HomeMy WebLinkAboutD-2572-21 Amends the Council's Previous Approval of the Economic Development Revenue Bonds for the North End ProjectSponsor: Councilor Rider
ORDINANCE D-2572-21
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AMENDING ORDINANCE D-2500-19 IN CONNECTION WITH
THE NORTH END PROJECT
Synopsis:
Ordinance amends the Council’s previous approval of the City’s economic development revenue
bonds for the North End Project by increasing the maximum interest rate from 6.00% to 6.50%.
WHEREAS, the City of Carmel, Indiana (the “City”), is a municipal corporation and
political subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9 and I.C. 36-7-12
(collectively, the “Act”), is authorized and empowered to adopt this ordinance (this “Bond
Ordinance”) and to carry out its provisions;
WHEREAS, on December 2, 2019, the Common Council of the City (the “Common
Council”) adopted Ordinance D-2500-19 (the “Original Ordinance”) for the purpose of (1)
authorizing the issuance of the Bonds (as defined in the Original Ordinance) to finance the cost
of the Projects (as defined in the Original Ordinance) to be undertaken by Old Town Companies,
L.L.C., or an affiliate thereof (the “Company”) in connection with its mixed use development in
consisting of single family homes, apartments, townhomes, condos and office/retail space in or
directly serving and benefiting the Smokey & Monon Allocation Area, and (2) approving the
Financing Agreements (as defined in the Original Ordinance) which secure the payment of such
Bonds; and
WHEREAS, the Original Ordinance provided that the Bonds shall bear interest at such
rates as determined with the purchaser thereof not to exceed six percent (6.00%); and
WHEREAS, the Company has identified a purchaser for the Bonds requesting that the
Bonds bear interest at the rate of six and one-half percent (6.50%) and requests that the Council
increase the maximum interest rate on the Bonds for such purchase;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, THAT:
Section 1. Modification of Original Ordinance. The Common Council hereby
approves increasing the maximum interest rate on the Bonds from six percent (6.00%) as set
forth in the Original Ordinance to six and one-half percent (6.50%), with such interest payable as
provided in the Financing Agreements.
Section 2. Construction with Original Ordinance. This Ordinance is hereby intended
to amend and supplement the Original Ordinance, and to the extent of any inconsistencies or
conflicts, if any, between any provision or provisions of this Ordinance and the Original
Ordinance, the provisions of this Ordinance shall be controlling and binding. Except as
otherwise expressly provided herein, all of the findings, terms, conditions and provisions of the
Original Ordinance are hereby ratified and affirmed, and shall continue in full force and effect.
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Section 3. Binding Effect. The provisions of this Ordinance and the Financing
Agreements shall constitute a binding contract between the City and the holders of the Bonds,
and after issuance of the Bonds this Ordinance shall not be repealed or amended in any respect
which would adversely affect the rights of the holders of the Bonds as long as the Bonds or
interest thereon remains unpaid.
Section 4. Effectiveness. This Ordinance shall be in full force and effect from and
after its adoption by the Common Council and upon compliance with the procedures required by
law.
PASSED by the Common Council of the City of Carmel, this _____ day of _____________,
2021, by a vote of ______ ayes and _____ nays.
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
___________________________________
Sue Finkam, President Kevin D. Rider, Vice-President
___________________________________ ____________________________________
Laura Campbell H. Bruce Kimball
___________________________________ ____________________________________
Jeff Worrell Anthony Green
___________________________________ ___________________________________
Adam Aasen Tim Hannon
___________________________________
Miles Neslon
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2021, at _______ __.M.
____________________________________
Sue Wolfgang, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2021, at _______ __.M.
____________________________________
James Brainard, Mayor
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February P
February
16th
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ATTEST:
___________________________________
Sue Wolfgang, Clerk
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS 19097989.1
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