HomeMy WebLinkAboutResolution 2016-11 (developer fee policy)THE CITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 2016-11
WHEREAS, members of the staff of the Cityof Carmel Redevelopment Commission ("CRC')
devote many hours to ensuring that each redevelopment project with respect to which bonds are issued (each,
a "Redevelopment Project") is structured and administered in a manner that provides the best end -result for
the City of Carmel, Indiana, CRC, and the applicable developer;
WHEREAS, the costs associated with such time are not insignificant;
WHEREAS, to aid in alleviating such costs, it has been proposed that, from and after the date
hereof, agreements for Redevelopment Projects (including, without limitation, project agreements and/or bond
documents) (the "Project Documents") will require the applicable developer to pay to CRC an administrative
fee in an amount equal 0.4% of the face value of the bonds (the "Administrative Fee"); and
WHEREAS, pursuant to the Project Documents, the Administrative Fee would be paid by the
developer at the time of the issuance of the bonds;
NOW, THEREFORE, BE IT RESOLVED THAT:
CRC hereby approves: (a) requiring developers under Project Documents to pay the Administrative Fee; and
(b) payment of the Administrative Fee by the developer at the time of the issuance of the applicable bonds.
Passed by the City of Carmel Redevelopment Commission this 18th day of May, 2016, by a
vote of—.ayes and 0 nays.
CITY OF CARMEL REDEVELOPMENTCOMMI SI
By:
MMI
iam Karnmert Pres dent
By: 4 Preim+
David C. Bowers, Vice President
By.ti ,re ri+
Heny/Mestetsky,
By:
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Carmel\Resolutions\Resolution-Developer Fee.wpd
William