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HomeMy WebLinkAboutBPW-05-07-14-01; Credit Agreement for PRIF for the Seasons RESOLUTION NO. BPW-05-07-14-01 A RESOLUTION REQUESTING THE FINANCING, CONSTRUCTION, AND DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER IMPACT ZONE IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST THE PAYMENT OF PARKS AND RECREATION IMPACT FEES ("PRIF") AND APPROVING A PRIF CREDIT AGREEMENT WHEREAS, Indiana Code 36-7-4-1335 permits the application of a credit against the payment of impact fees for persons who construct or provide certain infrastructure or other improvements of a type for which a unit imposes an impact fee in an impact zone; and, WHEREAS, City of Carmel Zoning Ordinance 29.07.05 permits the City of Carmel Board of Public Works and Safety ("Board") to request that any person otherwise required to pay PRIF to instead finance, construct, and dedicate certain infrastructure or improvements in the Parks and Recreation Infrastructure Impact Zone ("Impact Zone") located in Clay Township, Indiana and over which the City of Carmel, Indiana ("City") exercises planning and zoning jurisdiction; and, WHEREAS, City of Carmel Zoning Ordinance 29.07.05 also permits the Board to determine the amount of PRIF credit any person requested to finance, construct, and dedicate certain infrastructure or improvements in the Impact Zone in lieu of PRIF payment shall receive, and to memorialize this determination in a credit agreement ("Credit Agreement"); and, WHEREAS, the Board now desires to request that The Seasons of Carmel, LLC, an Indiana limited liability company ("The Seasons"), finance, construct, and dedicate to the City, no later than two (2) years from the date on which this Resolution is approved by the Board (the "End Date"), those certain infrastructure or improvements set forth on attached Exhibit A , the same being incorporated herein by this reference, in exchange for a PRIF credit the Board has determined should be in the amount of exactly Four Hundred Seventeen Thousand Nine Hundred Seventy One Dollars and Sixty Cents ($417,971.60); and, WHEREAS, The Seasons shall execute and return to the Board, by and through the Carmel City Attorney, the Credit Agreement set forth on attached Exhibit B, the same being incorporated herein by this reference, prior to the issuance of the improvement location fee for that certain improvement identified on attached Exhibit C, the same being incorporated herein by this reference; and, WHEREAS, PRIF in the amount of $417,971.60 is due and owing by The Seasons to the City by virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF"); and, WHEREAS, The Season's obligation to pay the Targeted PRIF to the City shall be held in abeyance until the earlier of the acceptance by the Board, in its sole discretion, of the infrastructure or improvements set forth on attached Exhibit A ("Board Acceptance") or the End Date. Upon Board Acceptance, the City shall promptly enter the credit identified herein against The Season's Targeted PRIF obligations. If Board Acceptance does not occur by the End Date, no credit shall be entered against the Targeted PRIF and the same shall thereafter become immediately due and owing to the City. BPW Resolution No. 05-07-14-01 Page One of Two Pages kn,u...d- ,ni IWvr bu rO.W�4 huWn had.euvVp-rtWUnaAltll llc fin wu 4.n,.. -M v.u.ulnrvvl6�Vb'lll • NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City of Carmel, Indiana, as follows: 1. The foregoing Recitals are incorporated herein by this reference. 2. The Board hereby requests that The Seasons of Carmel finance, construct, and dedicate to the City those certain infrastructure or improvements set forth on attached Exhibit A, in exchange for a PRIF credit of exactly $417,971.60, pursuant to the terms and conditions set forth hereinabove. 3. The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit B. 4. That Michael Hollibaugh, on behalf of the City and the Board, is hereby authorized and directed to take such actions as are lawful, necessary, and proper to effectuate the transaction approved by this Resolution. SO RESOLVED. 7-th Approved and adopted this day of rn, , 2014. CARMEL BOARD OF PUBLIC WORKS AND SAFETY By: Jai s Brainard, Presiding Officer Date: LA - L� Mary A n Burke, Member Date: S - Lori S. Vda 6,, Menieber Date: 61 7/ 14 ATTEST: galk_� Dia a L. Cordray, IA •, Clerk-Treasurer Date: Cj - -1 BPW Resolution No. 05-07-14-01 Page Two of Two Pages kuo-w..Hen.ivy.IM•nt i..r 4nn M.4R..Nm.hunrnuUrnr.'viue.vltt111N'iIi, t "T'-'�'^`^°' �nwlha±lnlll Exhibit A (1 of 2) I s r � �� �, - The Seasons of Carmel ~.� * i t „hut+ Offsite Trails & Lighting �. P3i , 0, --; . i x k ,l's, f t. rS Y �. ( Y f*+aW' p F �-� ti��t_^ t �•• x 4y '.�` k' 't, i ' LOCUS MAP ;A:4 x Ir .E @�r 'H"a + _ FYI 3i , 5 "�' 'N h - 1 `Ri 4. _ t:�j- p, ., f7J`"Z p : ti q ! jj( M Y ,y� Bpd 5'a r .yF F. ,, ' b $i yL I1� �u�, Ya tot,I y OTT"-j , _$J to bi X-G4a y , *-> '�Y S ' + .`t�' ""kl 1.S \` rr� j I• "" j t,SI,t.'�- Ah' S y�, &YY at. ' - — ,r` ,1'. _ ,• `4,'•k �e �j C .a. 1#a�$ `,rJ ws .- r ,s ggi y it:11. m p�f��Walden Lrane j ` I , i 0 - S' /C+ 'c r 2 `"" e �t {fir . Nu.-,J+Y4 ° V tt a 4-." o f y ' ;Y t` r F •n }>.Y', ,, 'wf, .s y, t yt 4 -1t ,, FR,_ � ,i F : P . � -`k� " i'S. lats�j' '�;►'+aT± siic �h w�'d'-.4:•- -t . §ti,®•t ,' S. iy p` y ' +q t1 a. T`v -� `4' 174 . ., s, y^ " ' pc 31) 6A 7"�f.F . � �Aay y ,y 4 T4'. * 7; m : �i- TF¢ ra t2'' �` t ..99th--4-.- et'a ,l, ',4--,;,72,-- -,5, _'- mss; i• ,i I ;a k Y f ' P� ## 191 1 �leVi( :� V t S s s > n 3^JQ Y ( r tom+ -.1 r °1 r"5 ad * yyJ 3' y " i Exhibit A (2 of 2) si® 0L--i AMERICAN OPINION OF PROBABLE COST OF CONSTRUCTION ca STRUCTUREPOI T The Seasons of Carmel-Park Impact Fee Credit INC. h `' AS1 Project No.: 2012.01616 ® Des.No.: N/A Date: March 21,2014 Pedestrian Crosswalk(Qg Westfield Blvd.and 98th Street Description Quantity Unit Unit Price Item Total CONCRETE SIDEWALK 25.78 SY $60.00 $1,546.80 HANDICAP RAMPS 2.00 TON $840.00 $1,680.00 PEDESTRIAN CROSSING,24"STRIPING 80.00 LF $6.00 $480.00 EARTHWORK DEMO,EROSION CONTROL AND RESTORATION 1.00 LS $2,500.00 $2,500.00 TRAFFIC MAINTENANCE 1.00 LS $1,000.00 $1,000.00 SUBTOTAL: $7,208.80 Multi-use Path from 96th Street to 98th Street Description Quantity Unit Unit Price Item Total HMA SURFACE,9.5 MM 63.00 TON $90.00 $5,670.00 HMA INTERMEDIATE,19.0 MM 190.00 TON $60.00 $15,200.00 STONE,NO 53 354.00 TON $30.00 $10,620.00 EARTHWORK DEMO,EROSION CONTROL AND RESTORATION 1.00 LS $22,500.00 $22,500.00 HANDICAP RAMPS 13.00 EACH $1,600.00 $20,800.00 SUBTOTAL: $74,790.00 Landscaping along Multi-use path across 98th St.from Westfield Blvd.to Woodbriar In. Description Quantity Unit Unit Price Item Total Trailhead Decorative Pavements(Inc!two trailheads) 1,200.00 SF $10.00 $12,000.00 Trallhead Standard Pavements find two trail heads) 600.00 SF $5.00 $3,000.00 Trailhead Site Furnishings(Inc]two trailheads) Benches 6.00 EACH $1,500.00 $9,000.00 Litter Receptacles 2.00 EACH $1,200.00 $2,400.00 ciauatalo- 0.00 EACH $2,200.00 $0.00 Kiosks/Art/Signage 2.00 LS $2,500.00 $5,000.00 Trail Markings/Signage 1.00 LS $5,000.00 $5,000.00 Wooden 4-Board Fence(Black Coated) 1,400.00 LF $25.00 $35,000.00 Wooden 4-Board Gates(Black Coated) 2.00 EACH $1,500.00 $3,000.00 Masonry Columns to terminate 4-Board Fence 2.00 EACH $3,500. 0 $7,000.00 Trailslde Landscaping-Trees 25.00 EACH $350.00 $8,750.00 Trallslde Landscaping-Shrubs 100.00 EACH $50.00 $5,000.00 Trailslde Landscaping-Planted Beds 1,500.00 SF $8.00 $12,000.00 Sodding 1,000.00 SF $2.00 $2,000.00 SUBTOTAL: $109,150.00 Lighting of Multi-use Path along 98th St.from Westfield Blvd.to Walden Ln. Description Quantity Unit Unit Price Item Total Bollards w/foundations and Conduits 30.00 EACH $889.17 $26,675.10 Labor and Installation $45,000.00 SUBTOTAL: 571,675.10 µ TOTAL ES TIMATEDPRO'JECTiGOSTacs`"' Construction Total: 262,821.90 20.0%Contingency: $62,564.38 Topo/Utllity Survey: $4,800.00 Construction Plans: $40,000.00 Bonding $10,000.00 Const.Administration: $10,000.00 GRAND TOTAL: $380,186.28 PRIF CREDIT AGREEMENT COMES NOW The Seasons of Carmel, LLC, an Indiana limited liability company ("The Seasons"), by its undersigned duly authorized agent, and states as follows: The Seasons hereby agrees to finance, design, construct, and dedicate to the City of Carmel, Indiana, by and through its Board of Public Works and Safety, those certain infrastructure items or public improvements set forth in attached Exhibit A, the same being incorporated herein by this reference, in exchange for a Parks and Recreation Impact Fee ("PRIF") credit not to exceed $417,971.90, as defined in Exhibit A. The Seasons shall deposit the entire credited amount of PRIF into a non-interest bearing escrow fund in a financial institution selected by The Seasons and agreed upon by the City. The deposited PRIF will be drawn upon to construct the agreed upon public improvements in Exhibit A. After the improvements are completed and have been accepted by the Carmel Board of Public Works and Safety, any remaining unused PRIF shall be submitted to the City of Carmel, for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City. SO AGREED this day of , 2014. The Seasons By: Authorized Signature Printed Name Title Exhibit B I of I Timwml\Y�a.,aryu1Wv Nu rNnWx4 Nca4n I�.uirnNrx.rcuiuomal Il`i`il in 4au Jaercmw-h vumr.N nnrlt 4t3Y141 ✓:r 1 1. ,t +t w ww EL, ` a or- a..--f 1 N ,: i}Z` 0 , d O 14::". > ;LEt L�k� / j �"v oatC p # ter : 4u 44,0',. . . �. is v . !. ra rig a 3,'. t I I • !►417 E Ali— i ! Iy ••r $I IC,S": ` ~ . 's r M, trr ..�' a �i .I? r'r� it ice' ` o } I® • r 40)4 ✓'4�^! h.. {q, i® a of A � ar`� '� ��I11": "� I r. �® n I c;C I► tyb i ra \.l 164, .an_ a''�^y� �pf t a ,*, ®' , Y�, tI ': . 4 � � .IdT .°SAC 1 Li' �© 1{}i i 0 Mc FA ? 'a« p . Y., ti, rs k tY �!► s y, (4 t. i ' I r ,e i9� ,,Na i rogg.f . .I *. d°° ;IS BC s. e 4a. 1 trio, ® B QA ®'« 1: m ' �. !teen-,1. c �. • � t'' t- 9 - ce a i t O `iYl- .r-a ka 3.. p r',�t�` c+©' ' yr n r}; �r 6nm. ail der-�1u,®..�I� 1 �,�,; ro• t°v �, a n3* 11,le ;R ii e; m I H 11! a SITE PLAN § e _ o® [23 1 a;:po THE SEASONS OF CARMEL PITTMANN PARTNERS/ ' m0 STNUCWREPOINT ^`^'3 6 g 98TH ST.8 WESTFIELD BLVD. BARRETT & STOKELY e I - CARMEL, INDIANA _ - _