HomeMy WebLinkAboutResolution 2020-20 (Firehouse TIF pledge)RESOLUTION NO.2020-20
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
(FIREHOUSE ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
created the Firehouse Allocation Area (the "Allocation Area") for purposes of the allocation and
distribution of property taxes under IC 36-7-14-39, and has created the Firehouse Allocation
Area Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Onxy + East, or an affiliate or designee thereof (the "Company") intends to
finance all or a portion of the costs of the design and construction of the projects listed in Exhibit
A hereto (collectively, the "Projects"), which will be located in or will be directly serving the
Allocation Area; and
WHEREAS, the City of Carmel Economic Development Commission and Common
Council have approved the issuance of the City of Carmel, Indiana, Economic Development Tax
Increment Revenue Bonds, Series 20_ (Firehouse Project), in one or more series (the "Bonds"),
the proceeds of which will be provided to the Company and applied to costs of the Projects; and
WHEREAS, as an inducement to the Company to locate the Projects in the City of
Carmel, the Commission has agreed to pledge a portion of the tax increment revenues generated
from the real property of the Company in the Allocation Area to the payment of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as
set forth in this Resolution.
2. Eighty percent (80%) of the real property tax increment revenues generated from
the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (the "TIF
Revenues") shall be set aside and used only as set forth in this Resolution. The remaining twenty
percent (20%) of the real property tax increment revenues generated from the Allocation Area
(or assessed value attributable thereto) may be used by the Commission for any purpose
permitted by law, including the release of assessed value to the taxing units as provided under
the Act.
3. On each January 15 and July 15, beginning July 15, 2022, all TIF Revenues shall
be immediately transferred to the trustee for the Bonds (the "Trustee") for deposit into the funds
and accounts and application in accordance with the trust indenture for any series of Bonds (the
"Indenture").
4. Pursuant to IC 36-7-14-39(b)(3)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in
accordance with the Indenture.
5. Upon the defeasance of the Bonds, any moneys remaining in the funds and
accounts under the Indenture shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
6. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 15th day of July, 2020.
CITY OF CARME� / REDEVELOPMENT
COMMISSION T J
President
L)(�' b�� -
Vice Preside
SeWret2(::� 15�
Me ,e
Member
EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of the design, acquisition, construction, installation, equipping and
improvement projects in, serving or benefitting the Firehouse Allocation Area which are
necessary to facilitate the orderly development therein, including, but not limited to site
improvements, the contribution of land and the design and construction of a residential housing
project and a public plaza.
DMS 17662103.1