HomeMy WebLinkAboutResolution 2017-06 (Sunrise TIF pledge)RESOLUTION NO.2017-06
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"),
governing body of the City of Carmel Department of Redevelopment (the "Department"), has
created the 96t` Street/Hazel Dell Parkway Economic Development Area, has designated a
portion of such area as the Sunrise Allocation Area (the "Allocation Area") for purposes of the
allocation and distribution of property taxes under IC 36-7-14-39, and has created the Sunrise
Allocation Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Sunrise on the Monon Apartments L.L.C. (the "Company") intends to
finance all or a portion of the costs of the design and construction of the projects listed in Exhibit
A hereto (collectively, the "Projects"), which will be located in or physically connected to the
Allocation Area; and
WHEREAS, the Common Council of the City of Carmel has approved the issuance of
the City of Carmel, Indiana, Economic Development Revenue Bonds, Series 2017 (Sunrise on
the Monon Apartments L.L.C. Project), in one or more series (the "Bonds"), the proceeds of
which will be provided to the Company and applied to costs of the Projects; and
WHEREAS, as an inducement to the Company to locate the Projects and related
residential rental development in the City of Carmel, the Commission has agreed to pledge a
portion of the tax increment revenues generated from the Allocation Area to the payment of the
Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as
set forth in this Resolution.
2. Seventy-five percent (75%) of the real property tax increment revenues generated
from the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (such
75%, the "TIF Revenues") shall be set aside and used only as set forth in this Resolution. The
remaining twenty-five percent (25%) of the real property tax increment revenues generated from
the Allocation Area (or the assessed value attributable thereto) may be used by the Commission
for any purpose permitted by law, including the release of assessed value to the taxing units as
provided under the Act.
3. On each January 15 and July 15, beginning July 15, 2017, all TIF Revenues shall
be immediately transferred to the trustee for the Bonds (the "Trustee") for deposit into the funds
and accounts and application in accordance with the trust indenture for any series of Bonds (the
"Indenture").
3. Pursuant to IC 36-7-14-39(b)(3)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in
accordance with the Indenture.
4. The Commission reserves the right to pledge the TIF Revenues to bonds or other
obligations on a parity with the Bonds (the "Parity Obligations"), but only on terms and
conditions approved by, and with the consent of, the Company.
5. Upon the defeasance of the Bonds and any Parity Obligations, any TIF Revenues
remaining in the funds and accounts under the Indenture shall be returned to the Commission for
deposit into the Allocation Fund and may be used by the Commission for any purpose permitted
by law.
6. The officers of the Commission and the Department are hereby authorized and
directed to take such further actions and execute such further documents as they deem necessary
or appropriate to effectuate the issuance of the Bonds and the construction of the Projects,
including without limitation one or more project agreements, consistent with the terms of this
Resolution.
This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 15a' day of March, 2017.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
C_ l
Vice President
Secretary
Mem er
Member
EXHIBIT A
DESCRIPTION OF THE PROJECTS
All or any portion of the design, acquisition, construction, inspection and equipping of
site infrastructure, roadwork, creek improvements and other related improvements in or directly
serving or benefiting the Sunrise Allocation Area, including but not limited to improvements
along Westfield Boulevard, Evenstar Boulevard, 96th Street and Ream Creek.
DMS BDD 4800839v1