Carmel EDC approves economic-development bonds, up to $8 million, for North End Phase 2

The Carmel Economic Development Commission voted unanimously June 2 to approve a resolution authorizing economic-development revenue bonds for the North End Phase 2 housing project. The commission’s approval cleared the way for the City Council to take a confirming vote, staff said.

“What we’re talking about today is North End Phase 2. If you drive to Smoky Row today, you’ll see this portion of the project already built or under construction,” said Henry Metesky, a staff presenter, describing the proposal. Metesky told the commission the phase under consideration includes age‑targeted multifamily housing and a for‑rent townhome product and that the overall project represents about a $75,000,000 investment.

The bond resolution approves economic‑development revenue bonds tied to the project; staff estimated a maximum bond amount of about $8,000,000 with a maximum interest rate of 8.5 percent, though Metesky said those figures provide financing flexibility and would likely be lower. “Per state law, until this body votes, council cannot have a confirming a final approving vote,” Metesky said before the commission motioned and voted to…