HomeMy WebLinkAboutResolution 2017-17 (Spine Group II TIF pledge)RESOLUTION NO. 2017-17
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
created the Old Meridian Economic Development Area, has designated a portion of such area as
the Meridian & Main—Indiana Spine Group II Allocation Area (the "Allocation Area") for
purposes of the allocation and distribution of property taxes under IC 36-7-14-39, and has
created the Meridian & Main—Indiana Spine Group 11 Allocation Area Fund (the "Allocation
Fund") pursuant to IC 36-7-14-39; and
WHEREAS, ISH Real Estate Investments, LLC, or an affiliate thereof (the "Borrower")
intends to finance all or a portion of the costs of the design and construction of the projects listed
in Exhibit A hereto (collectively, the "Projects"), which will be located in or physically
connected to the Allocation Area; and
WHEREAS, the City of Carmel Economic Development Commission has approved the
issuance of the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds, Series
2017 (Indiana Spine Group II Project), in one or more series (the "Bonds"), the proceeds of
which will be lent to the Borrower and applied to costs of the Projects; and
WHEREAS, as an inducement to the Borrower to locate the Projects in the City of
Carmel, the Commission has agreed to pledge a portion of the tax increment revenues generated
from the real property of the Borrower in the Allocation Area to the payment of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as
set forth in this Resolution.
2. Fifty percent (50%) of the real property tax increment revenues generated from
the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (the "TIF
Revenues") shall be set aside and used only as set forth in this Resolution. The remaining fifty
percent (50%) of the real property tax increment revenues generated from the Allocation Area
(or the assessed value attributable thereto) may be used by the Commission for any purpose
permitted by law, including the release of assessed value to the taxing units as provided under
the Act.
3. On each January 15 and July 15, beginning July 15, 2018, all TIF Revenues shall
be immediately transferred to the trustee for the Bonds (the "Trustee") for deposit into the funds
and accounts and application in accordance with the trust indenture for any series of Bonds (the
"Indenture").
3. Pursuant to IC 36--7-14-39(b)(2)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in
accordance with the Indenture.
4. Upon the defeasance of the Bonds, any moneys remaining in the funds and
accounts under the Indenture shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 18th day of October, 2017.
CITY OF CARMEL REDEVELOPMENT
COM ISS ON
President
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Vice President
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EXHIBIT A
DESCRIPTION OF PROJECTS
Proposed Infrastructure Improvements
Site work, utility work and related infrastructure improvements located on or serving and
benefiting the Meridian & Main — Indiana Spine Group II Allocation Area within the Old
Meridian Economic Development Area. The Old Meridian Economic Development Area is
situated at the northeast corner of U.S. 31 and Main Street.
DMS PBERNARD 109110550