Report of Economic Dev Commission - Proposed Financing J r*t fy
REPORT OF THE CITY OF CARMEL
ECONOMIC DEVELOPMENT COMMISSION CONCERNING
THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT
FACILITIES FOR ISG REAL ESTATE INVESTMENTS, LLC
The City of Carmel Economic Development Commission (the "Commission proposes to
recommend to the Common Council of the City of Carmel, Indiana (the "City that it loan the proceeds
of certain taxable economic development revenue bonds to ISO Real Estate Investments, LLC (the
"Applicant for the financing of certain economic development facilities in the City.
In connection therewith, the Commission hereby reports as follows:
A. The proposed economic development facilities consist of the projects listed in
Exhibit A hereto which are located in the Old Meridian Economic Development Area (the
"Projects which will support the Applicant's proposed mixed medical use development in the
City (the "Facilities
B. The Commission estimates that no public works or services, including public
ways, schools, water, sewer, street lights and fire protection, will be made necessary or desirable
by the Projects, because any such works or services already exist or will be provided by the
Projects themselves or by Applicant or other parties.
C. The Commission estimates that the total costs of financing the Projects will be
approximately $15,000,000 of which the City's portion will not exceed $1,110,000.
D. The Commission estimates that the Projects will create approximately 55 jobs
with an annual payroll of approximately $2,475,000.
E. The Commission finds that the Facilities and the. Projects will not have a material
adverse competitive effect on similar facilities already constructed or operating in the City of
Carmel, Indiana_
Adopted this 16' day of May, 2011.
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Secretary, City Carmel
Ecaonomie Development Commission
Attest: I'
Imo ity Camel
Economic Commission
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EXHIBIT A
DESCRIPTION OF INFRASTRUCTURE IMPROVEMENTS
Proposed Infrastructure Improvements
Site work and utility work located on or serving and benefiting parcel 17- 09- 26- 00 -00- 005,003
within the Old Meridian Economic Development Area. The Old Meridian Economic
Development Area is situated at the northeast comer of U.S. 31 and Main Street.
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