Carmel Central City Core Redevelopment - City of Carmel

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CARMEL CENTRAL CITY CORE REDEVELOPMENT AN INTERIM EVALUATION OF PROCESS & OUTCOMES 15-C36

AUTHORS John Marron, Senior Policy Analyst, AICP and Drew Klacik, Senior Research Analyst, design by Karla Camacho-Reyes, Graduate Research Assistant

334 North Senate Avenue, Indianapolis, Indiana 46204 www.policyinstitute.iu.edu Phone: 317.261.3000 Fax: 317.261.3050

TABLE OF CONTENTS Introduction...............................................................................................1 Project Timeline ........................................................................................2 Key Events in Carmel Central City Core Redevelopment....................4 Baseline Data ............................................................................................5 Statistics............................................................................................5 Jobs & Population.....................................................................5 Physical Development...............................................................5 Fiscal Impact.............................................................................7 Discussion of Alternatives..................................................................9 Process Evaluation..................................................................................10 Process Finding #1 .........................................................................10 Process Finding #2 .........................................................................11 Process Finding #3 ..........................................................................11 Process Finding #4 .........................................................................11 Economic Contributions..........................................................................13 Conclusion........................................................................................14 Key Policy Events in Central City Core Redevelopment....................15 Extended Timeline...................................................................................16

INTRODUCTION Over the past two decades the City of Carmel more than tripled in population (25,380 in 1990 to 79,191 in 2010) and evolved from a small suburban town to a nationally recognized example of a new urban edge city. This transition, as with any transition, has not been made without controversy and a few missteps. While the Indianapolis Star and the Indianapolis Business Journal have reported on the debate over the redevelopment process and financing strategies, there has not been an objective documentation of the broader issues through which redevelopment was pursued and achieved. In 2014, the City of Carmel engaged the IU Public Policy Institute (PPI) to undertake a case study of the city’s core redevelopment strategies since 1995. Specifically, PPI was asked to provide the following: 1. An overview of objective measures regarding the redevelopment of City Center and Old Town, examining investments made by the public, private, and nonprofit sectors and identifying the outcomes these investments leveraged. 2. A qualitative assessment and evaluation of the process by which the redevelopment of City Center and Old Town was pursued, examining public data and performing key informant interviews, including proponents and opponents of the redevelopment efforts, to elicit a summary of common themes and perspectives regarding the redevelopment process. 3. Estimates of the outcomes realized, including what might have happened but for the city’s redevelopment efforts, the economic impacts or contributions of various outcomes, and other related measures. 4. A brief summary of lessons learned that might be useful to policymakers and/or applicable to other communities considering their own redevelopment efforts. For the purposes of this analysis, the boundaries of the area studied are as follows: Northern boundary: East/West Smokey Row Eastern boundaries: 4th Avenue NE, 4th Avenue SE, and roughly one lot’s width eas