Here's what to know about the project the Carmel redevelopment director called 'generational.”
The development will be anchored by a public green surrounded by retail shops, in the style of the space at Midtown Plaza.Developers hosted a meeting with nearby neighbors Tuesday and received positive feedback, Mestetsky said.requests council approval of about $76.5 million in tax increment financing bonds.
Tax increment financing allows the increase in property taxes brought on by the development to financially support that project, and helps make the development possible at the onset. The TIF bonds for the 111th and Pennsylvania project will be backed by developers, which means that should property taxes not bring in the revenue the city and the developers expect, the city is not responsible to make any payments. That responsibility would fall to the developers.
The Carmel City Council will hear an initial presentation about the TIF bonds and the project Monday. The item will likely be sent to a city council committee before voting on whether to approve the bonds.
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