IU PUBLIC POLICY EXPERTS STUDY CARMEL’S REDEVELOPMENT EFFORTS & USE OF TIF DISTRICTS

Researchers at the IU Public Policy Institute have begun a study of the City of Carmel’s City Center redevelopment efforts. The study will consider the outcomes and impacts of the redevelopment as well as the planning and development process and financing strategy.

The far-reaching study will include a look back at 20 years of redevelopment activity and will include an in-depth study of how the city has changed, including a look at property values, business growth and tax revenues using figures from a variety of sources.

Although this is an independent study being conducted by expert researchers at the prestigious IU Public Policy Institute, the city of Carmel is funding the work through a $92,000 contract from the city’s Economic Development budget. After months of looking at data and combing over public records, researchers are getting ready to reach out to local residents and public officials to gather more information.

“It has always been our goal to be responsible with public spending, especially when it comes to investing public dollars in redevelopment projects,” said Carmel Mayor Jim Brainard. “We know our redevelopment efforts are working; attracting corporate headquarters and private investment, significant job creation, more residents and more tourism dollars. All of that, plus a tremendous amount of national and regional attention, would seem to indicate that the return on investment from our redevelopment plans have been very positive for Carmel.

“We would like to determine precisely how successful our efforts have been. That is why we sought out the experts at Indiana University to independently study the numbers, study the facts and let us know how those projects have affected Carmel’s growth.”

Top researchers Drew Klacik and John Marron are leading the study. The IU Public Policy Institute has done many similar projects. Some examples include work performed for Indianapolis Motor Speedway, the City of Indianapolis, Indianapolis Downtown, Inc. and the Indiana Motorsports Association.

The IU Public Policy Institute is a collaborative, multidisciplinary research institute within the Indiana University School of Public and Environmental Affairs. The Institute serves as an umbrella organization for research centers affiliated with SPEA, including the Center for Urban Policy and the Environment and the Center for Criminal Justice Research. The Institute also supports the Indiana Advisory Commission on Intergovernmental Relations.

For more information, visit http://policyinstitute.iu.edu/

For the mayor's explanation of how TIF works, visit http://www.carmel.in.gov/modules/showdocument.aspx?documentid=4846

For a look at redevelopment plans and maps, visit http://www.carmel.in.gov/index.aspx?page=74


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