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HomeMy WebLinkAboutCRC-2014-01 Excess Parking Revenue RESOLUTION NO. a 0 I " RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION CARMEL.INDIANA WHEREAS, on or about December 28, 2010, the Cannel Redevelopment Commission ("CRC") and The Center for the Performing Arts ("Center"), entered into a certain event parking agreement ("Parking Agreement")pursuant to which the Center agreed to charge and collect certain ticket surcharge and valet parking revenue("Parking Revenue")on behalf of the CRC; and WHEREAS, on or about December 28, 2010, the Carmel City Center Community Development Corporation("4CDC")obtained a loan from Lake City Bank("Loan"),the latter making it a condition of the Loan that the CRC and the Center enter into the Parking Agreement to ensure that monies existed to pay off the Loan;and WHEREAS, in.2012, pursuant to the Parking Agreement, the CRC received Parking. Revenue from the Center in the amount of$173,860.62; and WHEREAS,on or about December 27,2012,4CDC paid off the Loan; and WHEREAS, on or about January 1, 2013, the CRC and the Center terminated the Parking Agreement,which was no longer necessary because the Loan which required it had been fully paid; and WHEREAS, there exists an estimated $29,464.38 in 2012 Parking Revenue yet to be paid to the CRC by the Center("Excess Parking Revenue");and WHEREAS, it would impose an unnecessary administrative burden on the Center to pay this Excess Parking Revenue to the CRC, and the same is no longer needed to ensure payment of the Loan, but can be used by the Center to help it provide quality artistic performances to the Cannel community. NOW,THEREFORE,the CRC resolves as follows: 1.The foregoing Recitals are incorporated herein by this reference. 2. The Excess Parking Revenue and owing to the CRC from the Center pursuant to the terms of the now-terminated Parking Agreement should be and the same is hereby forgiven in its entirety and shall not be collected by or for the CRC. 3.This Resolution shall take effect immediately upon its adoption. SO RESOLVED this I9fti day of Gbrvak-y. ,2014. This Resolution was prepared by Douglas C. Haney, Carmel City Attorney,on 01/23/2014 at 4:37 p.m.No subsequent revision to this Resolution has been reviewed by Mr.Haney for legal sufficiency or otherwise. WsaurtppsfW[v data• k myem1EnadPoking,docx1t2812014341 PV CARMEL REDEVELOPMENT COMMISSION BY: /j 1 tgeititalip ' William H er P esi ent Date: 11 1) 00 P-6a)„_ David C.Bo��er Vice President Date: f 1 t 1 L if -, yam —_ __ _ Bradley F.Meyer, Secretary Date: /t , Carrie Meyer,Member U Date: 2.(11 1 /1 Gregory Phillips,Member Date: Jeff Worrell,Member Date: CRC Resolution No. 2 01 L- I Page Two of Two Pages This Resolution was prepared by Douglas C. Haney, Carmel City Attorney,on 01/23/2014 at 4:37 p.m.No subsequent revision to this Resolution has been reviewed by Mr. Haney for legal sufficiency or otherwise. Wasvrimpallusv data,aaoMAYNmytyME-vaMP +g.dooA1282014141PM