HomeMy WebLinkAboutBPW-10-07-15-09; Requesting the financing, construction and dedication of certain infrastructureRESOLUTIONS NO. BPW 10-07-15-09
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 die 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 Sunrise on the Moron L.L.C., an Indiana
limited liability company (`Sunrise"), 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 for the on attached Exhibit A, the same being incorporated herein by
this reference, in exchange for a PRIF credit the Board has determined should he in the amount of exactly
Three Hundred Thousand Five Hundred Eighty -Eight Dollars ($300,588.00); and,
WHEREAS, Sunrise 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
WHEREAS, PRIF in the amount of $300,588.00 is due and owing by Sunrise to the City by
virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF"); and,
WHEREAS, Sunrise'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, or 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 Sunrise'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. 10-07-15-09
Sunrise on the Monon
Pagell
This Resolution was prepared by Andrew Greenwood. Esq.
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 Sunrise on the Monon L.L.C. 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 $300,588.00, 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.
44.1
Approved and adopted this / day of _ VL , 2015.
CARMEL BOARD OF PUBLIC WORKS AND SAFETY
By:
James Brainard, Presiding Officer
Date: /O -7—/5
W 84.
Mary A/n Bur e, emb r
Date: �U/7 /,
Lori S
Date:
ATTES
iana L. Corclra)jA 5C, Clerk -Treasurer
Date:
BPW Resolution No. 10-07-15-09
Sunrise on the Monon L.L.C.
Page2
'This Resolution was prepared by Andrew Greenwood, Esq.
EXHIBIT A
Sunrise on the Monon L.L.C.
EVIIBITB
PRIF CREDIT AGREEMENT
COMES NOW Sunrise on the Morton L.L.C.. an Indiana limited liability company ("Sunrise"), by its
undersigned duly authorized agent, and states as follows:
Sunrise 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 5300,588.00, as defined in
Exhibit A.
Sunrise shall deposit the entire credited amount of PRIF into a non-interest bearing escrow fund
in a financial institution selected by Sunrise and agreed to 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 30" day of September. 2015.
Sunrise on the Morton L.L.C.
By:
5
orized Signature
t bt N S . G ttvt-4 Ott
Printed Name
Se -It -Tyra -1
Title
Exhibit C
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PRESERVATION:
EXHIBIT B
PRIF CREDIT AGREEMENT
COMES NOW Sunrise on the Monon L.L.C., an Indiana limited liability company ("Sunrise"), by its
undersigned duly authorized agent, and states as follows:
Sunrise 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 ("PREF") credit not to exceed 5300,533.00, as defined in
Exhibit A.
Sunrise shall deposit the entire credited amount of PRIF into a non-interest hearing escrow fund
in a financial institution selected by Sunrise and agreed to 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
Cannel Department of Parks and Recreation, pursuant to the requirements of the City.
SO AGREED this 30" day of September, 2015.
Sunrise on the Monon L.L.C.
By:
5
orized Signature
/4' btc N S . LA.o.,4
Printed Name
Title