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HomeMy WebLinkAboutResolution_BPW_03-17-21-03 PRIF Credit Agreement - Old Town Companies, LLCRESOLUTION NO. BPW 03-17-21-03 A RESOLUTION REQUESTING THE FINANCING, CONSTRUCTION, AND DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER IMPACT ZONE IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST THE PAYMENT OF PARKS AND RECREATION IMPACT FEES (“PRIF”) AND APPROVING A PRIF CREDIT AGREEMENT WHEREAS, Indiana Code 36-7-4-1335 permits the application of a credit against the payment of impact fees for persons who construct or provide certain infrastructure or other improvements of a type for which a unit imposes an impact fee in an impact zone; and, WHEREAS, City of Carmel Unified Development Ordinance §1.3(F) permits the City of Carmel Board of Public Works and Safety (“Board”) to request that any person otherwise required to pay PRIF to instead finance, construct, and dedicate certain infrastructure or improvements in the Parks and Recreation Infrastructure Impact Zone (“Impact Zone”) located in within Carmel, Indiana and over which the City of Carmel, Indiana (“City”) exercises planning and zoning jurisdiction; and, WHEREAS, City of Carmel Unified Development Ordinance §1.3(F) also permits the Board to determine the amount of PRIF credit any person requested to finance, construct, and dedicate certain infrastructure or improvements in the Impact Zone in lieu of PRIF payment shall receive, and to memorialize this determination in a credit agreement (“Credit Agreement”); and, WHEREAS, PRIF in the amount of $1,438,448.00 is due and owing by Old Town Companies, LLC, an Indiana limited liability company (“Old Town”) to the City by virtue of certain improvements made in two separate project phases, as identified on attached Exhibit A(the “Targeted PRIF”); and, WHEREAS, the Board now desires to request that Old Town, finance and construct those certain infrastructure and improvements set forth on attached Exhibit B, the same being incorporated herein by this reference, in exchange for a PRIF credit the Board has determined should be in the amount of exactly One Million Three Hundred Seventy Six Thousand Dollars ($1,376,000.00); and, WHEREAS, Old Town covenants that the infrastructure and improvements set forth in Exhibit B shall remain open to the public for their use and enjoyment in perpetuity; and, WHEREAS, Old Town shall maintain, repair and replace the infrastructure and improvements set forth in Exhibit B as necessary and to the satisfaction of the City, in perpetuity; and, WHEREAS, the Board also desires to request that Old Town finance future infrastructure or improvements that meet the requirements set forth in Indiana Code § 36-7-4-1335(a) in the amount of $62,448.00; and, WHEREAS, in exchange for the dedication and financing of infrastructure or improvements as set forth above, the Board has determined that Old Town shall receive a PRIF Credit in the amount of exactly One Million Four Hundred Thirty Eight Thousand Four Hundred Forty Eight Dollars ($1,438,448.00) toward the Targeted PRIF; and, WHEREAS, Old Town shall execute and return to the Board the Credit Agreement set forth on attached Exhibit C, the same being incorporated herein by this reference, prior to the issuance of the improvement location fee for that certain improvement identified on attached Exhibit A. NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City DocuSign Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754 of Carmel, Indiana as follows: 1. The foregoing Recitals are incorporated herein by this reference. 2. The Board hereby requests that Old Town dedicate and finance infrastructure or improvements that meet the requirements set forth in Indiana Code § 36-7-4-1335(a) in exchange for a PRIF credit the Board has determined should be in the amount of exactly $1,438,448.00, pursuant to the terms and conditions set forth hereinabove. 3. The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit C. 4. Henry Mestetsky, on behalf of the City and the Board, is hereby authorized and directed to take such actions as are lawful, necessary, and proper to effectuate the transaction approved by this Resolution. Mr. Mestetsky shall deposit the funds received pursuant to this Resolution into City Fund #902. These funds shall be drawn upon to finance the construction of Parks and Recreation infrastructure or improvements that meet the requirements of Indiana Code § 36-7-4-1335(a). SO RESOLVED. Approved and adopted this ___ day of _____________ 2021. CARMEL BOARD OF PUBLIC WORKS AND SAFETY By: __________________________________ James Brainard, Presiding Officer Date: _____________________________ __________________________________ Mary Ann Burke, Member Date: _____________________________ __________________________________ Lori S. Watson, Member Date: _____________________________ ATTEST: __________________________________ Sue Wolfgang, Clerk Date: _____________________________ DocuSign Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754 3/17/2021 3/17/2021 3/17/2021 3/17/2021 3/17/2021 EXHIBIT C PRIF CREDIT AGREEMENT COMES NOW Old Town Companies, LLC, an Indiana limited liability company (“Old Town”), by its undersigned, duly authorized agent, and states as follows: Pursuant to the terms set forth in BPW Resolution 03-17-21-03, Old Town hereby agrees to finance and construct those certain infrastructure items or public improvements set forth in attached Exhibit B, and subject to commencement of Phase Two, as more particularly described in Exhibit A, Old Town agrees to contribute $62,448.00 in order to finance the construction of future infrastructure items or public improvements that meet the requirements of Indiana Code 36-7-4-1335(a), in exchange for a Parks and Recreation Impact Fee (“PRIF”) credit not to exceed $1,438,448.00. After the improvements are completed and have been accepted by the Carmel Board of Public Works and Safety, any remaining unused PRIF shall be made available for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City. SO AGREED this ____ day of _____________ 2021. Old Town Companies, LLC By: ____________________________________ Authorized Signature ____________________________________ Printed Name ____________________________________ Title Justin W. Moffett CEO / Manager 13th March 03-17-21-03 DocuSign Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754 MATCHLINE - SEE SHEET CX.1 MATCHLINE - SEE SHEET CX.2 MATCHLINE - AREA A MATCHLINE - AREA B NORTH END PHASE 1 SECONDARY PLAT CONSTRUCTION DOCUMENTS © NOT APPROVED FOR CONSTRUCTION SITE NOTES C2.0 OVERALL SITE PLAN NORTH EXISTING LEGEND BENCHMARKS PARKING SUMMARY PAVING & CURB LEGEND BIKE PARKING SUMMARY Exhibit A, Page 1 Phase 1: Apartments: 168 Town homes: 46 Single Family: 10 DocuSign Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754 T T T CO 9 4 11 8 10 EXISTING BLDG SINGLE FAMILY SINGLE FAMILY SINGLE FAMILY 7 4-STORY APARTMENTS OVER 1-STORY GARAGE 64 UNITS | 46 P.S. COHATCH / AMENITIES POOL AND POOL DECK 4-STORY APARTMENTS OVER 1-STORY GARAGE 64 UNITS | 46 P.S. EXISTING CREEK 14 11 12 21 8 8 17 6 13 5 3 8 SURFACE PARKING (55 P.S.) SURFACE PARKING (23 P.S.) SURFACE PARKING (38 P.S.) SURFACE PARKING (37 P.S.) 16 4-STORY APARTMENTS OVER 1-STORY GARAGE (75 P.S.) 100,000 SF, 100 UNITS MULTISTORY CONDOS OVER 1-STORY GARAGE (80 P.S.) 136,000 SF, 40 CONDO UNITS MULTISTORY SENIOR LIVING 1-STORY GARAGE (65 P.S.) 94,000 SF, 120 UNITS Old Town Companies North End Park & Recreation Impact Fees Carmel, Indiana Additional Community Assets - Non-TIF Total Value Notes Urban Farm (Construction) $ 221,000 Urban Farm (Land Contribution) $ 500,000 Monon Trail connection, northernmost end $ 75,000 Play ground & outdoor exercise equipment $ 35,000 Path extension through urban farm $ 35,000 Hagan-Burke Trail Extension $ 245,000 This indicates the cost of the path extension from the Monon connection point, at the northernmost edge, to the west end of project. Monon Park Amenity Space (Land Contribution) $ 265,000 The .87 acres located at the northernmost corner of the development and zoned P1 is also valued as a land contribution. Totals and Averages $ 1,376,000 2019 Fees/door Residential Type Units $ 2,972.00 Square Footage per Product Type Phase 1 Apartments 168 $499,296 201,363 Gross SF + 34,574 Parking + 28,000 SF Commercial Phase 1 Townhomes 46 $136,712 110,400 Gross SF (including garages) Phase 1 Single Family 10 $29,720 40,000 Gross SF (including garages) Phase 2 Apartments 100 $297,200 100,000 SF of housing + 25,000 SF of parking garage Phase 2 Active Senior Living 120 $356,640 94,000 SF of housing + 23,500 SF of parking garage Phase 2 Condos 40 $118,880 136,000 SF of housing + 34,000 SF of parking garage Totals 484 $1,438,448 Future Infrastructure Financed: $62,448 The path design includes educational signage, as well as materials and edging. The final material choice is still to be determined and impacts the ability to wind Construction of farm space ($30/sf +20% contingency); farm stand; well installation ($5,500); blanket & overseeding ($8,800 for 20,000 SF); stream bank ($18,300 for 625 linear feet); additional native plantings ($5,000) Note the assessed value of the land (5.4 acres), which was contributed to a not-for-profit for community use. This land was not necessary to fulfill an The intended design includes an extended, tiered seating area, a small area of pavers, and educational signage to invite community members to learn A planned combination of approximately 6-8 pieces of outdoor exercise equipment, which includes adaptive recreational pieces, are estimated at an average Exhibit DocuSign B Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754 NORTH END CARMEL, INDIANA 01.06.2021 PROJECT STATISTICS APARTMENTS -4-STORY APARTMENTS OVER 1-STORY GARAGE -100 TOTAL UNITS -SURFACE PARKING: 75 P.S. -GARAGE PARKING: 75 P.S. -TOTAL PARKING: 150 P.S. -1.5 P.S./UNIT CONDOS -4-STORY CONDOS OVER 1-STORY GARAGE -40 TOTAL CONDO UNITS -SURFACE PARKING: 12 P.S. -GARAGE PARKING: 80 P.S. -TOTAL PARKING: 92 P.S. -2.3 P.S./CONDO SENIOR LIVING -4-STORY HOUSING OVER 1-STORY GARAGE -120 TOTAL UNITS -SURFACE PARKING: 55 P.S. -GARAGE PARKING: 65 P.S. -TOTAL PARKING: 120 P.S. -1.0 P.S./UNIT A2 Exhibit A, Page 2 Phase 2: Apartments: 220 Condos: 40 Total Units (Phase 1 & Phase 2): 484 DocuSign Envelope ID: FC5D7196-8786-4D11-9FAA-BE2110A95754