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HomeMy WebLinkAbout04-04-18-03/Requesting the Financing, Construction, and Dedication of Certain Infrastructure or Other Impact Zone Improvements in Lieu of and as a Credit Against the Payment of Parks and Recreation Impact FeesRESOLUTION NO. BPW 04-04-18-03 A RESOLUTION REQUESTING THE FINANCING. CONSTRUCTION. AND DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER IMPACT ZONE IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST THE PAYMENT OF PARKS AND RECREATION IMPACT FEES ("PRIF") AND APPROVING A PRIF CREDIT AGREEMENT WHEREAS, Indiana Code 36-7-4-1335 permits the application of a credit against the payment of impact fees for persons who construct or provide certain infrastructure or other improvements of a type for which a unit imposes an impact fee in an impact zone; and, WHEREAS, City of Carmel Unified Development Ordinance § 1.3(F) permits the City of Carmel Board of Public Works and Safety ("Board") to request that any person otherwise required to pay PRIF to instead finance, construct, and dedicate certain infrastructure or improvements in the Parks and Recreation Infrastructure Impact Zone ("Impact Zone") located in Clay Township, Indiana and over which the City of Carmel, Indiana ("City") exercises planning and zoning jurisdiction; and, WHEREAS, City of Carmel Unified Development Ordinance §1.3(F) also permits the Board to determine the amount of PRIF credit any person requested to finance, construct, and dedicate certain infrastructure or improvements in the Impact Zone in lieu of PRIF payment shall receive, and to memorialize this determination in a credit agreement ("Credit Agreement"); and, WHEREAS, the Board now desires to request that Midtown Carmel Capital Partners L.L.C., an Indiana limited liability company ("Midtown"), finance those certain infrastructure or improvements set for the on attached Exhibit A, the same being incorporated herein by this reference, in exchange for a PRIF credit the Board has determined should be in the amount of exactly Five Hundred Eight Thousand Five Hundred Ninety Nine Dollars ($508,599.00); and, WHEREAS, Midtown shall execute and return to the Board, by and through the Carmel Corporation Counsel, the Credit Agreement set forth on attached Exhibit B, the same being incorporated herein by this reference, prior to the issuance of the improvement location fee for that certain improvement identified on attached Exhibit C, the same being incorporated herein by this reference; and, WHEREAS, PRIF in the amount of $508,599.00 is due and owing by Midtown to the City by virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF"); and, WHEREAS, upon receipt of the payment as specified under the Credit Agreement, the City shall promptly enter the PRIF credit identified herein against Midtown's Targeted PRIF obligations. NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City of Carmel, Indiana as follows: 1. The foregoing Recitals are incorporated herein by this reference. 2. The Board hereby requests that Midtown Carmel Capital Partners, L.L.C. contribute $508,599.00 toward the construction of those certain infrastructure or improvements set forth on attached Exhibit A, in exchange for a PRIF credit of exactly $508,599.00, pursuant to the terms and conditions set forth hereinabove. 3. The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit B. 4. That Jeremy Kashman, on behalf of the City and the Board, is hereby authorized and directed to take such actions as are lawful, necessary, and proper to effectuate the transaction approved by this Resolution. SO RESOLVED. Approved and adopted this. day of , 2018. CARMEL BOARD OF PUBLIC WORKS AND SAFETY By: ©� ke-revv� James Brainard, Presiding Officer Date: A S . �aL Y-1 istine Pauley ler 7Treasur Date: �// 1 anvc�t,m I T -----= - --� - i; - �.� - �- 4 �: •aver - ewea�me � i 1 , STG QTY Of cmm DETAIL GRADING PIAN uern eaa+�ovi, �trc�rr 0 3 4 1('7 I— ,i 1 i 1 �14 Ir i—mv vmmauo kt—ir, I 1 1 I 1 I i i i—mv vmmauo kt—ir, I 1 j 1 1 1 I 1 1 I 1 i :y Me amEWEL- 1:01 IN 14 4A, . ....... 5. qq Al Affl. 61 L,JQL- "i *,w C� r9 F -I F] I EXHIBIT B PRIF CREDIT AGREEMENT COMES NOW Midtown Carmel Capital Partners, LLC, an Indiana limited liability company ("Midtown"), by its undersigned, duly authorized agent, and states as follows: Midtown hereby agrees to contribute $508,599.00 toward the construction of those certain infrastructure items or public improvements set forth in attached Exhibit A, the same being incorporated herein by this reference, in exchange for a Parks and Recreation Impact Fee ("PRIF") credit not to exceed $508,599.00, as defined in Exhibit A. Midtown shall deposit the entire credited amount of PRIF into the City's 2016 COLT Bond Construction Fund. The deposited PRIF will be drawn upon to partially finance the construction of the improvements detailed in Exhibit A. After the improvements are completed and have been accepted by the Carmel Board of Public Works and Safety, any remaining unused PRIF shall be made available for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City. SO AGREED this day of , 2018. Midtown Carmel Capital Partners, LLC LIN Authorized Signature Printed Name Title N b11D/VNMm• w• O 0 0 N'liHiMD S ■ 0 1 1 1 • NYTd 'i"lY?13ND W OIf11S t QNV 1L�212id9 � 14�3M NIv101QIW ?JOO'ld H12lf1�� �l � .LJfliFUf3• IN'q S� �i r., i ISR ►� i i t it I M�M�won ®T4 ten. N ri'IOdAM@� +.e � A O • • N T� •••••� WII•) w..r w � e ^ -No■011)fI vq O' � M O M O l� IS 'MLL2tdd �11�2iT1'd9 i@ O { 1a� ILLL.....LLLL.... X 153M NMo141W H1TJflOd . OW lit CoA �'A071/y 13Yll.731DtlCCM' M•N•••1•M•) 193 �iOV I� OIa�V ■ • 1 1 1 • 7Nt 'A"13�1015 �� 151 NMOIQIW � H1?JnD� TdLLT1`dd QNN 1.132RIHfl JJGIHX3. O8 In 'JOOiVU �U:F3li�N K 9�MM�! �olilO4tll . .,Mow,) W 01af11Sa► vi s �'�i ls�+'"ounw xkoo-» H"I� 118IHX3. �JC5 2 O L® ` I PARTIAL FIFTH MIDTOM VO—=5T FLOOR 1^4E5T e r � � o'■ Fi s u�i �N Do— BARRETT AND 5TOKELY, MG STUDIO M AnMIMCILM 1 PLMrMr ur 0 J M, R aO- 'ExH1811 RE) 6a(�-7 BARRETT O PARTIAL FIFTH j MfDTONAJ YVEST ZoC KELY, MG STUDIO f1/ p FLOOR EAST o I a •■ a PL##*0 C; L.I.netw■ V V F I ~ 0■• n p WvL.~oLfs. 84 I f L y �- =-r r_ us•.wa/ \ _ " p •• .. �� �f'� •. � � ri l�uewmnunuvRA C � a '_a Ira•• ` `, �. I fes..- -�_. _ . _ '..a+ - . _ ,., 1' r o,_ w�i� w. r 8 �r � ,•\ �( ... �. , .-� V` � ..�- ten+. w u.e+w NORTH 17 antK �.om -{`: r .i'.•..,. ' "'�e,. i ® .�as.r+. rc Ct ZQ ot 40+......... n u FT m o. •wrww. I e. I t� Occ 'J ?: \ f�GM EXHIBIT B PRIF CREDIT AGREEMENT COMES NOW Midtown Carmel Capital Partners, LLC, an Jndiana limited liability company ("Midtown"), by its undersigned, duly authorized agent, and states as follows: Midtown hereby agrees to contribute $508,599.00 toward the construction of those certain infrastructure items or public improvements set forth in attached Exhibit A, the same being incorporated herein by this reference, in exchange for a Parks and Recreation Impact Fee ("PRIF") credit not to exceed $508,599.00, as defined in Exhibit A. Midtown shall deposit the entire credited amount of PRIF into the City's 2016 COIT Bond Construction Fund. The deposited PRIF will be drawn upon to partially finance the construction of the improvements detailed in Exhibit A. After the improvements are completed and have been accepted by the Carmel Board of Public Works and Safety, any remaining unused PRIF shall be made available for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City. SO AGREED this a lt'kiay of Kar C1 2018, Midtown Carmel Capital Partners, LLC B : �i �5 K,(k+ot l—( C,1 �� i`la-vc: c��� Author►z tgnature Printed Name -, r Title BPW Resolution No. 01-03• l3-xx Midtown West, L.L.C. Page 13 This Resolution was prepared by Jon Obeflander, Carmel Senior Assistant City Attomey.