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Home My Public Portal About004-2023 - Reducing Redevelopment Allocation Area and Creating Downtown Allocation • AMENDING DECLARATORY RESOLUTION NO. 4-2023 AMENDING DECLARATORY RESOLUTION OF THE RICHMOND REDEVELOPMENT COMMISSION REDUCING THE REDEVELOPMENT ALLOCATION AREA OF THE RICHMOND REDEVELOPMENT AREA AND CREATING THE DOWNTOWN ALLOCATION AREA #2 AND DESIGNATING TAXPAYERS IN THE MIP PHASE 3 ALLOCATION AREA WHEREAS, the Richmond ("City") Redevelopment Commission ("Commission") on September 25, 1989, adopted a declaratory resolution, as amended on February 9, 1993, February 25, 2008, May 27, 2015, April 18, 2016 and June 9, 2022 (collectively, as amended, "Original Declaratory Resolution"), as confirmed by confirmatory resolutions adopted on March 5, 1990, July 8, 2015, May 16, 2016 and July 12, 2022 (collectively, as amended, "Original Confirmatory Resolution"), establishing and expanding the Richmond Redevelopment Area ("Original Area") as a redevelopment area under IC 36-7-14 and IC 36-7-25 (collectively, "Act"); WHEREAS, the Original Declaratory Resolution and the Original Confirmatory Resolution are hereinafter collectively referred to as the "Area Resolution;" WHEREAS, the Area Resolution approved the Redevelopment Plan, as amended (collectively, as amended, "Original Plan") which Original Plan contained specific recommendations for redevelopment in the Original Area; WHEREAS, the Area Resolution designated three al:location areas in accordance with IC 36-7-14-39 (coPectively, "Original Allocation Areas"), including the Redevelopment Allocation Area (commonly known as the Downtown Allocation Area #1 and hereinafter referred to as the "Original Downtown Allocation Area") and the MIP Phase 3 Allocation Area ("MIP Allocation Area") for the purpose of capturing real and depreciable personal property taxes generated from the incremental assessed value of real and depreciable personal property located in the Original Allocation Areas; WHEREAS, the Common Council approved the creation and expansion of the Original Area and the Original Allocation Areas; WHEREAS, a portion of the Original Area is within the jurisdiction of the Wayne County ("County") Redevelopment Commission ("County Commission") and is contiguous with the Original Area and located within the jurisdiction of the County Commission ("County Area"); WHEREAS, IC 36-7-25-4 authorizes the County and the Commission to jointly undertake economic development projects in contiguous areas within each unit's jurisdiction; WHEREAS, the Board of Commissioners of the County did on June 8, 2022 assign the County Area to the Commission for the purpose of economic development and the allocation of property tax proceeds and authorized the Commission to take all action in the assigned area that could be taken by a redevelopment commission in an allocation area under IC 36-7-25-4; 4894-8242-9530 1 4 • maturing on January 15, 2040 ( 2015A. Bonds"); (ii..) Taxable Tax Increment Revenue Bonds of 2015, Series B, dated July 21, 201.5, now outstanding in the amount of$356,250 and maturing on July 15, 2035 ("2,0.1.5B Bonds" and hereinafter collectively with the 20115A Bonds, the "201.5 Bonds"); and (iii) Taxable Tax Increment Revenue Bonds of 2022, dated July 28, 2022.. now outstanding in the amount of $2,680,000 and maturing on January 1.5, 2040 ( 2.022 Bonds"), each payable from tax increment collected in the Original Downtown Allocation Area; WHEREAS, Bond Resolution No. 2-2015 and Bond Resolution No. 5-2022 (hereinafter, collectively, "Resolutions") authorizing the 2015 Bonds and the 2022 Bonds (hereinafter, collectively, "Outstanding Bonds"), allow alteration of the Original Downtown Allocation Area. if, in the judgment of the Commission, the alteration does not: (i) adversely affect the owners of the Outstanding Bonds; or (ii) impair the pledge of'Tax Increment (as defined in the Resolutions) to the Outstanding Bonds; and. WHEREAS, IC 36-7-14-17.5 authorizes the Commission to amend the Area Resolution. after conducting a public hearing, if it finds that: (i) The amendments and 2023 Plan are reasonable and appropriate when. considered in relation to the Area Resolution and the purposes of IC 36-7-14; and (ii) The Area Resolution, with the proposed amendments, and the 2023 Plan conform to the comprehensive plan for the City; NOW, THERLTOR.E„ BE IT RESOLVED BY THE RICHMOND REDEVELOPMENT COMMISSION, THAT: Section 1. The Commission hereby finds that: (i) the current incremental assessed. value in the proposed Downtown Allocation Area #2 is $0.00 due to the Parcels being tax exempt; (ii) the current estimated tax increment revenue from the proposed Downtown. Allocation Area #2 is $0.00; (iii) the current estimated debt service coverage on the Outstanding Bonds for 2024 is 765%; and (iv) the estimated coverage assuming the Parcels are removed is 793%; therefore, the Commission further finds that altering the Original Downtown Allocation Area in the manner set forth herein will :not adversely affect the owners of the Outstanding Bonds or impair the pledge of Tax Increment in any material way. Section 2. The Area Resolution is hereby amended to: (i) reduce the Original Downtown Allocation Area by removing the Parcels from the Original Downtown Allocation Area and designating the Parcels as the Downtown Allocation Area #2; (ii) designate Viking Group, Inc. and Liberation Labs each as a "designated taxpayer" for purposes of capturing increases in depreciable personal property assessed value in the MIP Allocation Area; and (iii) approve the 2023 Plan. Section 3. The Commission hereby modifies the definition of property taxes in IC 36-7-14-39(a) to include taxes imposed under IC 6-1...1 on the depreciable personal property located and taxable on each designated taxpayer's (designated below) site of operations within the MIP Allocation Area in accordance with the procedures and limitations set forth in IC 36-7- 14-39 and -39.3. 3 - Resolution 4-2023 4894-8242-95301 parcels of property in the Original Area will be negatively affected by the creation of the Downtown Allocation Area #2 and accomplishment of the 202.3 Plan. Section 10. The Original Allocation Areas shall maintain their original base assessment date or dates applicable when the Parcel was contained in the Original Area. Section 1.1. The Downtown Allocation Area #2 shall have a base assessment date of January 1, 2023. Section 12. The allocation provision in effect when the Original Downtown Allocation Area was designated shall continue to apply to the Original Downtown Allocation Area, Section 13. This 'paragraph shall be considered the allocation provision for the Downtown Allocation Area #2 for purposes of IC 36-7-1.4-39, The entire Downtown Allocation Area #2 shall constitute an allocation area as defined in IC 36-7-1.4-39. Any property taxes levied on or after the effective date of this resolution by or for the benefit of any public body entitled to a distributiol of property taxes on taxable property in the Downtown Allocation Area #2 shall be allocated and distributed in accordance with IC 36-7-14-39 or any applicable successor provision. The Commission hereby modifies the definition of property taxes in IC 36- 7-14-39(a) to include taxes imposed under IC 6-1.1. on the depreciable personal property located and taxable on the .Deignated. Taxpayers sites of operations within the MIP Allocation Area in. accordance with the procedures and limitations set forth in IC 36-7-14-39 and -39.3. The allocation provision for the Downtown Allocation Area #2 shall expire no later than 25 years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leas , payable from tax increment in the Downtown Allocation Area #2. The allocation provision for each Designated Taxpayer shall expire no later than 25 years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from personal property tax increment of each Designated Taxpayer. Section 14. The Secretary is instructed to submit this resolution to the Richmond Plan Commission ("Plan Commission") for approval. The Commission further directs the presiding officer to submit this resolution and the approving order of the Plan Commission to the Common. Council for its approval of the amendments to the Area Resolution. Section 1.5. The Commission also directs the presiding officer, after receipt of the written order of approval of the Plan Commission which has been approved by the Common Council, to publish notice of the adoption and substance of this resolution in accordance with IC 5-3-1-4 and to file notice with the Plan Commission, the Board of Zoning Appeals, the building commissioner and any other departments or agencies of the City concerned with unit planning, zoning variances, land use or the issuance of building permits. The notice must state that maps and plats have been prepared and can be inspected at the office of the City's department of redevelopment and inust establish a date when the Commission will receive and hear remonstrances and objections from persons interested in or affected by the proceedings pertaining to the proposed amendments to the Original Downtown Allocation Area and will determine the public utility and benefit of the proposed amendments to the Original Downtown. Allocation Area. - 5 - Resolution 4-202.3 4894-8242-9530.I. Section 16. The Commission also directs the presiding officer to prepare or cause to be prepared a statement disclosing the impact of: (i) the designation of the Designated Taxpayers; and (ii) the creation of the Downtown Allocation Area #2, including the following: (a) The estimated economic benefits and costs incurred, as measured by increased employment and anticipated growth of real property, personal property and inventory assessed values; and (b) The anticipated impact on tax revenues of each taxing unit that is either wholly or partly located within the Downtown Allocation Area #2. A copy of this statement shall be filed with each such taxing unit with a copy of the notice required under Section 17 of the Act at least 10 days before the date of the hearing described in Section 15 of this resolution. Section 17. The Commission hereby finds that the initial estimated costs of the Development to he partially funded by the Commission through the use of tax increment from the Downtown Allocation Area#2 is approximately $ . Section 18. The Commission hereby finds that all property in the Downtown Allocation Area#2 will positively benefit from the Development. Section 19. In all other respects, the Area Resolution is hereby ratified and confirmed. Section 20. This resolution is effective upon passage. Adopted at a meeting of the Commission held April 11, 2023 in Richmond, Indiana. RICHMOND REDEVELOPMENT COMMISSION . , Presider Attest: --, „ Secretary - 6 - Resolution 4-2023 4894-8242-9530,1 „..., • .EXHIBIT A Map of Richmond Redevelopment Area and Downtown Allocation Area#2 (Attached) 4894-8242-9530.1. 00 TM ,TRI, Beacon Wayne County, IN Overview ... . ............._.......______to ,,.-. — '17-"“:'''000'7, Legend .„ ....„ . ._ ,'"-' „,"inn Parcel Boundary 1 . , 1,1 0 '', 1" ' Ili : 'I'''',1'1''''''''4''' ' ' Al'i:4' l''''''' ' 7.1 Incorporated Area ,!, .1 il, --11110,00°000-000' 00 I' — ,,t,''''' l'' '- , , 1 '0,„ 0,00,00"0,00'0, 'If oll Unincorporated ',! ''IJ ''''' II ' '', ,,,,_ ,,10'',',plII04,e0","It6 ,",0li$I , , r.,..,,, ,. i -I ,,, ,,,,,,,,6,,,,„,,,„, . „ It.1,:„47,,,),.....,--, ,,,),1, '11,A „ ,,:„,,.„,,,,„,100,,I, . .1 ,.. 0,0,,„,,044,1 ,,,r, „ 1,1„ , "*:,,,,,,,,,li Street Centerline ,. 4,,,, ,,,,,:,,, .,,J -0',,',..0,,eN,01,06,‘„,,,,l,,,,,;„(4,1,,,,, 0,,11 , ., ;,p,7,' - . ,, I'''i , ll -0..'001,,',,p,„,,,,,, , , „r "0:?:%0",',"4,910' 11 ., ''14 • ,,'. — STATE- - ,-. '!', 6„, 1 Richmond 1. ,p4r ,,,,,F,,,,,,yr......,1 , - , -,,A10,d',, ;mii .......:I im.ityl.',o .,, r-giv,.0,00 , , , ;,":', • ' ' "pff,,44, i ,„ „,„,,„1,0:6[„1,“,,..,,V),„;;,',,A d;414 h, °''1 ,,,,..,„„,;,.,, <all other values> ,„ • liflUIJ, '0 '0,,,,,,.0,„0,00 100,0'0',0:,'0,0 0010 !',0000 000,00000 000'7,,,' 1201 J,;',L 11' ' ' :::::: ":;," :4 ,i11; '111,111',14" 1.4, , '''',': !'',',1;',1',,mri, :, ,ti,1;1I ,:1F:01,4,1,14 „ .0.tk 14' '''' ',,,f0 4 2141 . , i 4 .,„ ' Parcel ID 891805220405000030 Alternate 029-05672-00 Owner crrY oF RICI-IMOND Last2Sales Sec/Twp/Rng - ID Address INDIANA Date Price Reason Qual Property 601E MAIN ST Class 6210 EXEMPT- 50 N 511-1 ST 7/31/2020 0 nia Q Address RICHMOND MUNICIPALITY-640 RICHMOND,IN 2/4/2019 $750000 n/a Q Acreage 15092 47374 District RICHMOND Brief LOTS 105&106 JS-PT LOTS 109&150„IS;LOT I.&PT LOT 2 CB;OM 288&289F„x PT Tax Description OM 290VAC ALLEY ADJ 1_5019A (Note:Not to be used on legal documents) Date created:3/3/2023 Last Data Uploaded:3/3/2023 5:23:33 AM Developed by 7 Schneider *r..... GEOSPATIA I, � ' u��»��n~ ��/� County, |�J �=�|��K U vu��/�� ^~u��y, // � Overview 3. -_-_r--- Legend _ Parcel Boundary / �� |nco �r�edArca Unincorporated Street Centerline _- STATE _ HWY — interstate `almherva(ues~ WA ST if Parcel ID 891805220*06000030 Alternate 029-86507-00 Owner CITY OF Last uSales 5epTwp/nno — |o Address mC*MOwo oa/a Price Reason Qvai Property S6THST Class 610 EXEMPT- 50N5THST n/a O n/a n/a Address R![HMOND MUN/C|PALTY'640 R/[HWOND.|m n/a O n/a n/a Acreage 0.569 47374 District R|CHMOND Brief Tax Description PT LOT 189.LOT 110,321/2FTNPT LOT 113JS.Ow291-294&VAC ALLEY~nF^ (wote:Not tobc used on legal documents) Date creatc&s3/2ou Last Data Uploaded:umm02us.uoaoAw Developed uvm�_�Schneide �=v"°eospAr.~� BeaconTM Wayne County, IN rj.' t L Ally, Overview , : r 4 1 .... () a _ — _ . c , . ii g 7 ' dl,i,' I," ..r. , ,, ,, "4-4-, ,' 1 I Legend, 16SERVICE DR Unincorporated I j .i ' ''' 1 71 '4° A 466 ±"I'''' ''-: . .,... ,,,, , " . PinacrocreploBroautenddaArrea Boundary ?. Richmond 1 ....... Centerline STATE ,7.40 1i' Interstate ”"t^ 't, II'-I' ..... 1 <all other values> I , , ,I",,i11,.- ,I,Itil 1'1111,, ', „, ;I , 111 k 1,, •-,,..j ,'',,,...,„11,. . 4 ,,,".. ''' 'If I— 1 I. ,, .- — — , I . , • _i , '..• ''_. ' '4P..«"LA.-`.11,=,/' [ k iLr;„1„,44- I, „ , 40, ' .' .. 1 I/1767T,6"' 4 ''*"'"'%arl t4'''',1"101,At.:11,1, i•1 ,..,ie!,, i . ,,,',.- Parcel ID 891805220407000030 Alternate 029-06109-00 Last 2 Sales Sec/Twp/Rng -- Owner CITY OF ..„......,_ Date Reason 11/3/2016 0%CONTROLLER n/a ID 0 n/a n/a EXEMPT- OFFICE Cass 640 600S AST MUNICIPALITY-640 Address RICHMOND Price n/a OQ Address RICHMONDual Property SON 5TH ST CITY Acreage 0.5404 BLDG RICHMOND,IN 47374 DistrictRICHMOND Brief Tax Description LOT 114&SO FT LOTon 13JS&OM 295'TI.F* (Note:Not to be usedlegal documents( Date created:3/3/2023 Last Data Uploaded.3/3/2023 5.23.33 AM Developed bYC....411)aSecohsnpeAiTdiem.ar