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HomeMy WebLinkAboutD-2366-17 Amending D-2234-16 Proscenium ProjectSponsor: Councilor Worrell ORDINANCE D-2366-17 AS AMENDED AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AMENDING ORDINANCE D-2234-15 IN CONNECTION WITH THE PROSCENIUM PROJECT Synopsis: Ordinance amends the Council's previous approval of the City's economic development revenue bonds for the Proscenium Project by acknowledging that 100% of the TIF Revenues from such project will be pledged to the repayment of such bonds and increases the maximum authorized principal amount of bonds to be issued for the project from $8, 000, 000 to $12,500, 000. WHEREAS, the City of Carmel, Indiana (the "City"), is a municipal corporation and political subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9 and I.C. 36-7-12 (collectively, the "Act"), is authorized and empowered to adopt this ordinance (this "Bond Ordinance") and to carry out its provisions; WHEREAS, on December 7, 2015, the Common Council of the City (the "Common Council") adopted Ordinance D-2234-15 (the "Original Ordinance") for the purpose of (1) authorizing the issuance of the Bonds (as defined in the Original Ordinance), in an aggregate principal amount not to exceed $8,000,000, to finance the costs of the Projects (as defined in the Original Ordinance) to be undertaken by Carmel Development II, LLC, or an affiliate thereof (the "Company") in connection with its mixed use development in or directly serving and benefiting the Proscenium Allocation Area, and (2) approving the Financing Agreements (as defined in the'Original..Ordinance) which secure the payment of such Bonds; and WHEREAS, the forms of the Financing Agreements approved by the Original Ordinance contemplated that the Carmel Redevelopment Commission (the "CRC") would set aside and pledge 75% of the real property tax increment revenues from the Proscenium Allocation Area derived from the Company's mixed use development (the "TIF Revenues") to the repayment of the Bonds, and the remaining 25% :of such TIF Revenues would be retained in the allocation fund for the Proscenium Allocation Area and used by the CRC for any purpose permitted by law; and WHEREAS, due to the requirements of the Company's construction lender for the mixed use development and an increase in the estimated costs of the Projects, the CRC now desires to set aside and pledge 100% of the TIF Revenues to the repayment of the Bonds and requests that the Council increase the maximum principal amount of the Bonds authorized to be issued to finance the Projects; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, THAT: VERSION A - 06/05/17 Section 1. Modification of Financing Approval and Authorization of Bonds. The Common Council hereby approves the use of 100% of the TIF Revenues to secure the repayment of the Bonds. The issuance of the Bonds, payable solely from revenues and receipts derived from the Financing Agreements, which shall be modified as contemplated herein, is hereby authorized. The Bonds are hereby authorized to be issued in the aggregate principal amount not to exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000). Section 2. Construction with Original Ordinance. This Ordinance is hereby intended to amend and supplement the Original Ordinance, and to the extent of any inconsistencies or conflicts, if any, between any provision or provisions of this Ordinance and the Original Ordinance, the provisions of this Ordinance shall be controlling and binding. Except as otherwise expressly provided herein, all of the findings, terms, conditions and provisions of the Original Ordinance are hereby ratified and affirmed, and shall continue in full force and effect. Section 3. Binding Effect. The provisions of this Ordinance and the Financing Agreements shall constitute a binding contract between the City and the holders of the Bonds, and after issuance of the Bonds this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the holders of the Bonds as long as the Bonds or interest thereon remains unpaid. Section 4. Severability. If any part of this Ordinance shall be adjudged to be invalid by a court of proper jurisdiction, it shall be conclusively presumed that the Common Council would have passed the remainder of this Ordinance without such invalid part. Section 5. Repeal. All ordinances or parts of ordinances in conflict herewith are hereby repealed. . Section 6. Effectiveness. This Resolution shall be in full force and effect from and after its adoption by the Common Council and upon compliance with the procedures required by law. �f� PASSED by the :Cornton Council of e City of Carmel, this day of 2017, by a vote of 6— ayes and nays. 4o-nald E. Carter A - 06/05/17 HE CITY OF ARMEL, INDIANA IMS f�yvt Anthony Gr7n N' 0� � <"1�0 -� 2 Jruce ball Je f ell A ES )Christine Pauley, erk-Treasurer of d% City of Carmel, Indian Presented by me to the Mayor of the City of Carmel, a, this' day of [A� , 2017, at .30 &_.M. -hristine Pauley, Qferk-Treasurer Approved by me, Mayor of the City of Carmel, Indiana, this b " day of , 2017, at I M. t J es Brainard, Mayor G\ Christine Pauley, Cl e ;kl Treasurer Prepared by: Bruce D. Donaldson Barnes & Thornburg LLP 11 South Meridian Street Indianapolis, IN 46204 DMS 9952871x2 VERSION A — 06/05/17