HomeMy WebLinkAboutCC-03-06-17-01 CRC and Monon and Main LLC PartnershipSponsors: Councilors Worrell and
Finkam
RESOLUTION CC 03-06-17-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
APPROVING CRC INSTALLMENT PURCHASE CONTRACT
Synopsis: The Carmel Redevelopment Commission (CRC) and Monon and Main LLC
have agreed to a public private partnership structure. This resolution would approve the
CRC to pursue an Installment Purchase Contract with a banking institution to fund the
construction of a 200 -car public parking garage.
WHEREAS, The City of Carmel Redevelopment Commission ("CRC'), and Monon and
Main, LLC (the "Monon and Main"), executed that certain Project Agreement (Monon and Main) dated
December 21, 2016 (the "Project Agreement");
WHEREAS, all capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Project Agreement;
WHEREAS, pursuant to the Project Agreement, CRC acquired the Garage Ground
Parcel;
WHEREAS, pursuant to the Project Agreement, CRC is required to enter into an
installment contract with Monon and Main, pursuant to which CRC will purchase from Monon and Main
the Garage Air Parcel and the Garage Component on an installment basis (the "Garage Installment
Contract');
WHE AS, the maximum amount of the obligation under of the Garage Installment
Contract shall be $00v C) ) e— the maximum interest rate associated with the obligation under
the Garage lnstallm_erft Contr ct shall be 1_%�,,�er annum, and the maximum term of the obligation
under the Garage Installment Contract shall be years, provisions for redemption before maturity
and payment of capitalized interest; provided that the exact terms of the Garage Installment Contract
shall be determined by CRC in accordance with the Project Agreement (collectively, the "Garage
Installment Contract Terms");
WHEREAS, pursuant to IC 1 36-7-14-2.5, CRC may enter into obligations payable from
public funds, including the Garage Installment Contract, only with the approval, by ordinance or
resolution, by The Common Council of The City of Carmel, Indiana (the "Council'); and
WHEREAS, the Council specifically grants the approval required to be obtained by IC
36-7-14-2.5 so that, subject to the other requirements of IC 1 36-7-14, CRC may enter into the Garage
Installment Contract consistent with the Garage Installment Contract Terms.
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Sponsors: Councilors Worrell and
Finkam
NOW, THEREFORE, BE IT RESOLVED THAT:
The Council hereby grants the approval required to be obtained pursuant to IC 1 36-7-14-2.5 in
connection with the CRC's entering into, and performing under, the Garage Installment Contract
consistent with the Garage Installment Contract Terms. This Resolution shall be in full force and effect
from and after its passage by the Council and approval by Mayor Brainard as required by law.
�7
Passed by the Common Council of the City of Carmel, Indiana, this day of March, 2017, by a vote of
ayes and 0 nays.
By:
SUE
By:
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
Ronald.E. C er, Member
By: d
Jeff
By: v
Anthony Gr n e ler
Attest: ?
C , Cle -Tre surer,
City of Carmel, Indiana
i
c9 f �rPS-P�l
Kevin D. Rider, Vice -President
Bn
Bruce Kimball, Member
Laura Campbell, Member
n d� 0�1
Presented by me to the Mayor of the City of Carmel, Indiana, this d of ch, 2017, at h,
B:
hristine S. Paule Clerk -Treasurer,
ity of Carmel, Inc na
a
Approved by me, Mayor of the City of Carmel, Indiana, thisO day of March, 2017, at
By:
Jam Bra} ard, Mayor
-2-
le S. PauleVa
Clerk-Treasure
Carmel, India
Sponsors: Councilors Worrell and
Finkam
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55 Prepared by: Ryan R. Wilmering, Esq., One Indiana Square, Suite 2300, Indianapolis, Indiana 46204.
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