4 parking garages under construction in Carmel will add 1300 new spaces in the city – IndyStar

What is a tax increment financing district?

Cities like to use tax increment financing districts to give developers incentives to build new projects. However, TIF districts can have advantages and drawbacks.

Dwight Adams, dwight.adams@indystar.com

Four parking garage projects under construction in Carmel will bring more than 1,300 new parking spaces to the city when the structures are complete.

The garages will represent multi-million dollar investments in new parking structures in Carmel, according to information provided by the city.

Those numbers do not include new projects recently proposed to the city council, projects going through the permitting process or the existing public garages throughout the city, such as those at the Tarkington, Veterans Way and in Midtown.

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Three of the four garagesunder construction are tied to mixed-use developments, which also will be home to offices, commercial businesses and residential spaces, such as apartments and condos.

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Those projects are a reflection of Mayor Jim Brainards vision of partnering with developers on economic development projects that provide public amenities in the city, Carmel Redevelopment Director Henry Mestetsky said in an email.

In contrast to the suburban strip malls and lack of mixed-use that covers so much of our country, public parking garages paid for and maintained by developers will continue to keep Carmels urban neighborhoods unique, walkable and accessible to all, Mestetsky said.

According to the city, the parking structures under construction in Carmel are:

First on Main:

The mixed-use First on Main development under construction at Main Street and Range Line Road will include space for a restaurant, office, apartments and condos.

The parking garage will have 311 spaces.

The Signature:

The Signature, another mixed-use development, is under construction at Main and Old Meridian Streets. The development will include retail space, apartments and condos.

The parking garage will have 374 spaces.

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The Corner:

The Corner, a mixed-use project under construction, will include apartments and retail space. It is located at 116th Street and Range Line Road.

The parking garage will have 364 spaces.

Civic Square Garage:

Construction of the Civic Square garage, located at Monon Green Boulevard and Veterans Way, is led by the Carmel Redevelopment Commission.

The parking garage will have 303 spaces.

Through tax increment financing and public-private partnerships, the city can carefully plan its growth in areas designated for redevelopment, Mestetsky said.

Tax increment financing, also known as TIF, provides Carmel the opportunity to use increased tax revenue from rising property values on a site to pay for redevelopment work, including parking garages.

In this case, the city has previously issued bonds to help finance these projects, but the developers of the mixed-use sites are responsible for making the payments.

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Additionally, the developer-led garage projects are also maintained by the private sector, Mestetsky said.

The fourth project, the Civic Square parking garage, is led by the Carmel Redevelopment Commission and is under construction just north of Carmels City Hall. Construction on the garage is expected to be finished in mid-July, Mestetsky said.

It is expected to be the citys most tech-advanced garage, with parking space counters, EV charging stations and solar panels on the roof, Mestetsky said.

Contact IndyStar's Carmel and Westfield reporter Brittany Carloni at brittany.carloni@indystar.com or 317-779-4468. Follow her on Twitter @CarloniBrittany.

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4 parking garages under construction in Carmel will add 1300 new spaces in the city - IndyStar