HomeMy WebLinkAboutD-2601-21 Amending Bond Ordinance for Proscenium; D-2234-15 and D-2366-17Sponsor: Councilor Worrell
ORDINANCE D-2601-21
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AMENDING ORDINANCES D-2234-15 AND D-2366-17 IN CONNECTION
WITH THE PROSCENIUM I PROJECT
Synopsis:
Ordinance amends the Council’s previous approvals of the City’s economic development
revenue bonds for the Proscenium I Project by increasing the maximum authorized principal
amount of bonds to be issued for the project from $12,500,000 to $17,000,000.
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 “Ordinance”)
and to carry out its provisions; and
WHEREAS, on December 7, 2015, the Common Council of the City (the “Common
Council”) adopted Ordinance D-2234-15 (the “Original Ordinance”) for the purpose of (1)
authorizing the issuance of the Bonds (as defined in the Original Ordinance), in an aggregate
principal amount not to exceed $8,000,000, to finance the costs of the Projects (as defined in the
Original Ordinance) to be undertaken by Carmel Development II, LLC, or an affiliate thereof
(the “Company”) in connection with its mixed use development in or directly serving and
benefiting the Proscenium Allocation Area, and (2) approving the Financing Agreements (as
defined in the Original Ordinance) which secure the payment of such Bonds; and
WHEREAS, on June 5, 2017, the Council adopted Ordinance D-2366-17 (the “2017
Ordinance”) which, among other things, increased the maximum authorized principal amount of
the Bonds to $12,500,000; and
WHEREAS, the Council now desires to further increase the maximum principal amount
of the Bonds authorized to be issued to finance the Projects;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, THAT:
Section 1. Modification of Prior Ordinances. Notwithstanding the Original
Ordinance and the 2017 Ordinance, the Bonds are hereby authorized to be issued, in one or more
series, in the aggregate principal amount not to exceed Seventeen Million Dollars ($17,000,000).
Section 2. Construction with Original Ordinance and 2017 Ordinance. This
Ordinance is hereby intended to amend and supplement the Original Ordinance and the 2017
Ordinance, and to the extent of any inconsistencies or conflicts, if any, between any provision or
provisions of this Ordinance and the Original Ordinance or the 2017 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 and the 2017
Ordinance are hereby ratified and affirmed, and shall continue in full force and effect.
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Section 3. 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 FOR 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
ATTEST:
___________________________________
Sue Wolfgang, Clerk
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Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS 21093431.1
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