[1. Call to Order]
[00:00:07]
>>> ALL RIGHT. I WOULD LIKE TO CALL THE MONDAY AUGUST 25TH, 2025 CARMEL ECONOMIC DEVELOPMENT
[2. Approval of Minutes from June 2, 2025 Meeting]
COMMISSION MEETING TO ORDER. FIRST ORDER OF BUSINESS IS ITEM NUMBER 2, THE APPROVAL OF MINUTES FROM THE JUNE 2ND, 2025 MEETING. DO ANY OF THE COMMISSIONERS HAVE ANY EITHER MOTION OR ANY -->> ALL IN FAVOR. MOTION TO APPROVE THE
[3. Public hearing on economic development revenue bonds for the Signature55 Carmel project]
MINUTESMINUTES APPROVED UNANIMOUSLY. ITEM NUMBER 3 IS THE PUBLIC HEARING ON THE ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE SIGNATURE 55 CARMEL PROJECT.BEFORE WE GET STARTED I KNOW THE COMMISSIONERS WERE SENT SOME OF THE INFORMATION AS WELL AS KIND KIND OF -- IT IS THE PRESENTATION FROM THE CITY COUNCIL MEETING. BUT HENRY, IF YOU WANTED TO GO THROUGH IT A LITTLE BIT AND SEE IF THERE'S ANY QUESTIONS BEFORE I OPEN THE PUBLIC MEETING FROM
THE COMMISSIONERS. >> THANK YOU SO MUCH.
HENRY MESTETSKY, CARMEL'S REDEVELOPMENT DIRECTOR.
FOR ANYONE WATCHING, WE'RE ABOUT TO TALK ABOUT THE SIGNATURE 55 PROJECT THAT OUR RESIDENTS MIGHT HAVE WATCHED VIDEOS ABOUT FROM LAST MONDAY WHEN THIS WAS INTRODUCED AT CITY COUNCIL AND THEN LAST WEDNESDAY WHEN THE LAND USE COMMITTEE OF THE COUNCIL MET AND VOTED TO APPROVE THIS PROJECT AND SEND IT BACK TO FULL COUNCIL WITH A POSITIVE RECOMMENDATION. SO FOR ANYONE WATCHING, INDIANA STATE LAW REQUIRES THAT BEFORE A CITY COUNCIL CAN PASS A BOND ORDINANCE IT REQUIRES A REVIEW AND THEN A PASSING OF THE SAME BY THE ECONOMIC DEVELOPMENT COMMISSION, WHICH IS WHY WE ARE HERE. WE'RE HERE TALKING ABOUT A DEVELOPER BOND RELATED TO A PROJECT CALLED SIGNATURE 55.
THE FIRST THING I'LL SAY, AND I MENTIONED THIS AT COUNCIL AS WELL, DEVELOPER BONDS HAVE NO RISK TO THE TAXPAYERS AND NO IMPACT ON THE TAX RATE. EVEN THOUGH THE CITY ACTS AS AN ISSUER, THE CITY HAS NO FURTHER OBLIGATION WITH RESPECT TO THE BONDS INCLUDING MAKING PAYMENTS ON THEM OR FILLING IN ANY GAP OR ANYTHING ELSE.
OUR SOLE JOB AS A CITY IS TO WHEN THE BUILDINGS PAY THEIR TAXES TAKE THE TAXES AND THEN SEND THEM OVER ON TO THE THE HOLDER. AND SO IF THE BUILDING BURNS DOWN AND THERE'S NO TAXES TO SEND OVER THEN THE BOND HOLDER WILL GET NOTHING. AND THE CITY DOESN'T HAVE TO FILL IN THAT GAP. THE PROJECT IS CALLED THE SIGNATURE 55 PROJECT. IT'S GOING TO BE ON THE -- WHAT WE CALL THE CROSS SITE ON OLD MERIDIAN JUST NORTH OF THE VFW AND JUST SOUTH OF THE BREW BURGER. THE REBAR TEAM HAS DONE A LOT OF PROJECTS. BASICALLY IT'S A 200- UNIT AGE- RESTRICTED TO 55 AND OLDER COMMUNITY. AS PART OF THIS, BY THE WAY, THEY -- THE PROJECT WILL ALSO SELL TO THE CITY LAND FOR A PARK AT BELOW THE AVERAGE OF TWO APPRAISALS. SO AS FAR AS ECONOMICS GO THIS IS AN $88 MILLION INVESTMENT.
RIGHT NOW THAT LAND FOR WHATEVER REASON PAYS $200 A YEAR IN TAXES. AND WHEN THIS PROJECT IS DONE IT'S GOING TO PAY $383,000 A YEAR IN TAXES.
OUR SCHOOLS BECAUSE OF THE REFERENDUM ARE GOING TO GET $66,000 A YEAR AS SOON AS THIS PROJECT IS BUILT.
AND THIS PROJECT INCREASES THE VALUE, ASSESSED VALUE PER ACRE FROM $4,000 AN ACRE TO BASICALLY $14 MILLION AN ACRE. THAT'S GOOD GROWTH.
THERE'S GOING TO BE CONTINUED COOPERATION BETWEEN THE DEVELOPER, THE REDEVELOPMENT COMMISSION AND THE PARKS DEPARTMENT AS WE MOVE THIS PROJECT FORWARD.
I BELIEVE IT WAS VERY POSITIVELY RECEIVED AT LAND USE OF COUNCIL, AT THE LAND USE COMMITTEE OF COUNCIL.
AND THIS IS A 100% TIFF TOWARD THE PROJECT KIND OF PROJECT. MICHAEL WOULD GIVE US SOME OTHER DATA POINTS.
>> ALONG WITH THIS THE PROJECT IS ESTIMATED TO HAVE SIX FULL- TIME EMPLOYEES ON SITE WITHWITH AN AGGREGATE ANNUAL PAYROLL PLUS BENEFITS OF APPROXIMATELY $541,000 A YEAR. AND THEN THIS IS NOT MENTIONED IN THE REPORT BUT THE DEVELOPER SAID THAT THEY WILL ALSO HAVE A PEAK OF ABOUT 100 DAILY CONSTRUCTION WORKERS ON SITE FOR THIS PROJECT. SO WE'LL DEFINITELY HAVE A LOT OF PART- TIME CONSTRUCTION WORKERS AS WELL EMPLOYED FROM THIS PROJECT.
>> ONCE THE PROJECT IS BUILT, IT WILL PROVIDE A PUBLIC GARAGE AND IT WILL PROVIDE BATHROOMS THAT WILL BE PUBLIC THAT WILL SERVE THE PARK THAT WILL BE MAINTAINED AND OWNED BY THE DEVELOPER. SO THAT GIVES A PRETTY GOOD SUMMARY OF THE PROJECT THAT WAS INTRODUCED LAST MONDAY AT CITY COUNCIL AND I'M HAPPY TO -- MIKE AND I ARE HAPPY TO ANSWER ANY QUESTIONS THAT THIS
[00:05:02]
COMMITTEE MIGHT HAVE ABOUT THE PROJECT.>> THANK YOU, MR. MESTETSKY, FOR PRESENTING THAT.
SO I'VE GOT A FEW QUESTIONS HERE.
WE'LL GET INTO PARKING. YOU KNOW THAT'S ONE OF MY FAVORITE TOPICS AND QUESTIONS.
BUT FIRST LET'S TALK ABOUT THE BATHROOMS HERE BECAUSE THIS IS A MORE UNIQUE FEATURE OF THIS PROJECT. SO HOW DOES THAT GET WRITTEN INTO THE -- IS THERE A CONTRACT OR AGREEMENT THAT STIPULATES THAT THE DEVELOPER WILL DO THAT?
>> -- WHAT STOPS THE DEVELOPER FROM A YAR FROM NOW SAYING TIMES ARE TOUGH, MONEY'S TIGHT, WE HAVE THE BATH FRMZ, WE'RE GOING TO CLOSE THEM OR MAGICALLY WE CAN'T FIND -- JUST LIKE THE SCHOOL DISTRICT SAYS, WE CAN'T FIND ENOUGH SCHOOL BUS DRIVERS TO OPERATE SCHOOL BUSES SO WE WILL CANCEL THEM? WHAT IS STOPPING THE DEVELOPER FROM DOING THAT? WITH THE BATHROOMS, NOT SCHOOL BUSES.
>> WELL, I'M GOING TO BE CAREFUL ABOUT MAKING ANALOGIES TO GOVERNMENTAL ENTITIES BECAUSE THIS IS A PRIVATE ENTITY. SO THE WAY YOU ENFORCE A CONTRACT AGAINST A PRIVATE ENTITY IS THE SAME WAY YOU ENFORCE ANY CONTRACT AGAINST A PRIVATE ENTITY. THERE'S AN EASEMENT RECORDED ON THE PROPERTY THAT RELATES TO THE PUBLIC PARKING, KEEPING IT PUBLIC. AND THERE'S A SPECIAL PLAZA AND BATHROOM OPERATING AGREEMENT THAT GETS -- THE OPERATING AGREEMENT DOESN'T GET RECORDED BUT THE EASEMENT THEN IS OPERATING AGREEMENT GETS RECORDED. SO THE DEVELOPER -- AND THAT GETS RECORDED BEFORE ANY MORTGAGE.
SO THE DEVELOPER HAS AN OBLIGATION TIED TO THE LAND TO AND IF THEY DON'T THEN WE HAVE OUR ENFORCEMENT RIGHTS THAT ANYONE ELSE HAS.
AND I CAN TELL YOU THAT TRADITIONALLY LARGE LUXURY APARTMENT COMPLEXES DON'T TRY TO GET INTO A FIGHT WITH THE CITIES THAT THEY'RE IN BASED ON WELL- NEGOTIATED PUBLIC- PRIVATE PARTNERSHIPS.
THAT USUALLY DOESN'T HAPPEN. THERE ARE ALSO PLENTY OF EXAM PLDS OF PUBLIC BATHROOMS AROUND HERE MAINTAINED BY A DEVELOPER LIKE IN THE ALLIED SOLUTIONS GARAGE, FOR EXAMPLE, THAT'S A PUBLIC BATHROOM.
MAINTAINED, OWNED BY THE DEVELOPER THAT SERVES THE PUBLIC. SO WE'RE NOT EVEN TALKING ABOUT A NOVEL CONCEPT.
>> LET ME ASK ABOUT THE PARK LAND NEXT, WHICH IS WHAT'S THE DIFFERENT LEGAL ENTITIES HERE? SO THE DEVELOPER SELLS -- WHAT'S THE PROCESS? THE DEVELOPER SELLS TO THE CITY, WHO THEN SELLS IT TO THE PARKS DEPARTMENT? OR --
>> AND I -- LET ME ADDRESS THIS. AGAIN, THE PURVIEW OF THE ECONOMIC DEVELOPMENT COMMISSION IS TO ANSWER THE QUESTION OF DOES A PROJECT CREATE ECONOMIC DEVELOPMENT OR NOT. IT DOESN'T GET INTO ANY OTHER QUESTIONS. DOESN'T GET INTO WHO OWNS WHAT LAND OR WHO'S GOING TO MAKE SURE THE BATHROOMS GET OPERATED SOMEHOW. THAT'S NOT THE PURVIEW OF THIS COMMISSION. JOB CREATION, ECONOMIC ACTIVITY IS THE PURVIEW OF THIS COMMISSION.
HAVING SAIDSAID THAT, THE CITY -- THE CRC IS GOING TO -- HAS NOW PASSED THE RIGHT TO PURCHASE THAT LAND. AND THE RIGHT TO TRANSFER THAT LAND TO THE CITY. THE CITY COUNCIL HAS IN FRONT OF THEM THE BOND VOTE AND THE RIGHT TAKE TITLE, TAKE TRANSFER OF THIS LAND FROM THE CRC.
SO THE WAY THIS IS GOING TO WORK, ASSUMING ALL VOTES HAPPEN THE WAY THEY SHOULD, BONDS GET APPROVED, THE DEVELOPER KNOWS THAT THEY CAN START DESIGN, DEVELOPER DESIGNS A BUILDING THAT TAKES NINE MONTHS WORKING WITH THE PARKS DEPARTMENT ON SOME OF THE DESIGN BECAUSE THE DRAINAGE HERE IS GOING TO FORM THE CENTRAL WATER FEATURE OF THE PARK.
AT SOME POINT AFTER DESIGN THE DEVELOPER WILL GET THEIR CONSTRUCTION PERMITS, GET EVERYTHING APPROVED, VZA, PLAN COMMISSIONS, CRC, GET THE CONSTRUCTION PERMIT. ONCE THEY GET THEIR CONSTRUCTION PERMIT THAT'S THE POINT AT WHICH A LENDER IS WILLING TO LEND ON THE PROJECT. WHEN WE KNOW THE DEVELOPER'S GOING TO BUILD A PROJECT BECAUSE THEY'VE SIGNED THEIR COMPLETION GUARANTEES WITH THEIR LENDERS AND THEIR LENDER HAS FUNDED THE PROJECT, AT THE SAME CLOSING IS WHEN THE CITY THEN TAKES TITLE TO THE LAND THAT'S GOING TO IT.
SO IT'S ONLY HAPPENING WHEN WE KNOW THE DEVELOPER'S MOVING FORWARD ON THE PROJECT.
>> OKAY, THANK YOU. THAT'S HELPFUL.
SO THEN IF WE ARE INDEED HERE TO DISCUSS ECONOMIC DEVELOPMENT AND IMPACT, WHY HAVE WE NOT DISCUSSED THE IMPACT FROM THE PARKS, RIGHT? THAT CREATES SOME AMOUNT OF JOBS AND PART- TIME CLEANUP AND MAINTENANCE, AND THE PARKS DEPARTMENT JOBS WILL THEN -- SHOULD COUNT -- I MEAN, THIS IS THE LAND THAT WE'RE DISCUSSING. SO THOSE SHOULD COUNT TOWARD THE TOTAL OVERALL ECONOMIC IMPACT IN ADDITION TO THE SIX FULL- TIME JOBS.
>> THIS IS RELATED TO THE SPECIFIC BOND THAT ENABLES THE PROJECT ON THE NON- PARK PORTION OF THE SITE. SO YOU'RE RIGHT, A MORE EXPANSIVE DEFINITION WILL
[00:10:03]
RESULT IN EVEN MORE JOBS, AS YOU POINT OUT. BUT I JUST WANT TO BE CAREFUL ABOUT THE LIMIT OF THISOKAY. AND THAT'S AN IMPORTANT POINT TO KNOW, IS THAT WE'RE BEING CONSERVATIVE IN STATING THAT THE SIX JOBS AND ECONOMIC IMPACT ARE DIRECTLY RELATED TO THE $11 MILLION BOND THAT WE'RE HERE TO CONTEMPLATE OUR APPROVAL FOR.
HOWEVER, I ALSO WANT TO BE VERY CLEAR THAT ONLY WITH ITS APPROVAL DOES THAT THEN ENABLE THE PARK PROJECT TO PROCEED AND THAT CLEARLY HAS SOME POSITIVE ECONOMIC IMPACT AS WELL.
>> THAT'S WHY I JUST WANT TO BE CLEAR ON THE RECORD.
>> WE'LL TAKE A BREAK BEFORE WE GET TO PARKING.
>> MY ONLY THOUGHT WAS TAKING INTO CONSIDERATION THE TARGETED MARKET FOR THE SIGNATURE 55, A LOT OF THESE PEOPLE ARE OLDER, 55 AND UP. ARE THEY REALLY GOING TO BE RENTING VERSUS BUYING? I MEAN, IF THEY'VE GOTTEN TO THIS LEVEL, THEY OBVIOUSLY UNDERSTAND THE BENEFITS OF HOME OWNERSHIP. AND SO WILL THEY REALLY WANT TO RENT A UNIT VERSUS BUY A UNIT? I'M JUST WONDERING IF THE MARKET IS -- THE TARGET MARKET IS THE CORRECT ONE TO GO FOR. LIKE WHEN YOU'RE GOING FOR A YOUNGER MARKET, PEOPLE HAVE MORE TIME AND THEY DON'T THINK ABOUT RENTING VERSUS LONG- TERM RENTALS. OR, YOU KNOW, BUYING.
AND SO IT'S JUST SOMETHING TO CONSIDER.
I'M SURE THEY TOOK THIS INTO CONSIDERATION BUT IT JUST SEEMS LIKE --
>> YEAH, THE DEVELOPER WHEN THEY PRESENTED ON MONDAY SPECIFICALLY CALLED OUT THE PEOPLE THEY EXPECT TO LIVE HERE. I THINK THEY USED THE TERM THE HEALTHIEST AND THE WEALTHIEST OF THE 55 AND OLDER ACTIVE ADULTS. CARMEL IS A PLACE THAT PROVIDES ALL SORTS OF HOUSING FOR PEOPLE.
AND WHILE YOU'RE RIGHT THAT HOW SOME PEOPLE WANT TO LIVE IN HOUSING OFTENTIMES YOU WANT A HOUSE YOU'RE PROBABLY ON THE WEST SIDE WHERE YOU'RE NOT WALKING TO STUFF.
OR IF YOU WANT TO BE IN THE MIDDLE OF AN INCREDIBLY VIBRANT PLACE YOU'RE PROBABLY LIVING IN THE MULTIFAMILY UNITS JUST BY THE NATURE OF HOW THE CITY'S BUILT. AND SO THERE WILL BE PLENTY OF PEOPLE THAT WANT THIS PRODUCT.
THESE DEVELOPERS DO EXTENSIVE MARKET STUDIES.
THEY DISCUSS THE KIND OF PEOPLE THAT WOULD BE HERE.
THIS IS -- ON THE CONTINUUM OF CARE THIS IS NOT THE KIND OF LIKE MONITORED INDEPENDENT LIVING. THIS IS NOT THE KIND OF STUFF THAT YOU FIND IN THE MORE MEDICALLY FOCUSED PLACES. THIS IS THE HEALTHIEST AND WEALTHIEST 55 AND OLDER.
>> AND IT'S ONLY 200 UNITS. IN THE GRAND SCHEME IT'S NOT THAT MUCH. BUT I JUST START THINKING ABOUT IT FROM THAT PERSPECTIVE.
>> PLENTY OF CLIENTELE IN CARMEL FOR THIS.
>> WHAT'S THE MATRIX OF UNIT SIZES? ARE THESE STUDIOS? ONE BED? TWO BEDS? WHAT ARE SORT OF THE ANTICIPATED MARKET RATE PRICES? CAN YOU KIND OF TALK TO THAT
THEY HAVE NOT PROVIDED THE SPECIFIC AMOUNTS FOR EACH OF THE UNITS NOW. BUT THERE ARE 55 ONE- BEDROOM UNITS AND 145 TWO- BEDROOM UNITS.
THE ONE- BEDROOMS RANGE FROM ABOUT 829 SQUARE FEET TO 1,177. AND THEN THE TWO- BEDROOM RANGE FROM 1,259 TO 1,381 SQUARE FEET.
>> HAS THE DEVELOPER INDICATED ANY KIND OF RANGE FOR WHAT THOSE WILL RENT FOR?
>> I MEAN, LIKE YOU SAID, IT'S GOING TO BE FOR WEALTHIER INDIVIDUALS. WE'RE ESTIMATING IT WILL PROBABLY BE THE MINIMUM ONES WILL BE AT LEAST OVER 2,000 FOR EACH UNIT PER MONTH.
>> JUST GOING OFF MEMORY. BUT I THOUGHT HE SAID IT WAS SOME OF THE HIGHEST MARKET RATES IN CARMEL WITH THIS PROJECT.
>> HOW DOES THE SCHOOL DISTRICT WORK WITH THIS DEVELOPMENT? OBVIOUSLY THERE'S IMPACT ECONOMICALLY TO THE SCHOOL DISTRICT BECAUSE IT'S GENERATING, IT GOES FROM 0 TO $66,000 IN TAXES.
ARE THERE OTHER -- BUT ALSO LOOKING AT THE COST FOR ADDITIONAL SERVICES. ARE THERE OTHER 55- PLUS OR AGE-RESTRICTED COMMUNITIES IN CARMEL THAT WE COULD LOOK AT TO MODEL AND ANTICIPATE WHAT THE DEMAND WILL BE ON SCHOOL SERVICES? I MIGHT NOT EXPECT A SCHOOL BUS ROUTE TO NEED TO RUN THROUGH THERE DAY ONE BUT MAYBE BY YEAR FIVE THAT'S POSSIBLE.
ESPECIALLY IF THERE'S SOME TWO-BEDROOM UNITS WITH YOUNGER
[00:15:01]
FAMILIES MOVING IN OR STAYING TEMPORARILY BETWEEN JOBS OR HOUSING OR OTHER ECONOMIC DOWNTURNS AS WE'VE SEEN DURING COVID. WHAT CAN YOU PROJECT IN TERMS OF ECONOMIC IMPACT AND COST IMPACT TO SCHOOL DISTRICT AS WELL?>> AGAIN, WHILE THAT IS NOT THE PURVIEW OF THIS COMMISSION I WILL ADDRESS YOUR QUESTION.
THIS IS A 55 AND OLDER, AGE-RESTRICTED COMMUNITY.
THAT MEANS THEY HAVE TO FOLLOW FEDERAL GUIDELINES THAT 80% OF THESE UNITS HAVE AT LEAST ONE PERSON THAT'S 55 OR OLDER. THAT'S THE GUIDELINE. THEY DON'T ACTUALLY FOLLOW THAT GUIDELINE.
THEY -- THE ONLY PEOPLE THEY LEASE TO, THEY DON'T FOLLOW THIS 80% RULE AND THEN LEASE TO THE 20%. EVERYONE IN HERE IS GOING TO BE ONE OF THE -- ONE OF THE USERS IS GOING TO BE 55 OR OLDER. SO IN YOUR SCENARIO I CAN IMAGINE A WORLD WHERE MAYBE ONE OF THEM HAS LIKE A GRANDPA AND A GRANDDAUGHTER FOR SOME REASON.
OR YOU CAN POTENTIALLY ENVISION LIKE MAYBE THE GRANDPARENTS ARE TAKING CARE OF LIKE SOMEONE.
THAT'S A ONE- OFF CASE. GENERALLY THIS WILL BE -- I MEAN, THE MAJORITY OF THEIR USERS ARE GOING TO BE WIDOWED AND SINGLE FEMALES.
AND SO I THINK IT'S FAIR TO PROJECT NO STUDENTS IN THIS BUILDING. AND IF WE WANT TO GET WILD WE MIGHT PROJECT ONE STUDENT IN THIS BUILDING.
BUT THAT'S NOT THE NATURE OF WHAT THIS PROJECT IS.
>> AS A FOLLOW-UP TO THAT, HAS THE DEVELOPER -- DOES THE DEVELOPER USE CONTRACTS OR LEASING AGREEMENTS THAT SPECIFICALLY HAVE RESTRICTIONS ON THAT? SO IT'S VERY COMMON FOR AFFLUENT GRANDPARENTS, BABY BOOMERS TO BUY OR RENT PROPERTIES FOR YOUNGER GRANDCHILDREN WHO MIGHT BE GEN Z OR MILLENNIALS IN DESIRABLE PLACES, RIGHT? SO YOU COULD SEE A RECENT COLLEGE GRAD FROM IU WANTING TO LIVE DOWNTOWN CARMEL.
GRANDMA AND GRANDPA SAY ALL RIGHT, I'LL RENT THE APARTMENT IN MY NAME BUT THEN YOU'RE GOING TO BE THE ONE LIVING THERE. SO DOES THE DEVELOPER ADDRESS I GUESS POTENTIAL DISCREPANCIES IN RENT --
THE DEVELOPER KNOWS WHAT THEY'RE DOING.
>> THE SITUATION YOU DESCRIBED SOUNDS LIKE FRAUD WHERE SOMEONE IS PRETENDING LIKE THEY'RE 55 AND OLDER BUT THEY ACTUALLY HAVE A COLLEGE KID LIVING THERE WITHOUT TELLING ANYONE.
WE'RE NOT -- CRIMES HAPPEN AND FRAUD HAPPENS, AND WE'RE NOT HERE -- THE WORLD WILL JUST TAKE CARE OF THAT BY ITSELF.
THIS OPERATOR'S INTENT IS THAT ALL THE UNITS WILL HAVE AT LEAST ONE PERSON 55 OR OLDER. THAT'S JUST HOW THEY RUN THE COMPANY. AND NO ONE IS TRYING TO FIGURE OUT WHERE THEY CAN STICK NON- 55 PEOPLE INTO UNITS.
THEY DON'T DO THAT. IT'S TOO RISKY.
THERE'S NO REASON FOR IT. SO THE NATURE OF THE OPERATIONS ARE GOING TO ENSURE THAT THEY ARE COMPLYING WITH THE HOUSING FOR OLDER PEOPLE ACT, WHICH IS A FEDERAL ACT, AND GOING ABOVE AND BEYOND THAT. AND YOU'RE ASKING ME IF I'VE SEEN THE SPECIFIC FORMS OF LEASES, I HAVEN'T.
I TRUST THE DEVELOPER THAT THEY'RE NOT GOING TO MESS UP THEIR OWN FEDERAL -- I DON'T KNOW IF YOU WANT TO CALL IT LICENSING OR REGULATORY DESIGNATION. I TRUST A DEVELOPER OF THIS CALIBER IS GOING TO GET THAT
RIGHT. >> BUT BY YOUR OWN LANGUAGE YOU'RE SAYING THERE'S NOTHING -- AS LONG AS A MEMBER OF THE FAMILY IS 55 PLUS THERE'S NOTHING STOPPING THAT OCCUPANT, THAT TENANT FROM BRINGING IN A 24-YEAR- OLD GRANDCHILD AND IT'S NOT CLEAR WHO IS LIVING THERE ON A REGULAR BASIS.
>> I GUESS IN THAT SCENARIO, SURE. I'M NOT SURE WHAT IMPACT HE WOULD HAVE ON THE SCHOOL, BUT
OKAY. >> IT WOULDN'T HAVE AN IMPACT ON THE SCHOOL BUT IT WOULD HAVE AN IMPACT ON SPENDING AND NIGHTLIFE AND ALL THE ECONOMIC ACTIVITY THAT GOES AROUND. OBVIOUSLY DIFFERENT NEEDS AT THOSE DIFFERENT PHASES OF LIFE.
>> YOU ARE THEN CORRECT THAT IT MAY BE THAT SOME OF THESE UNITS ARE PRODUCING EVEN A GREATER ECONOMIC IMPACT THAN WE THOUGHT.
>> IF I CAN, LET'S CHANGE TOPICS TO PARKING SPACES. AND I OFTEN LIKE TO JUST UNDERSTAND THE ASSUMPTIONS THAT GO INTO THIS. SO HISTORICALLY WE'VE TALKED ABOUT SORT OF ONE HALF PARKING SPACES PER BEDROOM
UNIT. >> NO. I LIKE ONE PER BED.
OKAY. EVEN BETTER. SO NOW WE'RE TALKING -- SO 200 UNITS. AND I'LL DO THE MATH QUICKLY.
BUT SOMETHING LIKE 300ISH BEDS, MAYBE A LITTLE MORE.
>> 356 PARKING SPACES. SO THAT TRACKS, RIGHT? THAT'S PRETTY CONSISTENT. IS THERE A FACTOR TOTO FOR AN OLDER POPULATION? DOES THAT ONE PARKING SPACE PER BED HOLD TRUE FOR 55- PLUS COMMUNITIES?
OLDER POPULATIONS USUALLY USE ONE CAR INSTEAD OF TWO.
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SLIGHTLY. BUT ALSO THIS IS A KIND OF HIGHER END OF RENT. SO PEOPLE MIGHT HAVE TWO CARS.BUT GENERALLY, YEAH. I MEAN, THESE PEOPLE ARE USUALLY RETIRED. SO THEY'RE USUALLY BOTH NOT USING TWO CARS IF IT IS A COUPLE LIVING THERE.
SO IN THESE AGE- RESTRICTED COMMUNITIES YOU DO SEE LESS VEHICLES COMPARED TO HOW IF YOU'RE LOOKING AT MIDTOWN FLATS OR RAIL YARD THAT'S A SITUATION WITH UNRELATED ROOMMATES AND YOU JUST TRY TO PACK IT IN.
>> DO OTHER DEVELOPMENTS USE DIFFERENT ASSUMPTIONS? OR DO OTHER 55- PLUS DEVELOPMENTS EITHER HERE IN CARMEL, ACROSS INDIANA OR EVEN IN COMPARABLY AFFLUENT COMMUNITIES IN COLUMBUS OR CINCINNATI, ET CETERA, DO THEY USE DIFFERENT ASSUMPTIONS FOR 55- PLUS COMMUNITY? BECAUSE IT SEEMS THAT YOU'RE RIGHT, THOSE COMMUNITIES COULD DOWNSIZE OR CERTAINLY BY AGE 75, 80, 90 THOSE PEOPLE AREN'T DRIVING AS MUCH OR AT ALL. AND SO MAY NOT HAVE VEHICLES.
>> HERE THE CRC IS INCREDIBLY COMFORTABLE WITH THE NUMBER OF PARKING SPOTS FOR THIS MANY UNITS.
>> DOES THAT 356- SPOT NUMBER, IS THAT PUBLIC PARKING AS WELL OR IS THAT JUST FOR THE BUILDING?
>> 75% OF IT WILL BE OPEN TO THE PUBLIC.
>> ANY OTHER QUESTIONS? WITH THAT I'D LIKE TO CALL THE PUBLIC MEETING FOR THE SIGNATURE 55 CARMEL PROJECT AND THE ECONOMIC DEVELOPMENT REVENUE BONDS AT 2:22. AND SEEING NOBODY HERE, I DON'T THINK WE DO ANYBODY ONLINE EITHER OR ANYTHING. WE'RE NOT IN COVID ANYMORE.
I'D LIKE TO CLOSE THE PUBLIC HEARING ON ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE SIGNATURE 55 CARMEL PROJECT AT 2:22 OR 2:23.
[4. Resolution approving economic development revenue bonds for the Signature 55 Carmel project and related Report]
ITEM NUMBER 4 IS THE RESOLUTION APPROVING THE ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE SIGNATURE 55 CARMEL PROJECT AND THE RELATED REPORT.>> ALL IN FAVOR OF APPROVING AN ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE SIGNATURE 55 CARMEL PROJECT AND RELATED REPORT SAY AYE.
>> MOTION CARRIES 3-0. IS THERE ANY OTHER BUSINESS?
>> THERE IS NOT ANY OTHER BUSINESS, MR. PRESIDENT.
>> DO I HAVE A MOTION FOR ADJOURNMENT FOR THE AUGUST 25TH CARMEL ECONOMIC DEVELOPMENT COMMISSION MEETING?
* This transcript was compiled from uncorrected Closed Captioning.