HomeMy WebLinkAboutResolution 2020-02 (Grant Agreement with CMCDC)RESOLUTION NO.2020-02
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT AGREEMENT IN SUPPORT OF CMCDC MORTGAGE LOAN
WHEREAS, the City of Carmel, Indiana (the "City") is an Indiana municipal
corporation; and
WHEREAS, the City of Carmel Redevelopment Commission (the "CRC") is a
governmental entity created and authorized to administer certain redevelopment activities within
the City; and
WHEREAS, pursuant to Indiana Code 36-7-14-12.2(25), CRC may provide financial
assistance (including grants and loans) to neighborhood development corporations to permit
them to "construct, rehabilitate, or repair commercial property within the district"; and
WHEREAS, Carmel Midtown Community Development Corporation ("CMCDC") is a
nonprofit corporation organized and operating pursuant to the provisions of the Indiana
Nonprofit Act of 1991, as amended, Indiana Code 23-17; and
WHEREAS, CMCDC is a "neighborhood development corporation" for purposes of
Indiana Code 36-7-14-12.2(25); and
WHEREAS, CMCDC owns or will own that certain real estate commonly known as 620
S. Rangeline Road (the "CMCDC Real Estate"); and
WHEREAS, CMCDC is pursuing a mortgage loan on all or a portion of the CMCDC
Real Estate (the "Loan"); and
WHEREAS, CMCDC intends to use the proceeds of the Loan to construct, rehabilitate,
and/or repair commercial properties within or near the Carmel City Center; and
WHEREAS, the Carmel City Center is within the "district" for purposes of Indiana Code
36-7-14-12.2(25); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to:
(a) enter into a grant agreement (the "Grant Agreement") with CMCDC, pursuant to which CRC
will agree to grant to CMCDC any portion of the debt service payments on the Loan as and when
due to the extent other funds available to CMCDC are insufficient to make such debt service
payments; and (b) assist CMCDC in obtaining the Loan; all as authorized by Indiana Code 36-7-
14-12.2 and other applicable law.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel
Redevelopment Commission that:
1. The foregoing Recitals are fully incorporated herein by this reference.
2. In connection with the closing of th
deliver the Grant Agreement, which
Loan as additional security therefor.
e
Loan, if any, the CRC will execute and
CMCDC will pledge to the lender of the
The CRC will execute and delivery such other agreements, instruments,
certificates, and other documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the Grant
Agreement and/or CMCDC's obtaining the Loan, including, without limitation,
identifying potential lenders and assisting CMCDC in the negotiation of the terms
of the Loan.
4. Each agreement, instrument, certificate, and other document contemplated by this
Resolution to be executed and delivered by the CRC shall be in a form approved
by, and satisfactory to, the President and Executive Director of the CRC, with
guidance from the CRC Finance Committee, which approval and satisfaction shall
be conclusively evidenced by the execution and delivery thereof by the President,
Vice President, Secretary, and/or Executive Director of the CRC.
5. The President and Executive Director of the CRC are authorized to execute and
deliver all of the agreements, instruments, certificates, and other documents
contemplated by this Resolution to be executed and delivered by the CRC. In the
absence of the President and/or Executive Director, the Vice President and/or
Secretary of the CRC shall be authorized to execute and deliver all of the
agreements, instruments, certificates, and other documents contemplated by this
Resolution to be executed and delivered by the CRC. The President, Executive
Director, Vice President, and/or Secretary are further authorized take all other
lawful actions necessary in connection with the Grant Agreement, the Loan, and
the other matters contemplated by this Resolution.
Adopted this day of January, 2020.
CITY OF CARMEL
ice President ,
Member
Member