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HomeMy WebLinkAboutD-1661-03 $35m West Clay BondSponsor: Councilor Kirby ORDINANCE NO. D-1661-03 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 finance the construction of the Projects, and the Commission scheduled a public heating 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 heating was held and all interested parties were provided the opportunity to be heard at the heating; 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 o£ 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 36-7-14- 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-i4-25.2, 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 fight-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, insmument 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. PASSED by the Common Council of the City of Carmel, this/~/~ day of ,2004, by a vote of "7 ayes and t~) nays. COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA Pr~d~i~.~ficer~::~ '~ /~onald E. Carter, President Pro Tempore Brian Mayo Mark Rat~/ llIlmS / / Rick Sharp 2 ATTEST: Diana L. Cordra0y,~eerk-Tr~er Pre,,sented by me to the Mayor of the City of Carmel thisl~4~ay of~&g~{ 2004, at Diana L. Cordra Cyt;k~l~-Treas~er ' this /~-' day of · Apprgved City of Carmel, Indiana, ,2004, at "]°~ua~7 by me, Mayor of_the Ja~ Brainard, Mayor ATTEST: Diana L. Cordra~ (~e~rl(-Trea~r~ok C) Proposed by: Bruce D. Donaldson Barnes & Thomburg 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 3 EXHIBIT A 2003 Bond Projects Type Proj Where Special Notes Cost Estimate' Intersection I-1 136m & Oak Large w/Creek $800,000 Improvement Ridge/Illinois Intersection I-2 141st & Springmill Small $400,000 Improvement I~tersection I-3 141~t & Ditch Small $400,000 Improvement Intersection I-4 136m & Ditch Small $400,000 Improvement intersection I~5 131st & Meridian Corners Medium $600,000 I~mprovement Boulevard Intersection I-6 Oak Ridge/Egli~Roher Meal/Large $600,000 Improvement ust NW of US 3 ! Intersection & IR-1 Westfield and 96m Street Large w/Bridge $4,000,000 Road to 98tl~ Street Structure over I- Improvements 465, ½ mile, 4 lane, median, storm sewers ~oulevard R-1 Oak Ridge - 136TM to 146m 1 mile, 1 creek $2,200,000 Treatment crossing Boulevard R-2 136m Street - Ditch to 2 miles, 2 creek $4,500,000 Tr,~tment Oak Ridge crossings Boulevard ?~-3 136TM Street - Oak Ridge 0.2 miles $300,000 Treatment to Egl:~n/R0her Boulevard R-4 Springmill Road - 131st to 1.5 miles, 2 creek $3,500,000 Treatment 146~h (?) crossings Boulevard R-5 Ditch Road - 136t~ to 1 mile, 1 creek $2,200,000 Treatment 146th crossing Road R-6 Gray Road - 96* to 106' ½ mile, 4 lane ~,5 $3,000,000 mile for 2 lane Improvement boulevard Other improvements Sidewalk S-1 West Side Roher Rd - 1.1 miles $100,000 Eglin (US31) to 146® i 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 th IR-l: 96 & Westfield Intersection Improvements R-6: Gray Road Improvements xxr~, C'l~v Pr~io.c:t.q' (TI-IODe to have 131st & Spring Mill roundabout done this fall/winter, s~'e~6Jt~VJS*~ri-~g' Mi'll roundabout and the following projects can progress in the spring) R-2, R-3: I-l, I-4: S-l: 136th Street Boulevard Improvements (Ditch to Eglin/Rohrer) Interseclfion 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-I: Oak Ridge Boulevard I-5: R-5, I~3: 1-6: Intersection Improvement at 131st & 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 (131~t to 146th) 1-2: Intersection at 141~t & Spring Mill Road 1-2 141~t & Spring Mill Late 2005 I-3 141~ & Ditch Early 2005 :'136 &~I5 )-5 [31st & Meridian Comers Early 2005 .... i-6 O~ Ridge~gli~Rohrer Effiy 2005 IR- Westfiel~: 96~ R4 O~ Ridge, 136m tO 146TM Emly 2005 R-3 136~ O~'~id ,~g~6~ 20.04 ' R-4 Sprig Mil, 131st to 146t~ Late 2005 R-5 Ditch, 136tn to 146TM E~ly 2005 ::2R-6 :":..:Gm-y, 96 to; . .. ~.S-~': R0~er, w-st S~d~¢:~;~~h't0~:~'~tn :~ ~:g00~ EXHIBIT B MATTERS RELATING TO PROJECT 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. ~rovals. 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. Ex~_~g_ditures. 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 City Engineer shall deliver written notice of the Board's approval of such proposed contract (or proposed award of bid) or proposed change order to the Clerk-Treasurer, together with instructions to deliver a copy of such notice to each member of the Council by the close of business within five (5) business days after the City Engineer's delivery of such notice to the Clerk-Treasurer. If the City Engineer so delivers such notice and instructions, the Council shall be deemed to have approved such contract (or award of bid) or change order at the close of business on the seventh business day after the date by which the Clerk-Treasurer was so instructed by the City Engineer 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 Trustee. Section 4. Definitions. For purposes of this Agreement, each of the following terms shall have the meanin~ 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 any costs of issuance of the Bonds, (iii) any investment of any Proceeds in any interest-bearing instruments, or (iv) any payment(s) or other B-1 disposition(s), 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, on each project listed on Exhibit A of any Proceeds in an amount less than $250,000. (b) "Proceeds" means any amounts received on 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. Governing La~. 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. 809478.2 B-2