Study to measure Carmel redevelopment efforts
Researchers at the IU Public Policy Institute have begun a study of Carmel City Center's redevelopment efforts.
The study will consider the outcomes and impacts of the redevelopment, as well as the planning and development process and financing strategy.
The far-reaching study will include a look back at 20 years of redevelopment activity, and will include an in-depth study of how the city has changed, including a look at property values, business growth and tax revenues using figures from a variety of sources.
Although this is an independent study being conducted by expert researchers at IU's Public Policy Institute, the city of Carmel is funding the work through a $92,000 contract from the city's Economic Development budget.
After months of looking at data and combing over public records, researchers are getting ready to reach out to local residents and public officials to gather more information.
"It has always been our goal to be responsible with public spending, especially when it comes to investing public dollars in redevelopment projects," said Carmel Mayor Jim Brainard. "We know our redevelopment efforts are working; attracting corporate headquarters and private investment, significant job creation, more residents and more tourism dollars."
He said that all of that, plus a tremendous amount of national and regional attention seems to indicate that the return on investment has been positive for Carmel.
"We would like to determine precisely how successful our efforts have been," Brainard said. "That is why we sought out the experts at Indiana University to independently study the numbers, study the facts and let us know how those projects have affected Carmel's growth."