Hamilton County Council approves interlocal TIF agreement with Carmel, moves multiple budget amendments and transfers

The Hamilton County Council on Jan. 8 approved an interlocal agreement with the City of Carmel related to the US 31 Ramps Economic Development Area and voted on multiple budget items and technical amendments in a single session.

On the interlocal agreement, councilors described the arrangement as allowing Carmel to take a first lien position in a TIF area so it can pursue redevelopment; Carmel will cover any shortfalls in debt service for the affected bonds. A councilor described the deal as “a gift to the city of Carmel” in the sense that Carmel receives redevelopment rights while the county preserves the tax increment currently funding bonds. County counsel said the county will receive $1,000,000 (described as “$2 a half $1,000,000, over the next 10, 15 years” in the meeting record) over the next 10–15 years as part of the arrangement; the…