By Adam Aasen
Work might begin soon on phase two of the Carmel City Center, but the developer, Pedcor, is looking to use tax increment finance funds to subsidize the project.
The Carmel Redevelopment Commission voted to create five new tax increment finance districts in order to eventually collect money for Pedcor. The developer is seeking a 75-25 split in TIF revenue – with the developer receiving the bulk of the money – in order to pay off a developer-backed bond that would pose no risk to the city. This is a similar deal to the one Edward Rose was recently granted for its project called The District.
Bruce Donaldson, attorney for Barnes and Thornburg who represents the CRC, explained that these new TIF districts would be carved out of existing TIF districts as a way to capture some of the funds.
“This is sort of a first step to get us rolling, possibly to get us coming back to the commission for financing,” he said. “But this is the first step to create these areas.”
Phase two includes at least seven new buildings mostly dedicated to office space and residential. It includes the following buildings, all named after famous architects: Kent, Holland, Playfair, Windsor, Baldwin, Chambers and Wren. A hotel is also in the works with two companies interested in tackling that project. A second parking garage would be constructed to handle all of the new workers. The Mezz and The Nash buildings already have construction underway.
This is the first step in a process with many steps. It could go in front of the Carmel City Council in October.
