Suburban sensibilities be darned: Density is not a dirty word when it comes to Carmel City Center. But it can be an expensive one.
The Carmel Redevelopment Commission’s 2014 revenue is estimated to exceed expenses by less than $100,000—a narrow margin for an agency with annual debt payments totaling $17.5 million.
New financial projections suggest the Carmel Redevelopment Commission will have enough annual revenue to pay its debts for the next 15 years before dipping into reserves. But property taxes from the city’s two-dozen TIF districts could fall more than $1 million short as soon as next year.
Preliminary plans call for starting work on a parking garage and as many as three mixed-use buildings this fall, with another half-dozen projects in the pipeline.
Angie’s List Inc. CEO Bill Oesterle has collected millions of dollars over the years by renting to the company property for its campus along East Washington Street. Now, the landlord and chief executive is pocketing millions more by selling Angie’s the property, at well above its assessed value.
The city of Indianapolis is poised to pay Citizens Energy Group $6.5 million to buy a key parcel of real estate it’s targeting as the centerpiece of its ambitious 16 Tech project.
Tenants include interior designers, artists, kitchen cabinet firms.
Indianapolis city-county councilors hope expanding the downtown TIF district will mean more jobs for their constituents. Developers, city contractors and other firms benefiting from the expanded economic-development zone must try to ensure that 40 percent of their work force comes from within the expanded TIF area.
Mayor proposes shifting $10 million out of downtown district to help make up for $65 million general-fund shortfall.