IBJNews

Carmel panel refuses to back Midtown redevelopment plan

Back to TopCommentsE-mailPrintBookmark and Share

A $100 million proposal to reinvent an old industrial area in downtown Carmel hit a snag Tuesday when a City Council committee decided not to pursue a state tax credit that could help fund the project.

Developer Pedcor Cos. is working on plans for the so-called Midtown site, located between the Monon Trail and 3rd Avenue SW near a city water tower. Details have yet to take shape, but CEO Bruce Cordingley said the project likely will include a mix of upscale housing and offices.

But committee members balked at backing the venture, saying Carmel simply cannot afford to support additional development.

“Maintenance and ongoing care of the rest of the city has been ignored to a certain extent so we can put up pretty buildings,” said Eric Seidensticker, who chairs the council’s Land Use, Annexation and Economic Development Committee. He cited repeated flooding problems and roads in need of repaving. “Why don’t we focus our financial energy on our existing assets?”

Pedcor isn’t requesting financial assistance—yet. The Carmel-based developer, which has worked with the city on several downtown projects, only asked the council for permission to jointly apply for an industrial recovery tax credit.

After peppering Cordingley and a city attorney with questions about whether such an application would commit Carmel to the project, the land use panel voted 3-1 to  recommend the council deny Pedcor’s request. Seidensticker said the seven-member city council is likely to accept the decision.

Councilor Kevin “Woody” Rider, who cast the lone vote in favor of the tax-credit application, said he fails to see a downside to participating in project planning.

“All we are committed to is a discussion,” he said. “Then we can decide if the project scope makes sense for the city. … We can complicate this if we want to, but that’s all it does.”

Cordingley said securing the $25 million tax credit would help Pedcor line up a private investor, but he admitted the project also likely would need tax-increment financing to ensure it meets the high architectural standards set by earlier downtown redevelopment.

“Could we do the project without TIF? Yes,” he told the committee. “We don’t want to.”

And that’s the problem.

The city late last year agreed to take on $184 million in debt incurred by the Carmel Redevelopment Commission when it was in danger of running short of TIF revenue to pay its bills. As part of the deal, the City Council gained oversight of future CRC expenditures.

Finance Committee leader Luci Snyder, who also serves on the land use panel, is keeping a firm hand on the checkbook, saying she would like the city to pay down the debt before incurring more. A majority of council members agree, Seidensticker said.

“Right now, we are spread pretty thin financially and have a large number of obligations,” he said. “We’ve invested lot of taxpayer money in infrastructure, design and development [downtown]. … At some point in time, if we have done our job right, developers should want to come in.”

Pedcor also has a stake in the city’s redevelopment, Cordingley said, citing its involvement in Carmel City Center and the Indiana Design Center, among other projects.

He said remaking Midtown—where the city also owns property—would benefit the community by eliminating an eyesore in the shuttered Woods Wire manufacturing facility and providing a crucial connection between Main Street and City Center.

“We believe it is in our mutual best interests,” Cordingley said.

Pedcor may apply for the tax credit on its own, he said, but city support would improve its chances.

ADVERTISEMENT

  • Broke
    Carmel deferred any principal payments on the recent refinancing of $119M of Redevelopment Commission debt until 2025. What does that tell you?
  • Why?
    Why is Pedcor the only developer that is involved in projects like these in Carmel?
  • Carmel = Broke
    Daddy took any Jimbo's credit card.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

  2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

  3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

  4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

  5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

ADVERTISEMENT