HomeMy WebLinkAboutD-1649-03 DEFEATED/$35m BondSponsor: Kevin Kirby
ORDINANCE NO. D1649-03
AS AMENDED
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF
CARMEL, INDIANA, APPROVING A LEASE BETWEEN THE CITY OF
CARMEL REDEVELOPMENT AUTHORITY AND THE CITY OF
CARMEL REDEVELOPMENT COMMISSION, AND ADDRESSING
MATTERS RELATED THERETO
WHEREAS, the City of Carmel Redevelopment Authority (the "Authority") has adopted
a resolution indicating its intent to issue its City of Carmel Redevelopment Authority Lease
Rental Revenue Bonds of 2003 (the "Bonds") for purposes of financing the acquisition of right-
of-way and the construction of various road, intersection and sidewalk improvements in the City
of Carmel, Indiana (the "Projects"); and
WHEREAS, the Authority and the Commission have adopted resolutions approving a
proposed Lease Agreement in the form presented at this meeting (the "Lease") for the purpose of
paying the principal and interest on the Bonds issued pursuant to IC 36-7-14.5 to finan6e the
construction of the Projects, and the Commission scheduled a public hearing regarding the Lease
pursuant to IC 36-7-14-25.2 and published a notice of such public hearing pursuant to IC 5-3-1;
and
WHEREAS, on September 15, 2003, said public hearing was held and all interested
parties were provided the opportunity to be heard at the hearing; and
WHEREAS, the Commission, at a meeting on September 15, 2003, adopted a resolution
finding, pursuant to IC 36-7-14.5-14, that the lease rental payments to be paid by the
Commission to the Authority pursuant to the Lease are fair and reasonable and finding, pursuant
to IC 36-7-14-25.2, that the terms of the Lease are based upon the value of the Leased Premises
and the use of the Projects throughout the term of the Lease will serve the public purpose of City
of Carmel, Indiana (the "City") and is in the best interests of its residents; and
WHEREAS, the Common Council desires to approve the Lease pursuant to IC 36-7-~4-
25.2, which provides that any lease approved by a resolution of the Commission must ~.be
approved by an ordinance of the fiscal body of the unit.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF CITY
OF CARMEL, INDIANA, as follows:
Section 1. Approval of Lease. The Common Council hereby approves the Lease, as
approved by the Commission, pursuant to IC 36-7-14-25.2, including the levy by the
Commission of a special benefits tax pursuant to IC 36-7-14-27 during the term of the Lease to
provide necessary funds from which to pay the rent under the Lease; provided, however, that any
changes to the Projects as listed with proposed cost estimates and prioritized in Exhibit A
financed by the Bonds shall be subject to an agreement as set forth in Exhibit B hereto.
Section 2. The Common Council hereby authorizes the sale of existing right-of-way
of the City which will be included in the Leased Premises under the Lease for a sale price of
$15,000,000, which will be paid to the City out of the proceeds of the Bonds. Such sales
proceeds in the amount of $15,000,000, together with all investment earnings thereon, shall be
held in trust by the Trustee identified in the Indenture for the Bonds and are hereby appropriated
for the use by the City in paying for a portion of the costs of the Projects. Such appropriation
shall be in addition to all appropriations provided for in the existing budget and levy, and shall
continue in effect until the completion of the Projects. Any surplus of such proceeds shall be
credited to the proper fund as provided by law. Said Trustee shall also serve as paying agent. A
certified copy of this ordinance, together with such other proceedings and actions as may be
necessary, shall be filed by the Clerk-Treasurer of the City, who shall report the appropriation to
the State of Indiana Department of Local Government Finance.
Section 3. Authorization of Other Actions. Any member of the Common Council
and the Clerk-Treasurer of the City, and any other officer, employee or agent of the City is
hereby authorized and directed, for and on behalf of the City, to execute and deliver any contract,
agreement, certificate, instrument or other document and to take any action as such person
determines to be necessary or appropriate to accomplish the purposes of this Ordinance, such
determination to be conclusively evidenced by such person's execution of such contract,
agreement, certificate, instrument or other document or such person's taking of such action.
Section 4. 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.
~D-by the Common Council of the City of Carmel, this / ~' day ofqJx~ .ir~/-Fi'l,t]~-~ 1/2003,
byavoteof ? ayes and ~l: nays.
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
Officer
Luci Snyd~r, iSresident Pro Tempore
,Rober~ Batt~eall
/ff/f~onald E. Carter --
Wayne-V~ilson
2
ATTEST:
Die'Clerk'. ~T easurer
~.ntedbymetotheMayoroftheCityofCarmelthis/x~day°f (,~' ,2003,
Diana L. Cordray, ~~
A(p{P3ry~_mff&Mi~y. or of the City of Carmel, Indiana, this /~ day of
ATTEST:
Ja rainard,
Mayor
Diana L. Cordray, Clerk-Treasurer of the
City of Carmel, Indiana
Proposed by:
Brace D. Donaldson
Bames & Thornburg
11 South Meridian Street
Indianapolis, IN 46204
Amendment
prepared by:
Sue A. Beesley
Bingham McHale LLP
2700 Market Tower
10 West Market Street
Indianapolis, IN 46204
EXHIBIT A
2003 Bond Projects
Type Prqi Where Special Notes Cost Estimate
Intersection I-1 136t" & Oak Large w/Creek $800,000
Improvement Ridge/Illinois
ntersecfion I-2 14Vt & Springmii1 Small $400,000
Improvement
Intersection I-3 141st & Ditch Small $400,000
Improvement
Intersection 1-4 136m & Ditch Small $400,000
Improvement
Intersection 1-5 131st & Meridian Corners Medium $600,000
Improvement Boulevard
Intersection I-6 Oak Ridge/Eglin/Roher Med/Large $600,000
Improvement just NW of US 31
Intersection & IR-1 Westfield and 96m Street Large w/Bridge $4,000,000
Road to 98th Street Structure over I-
Improvements 465, ¥2 mile, 4
lane, median,
storm sewers
Boulevard R-1 Oak Ridge - 136TM to 146tn 1 mile, 1 creek $2,200,000
Treatment crossing
Boulevard R-2 136th Street - Ditch to 2 miles, 2 creek $4,500,000
Treatment Oak Ridge crossings
Boulevard R-3 136TM Street - Oak Ridge 0.2 miles $300,000
Treatment to Eglin/Roher
Boulevard R-4 Springmill Road - 131st to 1.5 miles, 2 creek $3,500,000
Treatment 146th (?) crossings
Boulevard R-5 Ditch Road - 136tn to 1 mile, 1 creek $2,200,000
Treatment 146th crossing
Road R-6 Gray Road - 96tn to 106th ~A mile, 4 lane ~A $3,000,000
Improvement mile for 2 lane
boulevard
Other
improvements
Sidewalk S-1 West Side Roher Rd - 1.1 miles $100,000
Eglin (US31) to 146®
TOTAL $23 million
Construction
Design
Land
Inspection
$23,000,000
2,400,000 (10%)
4,000,000 (17.5%)
2,400,000 (10%)
TOTAL $31,800,000
2003 Bond Project Priorities
Spring/Summer/Fall of 2004
IR-I: 96th & Westfield Intersection Improvements
R-6:
Gray Road Improvements
· 1st &
West Clay Projects: (Hope to have 13 Spring Mill roundabout done this fall/winter,
so the 136th & Spring Mill roundabout and the following projects can progress in the
spring)
R-2, R-3:
I-1, I-4:
S-l:
136th Street Boulevard Improvements (Ditch to Eglin/Rohrer)
Intersection Improvements at 136th & Ditch (finishing up Spring Mill) and
Oak Ridge/Illinois
Sidewalk, west side, Rohrer Road, from Eglin to 146th St.
Spring/Summer of 2005
R-l:
1-5:
R-5, 1-3:
1-6:
Oak Ridge Boulevard
Intersection Improvement at 131 st & Meridian Corners Boulevard
Ditch Road Boulevard Improvements and Intersection of Ditch & 141~t
Street
Intersection Improvement at Oak Ridge/Eglin/Rohrer just NW of US 31
Summer/Fall of 2005
R-4: Spring Mill Road Boulevard Improvements (131st tO 146th)
I-2: Intersection at 141st & Spring Mill Road
Iq 1'36m& Oak 'gldge/Illiaois 2004
I-2 141st & Spring Mill ' Late 2005
I-3 141st & Ditch Early 2005
I~4 136th & Diltch ; : 2004':;
I-5 131st & Meridian Comers Early 2005
1-6 O~ Ridge~glin/Rohrer Early 2005
IR-i Westfield & 96m m98t~ 2004
R-1 O~ Ridge, 136m to 146m E~ly 2005
~2 :136m; Ditch tO O~ ~ge 200~
R-3 136t, O~ Ridge to:~glin~6~er 2004
R-4 Spring Mil, 131st to 146m Late 2005
R-5 Ditch, 136TM to 146TM Early 2005
R-6 i G~ay 96TM to ~0:6TM 2004
S-I { Ro~er, ~est s~d~ ~ghn to~146 7'2004
EXHIBIT
MATTERS RELATING TO PRO,IECT CHANGES
Prior to the issuance of the Bonds, the Authority, the Common Council, the Mayor and
the Board of Public Works shall enter into an agreement containing substantially the following
terms:
Section 1. Contract Approvals. From and after the date hereof, the Board of Public
Works shall approve all agreements or contracts, and change orders to any such agreements or
contracts or to agreements or contracts entered into prior to the date hereof, for the expenditure
of Proceeds (as hereinafter defined) (singly or together hereafter referred to as "contracts' or
"change orders"), and shall conduct all bid proceedings, if required by applicable law, with
respect thereto.
Section 2. Expenditures. From and after the date hereof, the Board of Public Works
shall not enter into and execute any contract nor award any bid for a contract, or issue any
change order, which contemplates or involves any Expenditure (as hereinafter defined), unless
such contract (including any award of a bid for a contract) or change order is approved by the
Board of Public Works and the Council in accordance with Section 3 hereof.
Section 3. Approval. After the Board of Public Works approves any proposed
contract (including any proposed award of a bid for a contract) or proposed change order for any
Expenditure, the Board c:f Pu~lic \Vt:rlcs~ shall deliver written notice of i~the
Board~ approval of such proposed contract~or proposed award of bid) or proposed change order
io the Clerk-Treasurer, together with instructions to deliver a copy of such notice to each
member of the Council by the close of business on thewithin five (5) business dayCavs after the
of ................. ~ delivery of such notice to the Clerk-Treasurer. If the
t~ard of Pu~!ic WorksC~v Engineer so delivers such notice and instructions, the Council shall
be deemed to have apl~roved such contract (or award of bid) or change order at the close of
business on the f~fth~eventh business day after the date by which the Clerk-Treasurer was so
instructed by the Board ,"~!" P,,~Slic Wod~~ to deliver a copy of such notice to each
member of the Council (the "Effective Date"), unless: (a) by the close of business on the
Effective Date, any member of the Council who disputes in writing such proposed contract (or
proposed award of bid) or proposed change order requests the Clerk-Treasurer to place such
dispute on the agenda for the next meeting of the Council; and (b) at such meeting, the Council
disapproves such proposed contract (or proposed award of bid) or proposed change order by a
vote of a majority of the elected members of the Council. Subsequent to contract or change
order approval, each claim constituting an Expenditure (as defined below but regardless of
amount) shall be processed in accordance with the regular ~process through the
office of tlxc Clerk-Traas:t-~Trustee_.
Section 4. Definitions. For purposes of this Agreement, each of the following terms
shall have the meaning assigned to it by this Section 4:
(a) "Expenditure" means any payment or other disposition of any Proceeds,
excluding: (i) any payment of principal of or premium, if any, or interest on the Bonds,
(ii) any payment of architectural, engineering, accounting, financia! adv:,:;cry, legal ,~
othcr ?,~fes:;icnal $~r~'icc~, (iii) any payment c;f any costs of issuance of the Bonds, (4~iii)
any investment of any Proceeds in any interest-bearing instruments, or (~iv) any
payment(s) or other disposition(s), whether indi:,idual!y o~ in the aggregate if the
contracted matter for which payment(s) or disposition(s) is/are being made is completed
in one or more steps or is part of a set or series of related contracted matters with a single
person or vendor, o_n each proiect listed on Exhibit A of any Proceeds in an amount less
than $75,909.2~5.0,000.
(b) "Proceeds" means any amounts received lyy_o_n., behalf of the Authority and
the City from the original issuance and sale of the Bonds, and any interest earnings
thereon.
Section 5. Amendments. This Agreement may be amended or terminated only by the
written agreement of all the parties hereto.
Section 6. Govemin~ Law. This Agreement and the rights and obligations hereunder
shall be governed by and construed and enforced in accordance with the internal laws of the
State of Indiana, without reference to any choice of law principles.
Section 7. Severabilit¥. If any portion of this Agreement is held or deemed to be, or
is, invalid, illegal, inoperable or unenforceable, the validity, legality, operability and
enforceability of the remaining portions of this Agreement shall not be affected, and this
Agreement shall be construed as of it did not contain such invalid, illegal, inoperable or
unenforceable portion.
Section 8. Interpretation. The use herein of the singular shall be construed to include
the plural, and vice versa. Unless otherwise indicated, the words 'hereof' herein," "hereby and
"hereunder," and words of similar import, refer to this Agreement as a whole and not to any
particular section, subsection, clause or other portion of this Agreement.
Section 9. Captions. The captions appearing in this Agreement are included herein
for convenience of reference only, and shall not be deemed to define, limit or extend the scope or
intent of any rights or obligations under this Agreement.
AB-2