The Carmel Plan Commission met Sept. 19 to discuss resetting the base assessment date for two tax increment financing areas, review plans for rental units in northeast Carmel and vote on a proposed rezone for two properties.
What happened: The commission gave a positive recommendation to two proposed rezones in Central Carmel.
What it means: The city’s Department of Community Services is requesting a rezone of 154 W. Carmel Dr. and 988 3rd Ave. SW from I1/Industrial District to C1/City Center District. Specific redevelopment projects have not been proposed, but the change would allow the properties to be zoned similarly to nearby properties.
What’s next: The Carmel City Council will have the final vote on the rezone proposals.
What happened: The commission reviewed plans for the LEO Cottages and Multi-family at The Legacy before sending it to the residential committee for further discussion.
What it means: Advenir Oakley is seeking to build 350 units that include cottage-style homes and four-story apartment buildings at the southwest corner of 146th Street and Community Drive. All units would be rentals. Nearby residents expressed concerns about traffic, tree preservation and other issues during a public hearing.
What’s next: The commission’s residential committee will discuss the plans at its Oct. 3 meeting. The full plan commission will have final voting authority.
What happened: The commission discussed a proposed change to the Unified Development Ordinance to require Owners Association governing documents allow changes to rental restrictions with a simple majority vote of members.
What it means: The proposed change is in response to large investment firms purchasing a significant number of single-family homes in Indiana to convert them to rental properties. If approved, future HOAs could require only a simple majority vote to adopt rental restrictions. The existing code may require up to 75 percent of homeowners to vote in approval.
What’s next: The commission raised several questions about the proposed change and continued the discussion to the Oct. 17 meeting.
What happened: Commissioners voted to reset the base assessment date for two tax increment finance areas to Jan. 1, 2023.
What it means: Demolition of buildings at the Proscenium II and Franciscan North TIF areas led to a decrease in assessed value since the areas were created. TIF only captures tax revenue generated above the amount already being collected by the taxing entity when the life of the TIF district begins, so resetting the base assessment date will allow more TIF revenue to be captured.
