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Carmel redevelopment commission approves Gramercy East allocation area and pledges TIF to bonds for Phase 1
Summary
The commission confirmed an allocation area for Gramercy East phases 1–3 and approved pledging 98% of Phase 1 tax-increment financing to repay economic development bonds that will fund utility and road infrastructure for the northern portion of the project.
The Carmel Redevelopment Commission on Wednesday confirmed the allocation area for Gramercy East phases 1–3 and approved pledging tax-increment financing from phase 1 toward City of Carmel economic development bonds to fund infrastructure work.
The commission adopted Resolution 2025-14 confirming amendments to the declaratory resolution and development plan for the Gramercy Economic Development Area, Gramercy East phases 1–3, and then adopted Resolution 2025-15 pledging TIF for Gramercy East phase 1. The chair called for a motion, the items were moved and seconded, and the commission approved both items by voice vote.
The commission’s finance staff described the action as the last step to create the allocation area for all three phases; staff said…
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