The Carmel City Council held its first meeting of the year Jan. 6 to approve an interlocal agreement with Hamilton County regarding tax increment financing areas in and near Clay Terrace, vote on setting three new TIF allocation areas and appoint a new member to the Carmel Historic Preservation Commission.
What happened: The council approved an interlocal agreement with Hamilton County that removes two areas from county tax increment financing allocation areas to allow the city to set its own allocation areas there.
What it means: The allocation areas are on the south end of Clay Terrace and surrounding BJ’s Wholesale Club. The county will receive TIF funds generated from the BJ’s parcel and 5 percent of funds from the other parcel. By controlling the TIF area on the south end of Clay Terrace, the city will have more authority to guide future redevelopment planned at the shopping center…