HomeMy WebLinkAboutResolution 2020-23 (Brookshire TIF pledge)RESOLUTION NO.2020-23
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
(BROOKSHIRE VILLAGE SHOPPES ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
created the Brookshire Village Shoppes 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
Brookshire Village Shoppes Allocation Area Fund (the "Allocation Fund") pursuant to IC 36-7-
14-39; and
WHEREAS, Kennmar LLC, 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_ (Brookshire Village Shoppes 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 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. One hundred percent (100%) 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.
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 CARMEL REDEVELOPMENT
COMMISSION
President v�
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Vice Presiilent,-------')
Secretary
Member
1
EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of the design, acquisition, construction, installation, equipping and
improvement projects in, serving or benefitting the Brookshire Village Shoppes Economic
Development Area which are necessary to facilitate the orderly development therein, including,
but not limited to site improvements and fagade improvements to existing buildings.
DMS 17662103.1