HomeMy WebLinkAboutD-1284-97 Est. Redevelopment AuthorityOrdinance No. D-1284-97
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, ESTABLISHING
THE CITY OF CARMEL REDEVELOPMENT AUTHORITY
WHEREAS, IC 36-7-14.5 (the "Act")authorizes the Common Council of the City
of Cannel, Indiana (the "Council"), to create a redevelopment authority controlled by a
board of directors consisting of three (3) members; and
WHEREAS, in order to pursue the public purposes of the Act, the Council now
desires to establish the City of Carmel Redevelopment Authority.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Cannel, Indiana, as follows:
1. Pursuant to IC 36-7-14.5-7, the City of Cannel Redevelopment Authority
(the "Redevelopment Authority"), is hereby created as a separate body corporate and
politic and as an instrumentality of the City of Carmel for the purposes and to exercise the
powers set forth in the Act or otherwise granted by law. The Redevelopment Authority
shall be governed by a board of directors consisting of three (3) members, each of whom
shall be appointed by the Mayor of the City.
2. This Ordinance shah be in full force and effect from and after the date of its
passage and signing by the Mayor.
3. All prior Ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed.
PASSED by the Common Council of the City of Carmel, Indiana this .
of /~;~ff ,1997 by a vote of ..(5 ayes and C3 nays. /
COMMON COUNCIL FOR THE CITY OF CARMEL
day
KevinJ{irby, President, Common Council
s Guy Miller ~ Rob'e~ Bat'i-~eall
N.L. Rundle
Luci Snyder d/
nald E. Carter
ATTEST:
Billy Iff. Walker
Diana L. Cordray, Clerk-T~asur~/
Presefilie~ bY/line to the Mayor of the City of Carmel, Indiana on the
of ~ ,1997.
Diana' L. Cordray, Clerk-Trea~'~r/s ~ ~
Approved by me, Mayor of the City of Camel, Indiana, tbs day of
~1 / , 1997.
~~.. Cordray, Cler~__~fisurer
Memo
To: Members of the Common Council
From: Jim Brainard/.~.["~ ·
CC= Diana L. Cor~ray and Debra Gdsham
Date: March 17, 1997
Re: Add-On Item: Ordinance D-1284-97 establishing a redevelopment authority
Unlike the Economic Development Commission and the Redevelopment Commission already
established and active in Carmel's growth process, the creation of a redevelopment autbedty is
allowed by statute to act as a nonprofit building corporation to issue bonds, build projects and lease the
project improvements to the City without affecting the City's two percent (2%) debt limit. While the
Redevelopment Commission will designate the specific redevelopment areas within Carmel's
corporate City limits, the redevelopment authority will facilitate appropdate financing for infrastructure
construction within the redevelopment areas. Before the Redevelopment Commission can approve a
bond issue, the Common Council flint must approve any redevelopment area or pledge other
revenues for the repayment of bonds. As you can see, the creation of the redevelopment authority
provides the Redevelopment Commission with an altemative means to exercise powers previously
delegated to it by the Common Council.
It is necessary to pass an Ordinance creating the Redevelopment Authority. That Ordinance appears
as an add-on item because it was not ready until after the Tuesday 4:00 p,m. deadline and Peceuse
the urgency of the projects affected by this Ordinance warrant beginning the consideration process as
soon as possible.
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