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>> THE MEETING FOR THE FINANCE, UTILITIES, AND RULES COMMITTEE IS NOW IN SESSION. SEPTEMBER 28, 6:00.
I WANT TO THANK ALL OF OUR CONSULTANTS AND INTERESTED PARTIES FOR BEING HERE, AND I THINK EVERYBODY IS ATTACHED TO SOMETHING ON OUR AGENDA. I DON'T SEE ANY... ARE THERE ANY MEMBERS OF THE PUBLIC THAT WILL WANT TO SPEAK TONIGHT IN THE ROOM? OKAY.
I DON'T SEE ANY, SO VERY GOOD. WE HAVE A JAM-PACKED AGENDA.
[a. Ordinance D-2635-22; An Ordinance of the Common Council of the City of Carmel, Indiana, Approving Certain Carmel Redevelopment Authority Lease Rental Bonds to Finance Various Road Improvement Projects in the City; Sponsor: Councilor Worrell.]
I'M GOING TO KEEP THINGS MOVING. FIRST ON THE AGENDA IS ORDINANCE D. 2635-22.THIS IS AN ORDINANCE TO APPROVE THE ISSUANCE OF CARMEL REDEVELOPMENT AUTHORITY RELEASE BONDS IN THE MAXIMUM AMOUNT OF $63 MILLION FOR THE PURPOSE OF FINANCING LOCAL PROJECTS IN THE CITY. A RELATED FINANCING LEASE WHICH IS PAYABLE FROM A SPECIAL BENEFITS TAX TO BE LEVIED ON ALL OWNERS OF TAXABLE PROPERTY IN THE CITY.
I'M GOING TO ASK... I THINK JEREMY CASHMAN.
HERE IS HOW I THINK WE SHOULD ROLL.
I'M GOING TO ASK JEREMY CASHMAN TO GO AHEAD AND SET THIS UP FOR US AS YOUR PROJECTS AND ESTIMATES AND YOUR PRIORITIZATION OF THOSE PROJECTS.
>> YOU WOULD START THERE. THEN I'M GOING TO ASK HEIDI TO TAKE THE MIC AND DISCUSS THE FINANCING, ABILITY TO PAY, THE SPECIAL BENEFITS TAX, ALL THOSE KINDS OF THINGS, AND THEN WE HAVE BRUCE DONALDSON HERE WHO WILL SPEAK TO THE LEGALITIES AND WHAT WE CAN AND CAN'T DO. DON'T KNOW IF THERE WILL BE A LOT FOR YOU TO ADD, BRUCE. YOU HAVE GIVEN US REAMS OF PAPER ALREADY. I'M GLAD YOU ARE HERE.
KURT WILL BE HERE WHICH YOU WOULD ALSO SPEAK TO CAPACITY AND HOW THIS FITS INTO, YOU KNOW, OUR PHYSICAL PLAN AND ALL THOSE KIND OF THINGS. TAKE IT AWAY, JEREMY.
>> THANK YOU, COMMISSIONER. ... OR COUNCILOR.
JEREMY CASHMAN, DIRECTOR OF ENGINEERING.
I WILL BRING TO YOU RIGHT NOW THE ITEMIZED COST BREAKDOWN FOR THE PROJECTS THAT WE ARE PROPOSING TO BE CONSTRUCTED IN
THIS NEW BOND. >> JEREMY, I SENT THE COMMITTEE THE LIST THAT WE DISCUSSED. ARE THERE MAJOR CHANGES TO WHAT THEY MAY HAVE ALREADY SEEN? IT LOOKS THE SAME.
WELL, THERE IS A COUPLE HUNDRED DOLLARS DIFFERENCE, IT LOOKS LIKE. ALL RIGHT.
WHAT WE RECENTLY DID, SO THE NUMBER ONE PROJECT ON THE LIST IS... THERE IS A LOT OF PROJECTS, ACTUALLY.
FILLING THE GAPS IN OUR MULTI-USE PATH NETWORK.
I HAVE A FURTHER BREAKDOWN FOR THAT BACK IN SEPTEMBER OF 2021, WE PASSED A LONG LIST TO THE CITY COUNCIL ON WHAT THOSE PROJECTS WERE.% WE HAVE... WE WENT THROUGH A LITTLE BIT AND TWEAKED THAT. THERE WERE A COUPLE OF ADDITIONS TO THAT. THE SECOND PROJECT ON THE LIST, THE INFRASTRUCTURE. SO THAT IS, I CAN GO THROUGH THAT IN A MINUTE HERE ALSO. I'M GOING TO RUN DOWN THROUGH THERE. WE HAVE A ROADWAY DRAINAGE ISSUE ON DITCH ROAD. BETWEEN 96 AND 116TH STREET THAT WE WANT TO MAKE SOME IMPROVEMENTS TO.
WE HAVE SOME STANDING WATER. I THINK IT IS A LITTLE BIT MORE THAN JUST CREATING. THAT WOULD BE A PROJECT WE WOULD TACKLE RIGHT AWAY. ROUND-ABOUT, THE FOLLOWING LOCATIONS. 116TH AND HOOVER.
126TH AND RIVER ROAD. 116TH AND RIVER ROAD.
106 AND HAZEL DELL. CARMEL DRIVE AND AAA WAY.
SOME ADDITIONAL INFRASTRUCTURE IN MONON SQUARE, MERCHANT SQUARE. MERCHANT SQUARE DRIVE.
THE ROUND-ABOUT, INCLUDING 116TH.
A NEW ROUND-ABOUT AT 141ST AND SHELBURNE.
THAT WOULD BE THE LAST FOUR-WAY STOP BEING REMOVED OUT THERE.
THEN ALSO A NEW ROUND-ABOUT ON PENNSYLVANIA STREET NORTH OF
ALL RIGHT. AND JUST FOR... LET'S SEE.
CAN WE PUT YOUR LIST UP ON THE SCREEN FOR ANYONE? SO WE HAVE IT ON CAMERA FOR THE RECORD.
YOU CAN TURN ON THAT CAMERA. SO I JUST WANTED TO NOTE, MAYBE IF YOU CAN GO TO THE F SIDE. THE MULTI-USE PATHS OF THE $63 MILLION WE ARE TALKING ABOUT. THAT IS $37.5 MILLION.
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NOW, THE INFRASTRUCTURE INCLUDES CONNECTING VETERAN'S WAY SO THAT WOULD THEN RUN ALL THE WAY FROM MAIN STREET DOWN TO CARMEL DRIVE. WOULD THAT BE AN ACCURATE WAY TO
AND SO OBVIOUSLY, YOU HAVE $83 MILLION OF PROJECTS.
EVERYONE CAN SEE THAT. WE ONLY HAVE $63 MILLION.
YOU DO THAT BECAUSE YOU MIGHT HAVE SOME FEDERAL DOLLARS OR BECAUSE THERE IS SOME OTHER FUNDING SOURCES?
>> THAT IS CORRECT. SO HOW I ENVISION WORKING THROUGH THESE PROJECTS, AND WE HAVE DONE THIS ON OTHER PRO PROJECTS. LIKE, ONE EXAMPLE IS 106TH ROUND-ABOUT. IT IS $500,000 IN CONSTRUCTION COST ON THE LIST. WE HAVE RECENTLY RECEIVED SOME FEDERAL FUNDING FOR THAT. SO THIS BOND WOULD HELP COVER OUR 20% MATCH THAT IS ON THE CONSTRUCTION AND ON THE CONSTRUCTION INSPECTION SIDE OF THAT.
AND CURRENTLY, THE MPO, THE METROPOLITAN PLANNING ORGANIZATION, THEY HAD A CALL FOR PROJECTS OUT RIGHT NOW JUST THIS MORNING. WE FOUND OUT, IT LOOKS LIKE, 116TH AND RIVER ROAD MIGHT BE A GOOD CANDIDATE FOR SOME TAFFETY FUNDING. ... SAFETY FUNDING.
GENERALLY, OUR ROADS ARE PRETTY SAFE.
WE DON'T HAVE MANY INTERSECTION THAT IS QUALIFY FOR.
THAT WE BASICALLY TAKE ALL THE PROJECTS ON THIS LIST, AND WE WOULD APPLY FOR FUNDING WITH THE METROPOLITAN PLANNING ORGANIZATION TO HELP OFF SETH... OFFSET THOSE COSTS.
>> SO YOU ARE GOING TO WORK ON 116TH AND RIVER FOR A SAFETY
>> BEFORE YOU FILL OUT THE DOCUMENT, THERE HAS BEEN SOME DATA BEING COLLECTED ABOUT SOME NEAR-MISSES AT THAT STOPLIGHT
FROM THE NEIGHBORS. >> PART OF THE SAFETY... THAT TYPE OF SAFETY FUNDING, WE HAVE TO DO A ROADWAY SAFETY AUDIT.
WE WILL HAVE TO BRING IN A COUPLE CITY COUNCIL MEMBERS, POLICE, AND FIRE AND HAVE A FORMAL MEETING TO DISCUS THE INTERSECTION. WE HAVE DONE THAT.
CARMEL DRIVE AND PENN WAS ONE WE HAD SAFETY FUNDING FOR.
>> IF YOU NEED MEMBERS OF THE PUBLIC, I'VE GOT TWO.
ARE THERE QUESTIONS, COUNCILORS ABOUT WHAT'S INCLUDED IN THIS BOND? DR. HANNON?
>> WITH W REGARDS TO MPO FUNDS,S THAT EQUALLY SPLIT BETWEEN ALL OF THESE? IS IT LAYERED MORE TOWARDS A MULTI-USE PATHWAY? WE HAVE TALKED ABOUT THIS WITH REGARD TO BUILDING OUT OUR SAFETY INFRASTRUCTURE.
>> YES. SO THE LIST THAT I ALSO GAVE YOU, THE MULTI-USE PATH GAP L LIST, THAT... IT IS UP ON THE SCREEN. SO ONE EXAMPLE OF A PROJECT THAT WE HAVE ALSO RECEIVED FEDERAL FUNDING FOR IS PROJECT NUMBER 31. MULTI-USE PATH ON 96TH STREET FROM SPRING MILL TO DITCH.
THAT WAS ONE THAT WE ALREADY HAD PARTIALLY UNDER DESIGN, AND WE DIDN'T GET TO CONSTRUCTING IT BECAUSE THERE IS TWO PEDESTRIAN BRIDGES ON THERE. ACTUALLY, A PEDESTRIAN BRIDGE AND A MODIFICATION TO THE 465 BRIDGE.
THAT ONE QUALIFIED FOR SOME PEDESTRIAN ENHANCEMENT FUNDING THROUGH THE MPO. WE WILL BASICALLY LOOK AT THESE LISTS, WORKING WITH CONSU CONSULTANTSES TO SEE WHICH PROJECTS SCORE THE BEST. BECAUSE THE FUNDING APPLIED FOR AT THE MPO IS REGION-WIDE. YOUR PROJECT IS AWARDED BASED ON
HOW IT SCORES AGAINST ITS PEERS. >> SO ALONG THOSE LINES, CAN MPO FUNDS BE USED FOR GREAT SEPARATED CROSSINGS? AGAIN, IN INDIANAPOLIS, I CERTAINLY THINK OF 86TH STREET. THEY HAD A FATALITY NOT LONG AGO. ON OUR COMP PLAN SINCE 200 #, IT HAS CALLED FOR GREAT SEPARATED CROSSINGS AT 106TH, 11TH AND 136TH STREET. CAN FUNDS BE APPLIED FOR FOR
THOSE CROSSINGS? >> YES, THEY CAN.
WE HAVE ACTUALLY... A LOT OF THIS WAS BEFORE MY TIME.
PRETTY MUCH EVERY GRADE SEPARATING CROSSING WE HAVE DONE HAS BEEN COMPLETED USING MONEY THROUGH THE MPO.
>> AND I THINK THAT TO EMPHASIZE WHAT YOU SAID, ONE OF THE CHALLENGES HERE IS... YOU KNOW, INDY IS ALSO IN THE MPO.
AND INDY HAS HORRENDOUS INFRASTRUCTURE DEBT, NOT JUST FOR THEIR STREETS BUT PATHWAYST AS AS WELL.
WE ARE LESS LIKELY TO GET THAT, AND UNDERSTANDABLY, FROM AN
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EQUITY STANDPOINT. MOST CERTAINLY, EVERYONE ON THE COUNCIL WOULD ENCOURAGE YOU TO GET WHATEVER WE CAN FROM THATI MEAN, THE BENEFIT OF GOING THROUGH THAT PROCESS IS THEY ARE ALL SCORED EQUALLY. IT DOESN'T MATTER WHICH PART OF THE REGION IS. IF OFF GOOD PROJECT, THAT BODES WELL FROM EITHER A SAFETY STANDPOINT, CAPACITY, YOU KNOW, A LOT OF OUR ROUND-ABOUTS, WE HAVE BUILT WITH THE CONGESTION MITIGATION AIR QUALIT COMPONENT.
AGAIN, THAT IS A BIG SPREADSHEET.
THAT IS HOW YOUR INTERSECTION COMPARES TO OTHERS.
>> OKAY. ARE THERE ANY QUESTIONS ABOUT
THESE PROJECTS AND... OKAY. >> JEREMY, I SEE A COUPLE OF THINGS ON THIS MAP, WHICH IS FABULOUS.
THANK YOU. THEY HAVE NO PATH OR SIDEWALK INDICATED BUT NO NUMBER BY THEM. I WASN'T SURE... I DON'T HAVE THE BENEFIT OF TOTALLY STUDYING. THIS ARE THEY ON HERE SOMEWHERE? ARE THE TWO PLACES JUST FOR REFERENCE, FOR CONTEXT RIVER ROAD NORTH OF 126TH STREET WHERE THERE IS NO SIDEWALK AND 96TH STREET EAST TO HAZEL DELL.
I DON'T KNOW IF THEY ARE ON HERE SOMEWHERE OR NOT.
>> NO. IT IS RIGHT... THIS LITTLE GUY RIGHT HERE. THEN THIS SECTION HERE.
THIS ONE IS IMPORTANT TO ME. >> I WOULD HAVE TO DOUBLE-CHECK ON THAT. THAT ONE I DO ANTICIPATE THAT SMALL SECTION THERE IS THE ROUND-ABOUT.
WE WOULD CAPTURE IT WITH THAT. >> OKAY.
THAT MAKES SENSE. THE 96TH STREET ONE, TO
THAT ONE IS ONE WE DON'T HAVE ON THE LIST YET.
I WOULD HAVE TO LOOK AND SEE WHAT'S ON THE OTHER SIDE OF THE RIVER. I THINK WE WERE JUST MERELY IDENTIFYING IT. BUT NOT POSSIBLY FUNDING IT.
THANK YOU. I WAS CURIOUS IF THAT WAS THE CASE OR NOT. BUT THANK YOU.
I WANT TO SAY THANK YOU FOR THE DETAIL ON THIS.
I HATE TO ASK, BUT I'M GOING TO ANYWAY.
CAN YOU GIVE US ANOTHER MAP OF WHAT'S NOT FUNDED?
THAT YOU WOULD IDENTIFY. >> WE TALKED ABOUT $63 MILLION ON PROJECTS BEFORE. THIS IS $37.
WHAT... NOT $63. WHAT ARE THE PATHS THAT WE
IDENTIFIED AREN'T ON THAT LIST? >> THE MAIN THING WE HAVE DONE HERE IS ALL THE MAIN THOROUGHFARES.
>> OKAY. >> SO THAT WAS OUR PRIMARY GOAL.
TO ADDRESS ALL THE THOROUGHFARES.
I THINK WE DO HAVE KIND OF A MISSING SIDEWALK LIST.
IS THAT WHAT YOU ARE... >> YEAH.
WHAT IS LEFTOVER YET? >> THAT I... I'M NOT SURE IF WE
I GUESS IT IS PROBABLY GOING TO TAKE A LOT OF TIME.
AT LEAST A LISTING FOR US SO WE CAN SEE.
>> THANK YOU. >> COUNCILOR, DO YOU HAVE ANY
IF THERE IS NOT ANY QUESTIONS, ANY FURTHER QUESTIONS FOR JEREMY, I'M GOING TO ASK HEIDI TO COME ON UP.
>> GOOD EVENING. HEIDI, WITH BAKER TILLY.
I'M GOING TO PLUG IN. ALL RIGHT.
WELL, THANK YOU FOR HAVING ME THIS EVENING.
AS A FOLLOW-UP TO THE COUNCIL MEETING LAST MONDAY, I TALKED TO VERY HIGH LEVEL AT THAT POINT ABOUT THE BONDS AND WHAT THEY ENTAILED. I HAVE HANDED OUT THE SET OF NUMBERS THAT WE HAVE PUT TOGETHER AT THIS POINT.
BUT WHAT IS BEING PROPOSED IN FRONT OF YOU THIS EVENING IS A LEASE BOND ISSUE. THAT WOULD BE PAYABLE FROM A PROPERTY TAX LEVY. AND SO I HANDED OUT, AGAIN, THESE NUMBERS THAT I'M SHOWING ON THE SCREEN TO YOU ALL THAT WE QUICKLY TALKED ABOUT. A BOND ISSUE IN THE AMOUNT OF $62,450,000 BEING CONTEMPLATED. TO TALK A LITTLE BIT ABOUT HOW WE GOT TO THIS NUMBER, SO WHEN THE CITY'S ASSESSED VALUE GOING FROM 2022 TO 2023 WENT UP 14%, AND REALLY ACROSS THE STATE OF INDIANA, ASSESSED VALUES WE SAW GO UP QUITE A BIT, SO ASSESSED VALUES AND TAX RATES ARE INNERS HAVE OF EACH OTHER.
MEANING WHEN AV'S GO UP, YOUR TAX RATES COME DOWN.
AND SO IN THAT, THERE IS AN OPPORTUNITY TO KEEP THE CITY'S TAX RATE LEVEL BY ADDING A DEBT SERVICE LEVY TO KEEP THAT TAX
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RATE OF THE CITY LEVEL. THIS IS A VERY COMMON STRUCTURE THAT COMMUNITIES THROUGHOUT THE STATE UTILIZE TO GENERATE FUNDS TO FUND PROJECTS THAT THEY NEED TO DO.THE CITY'S TAX RATE HAS BEEN THE SAME.
A LITTLE OVER 78 SINCE. FOR THE PAST FIVE YEARS.
AND THIS STRUCTURE OF A BOND IS BASED OFF OF THAT, QUICHING THAT TAX RATE THE SAME THAT IT'S BEEN THE PAST FIVE YEARS.
AND SO WHAT THAT REQUIRES IS A BOND ISSUE THAT WILL INCREASE THE DEBT-TO-SERVICE TAX RATE BY FIVE CENTS THROUGHOUT THE LIFE OF THE BOND ISSUE. AND WE HAVE KEPT THE NET ASSESSED VALUE THE SAME. HAVING ASSUMED ANY INCREASE IN ASSESSED VALUE WHICH WILL NATURALLY HAPPEN.
IN 2024 AND THEREAFTER. WE HAVE NOT ASSUMED THAT.
SO I'M GOING TO SKIP FORWARD TO THE COMPARISON PAGE SO YOU CAN KIND OF SEE THAT IN STRUCTURE. THAT IS HOW WE GOT TO THIS SIZE BOND ISSUE. LET ME ZOOM IN HERE A LITTLE BIT. THAT IS TOO MUCH.
SO ON THIS SCHEDULE, YOU WILL SEE... I'M GOING TO START ON THE FAR RIGHT-HAND SIDE. YOU WILL SEE THE ADDITIONAL DEBT SERVICE TAX LEVY. THAT FIVE-CENT RATE.
WE HAVE WORKED WITH THE OFFICE WHO OVERSEES THE CITY'S FISCAL PLAN AND MAKING SURE IF WE LEVY A BOND ISSUE WITH THE FIVE-CENT TAX RATE, THAT THAT COULD BE MANAGED OVER THE NEXT HANDFUL OF YEARS TO MAKE SURE THAT THAT TAX RATE WILL STAY THE SAME.
AND SO THAT IS WHAT WE HAVE DONE UP TO THIS POINT.
IF YOU KIND OF WORK YOUR WAY TO THE LEFT, THAT IS YOUR EXISTING DEBT SERVICE TAX RATE ON THE BONDS THAT YOU CURRENTLY HAVE.
A PROPERTY TAX LEVY IN FOR. IN THE NEXT COLUMN, THE ESTIMATED NET ASSESSED VALUE OF THE CITY.
YOU CAN SEE THAT 14% BUMP FROM 2022 TO 2023 UP TO THE $10 BILLION NUMBER. YOU CAN SEE IN 2024, THAT WE HAVE ASSUMED THAT NUMBER STAYS FLAT.
FOR THE STRUCTURING PURPOSES. SO AGAIN, WHEN.
A V.'S CONTINUE TO GO UP, TAX RATES COME DOWN.
THAT IS MANAGED BY KURT AND HIS TEAM AS FAR AS KEEPING THE TAX RATE LEVEL. SO THATST IS REALLY KIND O'.
>> A SUMMARY OF HOW WE GET TO THE BOND SIZE THAT WE HAVE.
AGAIN, THE GOAL WAS TO KEEP THE CITY'S TOTAL TAX RATE... THE CORPORATE PORTION OF THE TAX RATE THE SAME.
AS YOU ALL KNOW, TAXPAYERS DON'T JUST PAY THE CITY'S RATE.
THEY PAY A TOTAL TAX RATE. A TOTAL TAXING UNIT TAX RATE.
THAT IS COUNTY, TOWNSHIP, SCHOOL, LIBRARY, THE CITY AND ANY SPECIAL TAXING DISTRICTS. ALL OF THOSE PIECES OF THE RATE MAKE UP THE TOTAL TAX RATE. SO IN THIS BOND ISSUE, AND WHAT WE DO, WE FOCUS SOLELY ON THE CITY'S TAX RATE BECAUSE WE ARE NOT IN CONTROL OF WHAT THE OTHER OVERLAPPING TAXING UNITS DO.
WE DON'T KNOW WHAT THE SCHOOLS ARE DOING OR IF THE COUNTY IS LEVYING A BOND ISSUE OR WHATEVER, THAT COULD CHANGE THAT TAX RATE COMPONENT. YOUR TAXPAYERS ARE PAYING.
SO REALLY, THE PURPOSE OF THIS IS TO JUST KEEP THE CITY'S TAX
RATE THE SAME. >> SO HEIDI, ON THE... THE WAY TO THINK ABOUT THIS, SO IF IT IS OUR TAX RATE... OUR TAX RATE IS
>> THAT SECOND TO LAST COLUMN WHERE, AS AN EXAMPLE, IN 2024, THE RATE IS 0571. IS 0571 THE PORTION OF 7887.
>> AND AGAIN, WE ARE NOT ASSUMED ANY INCREASE IN 2024.
AND THEREAFTER. HISTORICALLY, THE CITY HAS HAD 5% TO 7% MINIMUM INCREASE IN ASSESSED VALUE.
I THINK WE SHOULD ACKNOWLEDGE THAT EVEN THOUGH WE KEEP THE TAX RATE THE SAME, TAXPAYERS PAY MORE, EVEN JUST BECAUSE OF THE
ASSESSED VALUE GOING UP. >> CORRECT.
>> THE DOLLARS. I'M GETTING THAT E-MAIL VERY FREQUENTLY. BUT THIS IS GOING TO BE A PHILOSOPHICAL DECISION. WHETHER WE DECIDE IT IS THE RIGHT THING OR THE WRONG THING TO DO.
DO YOU HAVE ANY MORE COMMENTS ABOUT THE VALIDITY OF THE NUMBERS? DO I NEED TO BRING KURT UP? DO YOU HAVE ANY SUPPORTING COMMENTS? OR ANYTHING BEFORE WE TAKE QUESTIONS?
TO HEIDI'S PRESENTATION? >> SO MAYBE JUST A FEW ADDITIONAL COMMENTS THAT I WOULD MENTION.
AGAIN, WE ARE FOCUSED ON THE CITY'S TAX RATE.
AS FAR AS THE TAXPAYERS GO, THAT ARE GOING TO BE CALLING YOU GUYS WITH QUESTIONS, EVERYONE'S ASSESSED VALUES ARE GOING TO GO UP. NO MATTER WHAT, THAT ASSESSED VALUE COMPONENT IS A HUGE PART OF THE TAXES THAT THEY ARE GOING
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TO PAY ON THEIR HOME. SO THAT INCREASE ALONE IS GOING TO INCREASE EVERYONE'S TAX BILLS.NO MATTER WHAT YOU DO WITH THE TAX RATE, THEIR TAX BILLS ARE GOING TO GO UP. AND THEN ONE PIECE OF THEIR TOTAL TAX RATE IS THE REFERENDUM RATE THE SCHOOL HAS IN PLACE.
THAT NUMBER STAYS THE SAME. THEY WILL CONTINUE TO PAY THAT NUMBER. EVEN IF.
A V.'S WERE TO GO UP, TAX RATES WERE TO COME DOWN, THAT REFERENDUM RATE STAYS THE SAME. IT IS EQUAL TO THE DEBT.
OR THE OPERATING REFERENDUMS. THAT THEY HAVE IN PLACE.
SO I WOULD LIKE TO MAKE THAT POINT.
THEN ANOTHER THING IS THAT FOLKS HITTING YOUR CIRCUIT-BREAKER TAX CAPS, THE BREAK F EVEN HOME VALUE IS $296,000 OR $297,000.
>> YOU ROUND UP. ANYBODY ABOVE A HOME VALUE OF $297,000 ARE HITTING THE CAPS. MEANING NO MATTER WHAT ANYONE DOES TO THE TAX RATE, THEY ARE GOING TO BE CAPPED AT 1% OF THEIR GROSS ASSESSED VALUE. AND THE FOLKS BELOW THAT $297,000 HOUSE, THEY ARE THE ONES THAT COULD POTENTIALLY SEE A SLIGHT INCREASE IN THEIR TAXES.
BECAUSE OF THIS. ONE ADDITIONAL POINT IS THAT THE MEDIAN HOME VALUE IN CARMEL IS OVER $350,000.
IT IS $352,000 AND SOME CHANGE. THAT TELLS YOU THAT MORE THAN 50% OF THE FOLKS IN THE CITY OF CARMEL ARE HITTING THE TAX CAPS.
THEY WILL NOT FEEL AN IMPACT DUE TO WHAT THE CITY DOES WITH ITS
BE READY FOR QUESTIONS. >> THAT IS ALL THAT I HAVE.
>> OKAY. YOU READY FOR QUESTIONS?
>> MR. CHAIR, THIS IS AS MUCH A QUESTION AS A COMMENT.
I WANT TO POINT OUT, I THINK WE POINTED OUT TO THE FULL COUNCIL THAT THIS IS TOTALLY AN INFRASTRUCTURE BOND.
ONE OF THE REASONS CARMEL HAS BEEN AS SUCCESSFUL AS WE HAVE BEEN IS WE STAY AHEAD OF OUR INFRASTRUCTURE.
WE ARE CREATING INFRASTRUCTURE BEFORE WE NEED IT.
RATHER THAN AFTER WE NEED IT. WE ARE BEING PROACTIVE.
WE ARE NOT CATCHING UP. SO THIS IS AN EXTREMELY IMPORTANT... I MEAN, THE ENTIRE COUNCIL WAS BIG ON GETTING ALL THE PATHS CONNECTED, AND YOU KNOW, WE TALKED ABOUT THE...
BEING WALKABLE AND BIKABLE. IT WILL BE MORE WALKLEBLED A BIKABLE AFTER WE FILL THOSE HOLES IN.
THERE IS NO SHINY TOY IN THIS TO BE BUILT.
THIS IS 100% INFRASTRUCTURE. >> COUNCILOR HANNON?
>> THANK YOU FOR BEING HERE. SO AGAIN, THE THING THAT CAN BE CONFUSING IS ASSESSED VALUES HAVE GONE UP, THE RATE COMES DOWN. THE CIRCUIT-BREAKERS.
FOR MY HOME AND EVERYBODY ELSE'S HOME UP HERE, BECAUSE THE ASSESSED VALUE HAS GONE UP 14%, WE WILL BE PAYING MORE PROPERTY TAXES. CORRECT?
AND SO IT SOUNDS NICE TO SAY..ID AND I THINK WE HAVE SAID IT UP HERE. WE ARE STAYING AT THE SAME RATE.
PEOPLE ARE GOING TO GET A PRETTY BIG BILL THIS NEXT GO-ROUND BECAUSE OF THIS. AND YOU SAID ACROSS ALL OF THE STATE OF INDIANA, PROBABLY OTHER STATES AS WELL, TOO.
WHAT WE DON'T KNOW, IT CERTAINLY WOULD BE NICE TO KNOW, MAYBE NOT IN THIS SETTING BUT THE GENERAL SETTING IS WHAT IS GOING ON WITH SCHOOL PROPERTY TAXES AND LIBRARY TAXES AND THINGS LIKE THAT. I KNOW THEY ARE SEPARATE UNITS.
I THINK BEING SENSITIVE TO THOSE AS WE LOOK FOR THIS, CERTAINLY, I AGREE WITH COUNCILOR RYDER THAT THIS IS ALL INFRASTRUCTURE.
IS IT NECESSARY INFRASTRUCTURE? THAT IS REALLY AT LEAST THE DEBATE THAT I WILL HAVE WHEN WE KIND OF GET TO THE END OF THIS.
SO THANK YOU. >> HIDEY, COULD YOU CLARIFY TO COUNCILOR HANNON'S POINT, YOU ARE GOING TO GET A BIG TAX BILL BECAUSE OF. THIS.
>> NOT BECAUSE OF THE BOND ISSUE.
BECAUSE OF ASSESSED VALUES GOING UP ACROSS THE CITY AND THE
COUNTY AND THE STATE. >> YEAH.
>> YES. >> WHAT WOULD... HOW DO YOU CLARIFY THAT STATEMENT? WHAT WOULD THE INCREASE BE BECAUSE OF THIS? SO BECAUSE YOU SAID A COUPLE OF THINGS THAT I WASN'T SURE I TOTALLY FOLLOWED.
PEOPLE'S TAX BILLS ARE GOING UP WHETHER WE DO THIS OR NOT.
>> IF I JUST SAY MY TAX BILL IS GOING TO GO UP 14% BECAUSE ASSESSED VALUE WENT UP. IS THAT THE RIGHT WAY TO SAY IT?
NOW, IF WE DO THIS, ARE... IS MY TAX BILL GOING UP 19%? OR YOU KNOW, HOW DO WE RELATE THAT TO THE PEOPLE WATCHING?
>> YEAH. I MEAN, EVERYBODY'S HOMES OBVIOUSLY, ARE GOING TO BE... THE ASSESSED VALUE OF EVERYONE'S HOMES ARE GOING TO INCREASE AT A SLIGHTLY DIFFERENT LEVEL.
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A V.'S GO UP. TAX RATES CAN COME DOWN.
IF YOU KEEP THE TAX RATE WHERE IT IS AT, THEN YOU HAVE TO LOOK AT, ONE, YOUR. A V.'S ARE GOING UP.
YOU ARE PAYING A REFERENDUM RATE THAT IS STAYING THE SAME.
SO THAT... THOSE TWO THINGS ALONE WILL MAKE YOUR TAX BILLS GO UP. IF YOU ARE HITTING THE CIRCUIT-BREAKER, YOU STILL PAY THAT REFERENDUM RATE BECAUSE IT IS OUTSIDE OF THE CIRCUIT-BREAKER TAX CAPS.
YOU STILL PAY THAT REFERENDUM RATE.
THAT COMPONENT ALONE IS WHAT'S GOING TO INCREASE YOUR TAXES.
EVEN IF YOU ARE HITTING THE CAPS.
YOU ARE GOING TO STILL HAVE A SLIGHT INCREASE.
BECAUSE OF THAT. >> COUNCILOR, DO YOU HAVE ANY QUESTIONS BEFORE? OKAY.
SO IF... WE ARE THE FISCAL BODY. ARELY THE ANY CONSEQUENCES TO NOT TAKING THIS ACTION? DOES IT AFFECT LIT? DO I NEED TO CALL SOMEBODY ELSE FOR THAT?
>> I DON'T KNOW IF YOU WANT TO TALK IN GENERAL.
I HAVE TO MAKE HIM... WE ARE A TEAM.
WHEN I SAY. THAT HEIDI HAS IT EXACTLY RIGHT.
I DON'T REALLY... I DON'T DIFFER WITH WHAT HEIDI IS SAYING ABOUT ALL ASSESSMENTS GOING UP, BUT I WOULD BACK AWAY FROM THAT GENERAL STATEMENT A LITTLE BIT. EACH PARCEL OF PROPERTY WILL HAVE ITS OWN STORY. SO IF A RESIDENCE OR A PIECE OF COMMERCIAL PROPERTY, IF THE VALUE OF THAT PROPERTY DOESN'T INCREASE, THEN THE ASSESSMENT WON'T INCREASE.
WHAT WE KNOW FOR SURE, AND WE KNOW MORE THAN THIS.
WHAT WE KNOW FOR SURE IS THAT IF YOU TAKE ALL OF THE PROPERTIES IN CARMEL TOGETHER, THE INCREASE AND ASSESSED VALUE IS THIS 14%.
THAT WOULD SEEM TO SUGGEST THAT AN AWFUL LOT OF PROPERTIES ARE GOING TO INCREASE IN VALUE. BUT NOT NECESSARILY ALL.
AND PART OF THAT 14% IS GROWTH. IT IS NOT AN EXISTING PROPERTY INCREASING 14%. IT IS NEW CONSTRUCTION, NEW SUBDIVISIONS AND YOU WOULD BE MORE FAMILIAR THAN I AM WITH HOW MUCH OF THAT HAS GONE ON. AND FOR A PROPERTY WHERE THE VALUE IS INCREASING, WHETHER IT IS 14% OR 5% OR 20%, THERE WILL BE A REASON FOR THAT, AND PERHAPS PROPERTY OWNERS WILL BE AWARE OF IT. FOR ONE THING, PROPERTY VALUES ARE JUST UP. AND THE WAY THE ASSESSOR ARRIVES AT AN INCREASE FOR A PARTICULAR PIECE OF PROPERTY IS BY LOO LOOKING... I'M GOING TO SIMPLIFY A LITTLE BIT.
PARTICULARLY, FOR A RESIDENTIAL PROPERTY.
BY LOOKING AT COMPARABLE PROPERTIES AND ACTUAL SALES OF THOSE PROPERTIES. AND IN A GIVEN NEIGHBORHOOD OR GIVEN AREA, IF SEVERAL PROPERTIES HAVE BEEN SOLD IN THE LAST COUPLE OF YEARS, AND THE PRICES ARE UP 14%, THEN THE ASSESSOR WILL TEND TO APPLY THAT FACTOR TO ALL THE PROPERTIES IN THE AREA. NOW, IF YOU OWN ONE OF THOSE PROPERTIES, ARE YOU AWARE THAT YOUR NEIGHBORS ARE SELLING THEIR PROPERTY FOR HIGHER VALUES? MAYBE, MAYBE NOT.
IT COULD COME AS A SURPRISE. PROBABLY SHOULDN'T.
BUT IT MIGHT. I WANT TO CLARIFY, YOU KNOW, CONSISTENT WITH WHAT HEIDI IS TELLING YOU, THAT THE OVERALL INCREASE IS 14%. BUT SOME OF THAT IS GROWTH.
AND NOT EVERY SINGLE PROPERTY IS INCREASING AND CERTAINL NOT 14%. AND THEY WOULD ONLY INCREASE IF THERE WAS AN ACTUAL INCREASE IN THE VALUE OF THE PROPERTY.
AT LEAST ACCORDING TO THE METHODOLOGY APPLIED BY ASSESSORS. IN TERMS OF THE LOCAL INCOMES TAX, GENERALLY SPEAKING, LEVYING A TAX FOR A BOND ISSUANCE LIKE THIS ONE WILL HAVE NO EFFECT ON THE ALLOCATION OF LOCAL INCOME
TAX TO A CITY LIKE CARMEL. >> ALL RIGHT.
SO IF WE DON'T TAKE ACTION, THERE ARE NO NEGATIVE
CONSEQUENCES. >> WITH REGARD TO THE LOCAL
WITH REGARD TO JUST ANYTHING... ANYTHING.
OBVIOUSLY, WE WOULDN'T HAVE... WE WOULDN'T BE ABLE TO DO THIS.
THERE ARE NO HIDDEN... WHAT I HAVE LEARNED IN THIS BUSINESS, IN THIS JOB, EVERY DECISION, THERE IS A CONSEQUENCE.
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OR THERE IS A REACTION. SO NOW IT MAY BE POLITICAL.THE REACTION. I JUST WANT TO ALWAYS ASK THAT QUESTION. ARE THERE ANY NEGATIVE
CONSEQUENCES TO DOING NOTHING? >> I THINK IT DEPENDS ON WHAT YOU CONSIDER A NEGATIVE CONSEQUENCE.
AS HEIDI POINTED OUT, THE CITY IS IN A CIRCUMSTANCE NOW WHERE WITH ASSESSMENTS INCREASING 14%, IT IS AN OPPORTUNITY TO ISSUE A BOND LIKE THIS AND NOT RAISE THE TAX RATE.
BECAUSE THE INCREASE IN ASSESSED VALUE WILL TAKE UP THE ADDITIONAL LEVY NEEDED TO PAY FOR THE BOND.
DOES THAT MEAN IT IS BAD IF YOU DON'T ISSUE THE BOND? NO. IT WILL... IT DEPENDS ON WHAT YOUR STRATEGY IS WITH REGARD TO KEEPING YOUR TAX RATE LEVEL.
>> ONE THING THAT I WOULD LIKE TO ADD, IS THAT, AGAIN,.
A V.'S GO UP, TAX RATES COME DOWN.
IF THAT HAPPENS, AND YOU DON'T ISSUE THIS BOND ISSUE, THAT COULD POTENTIALLY REDUCE THE TOTAL TAX RATE, THE TAXPAYERS ARE PAYING. THAT WOULD AFFECT THE REVENUE GENERATED POTENTIALLY. WE DON'T KNOW WHAT THE OVERLAPPING TAXING UNITS ARE DOING.
THAT COULD AFFECT THAT RATE. IF WE KNOW... YOU KNOW, THE CORPORATE PORTION OF THE RATE WOULD DROP SLIGHTLY, THAT WOULD HAVE AN IMPACT ON THE TIF REVENUE.
COUNCILOR RIDER? >> I WANT TO POINT OUT, AND I APPRECIATE THIS EVERY TIME YOU COME AND SEE US, HOW CONSERVATIVE YOU WERE IN THE ESTIMATED NET ASSESSED VALUE.
WHEN IS THE LAST TIME CARMEM WENT FROM 2023 TO 2041, THAT TIME FRAME IN OUR ASSESSED VALUE STAYED FLAT?
>> NEVER. >> AZESTED VALUE WILL GROW SOMEWHERE IN THE 3-5 RANGE ON A REGULAR BASIS DURING THAT TIME.
IF YOU LOOK AT OUR HISTORY. OUR ASSESSED VALUE COULD CONTINUE TO GROW AND STILL FORCE THE RATE DOWN.
>> SO I JUSTS IF... I MEAN, I APPRECIATE WHAT YOU ARE GIVING US, BUT THESE NUM NUMBERS, I WOULD SAY, ARE NOT JUST CONSERVATIVE. THEY ARE REALLY CONSERVATIVE.
BY THE TIME YOU GET TO 2RBGS 041.
THANK YOU. >> THAT IS A GOOD POINT.
COUNCILOR HANNON? >> ONE QUICK FOLLOW-UP QUESTION.
LENDING RATES HAVE MORE THAN DOUBLED IN THIS YEAR.
WHAT HAS HAPPENED TO MUNICIPAL BOND RATES IN THIS CYCLE VERSUS A YEAR AGO? HOW DOES THAT IMPACT WHAT'S GOING ON WITH YOUR AMORTIZATION TABLE?
>> THE INTEREST RATES ARE ACCURATE BASED ON THE TIMING OF THE CLOSING ON A BOND IN DECEMBER.
I MEAN, WE BUILT... AGAIN, ON THE CONSERVATIVE COMMENT, THAT WE ARE... WE HAVE BUILT IN, YOU KNOW, SOME, SOME SPREAD IN THE INTEREST RATES TO HOPEFULLY COVER WHAT WE WILL SEE COME DECEMBER. AND YOU KNOW, WE HAVE FOLLOWED THE INDEX PRETTY CLOSELY. IT FOLLOWS THE TREASURY.
THE BOND MARKET HAS BEEN INCREASING.
JUST LIKE EVERYTHING... ALL OF THE OTHER INDICES THAT YOU MIGHT FOLLOW HAVE BEEN INCREASING. SO YEAH, IT IS GOING TO CONTINUE TO GO UP. I MEAN, THAT IS WHAT OUR PRICING DIRECTOR IS SEEING. AND HEARING.
OBVIOUSLY, FOMC, EVERY TIME THEY MEET, HAS BEEN INCREASING IT.
THEY JUST INCREASED AT 75 BASIS POINTS LAST WEEK.
THE BOND MARKET TRENDS WITH THOSE CHANGES.
THE FOMC COMES OUT WITH... >> THANK YOU.
OKAY. ANY OTHER ON THE FINANCIAL SIDE BEFORE I JUST ASK MR. DONALDSON IF HE WANTS TO MAKE ANY COMMENTS ON THE LEGAL SIDE? OKAY.
THANK YOU, HEIDI. >> GOOD EVENING.
BRUCE DONALDSON. I ALSO WANT TO INTRODUCE BRAD.
IF YOU WOULD RAISE YOUR HAND. BRAD IS A PARTNER.
SOME OF YOU MAY HAVE MET HIM. IF YOU HAVEN'T MET HIM, YOU HAVE SEEN HIS NAME MANY TIMES. HE HAS WORKED WITH ME FOR YEARS ON THESE PROJECTS. AND YOU WILL BE SEEING MORE AND MORE OF HIM. I DON'T KNOW IF I HAVE TOLD ALL OF YOU. I'M ACTUALLY PLANNING ON RETIRING AT THE END OF NEXT YEAR.
2023. AND SO YOU WILL BE... I'LL BE TRANSITIONING SOME OF THAT WORK. I THINK BRAD WILL PROBABLY BE HERE ON OCTOBER... FOR YOUR OCTOBER 3 MEETING.
I HAVE A CONFLICT. I WANTED TO PUT A FACE WITH A
NAME FOR YOU. >> MR. CHAIR, THIS IS NOTHING AGAINST BRAD. WE ARE PASSING A RESOLUTION AT THE NEXT MEETING THAT YOU CAN'T RETIRE.
[00:35:03]
SO THANK YOU. YEAH.I'LL JUST BRIEFLY REMIND YOU OF THE STRUCTURE HERE.
THIS IS A REDEVELOPMENT AUTHORITY, REDEVELOPMENT COMMISSION LEASE STRUCTURE. WE HAVE USED THIS MANY TIMES FOR YOUR ROAD PROJECTS IN THE PAST. IT IS THE MOST ACCOMMODATING STATUTE FOR THIS TYPE OF PROJECT.
THE REDEVELOPMENT COMMISSION HAS CONDUCTED A PUBLIC HEARING AND PASSED A RESOLUTION APPROVING THIS FINANCING AND THIS LEASE.
NOBODY SHOWED UP FOR THE PUBLIC HEARING.
THE REDEVELOP AUTHORITY MET THIS AFTERNOON AND ALSO UNANIMOUSLY ADOPTED A RESOLUTION APPROVING THIS.
OBVIOUSLY, SUBJECT TO COUNCIL'S FINAL ACTION ON IT.
BOTH THE COMMISSION AND THE AUTHORITY HAVE SIGNED OFF ON THIS IN THEIR ROLE. SO WE ARE LIMITED TO 20 YEARS, AS YOU KNOW, FOR PROPERTY TAX-RELATED BONDS.
THAT IS ONE OF THE PARAMETERS. OTHER THAN THAT, AGAIN, I THINK YOU HAVE SEEN THIS STRUCTURE MANY TIMES.
I BUT WOULD BE HAPPY TO ANSWER ANY QUESTIONS IF YOU HAVE ANY.
>> THANK YOU, BRUCE. MR. CHAIR?
>> YES. >> ANOTHER REASON WE ADD EXTRA PROJECTS ON TO A LIST. IS BECAUSE THE PROJECT LIST GOES WITH THE ORDINANCE. CORRECT?
>> THAT'S RIGHT. >> WHICH IS THE ONLY THING WE
CAN SPEND THE MONEY ON. >> YES.
THAT IS CORRECT. >> SO ASSUMING HE WORKS HIS MAGIC LIKE HE DOES AND GETS SOME STATE AND FEDERAL FUNDS, WE WOULD NEED MORE PROJECTS ON THE LIST.
THAT IS THE OTHER REASON WE PUT EXTRA PROJECTS ON THE LIST.
>> CORRECT. >> OTHERWISE, WE HAVE TO COME
BACK AND AMEND IT. >> EXACTLY.
>> ANY QUESTIONS FOR BRUCE? OKAY.
THANK YOU. ARE THERE ANY OTHER COMMENTS REGARDING THIS BOND? OKAY.
COUNCILOR HANNON? >> AGAIN, FOR MY PART, THE ONLY THING I'M SUPPORTIVE ON THIS IS THE MULTI-USE PATHS.
THE INFRASTRUCTURE, THE SAME ARGUMENT I USED FOR THE PARKING GARAGE OUT HERE. SITS IN A TIF DISTRICT.
THIS SITS IN A TIF DISTRICT. THAT FRUK INFRASTRUCTURE SHOULD COME FROM TIF DOLLARS. I DON'T THINK THESE ARE HIGH PRIORITIES FOR THE REST OF THE DEVELOPMENT.
SO AGAIN, FOR MY PART PERSONALLY, THE ONLY THING I'M SUPPORTIVE ON THIS WOULD BE THE MULTI-USE PATHS.
>> COUNCILOR, ONE THING. IN THE COUNCIL PREVIOUSLY JOINING US, WE DID MAKE A DECISION STRATEGICALLY TO DO THE ROAD. PART OF THE DISCUSSION WAS ADDING INFRASTRUCTURE TO IMPROVE OUR GRID, TO TAKE THE HEAT OFF OF RANGE LINE IN THAT PROCESS. TWO OF THESE PROJECTS WE HAVE HAD FUNDING A COUPLE OF DIFFERENT TIMES.
THE TIMING WASN'T RIGHT, OR WE DIDN'T GET A MATCH.
AGAIN, I WOULD HAVE LOVED IT TODAY.
TO SPREAD OUT THE TRAFFIC. TO REDUCE DEMAND ON RANGE LINE.
REDUCE THE SPEEDS OVER THERE. SPREAD OUT THE GRID.
AND SO A COUPLE OF THESE DECISIONS ON THAT LIST ARE BECAUSE OF THAT. TO TRY TO IMPROVE OUR GRID.
SO FOR WHAT IT IS WORTH, THERE IS HISTORY THERE.
I'M SUPPORTIVE OF THEM. >> COUNCILOR RIDER?
>> I WANT TO TOTALLY AGREE WITH COUNCILOR FINKAM AND ADD TO THAT. WE CONNECT THE INFRASTRUCTURE THAT WE WERE ALREADY PLANNING TO DO BY DOING THAT CONNECTION, WE THEN OPEN UP THE OPPORTUNITY FOR MORE REDEVELOPMENT AND MORE PROJECTS TO BE BUILT. WITHOUT THAT INFRASTRUCTURE, THAT WOULD NOT HAPPEN. THERE IS A PLUS SIDE TO IT ALL ALSO. WHEN WE BUILD LIKE, THIS PROIT MOST DEVELOPMENT OR REDEVELOPMENT.
SO COUNCILOR HANNON, YOU ARE IN FAVOR OF MULTI-USE PATHS.
HAVE YOU BEEN TO 116TH AND HOOVER? I WOULD BE CURIOUS TO KNOW YOUR OPPOSITION TO 106TH, TO IMPROVING THAT T INTERSECTION. I STOOD OUT THERE ON MONDAY LOOKING AT THAT ONE, WATCHING CARS TRY AND TURN LEFT.
COULD YOU HELP ME UNDERSTAND YOUR OPPOSITION TO THAT ONE?
>> IN GENERAL, AGAIN, IN THIS PARTICULAR BOND SERIES, IN THIS FUNDING, I'M ONLY INTERESTED IN MULTI-USE PATHWAYS.
IN THIS BOND SERIES. AT THIS TIME.
>> OKAY. BUT WE DON'T WANT TO DEBATE OR
OKAY. >> MR. CHAIR, LET ME JUMP IN ON: THAT SINCE YOU ASK THAT QUESTION.
I WANT TO POINT SOME THINGS OUT. THAT HAS BEEN DETERMINED...
JEREMY, WILL YOU COME UP FOR FUN FOR A SECOND? THE OTHER ROUND-ABOUTS AND OTHER PROJECTS IN THIS HAVE BEEN IN THE LONG-TERM PLAN OF THE CITY. CORRECT?
>> THAT IS CORRECT. >> THESE ARE ALL THINGS THAT WE
[00:40:01]
DETERMINED WE NEED TO DO TO MOVE TRAFFIC AND TO MAKE TRAFFIC SAFER THE. IS THAT ALSO CORRECT?YOU ARE OUR EXPERT. I WANTED TO HEAR IT FROM YOU.
THANK YOU. >> YOU ARE WELCOME.
>> CAN YOU SPEAK TO, THEN, WHY YOU ARE NOT RECOMMENDING TIF FOR
ANY OF THESE PROJECTS, JEREMY? >> YEAH.
>> OR ARE THERE OTHER FUNDING SOURCES?
>> WELL, LIKE... FOR MONON SQUARE, FOR INSTANCE, REALLY WE HAVE KIND OF SET THAT PRECEDENT OF BUILDING A LOTLE OF OUR ROADWAYS, INFRASTRUCTURE, MIDTOWN IS A GREAT EXAMPLE.
WORKING THROUGH... WHEN THE DEVELOPMENT CAME THROUGH, WE DID A LOT OF DIFFERENT THINGS DOWN THERE.
WE STUD IDEA THE AREA FROM A DRAINAGE STANDPOINT.
WE HAD A DRAINAGE MASTER PLAN IN PLACE.
AND THEN ONCE WE STARTED WORKING THROUGH IT, IT BECAME OBVIOUS THAT A NEW INTERSECTION AT ELM AND RANGE LINE WAS GOING TO BE NEEDED. WE STARTE DEVELOPING THAT PROJECT FOR ELM AND RANGE LINE AND THEN CAR RID ELM STREET ALL THE WAIL OVER. THEN ALSO THE BOULEVARD PROJECT WAS ALL CONSTRUCTED IN A SIMILAR MANNER AS WELL.
SO THIS... THE INFRASTRUCTURE IMPROVEMENTS HERE WOULD, LIKE YOU SAID, WOULD EXTEND VETERAN'S ALL THE WAY DOWN.
CONNECTED TO WALNUT. CREATE AND EAST-WEST CORRIDOR.
THEN ALSO CONTINUE MONON BOULEVARD AT THE FINISHED LEVEL THAT IT IS ON THE REST OF MIDTOWN.
CARRY THAT ALL THE WAY DOWN TO CITY CENTER.
SO THAT IS REALLY... THAT IS PROBABLY REALY ABOVE AND BEYOND ASKING A DEVELOPER TO DO INFRASTRUCTURE AT THAT LEVEL.
THIS IS OUR URBAN CORE. THIS IS ONE OF THE MOST POPULAR PLACES AROUND. I MEAN, I BRING MY KIDS HERE ON THE WEEKEND. I LIVE OUTSIDE THE CITY.
>> OKAY. SO YOU HAVE A STRATEGY.
I WANTED TO UNDERSTAND IT AND HEAR IT.
WE CAN ALL DISAGREE WIT. YOU HAVE A STRATEGY.
AND THAT IS FINE. DID YOU HAVE ANY OTHER COMMENTS? OKAY. ALL RIGHT.
WELL, COUNCILOR FINKAM? >> JEREMY, THIS IS A BIGGER QUESTION THAN FOR PROBABLY JUST RIGHT NOW.
I'M GOING TO OPEN THE DOOR TO IT.
NOTABLY MISSING FROM THE LIST OF PROJECTS IS ANYTHING TO ENHANCE MICHIGAN ROAD. WE KNOW THERE IS PROBLEMS ALONG THAT CORRIDOR, AND IT IS A ENORMOUS INVESTMENT TO IMPROVE THAT CORRIDOR. IT AFFECTS OTHER COMMUNITIES OTHER THAN CARMEL. HAVE WE DONE A COMPREHENSIVE
STUDY OF THE CORRIDOR? >> ... IF NOT, DO WE NEED DOLLARS TO DO IT? I WANT TO ADVOCATE FOR IT IF WE
HAVEN'T DONE IT. >> SO MICHIGAN ROAD IS A STATE ROAD, ACTUALLY. AND THEN... THIS IS A GOOD SEGWAY. ... SEGUE.
THEY ARE DOING A LARGE PATCHING PROJECT ON MICHIGAN ROAD.
WE DID MAKE SOME. THAT WILL BE UNDER CONSTRUCTION NEXT YEAR. IT SOUNDS LIKE IT IS A PRETTY INTENSIVE PROJECT. PART OF THAT, THOUGH, THEY WILL BE ADDINGINGS, I BELIEVE, SOME PEDESTRIAN FACILITIES AT 116TH AND MICHIGAN ROAD JUST OUTSIDE OF THE JURISDICTION.
WE ACTUALLY, AS WE HAVE BEEN BUILDING THE MULTI-USE PATHS, IN SOUTHWEST CARMEL, WE DID ADD PEDESTRIAN-ACTIVATED CROSSINGS ALONG MICHIGAN ROAD. WE HAD TO WORK WITH N-DOT ON THAT. THE PATH PROJECTS ON HERE, WE HAVE A LOCAL AGREEMENT ALSO. WE WILL BE ABLE TO CONNECT WHEN WE FINISH OUR SECTION OF THE MULTI-USE PATH ON THAT ROAD.
THEY WILL CONTRIBUTE AND FINISH THEIRS.
AND THEN WITH THE STATE, MAKING THE MODIFICATIONS THERE.
THIS WOULD UNLOCK THE ABILITY TO USE THE MULTI-USE PATH ALL THE WAY TO ZIONSVILLE AS WELL. THERE COULD BE SOME THINGS WE MAY NEED TO DO OUT THERE TO STUDY IT.
I MEAN, THE ONE AREA THAT IS ALWAYS KIND OF O'LITTLE BIT... I SAY OUT OF SIGHT, OUT OF MIND. IT IS HARD TO DO ANYTHING WITH... THE MAYFLOWER PARK AREA. THAT IS A PRIVATE ROAD.
IT IS COUNCIL'S DECISION THAT REALLY LOOKING INTO IT, IN ORDER TO TAKE THAT OVER IS A VERY BIG INVESTMENT.
>> I REMEMBER THAT CONVERSATION, FINALLY.
>> YEAH. SO THAT'S... YOU KNOW, WE HAVE ADVOCATED DOWN THERE FOR SOME OTHER IMPROVEMENTS WITH IN-DOT.
THEY HAVE A LOT OF IMPROVEMENTS THAT THEY ARE GETTING READY TO DO ALSO WITH MODIFICATIONS AT # 1 AND 465.
THE MICHIGAN ROAD CORRIDOR AND THE 865 WHOLE SIDE.
EVERYTHING THAT IS CURRENTLY UNDER CONSTRUCTION ON THE
[00:45:01]
NORTHEAST SIDE IS KIND OF TRANSITIONING ITS WAY BACK THROUGH. WE WILL HAVE TO GO THROUGH ANOTHER ROUND OF CONSTRUCTION THERE.THAT IS MY CONCERN. THE IMPACT OF THE LOCAL ROADWAYS. I THINK GETTING THE MULTI-USE PATHS COMPLETE, AND THEN WE CAN POSSIBLY DO SOME OTHER THINGS.
JUST KEEPING AN EYE ON THE ROUND-ABOUT.
HOW THEY ARE FUNCTIONING AND OPERATING.
>> I WAS JUST HAVING A CONVERSATION WITH THE OTHER PARTIES INVOLVED IN THE CORRIDOR.
OBVIOUSLY, KEYSTONE WAS A STATE ROAD AS WELL.
>> I KNOW OUR RESIDENTS ON THE WEST SIDE HAVE TROUBLE NAVIGATING THAT CORRIDOR AND HAVE SAFETY CONCERNS.
I JUST... AS I SAID, THE BIGGER CONVERSATION THAN JUST TONIGHT.
I WANT TO SAY, LIKE, YOUR EXPLANATION IS A GREAT START.
WHEN RESIDENTS ARE SAYING WHY AREN'T YOU TOUCHING THAT? I WANT TO MAKE SURE THEY KNOW IT'S ON OUR MIND.
YOU KNOW, WE ARE ALSO PAYING ATTENTION TO THE ROADS THAT GO INTO IT. RIGHT?
THAT ARE UNDER OUR CONTROL. >> YEAH.
AND WE HAVE ADVOCATED FOR... YOU KNOW, EVEN THROWING OUT THE IDEA OF A POSSIBLE NEW INTERCHANGE ALONG 465.
TO TAKE SOME CONGESTION OFF OF. THAT AND THEN HELP OUR RESIDENTS. THAT IS OBVIOUSLY A VERY, VERY DIFFICULT DISCUSSION TO HAVE. BUT IT IS... LIKE, GETTING INTO COORDINATING WITH THESE OTHER PROJECTS THEY HAVE GOING ON, WE WILL SEE WHAT... I THINK THEY MAY HAVE SOME OTHER IMPROVEMENTS THAT ARE JUST RECENTLY HAPPENING.
>> WOULD THE COMMITTEE BE WILLING TO TAKE ACTION ON TH THIS... ON ORDINANCE D-263522 TONIGHT?
>> MR. CHAIRMAN? >> COUNCILOR?
>> I MOVE THAT WE SEND THIS BACK TO COUNCIL FOR A POSITIVE
WE HAVE A MOTION. IS THERE A SECOND? LY SECOND IT. I WILL SECOND IT.
IS THERE ANY FURTHER DISCUSSION? AL THOSE IN FAVOR, PLEASE SAY
ANY OPPOSED? THAT CARRIES 2-1.
WE WILL GO BACK TO COUNCIL WITH A POSITIVE RECOMMENDATION.
THANK YOU. TO ALL OF OUR CONSULTANTS WHO
[b. Resolution CC-08-01-22-01: A Resolution of the Common Council of the City of Carmel, Indiana, Approving Certain Matters in Connection with the Establishment of the Flora Economic Development Area; Sponsor: Councilor Worrell.]
WERE HERE. I'M GOING TO MOVE ON QUICKLY TO RESOLUTION CC08012201. THE RESOLUTION TO APPROVE THE ESTABLISHMENT OF THE ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREA AND RELATED ECONOMIC DEVELOPMENT PLAN AND PLAN COMMISSION RESOLUTION. WHO DO I HAVE HERE TO SPEAK TOTHIS TO GET US STARTED? >> MR. CHAIR, REAL QUICK, I WANT TO POINT OUT, I'M A SERIAL MEETING-GOER.
I'M NOT ON THE COMMITTEE. THAT IS WHY I'M NOT VOTING.
>> HI, MR. PRESIDENT. I DON'T HAVE A PICTURE ON THE FLORA. IT IS A DEVELOPMENT CURRENTLY MAKING ITS WAY THROUGH THE PLANNING COMMISSION PROCESS.
THE REDEVELOPMENT COMMISSION IS STILL NEGOTIATING THE EXACT, THE EXACT INPUTS THERE. WE KNOW THAT PART OF IT WILL HELP WITH SOME INFRASTRUCTURE, AND THIS IS AN ALLOCATION AREA CREATION. I'M HAPPY TO ANSWER ANY
QUESTIONS ON THAT. >> ALL RIGHT.
ARE THERE ANY QUESTIONS REGARDING THIS RESOLUTION?
COWENS HANNON? >> SO WE DID TALK EARLIER TODAY.
THIS IS A RESIDENTIAL TIF. MOST PEOPLE WOULD SEE THAT AS UNUSUAL. THEY THINK OF TIFS BEING IN THE CENTRAL CORE. THIS IS, AGAIN, OUT IN THE WEST AREA. YOU KNOW, HOW IS THIS... HOW IS IT ALLOWABLE TO CAPTURE TIF FOR A PUD THAT IS NOT COMMERCIAL? AND IS NOT IN THE CENTRAL CORE WHERE PEOPLE TYPICALLY WILL THINK OF ALLOCATION DISTRITS AND TIF DISTRICTS?
>> I DON'T THINK IT IS ACCURATE TO SAY THAT IT IS UNUSUAL THAT A RESIDENTIAL PROJECT IS TIF-ELIGIBLE.
CARMEL, ESSENTIALLY HAS SAID THE... HAS SET THE TREND ON RESIDENTIAL-ELIGIBLE PROJECTS. DEVELOPERS ARE TAKING WHAT THEY HAVE DONE IN CARMEL. THEY HAVE TAKEN THAT TO OTHER CITIES AND STATEWIDE. THERE IS A COMPONENT OF THIS PROJECT THAT HAS FOUR-STORY TOWNHOMES AS PART OF IT.
THAT WOULD BE THE COMPONENT. I WANT TO NOTE AGAIN.
THIS WAS NOTED AT THE CITY COUNCIL.
THE CRC IS NOT ATTEMPTING TO TOUCH THIS PROJECT AT ALL.
THIS IS ALLOCATION CREATION. WE WILL BE TEAMWORKING WITH THEM ON THE INFRASTRUCTURE THAT IT HELPS FUND.
TO YOUR QUESTION, IT IS TOTALLY NORMAL TO HAVE A FOR-SALE PRODUCT THAT IS A RESIDENTIAL PROJECT.
THAT IS TYPICAL. IT DEPENDS ON THE BUILDING TYPE.
>> WE DO HAVE THE UP-CON PROJECT IN KEYSTONE WHICH WOULD BE A
[00:50:07]
GREAT EXAMPLE OF FOR-SALE RESIDENTIAL.>> OR MAGNOLIA NORTH OF US. OR THE FOR-SALE COMPONENT THAT OR THE TOWNHOMES THAT IS PART OF THE MONON MAIN PROJECT.
OR TEN OTHER EXAMPLES THAT I CAN THINK OF.
>> OKAY. GENERALLY, MY POINT AND I'M APPARENTLY THE DESIGNATED CURMUDGEON IS THAT, YOU KNOW, I AM SUPPORTIVE OF TIF. THE CONCEPT IS GREAT.
LET'S LOOK AT UNDEVELOPED OR UNDERDEVELOPED AREAS, AND LET'S GIVE INCENTIVES EITHER TO THE CITY TO MAINTAIN... OR KEEP THE TAXES AND USE LOCAL INFRASTRUCTURE OR TO THE DEVELOPER TO DEVELOP SOMETHING THAT WOULD NOT OTHERWISE DEV DEVELOP. IN THIS PARTICULAR CASE, IN AN AREA WHERE OTHERWISE, THE FUNDS WOULD BE GOING TO THE GENERAL FUND, WHERE THERE IS NO TIF SPLIT THAT HAS YET BEEN DECIDED UPON, THERE IS NO DECISION ON SPECIFICALLY WHAT THE TIF FUNDS WOULD BE USED TO IMPROVE INFRASTRUCTURE.
I CAN'T BE SUPPORTIVE OF THIS. >> I'M NOT SURE I AGREE WITH THAT STATEMENT. I UNDERSTAND YOUR CONCLUSION.
>> OKAY. ARE THERE ANY OTHER QUESTIONS? REGARDING THIS? ALL RIGHT.
THIS IS TO ESTABLISH THE ECONOMIC DEVELOPMENT AREA.
DO I HAVE A MOTION... THIS HAS BEEN ON THE AGENDA FOR QUITE SOME TIME. EITHER WITH POSITIVE OR NEGATIVE RECOMMENDATION. COUNCILOR?
>> YES. I MOVE TO SEND THIS BACK TO FULL COUNCIL WITH A POSITIVE RECOMMENDATION TO ESTABLISH THE
AREA. >> IS THERE A SECOND? SECOND. ALL RIGHT.
IS THERE ANY FURTHER DISCUSSION? ALL THOSE IN FAVOR, SAY AYE.
[c. Ordinance D-2632-22; An Ordinance of the Common Council of the City of Carmel, Indiana, Authorizing the Issuance of Economic Development Tax Increment Revenue Bonds to Support the 111th and Pennsylvania Project, and Authorizing and Approving Other Actions in Respect Thereto; Sponsor: Councilor Worrell.]
>> THAT PASSES 2-1. BACK TO COUNCIL WITH A POSITIVE RECOMMENDATION. WE WILL MOVE ON TO ORDINANCE D.
263222. AN ORDINANCE OF THE COMMON COUNCIL AUTHORIZING THE ISSUANCE OF ECONOMIC DEVELOPMENT TAX REVENUE BONDS TO SUPPORT THE 11TH AND PENNSYLVANIA PROJECT. AND AUTHORIZING AND APPROVING OTHER ACTIONS. DIRECTOR?
>> THANK YOU. I HAVE WITH ME ANTHONY GARY AND STEVESERTS, REPRESENTATIVES OF HEAD CORPS.
ALISON COULD NOT BE HERE TODAY. SHE PRESENTED LAST TIME, IF YOU REMEMBER. SO I WILL...
>> HEY, JACOB, ARE THESE IN THE FINANCE COMMITTEE? ARE THESE ITEMS IN THE FINANCE COMMITTEE? IT IS NOT COMING UP FOR ME. THAT IS WHERE I'M AT.
YUP. IT IS, LIKE, NOT SYNCHING, I THINK. THANK YOU.
I'LL FIND IT IN ANOTHER PLACE. I WAS LOOKING AT THE ITEM NUMBER
ON HERE. >> SO I FEEL LIKE ON MONDAY OR LAST MONDAY WHEN THIS PROJECT WAS INTRODUCED, THERE WAS A LOT OF CONVERSATION AND INTRODUCTION.
LY QUICKLY FLY THROUGH THAT INTRODUCTION.
AND THEN REALLY I THINK OPEN IT UP TO ANY QUESTIONS THAT THE COMMITTEE MIGHT HAVE. AGAIN, THIS IS THE 11TH AND PENN LAND. THERE WERE PREVIOUS ATTEMPTS AT DOING SOMETHING ON THIS SITE SEVERAL TIMES.
I FEEL LIKE IT ALWAYS FELL SHORT OF WHAT CARMEL SHOULD LOOK LIKE.
AND THEY HAVE PUT TOGETHER A PRETTY INCREDIBLE 15 TO 20-YEAR PLAN THAT HAS FOR-SALE RESIDENTIAL... THESE ARE TOWNHOME THAT IS WRAP AROUND THE SITE.
THERE IS 59 OF THEM, I BELIEVE. IT HAS MULTI-FAMILY.
12.5% OF THAT MULTI. >> FAMILY IS WORKFORCE HOUSING.
WE KNOW WE WOULD BE GOOD TO HAVE IN CARMEL.
THERE IS COMMERCIAL ALL THE WAY ALONG PENNSYLVANIA.
AND OBVIOUSLY, THE CENTERPIECE OF THIS IS A VIBRANT PUBLIC PLAZA THAT IS LINED WITH RETAIL AND SHOULD MAKE THIS A MUCH M MORE... A NICE WALKABLE COMMUNITY.
AND FRANKLY, AN ASSET THAT I HOPE SERVES AS A CATALYST FOR TRANSFORMATION THAT WE WANT TO SEE ALONG PENNSYLVANIA "AVENUE.
[00:55:01]
THERE IS A LOT OF 197 #'S AND 1980'S PROPERTIES THAT ARE NOT WALKABLE. THIS COULD SERVE AS A CATALYST FOR A RESTART THERE. I'M ASK MY FRIENDS FROM PICKLER TO COME UP. AND I'LL HIGHLIGHT THAT, AGAIN, THE TEAM HAD A MEETING WITH NEIGHBORS THAT FILLED UP A ROOM AT THE MULTI-PURPOSE ROOM... AT THE CENTER.I DON'T SEE ANY OF THOSE NEIGHBORS HERE TODAY.
WE KNOW THAT, FOR EXAMPLE, THE QUARTERWOOD NEIGHBORHOOD PRESIDENT ARE WAS THERE. A PRETTY PACKED ROOM.
THIS WAS A PICTURE THAT WAS DISCUSSED A LOT.
THEY TALKED ABOUT THE FAIRLY LARGE DISTANCE BETWEEN THE WATERWOOD HOMES AND WHERE YOU WOULD ACTUALLY START GETTING THREE AND FOUR-SALE PRODUCT. THERE IS QUITE A LOT OF DISTANCE. THAT WAS SOMETHING THE NEIGHBORS TOUCHED ON. BUT GENERALLY, I THINK THAT... I APPRECIATE THAT THEY HAD A MEETING WITH THE NEIGHBORS.
THEY HAVE BEEN FAIRLY RESPONSIVE TO THEM SO FAR.
THAT IS GREAT PROJECT. WE ARE HERE TO ANSWER ANY QUESTIONS THAT THE COMMITTEE MAY HAVE.
>> SO SOME OF THE QUESTIONS WE HAVE GOTTEN FROM NEIGHBORS INCLUDE CONCERNS ABOUT TRAFFIC, DENSITY AT 11TH.
SO SINCE I WASN'T AT COUNCIL, I'M NOT SURE IF YOU ADDRESSED THAT LAST WEEK. IF YOU COULD ADDRESS THIS TONIGHT FOR THE RESIDENTS WHO HAVE CONCERNS.
>> COULD YOU REPEAT THAT ONE HER TIME?
I'M SO. >> RESIDENTS ARE INCREASED ABOUT TRAFFIC IN... CONCERNED ABOUT INCREASING TRAFFIC AT 11TH.
CAN YOU ADDRESS THAT? >> ANTHONY GARY, THE PET CORPS COMPANIES. THE EXPECTATION THAT WE HAVE IS THAT THE TRAFFIC BASED ON ROUND-ABOUT CREATION WOULD COME EITHER FROM NORTH OR SOUTH AND NOT NECESSARILY FROM EAST OR WEST. A FULL TRAFFIC STUDY HAS NOT BEEN CREATED YET. THAT IS THE EXPECTATION BASED ON
CURRENT TRAFFIC TRENDS. >> WELL, ONE OF THE CHALLENGES IS THIS IS A 20-YEAR PROJECT. HOW DO YOU PROJECT GROWTH AROUND IT? ET CETERA.
WHAT YOU ARE SUM RYING TO SAY IS BASED ON WHAT YOU ANTICIPATE WITH THE TYPE OF DEVELOPMENT IN THIS PROJECT, AND THE CURRENT
LOAD AT 11TH STREET... >> I WOULD EXPECT THE TRAFFIC TO COME FROM THE NORTH AND SOUTH, MORE SO FROM THE EAST AND WEST.
THAT STANDS TRUE FOR WHAT OUR THOUGHT PROCESS HAS BEEN.
YES. >> I THINK THE RESIDENTS ARE CONCERNED ABOUT 116TH STREET IS ALREADY PRETTY BUSY.
PEOPLE WILL AVOID GOING NORTH TO 11 6/TH STREET.
AGAIN, WE ARE A ROAD GRID. WE SPREAD THINGS OUT ON PURPOSE.
THAT IS JUST THE FEEDBACK WE ARE GETTING.
OFF GREAT DIAGRAM SHOWING THE IMPACT OF THE NEIGHBORS TO THE EAST. AS FAR AS THE IMPACT... THE SEPARATION OF THE PROJECT. AND THE ELEVATION TO THE EAST.
DO YOU HAVE A SIMILAR ONE FOR THE NORTH?
>> WE DON'T HAVE A GRAPHIC FOR IT.
THE NORTHERN BORDER HAS A PROTECTED TREE-LINED AREA TO THE
NORTH AND EAST. >> YOU CAN SEE IT ON THE BOTTOM LEFT. WE CAN SEE IT THERE ON THE LEFT ONE. THE BOTTOM LEFT ONE.
SO HOW MUCH OF THAT WILL BE REMAINING?
>> YES. 50 FEET WORTH WILL BE REMAINING.
AND THAT ALSO INCORPORATES THE AREA THAT IS DIRECTLY ADJACENT TO... LET ME SEE IF I CAN MOVE MY CURSOR HERE.
WE ARE PROBABLY NOT GIVING OURSELVES THE FULL AMOUNT OF CREDIT FOR SOME TREES THAT ARE GOING TO BE HERE.
THAT ARE ALREADY THERE. WE WILL NOT CUT DOWN FOR THE
SAKE OF CUTTING DOWN. >> S SO Y YOUR 50 FEET STARTS
WHERE AND ENDS WHERE? >> 50 FEET STARTS AT THE
>> AND ENDS GRAPHICALLY AT THE END OF THE TREE LINE HERE.
>> YEAH. THEN THERE IS ANOTHER 20-30
FEET. >> THERE ARE ADDITIONAL TREES.
THE BETTER PART OF THAT QUADRANT OF THE PIECE OF LAND IS CURRENTLY WOODED. SO WE WILL KEEP WHAT IS ABLE TO BE KEPT ABOVE AND BEYOND 50 FEET THERE.
>> AND THEN THERE IS BACK SIDE OF GARAGES.
ON THE FAR NORTHEAST PART OF THAT.
OF THE PROPERTY. >> THAT IS CORRECT.
>> AND THEN WE WILL CALL IT THE MIDDLE SECTION TO THE EAST OF THE CENTER ROAD THAT CUTS THROUGH.
IS THAT A PARKING LOT THERE? >> YEAH.
THERE IS SOME SURFACE PARKING TO THAT SECTION.
IT IS CLOSEST TO THE NORTH AREA THAT YOU ARE SEEING THERE.
CORRECT. >> AND THEN THE NORTHWEST PART OF IT IS SIMILAR TO THE NORTHEAST? I'M HAVING TROUBLE SEEING WHAT THAT IS.
>> YEAH. THE NORTHWEST PORTION IS MORE SURFACE PARKING LOT BETWEEN... AN EXISTING TREE LINE AND THE
FOUR-STORY RESIDENTIAL PRODUCT. >> THERE IS NO HOMES ON THE
OTHER SIDE OF THAT, CORRECT? >> THERE ARE HOMES ON EACH SIDE OF THE EXTENSION OF WASHINGTON BOULEVARD, BUT THAT IS ESSENTIALLY AT THE POINT WHERE THE NORTH ARROW IS.
[01:00:04]
YEAH. AND SO TO THE WEST OF THE HOMES ON EACH SIDE OF THAT ROAD, THERE ARE NO OTHER HOMES.THAT IS WHAT I THOUGHT. >> THAT IS CORRECT.
WELL, I DO WANT TO COMPLIMENT THEM FOR INCLUDING SOME WORKFORCE HOUSING IN HERE, AS YOU DID.
IN THE CENTRAL DISTRICT. I THINK THAT IS NEEDED FOR A VARIETY OF REASONS. AND MY CONCERN ON THIS, YOU KNOW, REALLY SIMILAR TO MY CONCERNS I BROUGHT UP WITH THE PURE DEVELOPMENT IS, IF THIS GETS APPROVED HERE, WHAT IS THE PROCESS FOR FEEDBACK AND INPUT FOR THE NEIGHBORS? THIS IS ALMOST A THOUSAND UNITS GOING IN THAT WILL GREATLY CHANGE THE FACE OF THAT ROAD, DRAINAGE, POTENTIALLY SCHOOLS.
YOU KNOW, PROPERTY VALUES UP OR DOWN.
AND TO JUST TRY TO PUSH THIS THROUGH EVEN TONIGHT, WITHOUT A LOT MORE DISCUSSIONS WITH THE NEIGHBORS AND THE DEVELOPERS AS WELL AS ENGINEERING... I DON'T THINK, IS THE RIGHT THING TO DO.
SO AGAIN, I'M NOT AGAINST THIS, PER SE.
I JUST DON'T THAT THERE HAS BEEN ENOUGH CONVERSATIONS, IN MY OPINION, AS AN ELECTED OFFICIAL DIRECTOR.
I SEE YOU ARE GOING TO JUMP IN THERE.
TO BE ABLE TO APPROVE THIS AT THIS POINT.
>> LET ME ADDRESS UP WITH OF YOUR COMMENTS AND THEN ANSWER YOUR QUESTION. APART FROM THE PUBLIC... APART FROM THE MEETING THAT... WHEN YOU HELD THAT PUBLIC MEETING, YOU SENT LETTERS TO THE ENTIRETY OF THE WATERWOOD NEIGHBORHOOD.
OR JUST SOME ADJACENT HOUSES? >> THE ADJACENT HOUSES.
IN EVERY DIRECTION. AS WELL AS THE BUSINESS OWNERS.
>> SO WE HAD A PACKED ROOM THAT INCLUDED NEIGHBORHOOD PRESIDENTS. THIS IMAGE RIGHT HERE HAS BEEN IN EVERY NEWSPAPER AND ALMOST ON EVERY TV CHANNEL SINCE IT WAS FIRST INTRODUCED AT COUNCIL. THIS IS A FOUNDATIONAL QUESTION ON WHETHER THE CITY COUNCIL CAN APPROVE... IS WILLING TO APPROVE THE BONDS FOR THIS PROJECT. CLEARLY, THIS IS A VERY THOUGHT-OUT PLAN. BUT THIS IS A LOT OF WORK FOR SOMETHING THAT IS JUST CONCEPT CHUL.
IF THE CITY COUNCIL CHOOSES TO APPROVE BONDS, I MEAN, THEY ARE GETTING INTO, IN EARNEST, THE DESIGN OF THE PLAN, FIGURING OUT THE PHASING, WORKING WITH PLANNING AND ZONING.
AND THE ENGINEERING DEPARTMENT. I MEAN, WE HAVE ALREADY BEEN WORKING THROUGH THIS. THE ROAD LAYOUT AND GRID THAT IS HERE IS LIKE THIS BECAUSE OF INPUT FROM JEREMY CASHMAN AND MICHAEL HARBAUGH AND ALL THE PEOPLE INVOLVED BEHIND THE SCENES ALREADY WITH THE DIRECTORS TO MAKE IT LOOK THE WAY IT DOES. THERE IS STILL GOING TO BE FULL PLANNING/ZONING APPROVAL. THE ALDS PROCESS, IN FRONT OF A HEARING OFFICER. EACH TIME THERE IS A SPECIFIC...
TO BE FAIR, THE RENDERINGS PROVIDED FOR THE BUILDINGS, THESE AREN'T FINAL ARCHITECTURE. THIS IS REALLY GOOD MASSING STUDY. IT IS NOT FINAL ARCHITECTURE.
FOR FINAL ARCHITECTURE, EVERY BUILDING IS GOING TO GET REVIEWED THROUGH THE PROCESS. EVERY BUILDING WILL HAVE THE PUBLIC HEARINGS REQUIRED BY THE STATE.
EVERY BUILDING WILL GO THROUGH A CRC PROCESS.
THAT IS AN ADDITIONAL STEP ON TOP OF THE STANDARD ALDS PROCESS. THAT IS ALL GOING TO HAPPEN.
IT IS JUST THAT BEFORE ANYONE SPENDS THAT MUCH MONEY ON DESIGNING THIS, DOES THE COUNCIL SEE THIS GENERALLY AS THE RIGHT PROJECT MOVING FORWARD? THAT QUESTION HAS TO GET
ANSWERED. >> I HOPE THAT ANSWERS YOUR QUESTION. IF NOT, I'M HAPPY TO CLARIFY
ANYTHING. >> AGAIN, I WILL REITERATE, THIS IS A HUGE PROJECT. A THOUSAND UNITS.
THERE CERTAINLY SHOULD BE NO RUSH IN THIS.
I WOULD LIKE TO SEE MORE DISCUSSIONS WITH THE NEIGHBORS.
ALONG WITH COUNCIL MEMBERS BEFORE WE PROCEED WITH.
THIS THAT IS MY OPINION. >> MR. CHAIR?
>> YOU DID MENTION THE LAST TIME, AT THE PUBLIC MEETING OR AT THE CITY COUNCIL MEETING THAT YOU WERE GOING TO ATTEMPT TO FIND SOME NEIGHBORS. HOW IS THAT GOING?
>> SURE. THE COUNCILOR AND I ARE WORKING ON THAT. WE HAVE NOT HAD THAT MEETING
>> MR. CHAIR? >> AGAIN, I'M GOING TO USE A LITTLE BIT LONGER EXPERIENCE TO TRY AND EDUCATE THE HISTORY OF THIS PROCESS. WE APPROVED THE TIF AHEAD OF TIME BECAUSE TO DESIGN A PROJECT LIKE THIS, AND WE HAVE ONE OF THE DESIGNERS STANDING RIGHT THERE, WILL BE HUNDREDS OF THOUSANDS OF DOLLARS. WOULD THAT BE ACCURATE? YOU DON'T SPEND HUNDREDS OF THOUSANDS...
THIS IS A BIG PROJECT. YOU DON'T SPEND THAT KIND OF MONEY WITHOUT HAVING A BOND OR A TIF APPROVED AHEAD OF TIME.
[01:05:04]
THE TIF BEING APPROVED AHEAD OF TIME HAS NOTHING TO DO WITH THE APPROVAL OF THE FINAL PROJECT. IT SETS THE GROUNDWORK FOR THE PROJECT TO BE ABLE TO MOVE FORWARD.THE PROJECT STILL HAS TO GO THROUGH THE ENTIRE PROCESS.
AND I WAS AT THE ORIGINAL MEETING.
I MADE IT VERY CLEAR TO THE NEIGHBORS AND VERY CLEAR TO PED CORPS THAT WE WERE GOING TO HAVE MORE PUBLIC MEETINGS ONCE THE DESIGN IS MOVING FORWARD. WE WILL CONTINUE TO DO THAT.
WE ARE NOT IN A HURRY HERE. THIS IS GOING TO TAKE MONTHS.
IF NOT A YEAR. I MEAN, IT IS GOING TO EASILY...
TWO YEARS. IT IS GOING TO TAKE TIME.
THIS IS NOT SOMETHING THAT IS GOING TO HAPPEN IN THE NEXT THREE OR FOUR MONTHS. AND WE WILL HAVE AN UNLIMITED NUMBER OF MEETINGS WITH THE NEIGHBORS IF WE NEED TO.
WE WILL CONTINUE TO DO THAT THROUGH THE ENTIRE DESIGN PROCESS. AND PED CORPS KIND OF HAS A REPUTATION. IF YOU LOOK AT CITY CENTER.
THEY SAID "I DON'T BUILD IT ON A TIMELINE.
I BUILD IT RIGHT." THAT IS WHAT HE WILL DO WITH ANY PROJECT THAT HIS COMPANY BUILDS. THE QUALITY THAT WILL GO INTO THIS, IF IT HAPPENS, WILL BE ABOVE AND BEYOND.
AND AN ASSET TO THE COMMUNITY. SO IF WE WERE TO NOT DO THIS, AND NOT APPROVE IT AND CONTINUE% TO HAVE THE CONVERSATIONS, THERE WOULD BE NOTHING TO TALK ABOUT. BECAUSE NONE OF THE DESIGN WILL HAPPEN. I TALKED WITH MULTIPLE OF THE NEIGHBORS TODAY, AND WE WERE DISCUSSING THAT.
I EXPLAINED TO THEM, WE WILL KEEP THEM INVOLVED THROUGH THE WHOLE PROCESS. I GUARANTEE IT.
AND YOU KNOW, WE TALKED ABOUT THE DRAINAGE.
FOR THE NEIGHBORHOOD TO THE NORTH.
I WENT IN AND MET WITH ENGINEERING.
IN NORTHERN HEIGHTS. AND ENGINEERING ALREADY HAS THEM ON THE LIST FOR OUR STORMY STORR FUND THAT WE CREATED.
THANK YOU, COUNCILOR FINKAM. WE WERE BOTH IN ON THAT.
THEY ARE GOING TO BE ON THE PRIORITY FOR.
THAT IT IS BEING PLANNED ALREADY.
TO SAY WE NEED TO DIVERT THE MONEY FOR DIFFERENT PROJECTS IN THE AREA, WE ALREADY HAVE FUNDS THAT TAKE CARE OF THOSE ISSUES.
THIS MONEY GOING INTO A GENERAL TIF SO LIDDIFIES THINGS WE ARE GOING TO DO AROUND THE REST OF THE CITY.
WE ARE NOT NEGLECTING ANY AREA BY DOING A TIF HERE.
IF WE DON'T APPROVE THE TIF, I'M TELLING YOU, THERE WILL BE NOTHING TO SHARE WITH THE NEIGHBORS.
THAT IS MY POINT THAT I'M TRYING TO MAKE.
>> YEAH. I WENT TO THE MEETING.
AND I SAW THE INTERACTION WITH PED CORPS AND THE PROFESSIONALS WITH THE NEIGHBORS. I THOUGHT IT WAS A POSITIVE EXPERIENCE. SOME THINGS WERE UNKNOWN.
PEOPLE WANTED TO KNOW ABOUT THE CONNECTIONS.
PEOPLE SAID "WE NEED THE CITY TO TELL US WHAT THEY WANT." THAT CAME UP OVER AND OVER AGAIN.
I UNDERSTAND THAT YOU AND COWENS GREEN WANT TO CREATE A SUBSET OF MEETINGS. I BELIEVE WE ARE HERE TONIGHT IN ORDER TO START THE PROCESS SO WE CAN HAVE THE INFORMATION THAT THE NEIGHBORS WANT IF THIS PROJECT IS GOING TO GO FORWARD, AND THAT IS TO DECIDE WHETHER OR NOT WE EVEN WANT TO APPROVE THESE BONDS. THEY ARE DEVELOPER-BACKED BONDS.
WE HAVEN'T GOTTEN INTO THAT PART YET.
SO... SO... I DID WARN THE PETITIONER THAT YOU NEEDED TO COME HERE WITH STATISTICS REGARDING THE EFFECTS OF... ON SCHOOLS, THE AVERAGE... WHO IS RENTING THESE THINGS.
YOU KNOW, WHEN WE ARE LOOKING AT APARTMENTS, THERE IS SOME NEGATIVE CONNOTATIONS ABOUT, ABOUT WHO OCCUPIES APARTMENTS.
AND THAT HAS NOT BEEN MY EXPERIENCE IN CARMEL.
I STILL CONTINUE TO GET MULTIPLE E-MAILS.
DID YOU COME PREPARED WITH ANY DATA FOR ME?
IS THERE A WAY TO USE THE DOCUMENT CAM?
>> YES, THERE IS. >> PUT IT RIGHT HERE IN THE
>> IF YOU WANT TO PASS SOMETHING OUT, I CAN DO IT WHILE YOU TALK.
>> MOVE IT TO THE MIDDLE SO YOU CAN BLOW IT UP.
>> SO I CAN SPEAK TO THE FAMILY OF COMPANIES PORTFOLIO IN CARMEL. WE HAVE 424 UNITS RIGHT NOW.
ALL OF WHICH ARE RENTED AT MARKET RENT.
AND STATISTICALLY SPEAKING, WE HAVE BROKEN THIS DOWN DEMOGRAPHICALLY TO DEFINE THEM BY AGE GROUP.
AND WE HAVE A SURPRISING STATISTIC THAT I FOUND.
OUR 55 AND OLDER POPULATION OUTNUMBERS OUR HIGH-SCHOOLERS BY
A COUNT OF 16-1. >> THAT IS AMAZING.
>> FROM A STANDPOINT OF SCHOOL IMPACT, IF WE WERE TO ESSENTIALLY... ACTUALLY, HANG ON A SECOND.
I WANT TO REINFORCE WHAT YOU JUST SAID.
[01:10:02]
BECAUSE I THOUGHT THERE WAS A JOKE COMING.SO YOUR IMPACT... YOUR 55 AND OLDER, THE NUMBER IS HIGHER THAN HIGH-SCHOOLERS. YOU MEANT SCHOOL-AGE KIDS.
IS THAT... SPECIFICALLY, HIGH SCHOOLERS.
>> OKAY. >> ACROSS ALL AGE GROUPS, LOOKING AT THAT MAP, WE HAVE 22 SCHOOL-AGE CHILDREN.
WE HAVE 161 FOLKS THAT ARE 5 A OR OVER.
GOOD. I'M GLAD TO SEE THE DATA.
THAT IS WHAT I'M SEEING ANECDOTALLY.
I'M GLAD TO SEE THE DATA. GO AHEAD.
>> TO SPEAK TO OTHER DEMOGRAPHICS.
WE HAVE NO VACANCY. WE HAVE OCCUPANCY ABOVE 93% FOR EVERY ONE OF OUR COMMUNITIES. THE MEDIAN INCOME OF RENTALS IN OUR CARMEL PORTFOLIO IS $97,500. AGAIN, THERE IS VIRTUALLY NO
VACANCY IN THE PORTFOLIO. >> OKAY.
THAT IS EXACTLY WHAT I WAS LOOKING FOR.
ARARE THERE ANY COMMENTS OR QUESTIONS REGARDING THIS DATA? ALL RIGHT. COUNCILOR RIDER, YOU HAVE SOME
SCHOOL DATA? >> I GOT THIS DIRECTLY FROM SCHOOL ADMINISTRATION. AND THIS WAS ABOUT ANOTHER AREA, ANOTHER PROJECT, BUT IT IS THE SAME CONCEPT.
I'M NOT GOING TO READ THE FIRST PART.
IT DOESN'T APPLY TO THIS. CARMEL COMMUNITY SCHOOLS, MOST RECENT DEMOGRAPHIC FORECAST HAS ELEMENTARY ENROLLMENT AND TOTAL DIRECT ENROLLMENT LEVEL OVER THE NEXT FIVE YEARS, HOWEVER CURRENTLY, ELEMENTARY ENROLLMENT IS DOWN 240 STUDENTS.
THEY GET AROUND $7,000 PER STUDENT.
THEIR COMMENT WAS WE WOULD LOOK FORWARD TO ADDITIONAL STUDENTS IN OUR SCHOOLS AT $7,000 APIECE. THIS IS THE COMMENT THAT APPLIES HERE. IT SAYS MULTI-FAMILY HOUSING RESULTS IN FEW ADDITIONAL SCHOOL-AGE CHILDREN, ESPECIALLY DEPENDING ON THE PRICE OF THE HOUSING.
AND THESE ARE NOT GOING TO BE INEXPENSIVE APARTMENTS.
CORRECT? >> LARGELY SPEAKING, THAT IS
CORRECT. >> CARMEL COMMUNITY SCHOOLS HAS NEVER OBJECTED TO GROWTH AND DEVELOPMENT IN CARMEL AND THE ENROLLMENT HAS ALWAYS, YOU KNOW, BEEN POSITIVE FOR THEM.
THEY ARE VERY SUPPORTIVE OF CONTINUED GROWTH.
THEY DO NOT THINK THAT WE ARE OVERWHELMED.
AND THEY LOOK FORWARD TO PEOPLE COMING TO THE COMMUNITY.
>> THAT IS DIRECTLY FROM SCHOOL ADMINISTRATION.
>> THANK YOU. >> I THISTY POINT I WANT TO MAKE AND OUR NEXT PETITIONER, I HOPE THEY BROUGHT SOME STATS, TOO, THE POINT I WANT TO MAKE IS THAT VARIETY OF HOUSING IS IMPORTANT TO A COMMUNITY. WE CAN'T ALL JUST BE FOUR-BEDROOM, THREE AND A HALF BATHS ON A CUL-DE-SAC.
WHAT WE ARE SEEING IS THERE IS A PLACE NOW FOR PEOPLE MY AGE TO GO AND STILL REMAIN IN CARMEL INSTEAD OF HAVING TO GO TO WESTFIELD OR NOBLESVILLE WHICH I HAVE LOST SOME OF MY FRIENDS TO THOSE BECAUSE THEY COULDN'T FIND A PLACE SUITABLE... GRANITE COUNTERTOPS, UNDERGROUND PARKING, WHATEVER.
I'M HAPPY TO SEE THIS. AND IT IS NOT THE NEGATIVE, AND THERE IS A CONNECTION TO OUR COMMUNITY, THE PEOPLE WHO ARE OCCUPYING THESE, AND FRANKLY, SOME OF THE PEOPLE THAT ARE OCCUPYING THEM, THEN, ARE WAITING FOR A HOME TO BECOME AVAILABLE. BECAUSE THEY WANT TO BE IN CARMEL. SO HAVING SAID THAT, THANK YOU FOR THE DATA. IS THERE ANYTHING... ARE THERE ANY OTHER QUESTIONS REGARDING THIS PROJECT? YEAH. COWENS?
>> I TALKED TO HENRY EARLIER TODAY.
I SAID MY PREFERENCE WAS TO SIT ON THIS ANOTHER TWO WEEKS BECAUSE THERE IS A BUNCH OF RESIDENTS SAYING THEY DIDN'T GET INFORMATION ON IT. THEY DON'T GET THE CURRANT IN THE NORTHERN HEIGHTS AREA. IF YOU ONLY DID A COUPLE OF HOUSES IN, YOU ARE NOT GETTING EVERYBODY.
HOWEVER, I'M WILLING TO SEND THIS BACK TO COUNCIL TONIGHT IF WE CAN GET A COMMITMENT THAT YOU ARE GOING TO MAIL EVERYBODY IN THOSE NEIGHBORHOODS ANY TIME THERE IS A MEETING.
THEY CAN BE INVOLVED. IN DIRECTLY PERSONALLY MAIL
EVERY HOUSEHOLD. >> MOST DEFINITELY.
>> BECAUSE WE ARE DOING THAT IN LEGACY.
THE DEVELOPER IS PICKING UP THE TAB FOR.
THAT I FEEL THERE IS NO REASON YOU CAN'T DO THAT.
A FEW CENTS ON A STAMP. I WANT THESE NEIGHBORHOODS TO BE COMMITTED TO THESE RELATIONSHIPS AND BUILDING THIS COMMUNITY TOGETHER. I DON'T THINK WE NEED TO PUT THAT IN WRITING. WE HAVE IT ON TAPE.
>> I WILL ENSURE THAT HAPPENS AS WELL.
>> THANK YOU, SIR. >> COUNCILOR, THANK YOU...
BECAUSE I THINK THAT IS THE ONLY WAY WE ARE GOING TO GET THE INFORMATION WE NEED IN ORDER TO ANSWER THE QUESTIONS I HEARD AT THE NEIGHBORHOOD MEETING. SO WE HAVE A MOTION.
IS THERE A SECOND? I WILL MAKE THE SECOND.
IS THERE ANY FURTHER DISCUSSION? OKAY.
[01:15:02]
THE MOTION IS TO SEND THIS BACK TO COUNCIL WITH...YEAH. WITH A POSITIVE RECOMMENDATION TO APPROVE THESE DEVELOPER-BACKED BONDS.
ALL THOSE IN FAVOR, SAY AYE. OPPOSED?
>> MR. CHAIR, CAN I COMMENT? THAT LAST COMMENT ON THE DEVELOPER-BACKENED BOND. I WANT TO REPEAT THIS.
WE WILL HAVE ZERO RISK TO OUR TAXPAYERS.
THE DEVELOPER PROBABLY IS GOING TO BUY THESE BONDS.
>> YES. WE ARE FORTUNATE THAT A COMPANY LIKE PED CORPS IS HERE THAT HAS BANKS THAT ARE ABLE TO UTILIZE
THESE BONDS VERY EFFECTIVELY. >> CORRECT.
THANK YOU. I WANT TO POINT THAT OUT AGAIN.
>> THANK YOU, PRESIDENT RIDER. WE WILL MOVE ON TO ORDINANCE
[d. Ordinance D-2638-22; An Ordinance of the Common Council of the City of Carmel, Indiana, Authorizing the Issuance of Economic Development Tax Increment Revenue Bonds to Support the Monon Square North Project, and Authorizing and Approving Other Actions in Respect Thereto; Sponsor: Councilor Worrell.]
D2638-22. THIS IS AN ORDINANCE AUTHORIZING THE ISSUANCE OF DEVELOPER BONDS BY THE CITY OF CARMEL, INDIANA TO FINANCE IMPROVEMENTS TO SUPPORT THE DEVELOPMENT OF THENORTH PROJECT. >> COME ON UP, FRIENDS.
THEY HAVE BROUGHT NUMBERS YOU ASKED FOR, COUNCILOR.
I WILL QUICKLY FLY THROUGH WHAT WE DISCUSSED AT CITY COUNCIL.
SO MONON SQUARE, THAT IS SOMETHING WE HAVE BEEN WORKING ON FOR A LONG TIME. SINCE 2012 AND BEFORE: WE ENDED UP BRINGING JEFF SPECK BACK TO HELP US DESIGN WHAT THIS SOUTHERN PORTION IS GOING TO LOOK LIKE.
REALLY THE LAST MISSING PIECE BETWEEN CITY CENTER AND MIDTOWN.
THIS HAS BEEN AN ONGOING DESIGN CONVERSATION WITH US, SPECK, AND CITY ENGINEER. I MEAN, WE ARE BEEN WORKING ON THIS FOR 18 MONTHS PLUS. FRANKLY.
FRANKLY, SINCE THE MOMENT THE SQUARE WAS PURCHASED.
WE STARTED DOING LONG-RANGE PLANNING.
THIS IS GENERALLY, THE PLAN FOR MONON SQUARE.
WE ARE TALKING ABOUT THE NORTHERN PART OF IT RIGHT NOW.
THE NORTH PART. I DO HAVE A NEW IMAGE THAT I DIDN'T SHARE LAST TIME. AND WE TALKED ABOUT THIS SPACE RIGHT HERE. THE NEW... THE SOUTHERN PORTION OF THIS BUILDING. BETWEEN THESE BUILDINGS, IT ALLOWS VETERAN'S WAY TO TURN IN HERE AND GET CLOSER TO THE MONON. THIS IS A PEDESTRIAN WALKABLE AREA. THIS PARTICULAR FEATURE IS SOMETHING WE HAVE NEVER DONE IN CARMEL BEFORE.
I FEEL LIKE SOMEONE WITH BLOND HAIR SHOULD BE UP HERE TRYING TO PRONOUNCE THIS WORD. THIS IS WHAT THE DUTCH DO.
THIS IS CALLED A LIVING STREET. THIS ALLOWS THE SAME KIND OF CONDITION WHERE PEDESTRIANS, CYCLISTS AND VEHICLES CAN ALL BE ON ONE STREET. AS YOU CAN TELL.
IT IS ALL RAISED. I WOULD LIKEN THIS CONDITION TO SOMETHING SIMILAR TO WHERE THE MONON AND ELM INTERSECT.
THERE IS A TABLETOP THAT IS RAISED.
EVERYONE THAT DRIVES THROUGH IT MAKES EYE CONTACT WITH EVERY PERSON WALKING AND EVERY PERSON ON BIKE AND DRIVING.
AND IT WORKS. AND IT SLOWS EVERYTHING DOWN.
JEREMY CASHMAN CAN SPEAK TO THIS.
AND THIS WOODED AREA RIGHT HERE. J.C. HART HAS DONE A LOT OF PROJECTS IN THE REGION. A LOT OF PROJECTS LOCAL.
SO I THINK IT IS BEST TO JUST LEAVE THIS SLIDE UP HERE.
AND THIS IS SOMETHING WE HAVE BEEN WORKING ON FOR A LONG TIME.
IT IS $100 MILLION PROJECT. THIS IS THE NORTHERN HALF OF MONON SQUARE. FRANKLY, THIS IS THE LAST PIECE HERE. BETWEEN CITY CENTER AND MIDTOWN.
AND WITH THAT, IF COUNCIL WOULD LIKE OR THE COMMITTEE WOULD LIKE, WE CAN GET INTO THOSE STATS YOU ASKED ABOUT.
OR ANY OTHER QUESTIONS YOU MAY WANT TO ASK.
>> HENRY, BEFORE I TURN IT OVER TO THE DEVELOPER.
>> GOOD EVENING. TODD MAY, J.C. HART COMPANY.
I APPRECIATE THE TIME TONIGHT. JUST FOR BACKGROUND, WE DO... WE ARE ONE OF THE OWNERS AND MANAGER OF THE MIDTOWN FLATS.
WHICH IS JUST NORTH OF... NORTHEAST QUADRANT.
AS HENRY IS GOING TO POINT OUT. WE DO HAVE QUITE A BIT OF DEMOGRAPHIC DATA ON THAT PROJECT.
IT IS REAL-TIME DATA. FOR THE DEMOGRAPHICS QUESTIONS THAT WE WERE ASKED TO COME BACK, IT WILL SOUND LIKE A SIMILAR TUNE TO WHAT THE GENTLEMAN FROM PED CORPS SAID.
THE IMPACT ON SCHOOLS IS MINIMAL.
WE HAVE THREE SCHOOL-AGE CHILDREN THERE.
[01:20:02]
THREE TEENAGERS. THAT IS 1.5%.WE HAVE 25% OF OUR RESIDENTS ARE OVER THE AGE OF 45.
IT DOES MIMIC WHAT THEY ARE FINDING AT PED CORPS.
ONE OF THE BIGGEST... NOT JUST FROM THE LETTER COUNCILOR RIDER MENTIONED FROM THE SCHOOL BOARD ABOUT THE PRICE OF THE UNIT, ONE OF THE OTHER BIGGEST FACTORS INFLUENCING SCHOOL-AGE CHILDREN IS THE UNIT MIX. AND SO THERE IS A DIRECT CORRELATION BETWEEN 1'S, 2'S AND 3'S.
THE MORE THREE-BEDROOM UNITS YOU HAVE, YOU WILL HAVE A DIRECT CORRELATION TO HAVING MORE SCHOOL-AGE CHILDREN.
THAT IS KIND OF COMMON SENSE. IF WE LOOK AT OUR PORTFOLIO, ONE-BEDROOM UNITS, WE ARE NOT PRODUCING ANY SCHOOL-AGE CHILDREN. YOU ARE GETTING 10%, 12%, MAYBE 15% SCHOOL-AGE CHILDREN ON TWO-BEDROOMS. DEPENDING ON THE LOCATION. THREE IS WHERE YOU ARE GOING TO GET INTO THE MORE 20% TO 30%. IT IS NOT... MAYBE HALF OF WHAT YOU WOULD SEE FROM SINGLE-FAMILY.
YOU WILL STILL GET MORE. LIKE MIDTOWN FLATS, FOR INSTANCE, THERE IS VERY FEW THREE-BEDROOM UNITS.
THEREFORE, WE HAVE ONLY THREE SCHOOL-AGE CHILDREN.
THE AVERAGE AGE THERE IS 35 YEARS OLD.
THE AVERAGE INCOME IS $106,000. WHICH IS PHENOMENAL.
THAT MATCHES ABOUT WHAT YOU ARE SEEING IN THE THREE-MILE RADIUS OF THIS LOCATION. WHICH IS VERY IMPRESSIVE.
SO YOU DO SEE EXCELLENT EMPLOYMENT, EXCELLENT CREDIT.
YOU KNOW, RENTS THERE ARE HIGH-END.
THIS PROJECT WILL BE ANOTHER LEVEL TO THAT.
WE ARE SEEING SIGNIFICANT DEMAND FOR THIS LOCATION.
YOU KNOW, I'M NOT TELLING ANYBODY ANYTHING THEY DON'T KNOW. THIS IS PROBABLY UP WITH OF THE BEST LOCATIONS, NOT JUST IN THE STATE BUT IN THE ENTIRE MIDWEST.
WE ARE SEEING SEVERAL OF THE UNITS, ESPECIALLY THAT LINE-UP ON MONOFF... MONON WITH WAITING LISTS.
WE ANTICIPATE THE SAME THING HERE.
THE OCCUPANCY IS BETWEEN 97% AND 99%.
RIGHT NOW WE ARE AT 97%. THE MARKET OF CARMEL, IN GENERAL, IS 95.5%. JUST FOR SOME CONTEXT, A HEALTHY APARTMENT MARKET IS BETWEEN 92% AND 93% OCCUPANCY.
WE ARE EXCEEDING THAT QUITE A BIT.
WE HAVE HAD SIGNIFICANT RENT GROWTH.
THE APARTMENT MARKET IN CARMEL HAS BEEN ABLE TO ABSORB ALL OF THE NEW CONSTRUCTION. WE ARE BULLISH ON THE FUTURE WITH WHAT'S IN THE PLANNING STAGES AND WHAT'S CURRENTLY UNDER CONSTRUCTION. THE MARKET WILL BE ABLE TO ABSORB THOSE UNITS. TYPICALLY, CARMEL CAN ABSORB AROUND 400 TO 500 UNITS A YEAR. AND I DO THINK THAT WITH ALL THE INVESTMENT THAT HAS GONE IN HERE, YOU WILL SEE BIG DIVIDENDS. YOU WILL SEE EVEN INCREASED ABSORPTION LEVELS. SO I DON'T KNOW IF THERE IS FURTHER QUESTIONS ABOUT THAT. BUT I THINK I HAVE COVERED SOME OF THE QUESTIONS THAT YOU HAD ASKED PREVIOUSLY.
I'M HAPPY TO ANSWER ANY ADDITIONAL IF YOU HAVE ANY.
>> WHAT IS THE DOLLAR AMOUNT FOR THIS BOND? I WANT TO MAKE SURE WE GET IT ON THE RECORD.
ALL RIGHT. ARE THERE ANY QUESTIONS?
COWENS HANNON? >> JUST A COMMENT.
AGAIN, I TALKED WITH THE DIRECTOR ABOUT THIS.
MY CONCERN HERE, AGAIN, IS STRUCTURAL.
IT IS A 90-10 SPLIT. THE 10% TO THE CITY IS NOT BEING DEDICATED SPECIFICALLY TO INFRASTRUCTURE.
TTS THIS ALSO TIES INTO MY OBJECTION TO PART OF THE SBT OF THE INFRASTRUCTURE, COMING OUT OF SBT BONDS RATHER THAN COMING OUT OF TIF BONDS. AGAIN, ALTHOUGH I DON'T OBJECT TO THE DEVELOPMENT OR THE DEVELOPER, AGAIN, I WANT TO SEE MORE CITY DOLLARS BEING APPLIED LOCALLY HERE FOR THIS PROJECT.
TIF DOLLARS. >> DO YOU HAVE A NUMBER IN MIND?
>> WELL, YOU COULD CERTAINLY START WITH THE 10% BEING SPECIFICALLY ALLOCATED TO THIS, AND AGAIN, THE MONON CONNECTION THAT I MENTIONED EARLIER. THE ROAD PROJECT, I BELIEVE, SHOULD BE COMING OUT OF TIF DOLLARS, NOT SPECIFICALLY OUT OF... ARE YOU TALKING ABOUT "VETERAN'S WAY?
PRESIDENT YES. >> WHAT ARE THE DOLLARS OF THIS
10% THAT WE ARE TALKING ABOUT? >> THIS BOND IS BEING SIZED AT $18 MILLION. THAT IS A HIGH END OF A BOND.
[01:25:05]
IT WILL PROBABLY BE MORE LIKE $16 MILLION, IF I HAD TO GUESS.REMEMBER, WE GO HIGH ON THE AMOUNT.
HIGH ON THE PERCENT TO GIVE SOME FLEXIBILITY.
JEREMY PRESENTED A $15 MILLION INFRASTRUCTURE PACKAGE FOR MONON SQUARE. I MEAN, IT IS NICE TO LOOK AT THAT MAP. YOU REALLY SEE THE MISSING PIECE OF A STREET GRID THAT WE HAVE BEEN... THE CITY HAS BEEN BULDING OUT WITH CITY DOLLARS. NOT TIF DOLLARS.
BUILDING OUT THE GRID. THIS IS THE LAST MISSING PART.
IN ALL, THEY ARE PROBABLY GOING TO HAVE $16 MILLION OF BONDS.
THEY ARE ALL PAYING FOR, FRANKLY, THE GARAGES.
THAT IS PART OF THIS PROJECT. THERE IS NO MONEY LEFTOVER FROM AN $17 MILLION BOND THAT IS GOING TO GO FOR GARAGES THAT IS ALSO USED FOR INFRASTRUCTURE. THE DEVELOPER IS SENDING HALF A MILLION DOLLARS TO ENGINEERING FOR INFRASTRUCTURE.
AS PART OF THIS PROJECT. I THINK IT IS WORTH DISCUSSING OR MAYBE GENERALLY TALKING ABOUT YOUR... JUST THE BIGGER QUESTION. I KNOW WE HAVE BRUCE DONALDSON AND HEIDI HERE. THEY CAN SPEAK TO IT AS WELL.
BUT WE HAVE A BIG TIF IN THE CITY.
THAT BIG TIF IS PAYING OFF BOND OBLIGATIONS THROUGH THE NEXT 25 OR SO YEARS. EACH TIME WE DO A TIF SPLIT, IT STRENGTHENS THAT BIG TIF. I MEAN, THAT IS SMART FISCAL PLANNING. IT IS SMART PLANNING TO DO SPLITS. HAVING THOSE TO SHORE UP THE BIG TIF. I MEAN, EVERY ONCE IN A WHILE, THE MAYOR COMES TO CITY COUNCIL AND ASKS IF A PORTION CAN BE USED FOR SOMETHING. OR THE COUNCIL GOES THROUGH LINE BY LINE AND SAYS "YES FOR THIS. NO FOR THIS." AND IF ANY OF THAT IS LAND ACQUISITION, WE GO BACK BEFORE COUNCIL FOR EVERY PROJECT. SO WE HAVE A REGO.
REDEVELOPMENT FUNCTION IN THE CITY.
THE REDEVELOPMENT FUNCTION IS TO DO AS MANY PROJECTS AS POSSIBLE AND ENHANCE THE CITY AS MUCH AS POSSIBLE.
DOING I HAVE THE TIF SPLITS STRENGTHENS OUR REDEVELOPMENT FUNCTION SO THAT IF COUNCIL GRANTS SOME OF THOSE DOLLARS TO THE CRC LATER TO DO THE NEXT LAND ACQUISITION, THAT RESULTS IN THE NEXT ROUND OF PROJECTS. THAT IS NOT TO SAY THAT THERE IS NOT OTHER EXPENSES THAT CITIES HAVE.
STUFF LIKE SIDEWALKS, THAT IS A FUNCTION OF THE CITY TO BUILD SIDEWALKS. SOME OF THOSE THINGS NEED TO BE BUILT, WHETHER OR NOT PROJECTS ARE DONE OR NOT.
THESE SPLITS ARE A GOOD DEAL FOR THE CITY.
AND THEY PROTECT THE BIG TIF. AND IT IS AT LEAST MY OPINION THAT MAJOR STREET GRID REBUILDING IN THE VERY CORE OF DOWNTOWN IS A CITY RESPONSIBILITY.
IT FRANKLY, GIVES US BETTER PROJECTS WHEN THAT STREET GRID IS THERE. IT IS CERTAINLY FINE TO DISAGREE OR DISCUSS HOW WE WANT TO DO IT. I THINK WE HAVE SOME HISTORY, SOME EXPERIENCE, SOME SUCCESS, AND YOU KNOW, I APPRECIATE HOW THE DOLLARS ARE BEING SPENT. YOU CAN CERTAINLY HAVE A DIFFERENCE OF OPINION WITH THAT. THAT IS WHAT WE ARE HERE TO DISCUSS. THAT THERE IS A DIFFERENT OR BETTER WAY TO DO IT. SO... MR. CHAIR?
>> COUNCILOR RIDER. >> JEREMY, PLEASE.
>> IF THIS PROJECT WAS BEING BUILT OR NOT BEING BUILT, DO WE NOT HAVE PLANS TO CONNECT VETERAN'S WAY ALL THE WAY NORTH?
>> YEAH. >> WHICH WOULD INCLUDE GOING
THROUGH THIS LAND? >> THAT IS CORRECT.
>> DO WE NOT HAVE INTENTIONS OF CONNECTING EAST-WEST TO COMPLETE
OUR GRID? >> THAT IS CORRECT AS WELL.
>> SO WHETHER THIS PROJECT HAPPENED OR NOT, WE WERE GOING TO BUILD THOSE ROADS. CORRECT?
>> YES. CONTINGENT UPON THE FUNDING THAT
THAT IS WHY WE DID THE BOND EARLIER.
MY POINT IS THESE ROADS ARE MONEY BEING SPENT ON THIS INFRASTRUCTURE... HAS NO CONNECTION TO THIS PROJECT.
IT IS ALLOWING THIS PROJECT TO MAKE SENSE, AND IT IS CREATING AN AREA FOR THIS PROJECT TO BE BUILT.
WITHOUT THAT INFRASTRUCTURE, THIS PROJECT WOULD NOT BE BUILT.
>> CORRECT. >> SO WE HAVE DONE THIS FOR THE HISTORY OF CARMEL. WE CREATE THE INFRASTRUCTURE.
WHICH THEN MAKES THE DEVELOPMENT COME.
WOULD THAT NOT BE AN ACCURATE STATEMENT IN.
>> YES. I MEAN, I WOULD PROBABLY DEFINITELY SAY IN OUR URBAN CORE.
URBAN CORE IS DIFFERENT THAN GOING OUT...
>> THIS IS AS MUCH URBAN CORE AS ANYTHING WE COULD DO.
>> THAT IS CORRECT. >> ALL RIGHT.
IT HAS BEEN WORKING. HISTORY IS WITH US.
[01:30:01]
SO ALL RIGHT. OKAY.COUNCILOR? >> SO COUNCILOR HANNON, I'M TRYING TO UNDERSTAND. WOULD YOU RATHER SEE THE 10% THAT WOULD GO BACK TO THE BIG TIF ON THE SPLIT, YOU DIRECT IT TOWARD PUBLIC INFRASTRUCTURE, LIKE ANOTHER WHATEVER THE DOLLAR AMOUNT IS. NOT DOING THE MATH.
GOING BACK TO THE ENGINEERING DEPARTMENT.
IS THAT WHAT YOU WOULD RATHER SEE? SO THERE IS MORE INFRASTRUCTURE BEING BUILT BY THIS PROJECT? NO MONEY GOING BACK, WITH THE THOUGHT OF REDUCING THE OTHER
BOND THAT WE JUST TALKED ABOUT? >> YEAH.
THERE IS A COUPLE THINGS THERE. ONE IS I HAVE ALWAYS TALKED TO THE DIRECTOR ABOUT THIS. IN TERMS OF PRIMING THE PUMP THAT AGAIN, I SUPPORT TIFS. I SUPPORT THE CONCEPT.
THEY WORK BEST IN SORT OF THE BROWN FIELD ENVIRONMENT WHERE IT IS UNDEVELOPED OR UNDEVELOPPABLE.
THE DEALS SHOULD FLEX OVER TIME. RATHER THAN CONTINUING TO GIVE DEVELOPERS LAND PLUS 90%, I WOULD LIKE TO SEE SOME CHANGES IN THAT STRUCTURE WHERE YOU EITHER GET THE LAND, YOU GET THE TIF OR WE CHANGE THE SPLIT. WITH REGARDS TO THE PERCENTAGE AND COPPING BACK, I WAS VERY SURPRISED ON ALL OF THE QUESTIONS THAT I SENT TO THE DIRECTOR WHEN I SAID WELL, SPECIFICALLY, WHAT IS THE 10% BEING USED FOR.
HE SAID TO... I HAVE TO PULL UP THE EXACT...
>> STRENGTHEN THE BIG TIF. >> YES.
STRENGTHEN THE BIG TIF. MY QUESTION IS WE SEE EVERY SINGLE YEAR THAT THE BIG TIF IS COVERED.
WE ARE GOOD TO GO. WE HAVE OUR RESERVES.
WE DON'T NEED TO WORRY ABOUT IT. WHEN I HEAR THAT THE DOLLARS HAVE TO GO TO STRENGTHEN THE BIG TIF, I BECOME CONCERNED.
WHAT IS THE MATH ON THAT? AND DO WE NEED TO DO IT? AGAIN, MY POINT IS IF WE ARE GOING TO BE GETTING TIF DOLLARS IN A TIF DISTRICT, THOSE DOLLARS SHOULD BE ALLOCATED EITHER FOR INFRASTRUCTURE WITHIN THAT ALLOCATION DISTRICT, IN OUR...
YOU KNOW, HAVES AND HAVE-NOTES IN THE CENTRAL DISTRICT.
I HAVE TALKED ABOUT THIS BEFORE AS WELL.
DEVELOPERS GETTING 25 YEARS OF REVENUE.
AND WE HAVE AGING INFRASTRUCTURE AND LACK OF THE BASICS IN SOME OF OUR COMMUNITIES IMMEDIATELY ADJACENT ON RANGE LINE AND THIRD AVENUE. THOSE TIF FUNDS NEED TO BE USED.
THEY NEED TO BE EITHER USED IN THE ALLOCATION AREA OR IN SURROUNDING COMMUNITIES, RATHER THAN GOING TO MAGICALLY PROTECT THE BIG TIF. SO AGAIN, TO YOUR POINT, OR AT LEAST THE QUESTION, COUNCILOR, I WANT TO SEE STRUCTURAL CHANGES IN HOW WE ARE DOING THESE DEALS THAT NEED TO REFLECT THE MARKET CONDITIONS THAT HAVE CHANGED OVER TIME.
WE DO NOT NEED, IN MY OPINION, TO BE GIVING THE SAME DEALS TO DEVELOPERS AS WE DID FIVE OR TEN YEARS AGO.
AND SPECIFICALLY, TIF IS TO TAKE THOSE DOLLARS... OKAY.
>> TO BUILD PUBLIC INFRASTRUCTURE.
HANG ON. LET'S GET SOME OF THESE
QUESTIONS. >> CAN I FINISH MY SENTENCE?
>> YOU HAVE MADE A LOT OF STATEMENTS.
>> OKAY. >> HEIDI HAS COME UP.
YOU ARE GOING ON AN ON. LET'S GET HEIDI TO PLEASE
CLARIFY ABOUT THE BIG TIF. >> YEAH.
I WILL TALK. THEN HENRY CAN TALK ABOUT THE OTHERS. HE HAS NEGOTIATED SEVERAL DIFFERENT DEALS AND IS SLOWLY CHAINING WHERE IT MAKES SENSE, THE NEGOTIATIONS THAT HE IS DOING WITH DEVELOPERS DEPENDING UPON WHERE IT IS AT. OBVIOUSLY, AGAIN, THIS IS THE LAST PIECE IN CITY CENTER. OR IN THE CORE.
SO BESIDES THAT, AS FAR AS THE BIG TIF GOES, YES, THE BONDS ARE COVERED. THEY ARE COVERED TO PERCENTAGE THAT THEY HAVE TO BE COVERED. THE MORE TIF THAT CAN GO INTO THAT BIG FUND ALLOWS YOU TOW CONTINUE TO DO MORE PROJECTS AND MORE INFRASTRUCTURE PROJECTS THAT YOU NEED TO CONTINUE TO DO.
I MEAN, YOU KNOW THAT THE LIST OF PROJECTS IS LONG THAT NEED TO BE DONE. YOU NAMED SOME OF THEM.
THEY PROBABLY NEED TO BE DONE. BUT YOU HAVE TO HAVE THOSE FUNDS THERE TO BE ABLE TO FUND THOSE PROJECTS TO BEGIN WITH.
SO THIS IS AN AVENUE OF, YOU KNOW, FUNNELING FUNDS DIRECTLY TO THE REDEVELOPMENT COMMISSION THAT CAN HELP FUND FUTURE PROJECTS. SO YOU YOU DON'T WANT THAT TO STOP. WILL IT CONTINUE TO GROW? YES. YOU DON'T WANT THAT POT OF MONEY
TO STOP. >> CAN I CLARIFY? TWO POINTS. ONE, WHAT HEIDI JUST SAID, GROWING THAT TIF POT, SERIOUSLY, YOU CAN'T TOUCH THAT MONEY WITHOUT THE CITY COUNCIL AGREEING TO DO A BOND.
RELATED TO THOSE FUTURE KNEWS. AGAIN, THAT IS LINE BY LINE.
APPROVED BY COUNCIL. THE OTHER POINT THAT HEIDI MADE IS WE HAVE A COVERAGE RATIO. THIS IS THE STUFF WE PRESENT TO LENDERS. WHEN WE DEAL WITH STUFF.
IT IS NICER TO HAVE A 110 COVERAGE THAN A 105 COVERAGE.
IT IS NICER TO HAVE A 150% COVERAGE THAN A 100% COVERAGE.
EACH DEAL THAT WE DO HELPS STRENGTHEN THAT COVERAGE RATIO WHICH IS A LOT OF THE STUFF THAT WE DO IS BASED ON.
[01:35:03]
I WOULD ALSO... I MEAN, SORRY. I TAKE A LOT OF ISSUE WITH, LIKE, WHY DON'T YOU JUST DO THE SAME PROJECTS AS FIVE YEARS AGO AND DO THE SAME DEALS? EVERY PROJECT IS A CASE BY CASE BASIS. I MEAN, WE HAVE A STAFF HERE, MY TEAM THROUGH HEIDI, WE HAV A STAFF THAT WE CAN CURE RAITT THE BEST POSSIBLE PROJECTS. THEY ARE GETTING HARDER AND HEARDER. NUMBER ONE: NUMBER TWO, WE ARE LOOKING AT THIS THROUGH A LENS OF TIME THAT HAS TO DO WITH CITY BUILDING. IT IS NOT FAIR TO SAY MONON SQUARE IS OBVIOUSLY GOING TO BE SOMETHING GREAT.IT IS THE LAST PIECE OF THE PUZZLE.
THEREFORE TIF DOESN'T APPLY BECAUSE WHY WOULD THEY NEED IT? NO. I'M SORRY.
THESE ARE 25-YEAR INCREMENTS. WHEN WE STARTED THIS THING, THIS WAS FARMLAND AND INDUSTRIAL WASTELAND AND PLAZAS FROM THE 60S. THIS IS EXACTLY WHAT FIT IS FOR.
TURNING THESE INTO DEVELOPED AREAS.
THESE PROJECTS ARE INCREDIBLY HARD.
IT IS NOT FAIR TO SAY WE SHOULD NOW STOP BECAUSE IT IS NO LONGER A TIF-ELIGIBLE TYPE NEED. WE ARE BUILDING THE CITY.
IT TAKES A LONG TIME TO DO THAT. >> ALL RIGHT.
I WANTED TO MAKE SURE THAT WE WERE EATING THIS ELEPHANT ONE
BITE AT A TIME. >> MY POINT IS AND I HAVE BEEN CONSISTENT, I BELIEVE WE NEED TO CHANGE HOW WE OPERATE.
WE GOT THAT. >> MR. CHAIR, ANOTHER REASON WE DO THESE PROJECTS THE WAY WE DO THEM, IF YOU PAY ATTENTION TO CARMEL AND THE HISTORY OF OUR REDEVELOPMENT, AND YOU PAY ATTENTION TO THE COMMUNITIES AROUND US, IT IS EXPENSIVE TO BUILD IN CARMEL. OUR STANDARDS ARE NOT CHEAP.
OUR BUILDINGS LOOK REALLY NICE. THEY ARE GOING TO LAST A LONG TIME. BECAUSE OF THE WAY WE REQUIRE THEM TO BE BUILT. THAT IS PART OF THE REASON THAT THESE DEALS GET DONE THE WAY THEY ARE.
AND BECAUSE OF THE DEALS WE HAVE DONE, IF ANYBODY HAS NOTICED, LAND IN MIDTOWN AND THE CENTRAL CORE HAS GOTTEN KIND OF EXPENSIVE. SO YOU KNOW, IT IS ALL BASED ON BECAUSE OF THE DEALS AND THE WAY WE DO OUR DEALS.
YOU KNOW, I NEVER APOLOGIZE FOR MAKING SOMEBODY'S LAND WORTH MORE MONEY. AND THAT IS WHAT WE HAVE DONE.
THAT DOESN'T JUST INCLUDE THE LAND THERE.
IT INCLUDES ALL THE PROPERTIES SURROUNDING THAT AREA.
I MEAN, WHEN WE FIRST DID THE MONON, IF WE HADN'T DONE THAT, YOU WOULDN'T HAVE HAD DPUBL AND TRIPLE GROWTH IN PROPERTY VA VALUES. WE NEED TO DO DEALS LIKE THIS.
TRACK RECORD. THOSE ARE THE THINGS THAT I LOOK AT. OKAY.
ARE THERE ANY OTHER COMMENTS ABOUT THIS PROJECT? BEFORESKI COMMITTEE TO TAKE SOME KIND OF ACTION? I KNOW I'M ALWAYS LOOKING AT YOU, COUNCILOR FINKAM.
I'M ASSUMING COWENS HANNON DOESN'T WANT TO MAKE A MOTION? OKAY. COUNCILOR FINKAM, WOULD YOU LIKE
I MOVE TO APPROVE... I MOVE TO SEND THIS BACK TO... I CAN'T
EVEN TALK. >> IT IS GETTING LATE.
>> FULL COUNCIL WITH A POSITIVE RECOMMENDATION.
>> ALL RIGHT. IS THERE A SECOND? I'LL SECOND IT. OKAY.
IS THERE ANY FURTHER DISCUSSION? ALL RIGHT.
IF YOU WOULD ALL IN FAVOR, PLEASE SAY AYE.
[e. Resolution CC-09-19-22-01: A Resolution of the Common Council of the City of Carmel, Indiana, Approving Certain Matters in Connection with the City Center Redevelopment Area (Monon Square North Allocation Area); Sponsor: Councilor Worrell.]
WE WILL NOW MOVE ON TO OUR LAST ITEM ON THE AGENDA.
RESOLUTION CC09192201. THIS APPROVES THE RESOLUTION OF THE CARMEL REDEVELOPMENT COMMISSION CREATING A NEW ALLOCATION AREA. INCLUDING A REDEVELOPMENT PLAN SUPPLEMENT. THIS SHOULD BE JUST A MINUTE AND A HALF. DESCRIPTION.
>> TO CAP CLUR TIF, WE CREATE ALLOCATION AREAS.
THOSE ARE USUALLY ADMINISTRATIVE.
WHEN IT IS HAPPENING AT THE SAME TIME AS THE BOND, IT MAKES SENSE. IT HAPPENS TO BE THAT THE AREA HIGHLIGHTED IS PRETTY CLOSE TO WHAT WE ARE TALKING ABOUT.
I WILL WILL LEAVE IT ON THAT SLIDE AND ANSWER ANY QUESTIONS
YOU MAY HAVE. >> WE HAVE DONE ENOUGH OF THESE.
IS IT OBVIOUS TO EVERYBODY? ALL RIGHT.
DO I HAVE A MOTION? >> MOVE TO APPROVE.
>> OKAY. >> SEND IT BACK TO COUNCIL FOR
POSITIVE RECOMMENDATION. >> I'LL SECOND THAT.
IT HAS BEEN MOVED AND SECONDED. IS THERE ANY FURTHER DISCUSSION? ALL RIGHT. ALL THOSE IN FAVOR, PLEASE SAY
OKAY. THANK YOU TO THE DIRECTOR.
YOU GOT ALL OF OUR CONSULTANTS HERE ON THE SAME NIGHT.
THAT WAS VERY ECONOMICALLY EFFICIENT.
I APPRECIATE THAT. THANK YOU TO EVERYONE WHO SAT THROUGH THIS. AND WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.