HomeMy WebLinkAboutResolution 2019-20 (SRF use for Zotec roundabout)RESOLUTION NO.2019-20
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AUTHORIZING USE OF FUNDS IN THE CARMEL REDEVELOPMENT COMMISSION
SUPPLEMENTAL RESERVE FUND TO FINANCE CERTAIN INFRASTRUCTURE
IMPROVEMENTS
WHEREAS, the City of Carmel, Indiana (the "City") and the City of Carmel
Redevelopment Commission (the "Commission") have executed an Amended & Restated Revenue
Deposit Agreement, dated as of April 9, 2019 (the "RDA") which governs the required uses and
priorities of TIF Revenue (as defined therein) of the Commission; and
WHEREAS, the RDA created a Supplemental Reserve Fund (as defined therein) into which
certain amounts of the TIF Revenue are required to be deposited and held by the Commission; and
WHEREAS, the Commission desires to make a portion of the Supplemental Reserve Fund
available to the Commission to finance all or a portion of the design and construction of
infrastructure improvements, including a roundabout, in the Zotec Allocation Area (the "Project"),
which will support a commercial office project by Zotec Partners, LLC; and
WHEREAS, financing the Project with monies currently deposited in the Supplemental
Reserve Fund will save the City and the Commission in interest and issuance costs associated with a
bond financing; and
WHEREAS, the Common Council of the City (the "Common Council") is anticipated to
adopt a substantially identical resolution approving this proposed use of the Supplemental Reserve
Fund; and
WHEREAS, the Commission now desires to approve the proposed use of the Supplemental
Reserve Fund on the terms and conditions set forth herein.
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, governing body of the City of Carmel Department of Redevelopment, as follows:
Section 1. Authorization of Use of Supplemental Reserve Fund. Notwithstanding the
provisions of the RDA, the Commission hereby authorizes the use of a portion of the Supplemental
Reserve Fund to finance the Project, subject to the following conditions: (a) the maximum amount
of Supplemental Reserve Fund monies that may be used to finance the Project shall not exceed
$1,500,000, (b) the tax increment revenues generated by the Zotec Allocation Area shall first be
used to replenish the Supplemental Reserve Fund up to the amount drawn therefrom to pay for costs
of the Project, and (c) the Common Council shall have approved the proposed use of the
Supplemental Reserve Fund on substantially the same terms and conditions set forth herein.
Section 2. Authorization of Other Actions. Each of the President, Vice President and
Secretary of the Commission is hereby authorized and directed, for and on behalf of the
Commission, to execute and deliver any document 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 document or such person's taking of
such action.
Section 3. Effectiveness. This Resolution shall be in full force and effect from and after
its adoption by the Commission.
ADOPTED this 20t' day of November, 2019.
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