The Carmel City Council met March 6 to discuss roundabout regulations, TIF funds for Sunrise on the Monon and the sale of the former Arby’s site.
What happened: The Carmel City Council is considering an ordinance requiring turn signal usage in roundabouts.
What it means: The proposed ordinance would penalize motorists for failing to use a turn signal when exiting a roundabout. Drivers could face a $100 fine. There is no state law that requires turn signal usage in a roundabout. Carmel has more than 100 roundabouts but has never required signaling.
Carmel Mayor Jim Brainard said using turn signals in a roundabout makes makes driving through them more efficient and help reduces accidents.
What’s next: The bill will be considered by the Finance and Rules Committee.
What Happened: The Carmel City Council approved using property tax increment financing to repay a $6 million developer-backed bond for Sunrise on the Monon.
What it means: Old Town Design Group asked for a bond issuance for its new neighborhood along S. Range Line Road near 96th Street. The bond would pay for roadwork, a bridge over a creek and other infrastructure improvements. The bonds would be paid back using tax increment financing, but Old Town is planning on buying the bonds and there would be no special benefits tax backup. The debt doesn’t count toward the city’s debt service and Carmel would still receive 25 percent of the TIF with Old Town using the remaining 75 percent to pay off bonds it purchased.
What Happened: The Carmel Redevelopment Commission announced sale of the former Arby’s parcel of land for $100.
What it means: The CRC sold the land at Carmel Drive and Range Line Road to Anderson Birkla, a company that is building a $70 million mixed used development called The Proscenium on 6.5 acres directly adjacent to the land. The CRC sold the Arby’s land to Anderson Birkla for $100 with the understanding that an office building will be built on the land and underground parking will be expanded. Anderson Birkla will also construct two new roads and transfer right-of-way to the city, which the CRC says is a huge savings in infrastructure costs and why the CRC is selling the land for only $100.