HomeMy WebLinkAboutResolution 2020-11 (The Corner TIF Pledge)RESOLUTION NO. 2020-11
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE BONDS OF THE CITY OF
CARMEL (THE CORNER ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the “Commission”) has
commenced the process of creating The Corner Allocation Area (the “Allocation Area”) for
purposes of the allocation and distribution of property taxes under IC 36-7-14-39, and
accordingly anticipates creating The Corner Allocation Area Fund (the “Allocation Fund”)
pursuant to IC 36-7-14-39; and
WHEREAS, Kite Realty Group, or an affiliate or designee 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 will be directly
serving the Allocation Area; and
WHEREAS, the City of Carmel Economic Development Commission (the “Economic
Development Commission”) and Common Council of the City of Carmel (the “Common
Council”) are considering the issuance of the City of Carmel, Indiana, Economic Development
Tax Increment Revenue Bonds, Series 20__ (The Corner 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 in the City of
Carmel, the Commission has agreed to pledge the tax increment revenues generated from the real
property of the Company in 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. One hundred percent (100%) 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 (the “TIF Revenues”) shall be set aside and used only as set forth in this Resolution.
3. On each January 15 and July 15, beginning July 15, 2022, 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”).
DocuSign Envelope ID: D26CBC88-A8D6-4C71-8143-2D639BE84694
4. 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.
5. Upon the defeasance of the Bonds, any moneys 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. This Resolution shall be contingent upon (i) the approval of the Bonds by the
Economic Development Commission and the Common Council, and (ii) the completion of all
statutory requirements to create the Allocation Area.
7. This Resolution take effect immediately following satisfaction of the final
outstanding contingency stated in Section 6 above.
Adopted the 20th day of May, 2020.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
Vice President
Secretary
Member
Member
DocuSign Envelope ID: D26CBC88-A8D6-4C71-8143-2D639BE84694
EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of the design and construction of infrastructure improvements, utility
relocations and site improvements to support a mixed use project development in The Corner
Allocation Area consisting of apartments, office/commercial space and a parking garage.
DMS 15872626.1
DocuSign Envelope ID: D26CBC88-A8D6-4C71-8143-2D639BE84694