HomeMy WebLinkAboutResolution CC-07-16-18-02 Authorizes the City and the CRC to execute a new Revenue Deposit AgreementSponsor: Councilor Rider
RESOLUTION CC -07-16-18-02
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA,
AUTHORIZING A NEW AMENDED AND RESTATED REVENUE DEPOSIT
AGREEMENT BETWEEN THE CITY OF CARMEL, INDIANA, AND THE CITY OF
CARMEL REDEVELOPMENT COMMISSION
Synopsis:
This resolution approves and authorizes the City and the CRC to execute a new Revenue Deposit
Agreement in order to supplement the list of Allocation Areas governed by the terms of the Revenue
Deposit Agreement and to make certain technical corrections thereto.
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 Common Council now desires to authorize and approve a new Amended
and Restated Revenue Deposit Agreement, id the form presented at this meeting (the "New
Revenue Deposit Agreement").
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, as follows:
Section 1. Approval of New Revenue Deposit Agreement. The Common Council
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 Mayor and the Clerk -
Treasurer are hereby authorized to execute the New Revenue Deposit Agreement on behalf of the
City, subject to the Commission's adoption of a similar resolution authorizing and approving the
New Revenue Deposit Agreement prior to the execution thereof.
Section 2. Authorization of Other Actions. Each of the Mayor, any member of the
Common Council and the Clerk -Treasurer is hereby authorized and directed, for and on behalf of
the City, to execute and deliver execute all such instruments, documents or certificates 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 instruments, documents or certificates or such taking of such action by such officer.
Section 3. 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 4. Repeal of Conflicting Resolutions. All ordinances, resolutions and orders, or
parts thereof, in conflict with the provisions of this Resolution, are, to the extent of such conflict,
hereby repealed.
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.
PASSED by the Common Council of the City of Carmel, this �'day of , 2018,
by a vote of ayes and 0 nays.
COMMON)CAJJWCIlL)OF THE CITY OF CARMEL, INDIANA
Kevin D. Rider, President
No+
Jeff Worrell, Vice President
Laura C bell
Ro d E. Carter
Bruce Kimball
2
ATTEST:
Christinek2axuley, Clerk-TTasurer of the
of Carmel, Indiana
Presented by m to the Mayor of the City of Carmel, Indiana, this �ay of I U
2018, at I.M.
Approved by me, Mayor of the
2018, at —71 –f. M.
Christine auley, Cler yTreasurer
City of Carmel, Indiana, this of
Ch"ne Paulpy, Clerk -Treasurer(/
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS 12659490x2
ames Brainard, Mayor