 2007. CARMEL PLAN COMMISSION President ATTEST: Secretary INDSOI BDD 994459v1 -2-