Carmel considering $21M in bonds for redevelopment projects

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The Carmel City Council is considering another $21 million in bonds for redevelopment projects.

The bond ordinances were introduced to the council Monday night and sent to the council’s finance committee for further review.

A $15 million bond would be used to finance a 370-space parking garage in the Midtown West development, which could break ground this year.

The $60 million Midtown West project being led by Indianapolis-based Barrett & Stokely Inc. includes six acres on the west side of the Monon Greenway, across from Old Town Development’s $150 million Midtown East development.

Plans for Midtown West include a $25 million headquarters for Merchants Bank of Indiana and a 167-unit apartment complex. The 100,000-square-foot office building would include 13,000 square feet of retail space along the Monon.

The $15 million bond would be backed by tax increment financing revenue. If the tax revenue is not enough for the bond payments, Barrett & Stokely would be required to pay the difference, Carmel Redevelopment Commission Executive Director Corrie Meyer said.

The council is also considering another $6 million bond that would be used for infrastructure improvements around the Sunrise on the Monon development near 99th Street and Westfield Boulevard.

The project, led by Old Town Development, includes 148 single-family homes and a 265-unit upscale apartment complex.

Homes in the community are priced from $450,000 to $1 million each. The apartments, which offer one-, two- and three-bedroom floorplans, are being offered from $1,090 to $2,000 per month.

The $6 million bond would be used to pay for design, acquisition and construction of improvements along Westfield Boulevard, Evenstar Boulevard, 96th Street and Ream Creek.

Under this agreement, the developer would obtain the bonds and would be allowed to use 75 percent of the TIF revenue to make payments. The remaining 25 percent of TIF dollars would remain under CRC control.

The finance committee is expected to discuss the bonds before the City Council’s next meeting March 6.

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