HomeMy WebLinkAboutResolution 2018-06 (new amended Revenue Deposit Agreement)RESOLUTION NO. 2018-06
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AUTHORIZING A NEW AMENDED AND RESTATED REVENUE DEPOSIT
AGREEMENT BETWEEN THE CITY OF C'AR1IIEL, INDIANA, AND THE CITY OF
CARMEL REDEVELOPMENT COMMISSION
WHEREAS, within the City of Carmel, Indiana, a governmental unit and political
subdivision of the State of Indiana (the "City"), there has been created the City of Carmel
Redevelopment District (the "District"), governed by the City of Carmel Redevelopment
Commission (the "Commission"), all pursuant to Indiana Code 36-7-14 and -25 (collectively, the
"Act"); and
WHEREAS, the Commission, as the governing body for the District pursuant to the Act,
has previously created certain "allocation areas" in order to capture property tax proceeds
derived from incremental assessed valuation of real and certain depreciable personal property in
such allocation areas which is in excess of the "base assessed value" (such property tax proceeds
hereinafter referred to as "TIF Revenue"), all pursuant to and as described Indiana Code 36-7-
14-39 and Indiana Code 36-7-14-39.3; and
WHEREAS, the Commission has previously incurred certain obligations in order to
finance certain improvements located in, or serving or benefitting, one or more of such allocation
areas, and the Commission reasonably expects to repay such obligations from TIF Revenue to be
received from such allocation areas; and
WHEREAS, the City and the Commission have previously executed the Amended and
Restated Revenue Deposit Agreement, dated as of December 14, 2017 (the "Existing Revenue
Deposit Agreement"), in order to establish a procedure for setting aside the TIF Revenue, as and
when received, for the purpose of ensuring the timely payment of such obligations as the same
shall become due in accordance with their respective terms; and
WHEREAS, a need exists to (a) supplement the list of allocation areas described and
identified on Exhibit A to the Existing Revenue Deposit Agreement by adding (i) the Legacy
Project Allocation Area (less reimbursement portion owed to City), (ii) the KAR Allocation Area
(less company portion), (iii) the Sunrise Allocation Area (less developer portion), (iv) the Motor
Court West Allocation Area and (v) the Meridian & Main — Indiana Spine Group II Allocation
Area (less developer portion) (collectively, the "Additional Allocation Areas"), and (b) make
certain technical corrections to the Existing Revenue Deposit Agreement; and
WHEREAS, the Commission now desires to authorize and approve a new Amended and
Restated Revenue Deposit Agreement, in the form presented at this meeting (the "New Revenue
Deposit Agreement").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS.
I . The Commission hereby authorizes and approves the New Revenue Deposit
Agreement in order to add the Additional Allocation Areas and to make certain technical
corrections thereto. The President and Secretary are hereby authorized to execute the New
Revenue Deposit Agreement on behalf of the Commission, subject to the Common Council's
adoption of a similar resolution authorizing and approving the New Revenue Deposit Agreement
prior to the execution thereof.
2. The President, Vice President and Secretary of this Commission, and each of
them, is hereby authorized and directed to take any and all such further actions and to execute all
such instruments, documents or certificates as may be necessary, desirable or appropriate to
carry out the intent of this Resolution, in such forms as the President, Vice President or Secretary
executing the same shall deem proper, such desirability to be conclusively evidenced by the
execution thereof, and any and all actions previously taken by any member of the Commission or
representatives of the Commission in connection with the foregoing resolutions, be, and hereby
are, ratified and approved.
3. This Resolution shall be in full force and effect after adoption by the Commission.
ADOPTED this 18th day of July, 2018.
DMS 12658799v2
OF
President 1I
n 0 C' i
Vice President
Se etar
2