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HomeMy WebLinkAboutCC-05-15-17-01 Amends Resolution CC-02-15-16-02 Midtown South Projectti Sponsor: Councilor Worrell RESOLUTION CC -05-15-17-01 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AMENDING RESOLUTION CC -02-15-16-02 IN CONNECTION WITH THE MIDTOWN SOUTH PROJECT Synopsis: Resolution amends the Council's previous approval of the Redevelopment Authority bonds for the Midtown East and South projects by extending the maximum term and capitalized interest period for the final series of bonds to be issued for the Midtown South project. WHEREAS, the City of Carmel Redevelopment Authority (the "Authority") has been created pursuant to Indiana Code 36-7-14.5 as a separate body corporate and politic, and as an instrumentality of the City of Carmel, Indiana (the "City") to finance local public improvements for lease to the City of Carmel Redevelopment Commission, as the governing body of the City of Carmel Redevelopment District; and WHEREAS, on March 7, 2016, the Common Council of the City (the "Common Council") adopted Resolution CC -02-15-16-02 (the "Original Resolution") for the purpose of authorizing certain terms and conditions of the Bonds (as defined in the Original Resolution) and approving the Lease (as defined in the Original Resolution) which secures the payment of such Bonds; and WHEREAS, on March 23, 2016, the Authority adopted a resolution authorizing the issuance of the Bonds, in one or more series, in a maximum original principal amount not to exceed $20,000,000, for the purposes of. (a) financing all or a portion of the Projects (as defined in the Original Resolution); (b) if necessary, funding a debt service reserve fund or paying the premiums one or more debt service reserve fund credit facilities, if any; (c) if necessary, paying capitalized interest on the Bonds; and (d) paying all costs incurred on account of or in connection with the issuance and sale of the Bonds, including the premiums for any credit enhancement or credit facility purchased in connection with the issuance of the Bonds; and WHEREAS, on August 4, 2016, the Authority issued the first series of the Bonds, designated as the City of Carmel Redevelopment Authority Taxable Lease Rental Bonds, Series 2016D (Midtown Phase lA Projects), in the original principal amount of $10,890,000. (the "2016 Bonds"), for the purpose of providing funds to finance a portion of the Projects, pay the premium for a debt service reserve fund credit facility, pay capitalized interest on the 2016 Bonds, and pay all costs incurred on account of or in connection with the issuance and sale of the 2016 Bonds; and WHEREAS, the Authority now desires to issue an additional. series of the Bonds, anticipated to be designated as the City of Carmel Redevelopment Authority Taxable Lease Rental Bonds, Series 2017A (Midtown South Projects) (with such further or different series designation as determined to be necessary or desirable) (the "2017 Bonds"), for the purpose of providing funds to finance all or a portion of the remaining Projects, fund a debt service reserve fund or pay the premium for a debt service reserve fund credit facility, pay capitalized. interest on the 2017 Bonds, and pay all costs incurred on account of or in connection with the issuance and sale of the 2.017 Bonds; and r. WHEREAS, the Original Resolution provided that any series of the Bonds would have a final maturity date no later than January 15, 2041, and that interest on any series of the Bonds may be capitalized through a date no later than July 15, 2019; and WHEREAS, due to the current status of the developer project related to the Midtown South project and the anticipated completion date thereof, the Common Council now desires to modify the Original Resolution in order to extend the final maturity date and the capitalized interest period with respect to the 2017 Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, as follows: Section 1. Modification of Final Maturity Date and Capitalized Interest Period. Notwithstanding any provision in the Original Resolution to the contrary, the Common Council hereby approves the issuance of the 2017 Bonds by the Authority, pursuant to Indiana Code 36-7- 14.5-19, subject to the following modified conditions: (a) the 2017 Bonds shall mature no later than. January 15, 2042; and (b) interest on the 2017 Bonds may be capitalized through a date no later than January 15, 2021. Section 2. Construction with Original Resolution. This Resolution is hereby intended to amend and supplement the Original Resolution, and to the extent of any inconsistencies or conflicts, if any, between any provision . or provisions of this Resolution and the Original Resolution, the provisions of this Resolution shall be controlling and binding. Except as otherwise expressly provided herein, all of the terms, conditions and provisions of the Original Resolution are hereby ratified and affirmed, and shall continue in full force and effect. Section 3. Authorization of Other Actions. Each of the Mayor, any member of the Common Council and the Clerk -Treasurer, and any other officer, employee or agent of the City is hereby authorized and directed, for and on behalf of the City, to execute and deliver any contract, deed, agreement, certificate, instrument or other document and to take any action as such person determines to be necessary or appropriate to accomplish the purposes of this Resolution, such determination to be conclusively evidenced by such person's execution of such contract, deed, agreement, certificate, instrument or other document or such person's taking of such action. Section 4. Severability. If any part of this Resolution 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 Resolution without such invalid part. Section 5. 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. 2 _4 PASSED by the Common Council of the City of Carmel, this � day of 1`" ' , 2017, by a vote of ayes and 0 nays. COMMON COUNCIL OF TH E K&vin D. Rider, Vice President Laura Campbell nald E. Carter AT Christine Paule , Clerk -Treasurer 4f the City of Carmel, Indiana Presented b o the Mayor of the City of Carmel, Indiana, this �� day of Aw 2017, at Y� .M. Z7 Christine Pauley, C erk-Treasurer f0- // Approved by me, Mayor of the City of Carmel, Indiana, this yday of IYJW , 2017, at & P.M. J ' es Brainard, Mayor TES stine Paule , Clerk -Treasurer Prepared by: Bruce D. Donaldson Barnes & Thornburg LLP 11 South Meridian Street Indianapolis, IN 46204 DMS 7694306v2 3