HomeMy WebLinkAboutD-1679-04 Central Park/$55M Monon CenterSponsor(s): Councilor Carter
ORDINANCE NO. D-1679-04
AS AMENDED
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA
IN SUPPORT OF THE CLAY TOWNSHIP LEASE-PURCHASE OF 2004
WHEREAS, the City of Carmel, Indiana (the "City") and Clay Township of Hamilton
County, Indiana (the "Township") have entered into an Interlocal Cooperation Agreement dated
July 26, 2002 (the "lnterlocal Agreement") providing for the delivery of joint park mad recreation
services to the citizens of the City and the Township; and
WHEREAS, the Interlocal Agreement created the Carmel-Clay Board of Parks and
Recreation (the "Park Board"); and
WHEREAS, the Interlocal Agreement requires that prior to the issuance of bonds by the
City or the Township for improvements intended for joint park and recreation purposes ("Joint
Facilities") the Park Board must first hold a public hearing and determine the public utility and
benefit of the proposed project and the proposed bond issue must thereafter be approved by an
Ordinance of the Common Council of the City and a Resointion of the Township Board of the
Township; and
WHEREAS, the City has been advised by the Park Board that the Park Board intends to
make a final determination on the public utility and benefit of certain improvements to be
operated as Joint Facilities at the Park Board property located between College Avenue and
Westfield Boulevard with a common address of 1010 East 11 lth Street and consisting of
approximately 161 acres (the "Central Park Site"), to be financed by the Township through a
lease-purchase transaction pursuant to I.C. 36-1-10 et seq. with total principal payments under
the lease not to exceed the amount of Fifty Five Million and 00/100 Dollars ($55,000,000.00)
along with applicable interest thereon; and
WHEREAS, the Interlocal Agreement requires that the Township~s lease-purchase
transaction to finance the construction of Joint Facilities (the "Lease") receive the approval of the
Common Council; and
WHEREAS, the Common Council further acknowledges that, pursuant to I.C. 36-1-10-
11, the ownership of the Central Park Site must be transferred to the Carmel Clay Park Building
Corporation prior to and throughout the term o£the Lease and that upon completion of all Lease
payments the Central Park Site and all Joint Facilities thereon will be transferred to the
ownership of the Park Board, unless otherwise agreed by the City and the Townskip;
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Carmel, Indiana, as follows:
Section I: The above recitals are incorporated herein as if set out in full.
Section II: The Common Council, as the fiscal body of the City, finds that the Joint Facilities to
be constructed at the Central Park Site are needed as required by I.C. 36-1-10-7.
Section III: Pursuant to Section 8.3 of the Interlocal Agreement, the Common Council hereby
approves the financing by the Township of park and recreation improvements constituting Joint
Facilities under the lnterlocal Agreement at the Central Park Site through a lease-purchase
transaction under I.C. 36~1~10 et seq. with principal payments under the lease not to exceed Fifty
Five Million and 00/100 Dollars ($55,000,000.00), along with applicable interest thereon, over a
term not to exceed twenty (20) years. This approval includes any approval required of the fiscal
body of the City pursuant to I.C. 36-1-10-8.
Section IV: The Common Council further acknowledges and agrees to the establishment and
imposition by the Township of a uniform tax rate upon all taxable property throughout the
Township, including those areas both within and outside of the City, for the purpose of funding
Lease payments for the Joint Facilities constituting the Central Park Site as well as all costs, fees
and expenses related in any way thereto or to the creation and retirement of indebtedness
therefore, including all costs of issuance of the foregoing indebtedness.
Section V: The Park Board, and the appropriate officials of the City of Carmel, Indiana, are
hereby authorized, empowered and directed to take all requisite action, and to execute all
necessary documents, to transfer title to the Central Park Site to the Carmel Clay Park Building
Corporation in conjunction with the Lease transaction, all in accordance with I.C. 36-1-10-11,
without further action or approval of the Common Council.
Section VI: All prior Ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed.
Section ¥II: This Ordinance shall be in full force and effect from and after its passage and
signing by the Mayor.
PASSED by the Common Council of the City of Carmel, Indiana this /2k44~day of
January, 2004, by a vote of. '4 ayes and ?b nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
..-.~nald E. Carter, President Pro Tempore
Kevin Kirby'
Brian Mayo
Mark Ratte~
Rick Sh~
ATTEST:
Dia~na L. Cordray,~I~lg,~ Ql-er -~3rea~sure~
Presented by me to the Mayor of the City of Carmel, Indiana this J' / day of January
2004, at i~:(~D P.M.
Diana L. Cordray,~2~/,, Cler~t:easurer
Approved by me, Mayor of the City of Carmel, Indiana, this /TM day of January 2004,
at~c*--q P.M.
J~ rainard, Mayor
ATTEST:
Diana L. Cordray,)~l/(C, Cl~rl~-Treasurer
Prepared by:
Brian C. Bosma, Esq.
Kroger Gardis & Regas, LLP
111 Monument Circle, Suite 900
Indianapolis, IN 46204-5125
(317) 692-9000