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CARMEL, Ind. (AP) — The city of Carmel has agreed to purchase property from a developer for $1.6 million and transfer it back to him for free as part of a new project.
The Indianapolis Star reports the Carmel City Council approved the deal Monday with Chuck Lazzara, who also owns the Ritz Charles event center. Lazzara plans a $20 million development including townhomes, offices, retail and a steakhouse.
Corrie Meyer, director of the Carmel Redevelopment Commission, says the deal is crucial to Lazzara's ability to develop the Arts & Design District property.
In January, officials will consider using property taxes collected from the site to finance a parking garage for the development. The newspaper says Lazzara doesn't believe he could develop the property into a high-end mix of projects without the public-private partnership.
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