A divided Carmel City Council on Monday approved a $20 million bond issue to build a parking garage and other infrastructure at Carmel City Center, clearing the way for the final phase of construction at the ambitious mixed-use project.
Carmel City Council’s finance committee is supporting a $20 million bond issue to finish the ambitious City Center mixed-use development, but not before persuading developer Pedcor Cos. to strengthen an already-unusual array of project guarantees.
Suburban sensibilities be darned: Density is not a dirty word when it comes to Carmel City Center. But it can be an expensive one.
Carmel City Council will take its time considering Pedcor Cos.’ request for public funding for a parking garage and other infrastructure needed to finish the City Center development downtown.
Pedcor Cos. is offering Carmel leaders an unusual array of guarantees backed by its own bank account in hopes of landing public funding for a portion of its $100 million City Center expansion.
Developer Pedcor Cos. unveiled conceptual designs for six more buildings at Carmel City Center that could cost as much as $100 million to build over the next four to five years.
The Carmel City Council will not support Pedcor Cos.’ application for a state tax credit to help pay for a $100 million redevelopment project—a contentious decision Mayor Jim Brainard called “unusual and illogical.”
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.
Pedcor Cos. wants to apply for a state tax credit to help fund an upscale $100 million housing and office development in Carmel’s Midtown. But City Council members are holding it at arm’s length for now.