HomeMy WebLinkAboutResolution 2018-10 (grant for acquisition of 434 S Rangeline))RESOLUTION NO. 2018-10
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT FOR ACOUISITION OF 434 S. RANGELINE
WHEREAS, the City of Carmel, Indiana (the "City") is an Indiana municipal
corporation; and
WHEREAS, the City of Carmel Redevelopment Commission (the "CRC") is a
governmental entity created and authorized to administer certain redevelopment activities within
the City; and
WHEREAS, pursuant to Indiana Code 36-7-14-12.2(25), CRC may provide financial
assistance (including grants and loans) to neighborhood development corporations, including
community development corporations, to permit them to "construct, rehabilitate, or repair
commercial property within the district"; and
WHEREAS, a neighborhood development corporation designated by the President and
Executive Director of CRC (the "NDC") seeks to acquire 434 S. Rangeline Road ("434 S.
Rangeline") for purposes of constructing, rehabilitating, and/or repairing 434 S. Rangeline; and
WHEREAS, 434 S. Rangeline is commercial property within the "district" for purposes
of Indiana Code 37-7-14-12.2(25);
WHEREAS, the NDC will enter into a project agreement (the "Project Agreement")
pursuant to which the NDC will: (a) acquire, on an installment basis, 969 N. Rangeline Road
("969 N. Rangeline"); and (b) swap 969 N. Rangeline for 434 S. Rangeline; and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to:
(a) enter into a grant agreement (the "Grant Agreement") with the NDC, pursuant to which the
CRC will agree to make one or more grants to the NDC, in a total amount not to exceed
$3,000,000.00, to allow the NDC to: (i) acquire, on an installment basis, 969 N. Rangeline; and
(ii) swap 969 N. Rangeline for 434 S. Rangeline; and (b) provide administrative, legal, and other
assistance to the NDC in connection with the NDC's negotiation of, and performance under, the
Project Agreement; all as authorized by Indiana Code 36-7-14-12.2 and other applicable law.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel
Redevelopment Commission that:
1. The foregoing Recitals are fully incorporated herein by this reference.
2. The CRC will execute and deliver the Grant Agreement, the terms of which,
including the amount and timing of each grant thereunder, in a total amount not to
exceed $3,000,000.00, shall be in a form approved by, and satisfactory to, the
President and Executive Director of the CRC, with guidance from the CRC
Finance Committee, which approval and satisfaction shall be conclusively
evidenced by the execution and delivery thereof by the President, Vice President,
Secretary, and/or Executive Director of the CRC.
3. The CRC will execute and delivery such other agreements, instruments,
certificates, and other documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the Grant
Agreement and/or the NDC's negotiation of, and performance under, the Project
Agreement.
4. Each agreement, instrument, certificate, and other document contemplated by this
Resolution to be executed and delivered by the CRC shall be in a form approved
by, and satisfactory to, the President and Executive Director of the CRC, with
guidance from the CRC Finance Committee, which approval and satisfaction shall
be conclusively evidenced by the execution and delivery thereof by the President,
Vice President, Secretary, and/or Executive Director of the CRC.
The President and Executive Director of the CRC are authorized to execute and
deliver all of the agreements, instruments, certificates, and other documents
contemplated by this Resolution to be executed and delivered by the CRC. In the
absence of the President and/or Executive Director, the Vice President and/or
Secretary of the CRC shall be authorized to execute and deliver all of the
agreements, instruments, certificates, and other documents contemplated by this
Resolution to be executed and delivered by the CRC. The President, Executive
Director, Vice President, and/or Secretary are fLuther authorized take all other
lawful actions necessary in connection with the Grant Agreement and the other
matters contemplated by this Resolution.
Adopted this day of I I t , 2018.
CITY OF CARMEL r
REDEVELOPMENT-JOMMISSION
President
C,
Member
Member