HomeMy WebLinkAboutD-1752-05 Performing Arts $80m TIFSponsors: Councilors Carter and Sharp
ORDINANCE D-1752-05
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 (the "Bonds") for purposes of financing the acquisition of land and the
construction of a performing arts center and related amenities in the City of Carmel, Indiana (the
"Project"); and
WHEREAS, the Authority and the City of Carmel Redevelopment Commission (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 Project, 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 March 15, 2005, said public hearing was held and ail interested parties
were provided the opportunity to be heard at the hearing; and
WHEREAS, the Commission, at a meeting on March 15, 2005, 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 Project 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 lC 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 36-7-14-25.2, on the condition that the maximum
original issue amount of the Bonds shall not exceed $80,005,000.
Section 2. Authorization of Other Actions. Any member of the Common Council
and the Mayor and 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 3. 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 ,-~ t~5 ~- ~ ~
day of
2005, by avote of q ayes and r'~ nays.
6
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
esiding Officer
Kevin Kirby, President Pro Tempore
R'onald E. Caner
Brian D. Mayo
· Fredrick J. Olaser Mark Rattermann
Diana L. Cordray, IAMC, Clerk-~FreasOr.er
.M. of the City J /
Diana L. Cordray, IAMC,
Approved by me, Mayor of the City of Carmel, Indiana, this ,~} day of
2005, at c/:o~l /O.M.
ATTE)T~ -~
~i?C~tyL~) fC~rardr~: ~nAd~!~C e k~-T~ssurer of
~es ~ainard,
Prepared by:
Bruce D. Donaldson
Barnes & Thomburg LLP
11' South Meridian Street
Indianapolis, 1N 46204
INDS01 BDD 709044vl