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Committee backs North End Phase 2 TIF request to fund mixed senior, multifamily and ‘attainable’ housing
Summary
Old Town and Avenue Development presented North End Phase 2 — a mixed project including 72 townhome‑style rental units and a 70‑unit age‑restricted Viva Benet building — and requested tax increment financing bonds. The committee voted unanimously to forward a positive recommendation to full council.
Old Town and its development partner Avenue Development asked the Finance, Utilities and Rules Committee to recommend approval of a TIF bond request for North End Phase 2, a mixed‑use project the presenters said would add market and senior rental units and support an existing attainable‑housing component.
Justin Moffitt of Old Town described the project and its financing approach: “we raised equity so that we had a permanently owned community asset,” he said, explaining a crowdfunded equity structure and a trust arrangement intended to retain ownership and modest returns for local investors. Moffitt said Phase 1 included 68 units with 40 permanently set aside as attainable for adults with intellectual and developmental disabilities; Phase 2 would add 72 townhome‑style rental units (designed as two‑unit vertical “sleeves” totaling 72 units) and a 70‑unit age‑restricted project developed by Avenue Development called Viva Benet.
Moffitt and Old Town CFO Kyle May said the total project investment would be roughly $75 million and that the TIF request equates to about a $4,700,000 par bond amount to help pay for site infrastructure and make the development financeable. The developer committed that at least 10% of the new units would be offered at a workforce price (a modest discount) and said the mixed plan aims to reach baseline operational sustainability: Old Town estimates it needs roughly 200 market‑rate units across the development footprint to support leasing and maintenance operations.
Mike Mattingly of Avenue Development described Viva Benet as an age‑restricted product with services targeted to seniors, including a concierge‑medicine option the firm expects to bill through Medicare when appropriate. Mattingly said comparable projects have shown quick lease‑up and that seniors’ independent living alternatives in the market are typically substantially more expensive; he argued Viva Benet would be closer to market‑rate multifamily price points but with supportive services.
Council members praised the project’s multigenerational approach and the attainment commitment. A committee member moved to send the TIF request and associated ordinance D‑2771‑25 to full council with a positive recommendation; a roll call vote recorded aye responses from several councilors and the motion passed unanimously. Committee members emphasized the developer’s pro forma review with municipal adviser Adam Stone and noted the bond indenture language makes the bonds developer‑backed (not a city debt).
Why this matters: proponents framed the development as expanding housing choice in downtown Carmel, preserving permanently owned attainable units, and creating additional senior housing options that could free up single‑family homes for younger buyers. The committee’s positive recommendation sends the request to full council for final consideration.
Next steps: the committee forwarded the ordinance and TIF request to full council. Council will consider the bond authorization, the TIF use for infrastructure, and any related development agreements at a future meeting.
