HomeMy WebLinkAboutResolution CC-11-18-19-07 Zotec Infrastructure Funding Sponsors: Councilors Kimball and Rider
RESOLUTION CC-11-18-19-07
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
AUTHORIZING USE OF FUNDS IN THE CARMEL REDEVELOPMENT COMMISSION
SUPPLEMENTAL RESERVE FUND TO FINANCE CERTAIN INFRASTRUCTURE
IMPROVEMENTS
Synopsis:
Resolution authorizes and approves the use of not to exceed$1,500,000 from the CRC's
Supplement Reserve Fund to finance the design and construction of infrastructure improvements,
including a roundabout, in the Zotec Allocation Area, and such amounts drawn shall be repaid
from the tax increment revenues generated by the Zotec Allocation Area.
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 City 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 Commission interest and issuance costs associated with a bond
financing; and
WHEREAS, the Commission is anticipated to adopt a substantially identical resolution
approving this proposed use of the Supplemental Reserve Fund; and
WHEREAS, the Common Council of the City (the "Common Council") 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 Common Council of the City of
Carmel, Indiana, as follows:
1. Authorization of Use of Supplemental Reserve Fund. Notwithstanding the
provisions of the RDA, the Common Council 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 Commission shall have approved the proposed
use of the Supplemental Reserve Fund on substantially the same terms and conditions set forth
herein.
2. Authorization of Other Actions. Each of the Mayor, any member of the
Common Council and the fiscal officer of the City is hereby authorized and directed, for and on
behalf of the City, 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.
3. Effectiveness. This Resolution shall be in full force and effect from and
after its passage by the Common Council and approval by the Mayor as required by law.
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PASSED by the Co on Council of e City of Carmel, this iiY day of Ur COI ( ,
2019, by a vote of -7 ayes and nays.
CO MON COUNCI F THE CITY F C DIAN
Jeff rre 1, residen Ant ny r n
Laura Campbell, Vice Presid nt Bruce Ki ball
R alsLE. Carter evin D. Rider
Sue FJ am 1
ATTES :
Chris ' e Pauley, C c-Treasurer of the ty
of Carmel, Indiana
Presented by me to the Mayor of the City of Carmel, Indian , day of
2019, at //)
a26tChristi Pauley, Clerk- reasurer
Approved by me, Mayor of the City of Carmel, Indiana, this s� day of bF-t eld4Ly
2019, at Gib p.M.
A
Brainard, Mayor
TE ;'
Christine Pau y, Clerk-Treasurer
Prepared by: Bruce D. Donaldson
Barnes&Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS I5332343v1
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