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HomeMy WebLinkAboutBPW-11-04-15-05 - Financing Construction and Dedication of Certain INfrastructure PRIF CreditRESOLUTIONS NO. BPW 11 -04-15-05 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 Cannel 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 Cannel Zoning Ordinance 29.07.05 also permits the Board to determine the amount of PRIF credit any person requested to Finance, constnict, 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 Monon Apartments L.L.C., an Indiana limited liability company ("Sunrise Apartments"), 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 be in the amount of exactly Five hundred Nineteen Thousand Nine Hundred Thirty-six Dollars ($519,936.00); and, WHEREAS, Sunrise Apartments 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 $519,936.00 is due and owing by Sunrise Apartments to the City by virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF"); and, WHEREAS, Sunrise Apartments' 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 Apartments' 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, 11 -04-1 5-05 Sunrise on the Monon Apartments LLC. Page 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 Apartments 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 5519,936.00, 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. Vert `. Approved and adopted this day of , 2015. CARMEL BOARD OF PUBLIC WORKS AND SAFETY Lori S./Watso Date: 1 ATT .. ST: ana L. Cordray, IA 1; Clerk -Treasurer Date: jt- —/5 BPW Resolution No. 11 -04-15-05 Sunrise on the Monon Apartments I..L.C. Page 12 This Resolution was prepared by Andrew Greenwood, Esq. EXHIBITA Sunrise on the Monon Apartments L.L.C. EXIIIBI'I' 13 PRIF cREUrr AGREEMENT CONIES NOW Sunrise on the Monett Apartments L.L.C., an Indiana limited liability company ("Sunrise Apartments"), by its undersigned duly authorized agent, and states as follows: Sunrise Apartments hereby agrees to finance, design, construct, and dedicate to the City of Cannel, 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 5519,936.00, as defined in Exhibit A. Sunrise Apartments 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 30th day of September, 2015. Sunrise on the Motion Apartments L.L.C. By: horized Signature Printed Name Seder---( Title PRIF CREDIT AGREEMENT EXHIBIT A Sunrise on the Monon Apartments L.L.C.