HomeMy WebLinkAboutResolution 2017-08 (Proscenium TIF pledge amendment)RESOLUTION NO.2017-08
AN AMENDED AND RESTATED 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, INDIANA (PROSCENIUM PROJECT)
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"),
governing body of the City of Carmel Department of Redevelopment (the "Department"), has
created the Integrated 126t' Street Economic Development Area, has designated a portion of
such area as the Proscenium 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
Proscenium Allocation Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Carmel Development II, LLC, or an affiliate thereof (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, Indiana (the "City") has
approved the issuance of the City of Carmel, Indiana, Economic Development Revenue Bonds,
Series 2015 (Proscenium Project) (with such further or different series designation as may be
necessary, desirable or appropriate, including such series designation to indicate the year in
which the bonds are issued), 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 mixed
use development in the City, the Commission has agreed to pledge the tax increment revenues
generated from the Allocation Area to the payment of the Bonds; and
WHEREAS, on December 21, 2015, the Commission adopted its resolution (the
"Original Resolution") pledging a portion of the TIF Revenues (as defined herein) to the
repayment of the Bonds, and due to the requirements of the Company's construction lender for
the mixed use development, the CRC now desires to set aside and pledge 100% of the TIF
Revenues to the repayment 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 (the "TIF Revenues") shall be set
aside and used only as set forth in this Resolution.
2. On each January 15 and July 15 during the term of the Bonds, 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. Upon the defeasance of the Bonds, 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.
5. 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.
6. This Resolution is hereby intended to amend and restate the Original Resolution,
and to the extent of any inconsistencies or conflicts, if any, between any provision or provisions
of this Resolution and the Original Resolution, the provisions of this Resolution shall be
controlling and binding. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 17t' day of May, 2017.
CITY OF CARME REDEVELOPMENT
O�T S ION
ar
ly
resident
Vice President
EXHIBIT A
DESCRIPTION OF THE PROJECTS
The design and construction of infrastructure improvements, including parking, street
development, utility relocations and/or streetscape development, all to support a proposed mixed
use residential, retail and office development generally to be located in the northwest quadrant of
the intersection of Carmel Drive and Rangeline Road, in the City of Carmel, Indiana.
DMS 9953669v1