Parking lots don't make money. Since most people drive their cars to shop, we can't exactly get rid of them, either.

Carmel, Indiana may have found a way to "have its cake and eat it, too." They are using Tax Increment Financing (TIF) to make parking lots magically move out of sight. And in the process, people are walking places, and the city is on track to make millions.

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Sources cited:

"Choose Carmel: Tax Increment Financing," the Carmel Redevelopment Commission
https://www.choosecarmelin.com/taxin...

"1st on Main," the Lauth Group
https://lauth.net/projects/1stonmain/

"How TIF benefits Carmel," Around Carmel
https://www.facebook.com/watch/?v=145...

"Property Report for 110 W Main St," (Sophia Square), Hamilton County Indiana Assessor
https://secure2.hamiltoncounty.in.gov...


Time sections:

Parking lots don't make money (0:00)
Garages hide the parking (1:22)
Buildings hide the garages (3:45)
Parking garages are expensive (5:25)
Why suburbs don't have parking garages (6:18)
Tax increment financing (7:05)
City as a business partner (9:08)
Monon bicycle trail (10:17)
Stealth parking lots (10:49)
Reduce existing parking (12:13)
Altruism vs. economic argument (13:07)