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HomeMy WebLinkAboutD-418 Econ Dev/Carmel Self Stor EXCERPTS FROM THE MINUTES OF A REGULAR FIEETING OF THE CO~ON COUNCIL OF THE CIT~OF CAP'EL, INDIANA ORDINANCE NO. D-418 The Common Council of the City of Carmel met in a regular meeting at the City Meeting Hall, 15 First Avenue, N.E., Carmel, Indiana, on the 1st day of October, 1984 at 7:00 P.M. The meeting was called to order by the Presiding Officer. On call of the roll, the members of the Common Council were shown to be present or absent as follows: Present: Absent: Robert Badger Jim Garretson Minnie Doane Frank Fleming Ted Johnson Sue McMullen Richard Solaro The Clerk-Treasurer presented to the Common Council a copy of the Carmel Economic Development Commission Resolution passed on September 17, 1984, and the substantially final forms of the Loan Agreement, Note, Mortgage and Indenture of Trust, Guaranty Agreement and a proposed final form of Ordinance for passage by the Common Council. The proposed form of Ordinance was examined by members of the Common Council. Councilman McMullen moved that the proposed form of Ordinance, entitled "An Ordinance Authorizing the City of Carmel to Issue its 'City of Carmel Economic Development Revenue Bonds, Series 1984 (Carmel Self Storage Center Project)' and Approving and Authorizing Other Action in Respect Thereto" be read for the first time. This motion was seconded by Councilman Doane and on call of the roll was carried by the following vote: unanimous. Councilman Johnson then moved to suspend the rules and to read the proposed form of Ordinance for the second and third time by title only. Councilman Fleming seconded the motion and on call of the roll the motion was carried by a unanimous vote of two-thirds of the elected Council members. Said proposed form of Ordinance was then read a second and third time by title only after which Councilman Johnson moved that said proposed form of Ordinance be passed upon its second and third reading. This motion was seconded by Councilman Fleming and on call of the roll was carred by the following vote: Ayes: Robert Badger Minnie Doane Frank Fleming Ted Johnson Sue McMullen Abstention: Richard Solaro The presiding officer then declared said Ordinance to have been passed and adopted. On motion duly made, seconded and meeting was thereupon adjourned. unanimously carried, the Attest: C1 e r k-Tr eas~ r 2 ORD[NANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1984 (CARMEL SELF STORAGE CENTER PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the C:~rmel Economic Development Commission has rendered its Project Report t'or the Cra'reel Self Storage Center Project regardiog the fina~lcing of proposed economic development facilities for Carmel Self Storage Center, and the Carmel Plamfing Com,nission hms cominented favorably thereon; and WHEREAS, the Carmel Economic Development Comatission conductdd public bearings on September $ a~ld September 17, [984, a_nd also adopted a resolution on September 17, 1984, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Carmel Self Storage Center complies with the purpnses rind provisions of I.C. 36-7-12 mid that such financing will be of benefit to the health mid welfare of the City of Carmel and its citizens; and WHEREAS, the Carmel Economic Develop~nent Colnmission has heretofore approved and recommended the adoption of this forln of Ordinance by this Common Council, has considered the issue of adverse competitive im pact mid has approved the forms of a_nd has transmitted for approval by the Corn,non Council the Lom~ Agreement, Note, Mortgage and Indenture of Trust, trod Guaranty Agreement; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA THAT: Section 1. It is facilities referred to hereby fomid that the financing of the economic develop~nent in the Loan Agreement ~md Moctgage a~d Indenture of Trust approved by thc Carmel Economic Develop~nent Commission and presented to this Commo~ Council, the issuance and sate of revenue bonds i~ the aggregate principal a,notmt of $600,000, the lo~ of the proceeds of the revenue bonds to Carmel ~[f Storage Center for the acquisition and oonstmetion of such facilities and the equipping thereof, the payinent of the ~venue bon&s by the note payments of Carmel Self Storag'e Center under the Loan Agree~nent and Note, the g~aranty of payment of principal of and interest on the revenue bonds by David E. Layeoek and R. obert J. Johnson under the Guaranty Agreement and the seearing of said bouds by the amrtgaging of such facilities to tbe Trustee ttnder the Mortgage and Indentm'e of Trust complies with the pm.poses and provisions of [.C. 36-7-12 and will be of benefit to the health and welfare of the City of Carmel and its. citizen,s. Section 2. The facilities will consist of the construction of three 8,792 sqmtee foot warehouse buildings located at t47 West Carmel Drive, Carmel, Indiana. Section .3. It is hereby t'om~d that the above-described Drojeet of Carmel Self Srorage Center will not have an adverse eo~npetitive impact on other facilities of tile same kind already operating in the same market area for the followiug ~easons: (a) After published notice of a public hearing to be held before this 'Commission, uo eolnpetitoes have made themselves known or have spoken ag'ainst the proposed Project ou troy basis. (b) P~epcesentatives of the Cotnpany advised the Commission that their current warehouse fanilities are 100% occupied and have beeu for some time. (e) In tbe absence of any evidence of m~y adverse competitive impact, the benefits to the public frOlU the new jobs and payroll to be generated by the Project clearly indicate that the Project should be supported by the issmmee of economic development ~evenue bonds. Seetioa 4. Tbe substm~tially t'iual forms of the l.oan :\gveemeut, Note, Mortg'age and [ndentur'e o1' Trust and Gutw~mty Agr.eemtmt :tpp~.oved by the Carmel f~(:unomic Development Coatmission a~e hereby approved (herein collectively referred to as tile "Financing Agreemeut" referred to iu I.C. 36-7-124 and all sueb documents shall be incorporated herein by referanee and shall be inserted in the minutes of the Common Council and kept on file by the Clerk-Treasarer. In aeeordanee with the provisions of LC. 36-1-5-4, two (2) copies of all such documents are on ['ile in the offiee of the Clerk-Treasurer for public inspection. Section 5. The City of Carmel shall issue its Economic Development Revenue Bon&s, Series 1984 (Carmel Self Storage Center Project), in the total principal amount of approximately Six Hundred Thousand Dollars ($600,000) ~md maturing on January 10, in the years and amotmts as follows: Years A momlts yea_es A,notmts 1986 1994 1987 1995 1988 1996 1989 1997 1990 1998 199l 1999 1992 2000 1993 The bonds are being issued for the purpose of procuring lands to lend to Carmel Self Storage Center to pay tile costs of acquisition, construction and equipping of the economic development facilities as more particularly set out in the Loan Agreement and Mortgage and Indentare of Trast incorporated herein by reference, and the bonds will be payable as to principal, premium, if any, and interest from tile note payments made by Carmel Self Storage Center under the Loan Agreement and Note or ms otherwise provided in the above described Mortgage and Indenture of Trust and Guarmlty A§reetnent. The bonds shall be issued in fully registered form in the denominations of $5,000 or integral multiples thereof trod shall be redeemed as provided in Article 1{1 or' tile Mortgage and [ndentm~e of Trust; Payments of principal and interest are payable in lawlful money of tile United States of America at tile principal ot'fice of tile Trustee or its successor in trust ur by cheek or draft mailed or delivered to the registered owner as provided in the Mortg~e -3- and Indenture of Trust. The bonds shall never constitute a general obligation of, an indebtednes.s of, or a charge against the general credit of the City of Carmel or the State of h~diana nar are the bonds payable in any manner from revenues raised by taxation. Sectiou 6. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purehaser~ thereof at a price not less than % of the principal ~motmt thereof. Tbe Bonds shall bear interest at the rate of t0.6% per am~um for the first tlwee years, and tbereafter at the rate per mmium ~qual to 80% of the prime lending rate established by ., from time to time ("Prime Kate"); provided, however, that in the event interest on the bonds becomes taxable due to a Determination of Taxability as described in the Mortgage and Indentare of Trust, the interest rate per rumum on the bonds shall increase to said Prime Kate plus 3%. The rate will be adjusted a~mually to reflect the Prime Kate as of May 26 each year, and the new rate shall be effective for the following period of July 10 to the next Jtdy 9. Section 7. The Mayor and Clerk-Treasurer are authorized and directed to execute, attest, affix or intprint by any means the City seal to the documents eon.stituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to eon.snmmate tbe trm~saetion, including the bonds authorized herein. The Mayor and Clerk-Treasarer are hereby expressly authorized to approve any modifications or additions to the d6euments 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 anderstanding of this Common Cotmcil that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modificatioas or additions shall be conclusively evidenced by tbe execution and attestation thereof and the affixing of the seal thereto or' the impcinling or' the seal thereon; provided, however, tbat no such modification or addition shall elumge the maxi,num principal amount of, interest rate on or term of tile bonds as approved by the Co,ninon Council by this Ordins~nce without further consideration by the Common Council. The signatures of the Mayor and Clerk-Treasurer on the bonds may be either manual or facsimile sig~mtures. The Clerk-Treasurer is authorized to arrange for delivery of such bonds tc the Trustee named in the Mortgage and Indenture of Trust. Payment for the bonds will be made to the Trustee named in the Mortgage and Indenture of Trust a~d after such payment the bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk-Treasurer shall execute and tile Clerk-Treasurer shall deliver the bonds to the Trustee within ninety days of the adoption of this Ordinance. The bonds shall be dated as of September 15, 1984, but will beac interest from tile date or' initial delivery. Section 8. The provisions of this Ordinance and the Mortgage and Indenture of Trust securing the bonds shall co~stitute a contract binding betweeu the City of Carmel a_nd the holders of the Ecooomic Development Revenue Bonds, Series 1984 (Carmel Self Storage Center Project), and after the issuance of said bonds, this Ordinance shall not be ce pealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereoo relnalas unpaid. Section 9. This Ordinance shall be in fall force and effect from and after its passage and sigTfing by the Mayor. Attest: Passed and adopted this 17th day of September, 1984. CARMEL COMMON COUNCIL O[fieer -5- Presented by me to the Mayor of the City of Carmel, Indiana, on this ~ber, 1984, at the hour of ~'~/~_.,n.' / CteYk-Treasurgr// , City of C~rm~l __ day of -6-