Loading...
HomeMy WebLinkAboutD-372 E 96th St. Project ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1983 (4000 EAST 96TH STREET PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for.the 4000 East 96th Street Project regarding the financing of proposed economic development facilities for 4000 East 96th Street Project, an Indiana partnership, and the Carmel Plan Commission has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission conducted a public hearing on June 6, 1983, and also adopted a resolution on June 6, 1983, which Resolution has been trans- mitted h~reto, finding that the financing of certain economic development facilities of 4000 East 96th Street Project complies with.the purposes and provisions of I.C. 36-7-12 and that such financing will be of benefit to the health and welfare of the City of Carmel and its citizens, and which Resolution includes special findings of fact as to the competitive effect of the proposed facilities: and WHEREAS, the Carmel Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the substantially final forms of and has transmitted for approval by the Common Council the Loan Agreement, Note, Mortgage and Security Agreement, Bond Purchase Agreement, Lease Agreement, Conditional Assignment of Rents and Leasesf Lessee's Consent and Agreement to Lease Assignment, Guaranty Agreement and Buy-Sell Agreement; now therefore, BE IT ORDAINED BY THE COMMON cOUNCIL OF THE CITY OF CARMEL, INDIANA THAT: Section 1. The economic development facilities will consist of the construction Of a 33,000 square foot multi-tenant commercial facility for engineering services, wholesale and retail sales and distribution on an approximate 3 acre tract of land, located at the northwest corner of East 96th Street and'Lakeshore Drive East, in'the city of Carmel, Indiana. Section 2. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement approved by the Car~el Economic Development Commission and presented to this Common Council, the issuance a~d sale of revenue bonds, the loan of the proceeds of the revenue bonds to 4000 East 96th Street Project for the acquisition, construction and equipping of such facilities, the payment of the revenue bonds by the note payments of 4000 East 96th'S~reet Project under the Loan Agreement and Note, the leasing of a majority of the economic development facilities being financed to Marbaugh Engineering Supply Co., Inc. under the Lease Agreement, the guaranty of payment of interest on the r'evenue bonds during construction by the partners 96th Street Project under the Guaranty Agreement, securing of said bonds by the granting of of 4000 East and ~he a mortgage and -2- security i~terests under the Mortgage and Security Agreement complies With ~e purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Carmel and its citizens. Section 3. The substantially final forms of the Loan Agreement, Note, Mortgage and Security Agreement and Bond Purchase Agreement approved by the Carmel Economic Development Commission are herebY approved (herein collectively referred to as the "Financing Agreement'~ as defined to in I.C. 36-7-12), and the substantially final forms of the Lease Agreement, Conditional Assignment of Rents and Leases, Lessee's Consent and Agreement to Lease Assignment, Guaranty Agreement and Buy-Sell Agreement approved by the Carmel Economic Development Commission are hereby approved, and all such do~nments shall be incorporated herein by reference and shall be~inserted in the minutes of the Common Council and kept on file by the Clerk-T~easurer. In accordance with the provisions of I.C. 36-1-5-4, two (2) copies of all such documents are on file in the office of the Clerk-Treasurer for public inspection. Section 4. The City of Carmel shall issue its Economic Development Revenue Bonds, Series 1983 (4000 East 96th Street · Project), in the approximate principal amount of One Million Six Hundred Seventy Thousand Dollars ($1,670,000) and maturing as provided in the bonds not later than ten years from the date Qf the first principal payment and which in no event may exceed thirty (30) years, for the purpose of procuring funds .to pay the costs of acquisition, construction and equipping of the -3- economic development facilities as more particularly set out in the Mortgage and Security Agreement, the Loan Agreement and Bond Purchase Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by 4000 East 96th Street Project under the Loan Agreement and Note or as otherwise provided therein and in the above described Bond Purchase Agreement. The bonds shall be issued in fully-registered form, in the denomination of $5,000 or an integral.multitued thereof and shall be redeemed as provided in Section 5 of the Bond Purchase Agreement. payments of principal and interest are payable in lawful money of the United States of America by check or draft mailed or delivered to the registered owner as provided in the Bond Purchase Agreement. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Carmel, nor are the bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds from the date of delivery of the bonds through December 20, 1983 or' such date not later than December 20, 1984 when Nationwide Life Insurance Company shall have purchased the bonds (such date being herein called the "Commitment Date of Transfer") of 85% of the daily adjusted prime commercial lending rate announced by American Fletcher National Bank and Trust Company, a~ its principal office, as -4- such ~ate changes from time to time, provided, however, that such rate shall not exceed 20% per annum (except in the event interest on the bonds becomes taxable during said time'period, in which event the interest rate on the bonds skall be 2% over the prime commercial lending rate announced by American Fletcher National Bank and Trust Company) and from the commitnent Date of Transfer Maturity at 11% per annum'(except in the event interest on the bonds becomes taxable during said time period, in which event %he interest rate on the bonds shall be i4-1/2% per annum) and at a price not less than 100% of the principal amount thereof. Section 6. The Mayor and Clerk-Treasurer are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the'Financing Agreement, approved here-in on behalf of the City of Carmel and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk-Treasurer are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement, which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this common council that. said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall ~hange the maximum principal amount of, interest rate on or term 'of the bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk-Treasurer on the bonds may be either manual or facsimile signatures. The Clerk-Treasurer is authorized to arrange for delivery of such bonds to the purchasers named in the Bond Purchase Agreement. The Mayor and Clerk-Treasurer shall execute and the Clerk-Treasurer shall deliver the bonds to the purchasers within ninety days of the adoption of this ordinance. The bonds shall be dated as of the date of delivery. Section 7. The provisi.ons of this Ordinance and the Mortgage and Security Agreement securing the bonds shall constitute a contract binding between the City of Carmel and the holders of the Economic Development Revenue Bonds, Series 1983 (4000 East 96th Street Project), and after the issuance of said bonds, this ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 8. This ordinance shall be in full force and effect from and after its passage and signing by the ~ayor. -6- Passed'and adopted this 6th day of June, 1983o CARMEL COMMON COUNCIL Presiding officer Attest: Clerk-Treasurer ' this Presented by me to the Mayor of the City of Carmel, on /3 day of June, 1983, at the~our of ~i~f] ~__ .m. ~1 er~~t~-~ Appro~ved and signed by me on this /~ day of June, 1983. ~a~, City of .Carme -7-