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Home My WebLink AboutD-1750-05 Thoroughfare Fund SPONSOR: Ron Carter ORDINANCE NO. D-1750-05 AS g/MENDED AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL~ INDIANA~ ADOPTING AND ADDING CARMEL CITY CODE CHAPTER 2~ ARTICLE 4 ~ SECTION 2-125~ ESTABLISHING A NON-REVERTING THOROUGHFARE DEVELOPMENT FUND WHEREAS, the City, as appropriate, negotiates with developers to dedicate resourceS, including monies, necessary to bring the rOads adjacent to their developments into compliance with the City's Thoroughfare Development Plan; and WHEREAS, these dedicated resources may take the form of monies contributed by developers to pay for roadway improvements that are necessary to ensure compliance with the City's Thoroughfare Development Plan, but that cannot be constructed by the developer at the time their land is being degeloped; and WHEREAS, there exists no specific City repository for funds received by the City from developers to fulfil their Thoroughfare Development Plan obligations that will ensure that such funds are applied to thoroughfare development; and WHEREAS, it is necessary to establish a "non-reverting thoroughfare development fund" to accept such monies and to disburse them to pay for improvements consistent with the Thoroughfare Development Plau and consistent with Indiana Code 36-7-4-1313(2); and WHEREAS, the citizens of Carmel and real estate developers will both benefit from the creation and operation of such a fund. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carmel, Indiana, as follows: Section 1: The foregoing Recitals are fully incorporated herein by this reference. Section 2: That Chapter 2, Article 4, of the Carmel City Code is hereby amended to add a new Section 125 which shall read as follows: "Sect. 2-125. Non-Reverting Thoroughfare Development Fund (a) There is established a non-reverting thoroughfare development fund #913 ("Non-Reverting Thoroughfare Development Fund") to be used exclusively for the purpose of accepting and disbursing monies received for City thoroughfare development projects. Consistent with Indiana Code 36-7-4-1313, the monies deposited in such fund shall reflect obligations voluntarily undertaken by developers to contribute the resources necessary, at the time their real estate is being developed, to bring thoroughfares adjacent to same into conformance with the City's Thoroughfare Development Plan, without regard to the size or number of lots or units to be located within the development. Page One of Three Pages Prepared by Douglas C. Haney, Carmel City Attorney [Z:\LFin¢ 1) Drivc\Filcs\Or~linanccs~2005\D-1150-05, As Amended.doc:5/l?/2005 9:37 AM: 4-6-05 Sponsor Rev.} SPONSOR: Ron Carter (b) The Non-Reverting Thoroughfare Development Fund sha~l be administered and maintained as set fodh herein: 1. The Non-Rever[ing Thoroughfare Development Fund shall be managed by the fiscal officer of the City as requiCed by law; The monies contained in the Non-Reverting Thoroughfare Development Fund shall be received and deposited therein from the City, from developers, and from all other lawful sources in accordance with applicable law; The funds contained in the Non-Reverting Thoroughfare Development Fund shall be accounted for and maintained separate and apart from all other City funds, and shall be invested with the interest earned thereon deposited in!o the Non-Reverting Thoroughfare Development Fund; and For purposes of the Non-Reverting Thoroughfare Development Fund, the Department of Engineering shall divide the City into 'q'horoughfare Development Areas." When monies are deposited into the Non-Reverting Thoroughfare Development Fund, those funds may only be spent on thoroughfare development projects located within the same Thoroughfare Development Area as the development for which the monies deposited are located. 5. The funds held and accounted for in the Non-Reverting Thoroughfare Development Fund shall be withdrawn only: a. At the discretion of the Director of the Engineering Department of the City; b. For the purpose of building, improving, or maintaining streets and roads consistent with 'the City's Thoroughfare Development Plan and this Section; and c. Monies in the Non-Reverting Thoroughfare Development Fund shall only be withdrawn and spent on projects located within the Thoroughfare Project Area where the development for which said monies were deposited is located. Monies received due to commitments for specific improvements may not be reallocated to other projects without Council approval. 6. All property acquired from monies held in the Non-Reverting Thoroughfare Development Fund shall be titled in the name of the City of Carmel; and 7. The life of the Non-Reverting Thoroughfare Development Fund shall be perpetual, unless terminated by subsequent ordinance." Section 3. That the remaining provisions of Carmel City Code Chapter 2, Article 4, are not affected by this Ordinance and remain in full rome and effect. Section 4. If any portion of this Ordinance is for any reason declared to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of this Ordinance so long as enforcement of same can be given the same effect. Ordinance No. D-1750-05 Page Two of Three Pages Prepared by Douglas C. Haney, Carmel City Attorney [Z:\LFine D Drive\Files\O[dinancesk2005\D-1750-05, As Amended.doc:5/19/2005 1:16 PM: 4-6-05 Sponsor Rev.] SPONSOR: Ron Caner Section 5. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor and such publication as is required by law. PASSED by the Common Council of the City of Carmel, Indiana this i(~hay of ~ ~_ 2005, by a vote of_~,p__ayes and (") nays. d 0MMON ~CpNCI L Officer FOR THE CITY OF CARMEl., INDIANA Kevin~y, Presid~'n,n,n~o T.~l~re Brian D. Mayo M ark~y,~ Richhrd L. ~harp j/' Diana L. Cordray, IAMC, irer Presented by me to the Mayor of the City of Carmel, Indiana, at i; o)O o'clock ~M. on the · Dian~ L. Cord-ray,"71;2~MC, Clerk-Trea?~we~r / /r'J9c' Approved by me, Mayor of the City of Carmel,~Indiana, at /~':"~o'clock~;~M. on this /~? ~.-'~ day of /~ ,2005. J~e s Bd'~irainara, May//~r<:~~ ~ ATTEST: Diana L. Cordray, IAMC, Clerk-/T.~rer Ordinance No. D- 1750-05 ~ Page Three of Three Pages Prepared by Douglas C. Haney, Carmel City Attorney [Z:\LiIw\E Bass\My Documents\OROlNANCES\AmendCodck2005\Adopt Add Sec 2ol 25 NonRevert Thorfar Fund.doc:4/7/20~5 1 1:09 AM: 4-6-05 Sponsor Rev.]