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Council approves allocation-area resolutions for Gramercy phases to preserve TIF life
Summary
The council approved three resolutions setting allocation areas for the Gramercy Economic Development Area—Phases 1–3, Phase 4, and Phases 5–7—to align tax increment capture with phased construction and preserve the full 25-year TIF life for each phase.
The Carmel Common Council on Monday voted to approve three allocation-area resolutions tied to the Gramercy redevelopment project, aligning tax increment financing capture windows with the project’s phased construction schedule.
Henry Mestetsky, the city’s redevelopment director, explained that allocation areas set when the 25-year TIF capture period begins for different parts of a multi-phase project. Because Gramercy will be developed in stages with different…
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