HomeMy WebLinkAboutCRC-2014-11Grand & Main Allocation Fund RESOLUTION NO. 2014-11
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"),
governing body of the City of Cannel Department of Redevelopment (the "Department"), has
created the Old Meridian Economic Development Area, has designated a portion of such area as
the Grand & Main Allocation Area (the "Allocation Area") for purposes of the allocation and
distribution of property taxes under IC 36-7-14-39, and has created the Grand.& Main Allocation
Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Edward Rose Development Company, L.L.C. (the "Company") intends to
finance all or a portion of the costs of the design and construction of the projects listed in Exhibit
A hereto (collectively, the "Projects"), which will be located in or physically connected to the
Allocation Area; and
WHEREAS, the City of Cannel Economic Development Commission has approved the
issuance of the City of Cannel, Indiana, Economic Development Revenue Bonds, Series 2014
(Edward Rose Development Company, L.L.C. Project), in one or more series (the "Bonds"), the
proceeds of which will be provided to the Company and applied to costs of the Projects; and
WHEREAS, as an inducement to the Company to locate the Projects and related mixed
use development in the City of Cannel, the Commission has agreed to pledge a portion of the tax
increment revenues generated from the Allocation Area to the payment of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Cannel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as
set forth in this Resolution.
2. Seventy-five percent (75%) of the real property tax increment revenues generated
from the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (the
"TIF Revenues") shall be set aside and used only as set forth in this Resolution. The remaining
twenty-five percent (25%) of the real property tax increment revenues generated from the
Allocation Area (or the assessed value attributable thereto) may be used by the Commission for
any purpose permitted by law, including the release of assessed value to the taxing units as
provided under the Act.
3. On each January 15 and July 15, beginning July 15, 2016, all TIF Revenues shall
be immediately transferred to the trustee for the Bonds (the "Trustee") for deposit into the funds
and accounts and application in accordance with the trust indenture for any series of Bonds (the
"Indenture").
3. Pursuant to IC 36-7-14-39(b)(3)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in
accordance with the Indenture.
4. Upon the defeasance of the Bonds, any TIF Revenues remaining in the funds and
accounts under the Indenture shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
5. The officers of the Commission and the Department are hereby authorized and
directed to take such further actions and execute such further documents as they deem necessary
or appropriate to effectuate the issuance of the Bonds and the construction of the Projects,
including without limitation one or more project agreements, consistent with the terms of this
Resolution.
6. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 20th day of August, 2014.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
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EXHIBIT A
DESCRIPTION OF THE PROJECTS
The design and construction of public streets, including the extension of Grand
Boulevard and the potential contribution to Main Street improvements as well as on-site Urban
Collector Streets as required by the Carmel Clay Comprehensive Plan, and the design and
construction of a parking structure, all to support a proposed mixed use development generally to
be located in the southeast quadrant of the intersection of Main Street and Grand Boulevard, in
the City of Carmel, Indiana.
INDS01 BDD 1470238v1