HomeMy WebLinkAboutResolution 2017-07 (Monon and Main garage contract)I RESOLUTION 2017-07
2 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
3 APPROVING AN INSTALLMENT PURCHASE CONTRACT FOR THE MONON AND MAIN PROJECT
4
5 WHEREAS, The City of Carmel Redevelopment Commission ("CRC'), and Monon and
6 Main, LLC (the "Monon and Main"), executed that certain Project Agreement (Monon and Main) dated
7 December 21, 2016 (the "Project Agreement');
8
9 WHEREAS, all capitalized terms used but not defined herein shall have the meanings
10 ascribed to such terms in the Project Agreement;
11
12 WHEREAS, pursuant to the Project Agreement, CRC acquired the Garage Ground
13 Parcel;
14
15 WHEREAS, pursuant to the Project Agreement, CRC is required to enter into an
16 installment contract with Monon and Main, pursuant to which CRC will purchase from Monon and Main
17 the Garage Air Parcel and the Garage Component on an installment basis (the "Garage Installment
18 Contract');
19
20 WHEREAS, the maximum amount of the obligation under of the Garage Installment
21 Contract shall be $ S, U� , 6H ; , the maximum interest rate associated with the obligation under
22 the Garage Installment Contract shall be (_% per annum, and the maximum term of the obligation
23 under the Garage Installment Contract shall be -�-L years, provisions for redemption before maturity
24 and payment of capitalized interest; provided that the exact terms of the Garage Installment Contract
25 shall be determined by CRC in accordance with the Project Agreement (collectively, the "Garage
26 Installment Contract Terms");
27
28 WHEREAS, pursuant to IC , 36-7-14-2.5, CRC may enter into obligations payable from
29 public funds, including the Garage Installment Contract, only with the approval, by ordinance or
30 resolution, by The Common Council of The City of Carmel, Indiana (the "Council'); and
31
32 WHEREAS, the Council has received and is reviewing Resolution CC 03-06-17-01, which
33 specifically grants the approval required to be obtained by IC 1 36-7-14-2.5 so that, subject to the other
34 requirements of IC , 36-7-14, CRC may enter into the Garage Installment Contract consistent with the
35 Garage Installment Contract Terms.
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
NOW, THEREFORE, BE IT RESOLVED THAT:
The CRC hereby wishes to enter into the Garage Installment Contract consistent with the Garage
Installment Contract Terms and pursuant to the Council's approve of Resolution CC 03-06-17-01. This
Resolution shall be in full force and effect from and after its passage by the CRC as required by law.
Adopted the 15th day of March, 2017.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
C,
Vice President
Member
-2-