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Finance committee recommends Proscenium 3 after debate over TIF split and parking
Summary
The Finance, Utilities and Rules Committee voted to forward two ordinances tied to the Proscenium 3 development to the full City Council after hearing presentations on project changes, a shift in TIF allocation from 95/5 to 100%, and questions about reduced parking counts and public-space design.
The Finance, Utilities and Rules Committee voted to send two ordinances concerning the Proscenium 3 development back to the full City Council with a positive recommendation following a presentation and extended questioning about project scope, parking and tax-increment financing on May 13.
Henry Mestetzky, Carmel redevelopment director, told the committee that the project’s office component has increased to about 100,000 square feet from roughly 63,000 previously shown, while the multifamily portion is set at 154 units (counted as 221 beds for parking calculations). “The TIF bond amount is the same,” Mestetzky said, “but the TIF split goes from 95 5, developer city, to 100%.” He framed the change as a response to a state law lowering multifamily assessed value (a reduction he cited as about 36% through 2031) and to the need to fill a funding gap for a costly below‑grade garage.
Developer Tony Burkla described the hotel component as a 125‑room Hilton Tapestry with a spa,…
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