HomeMy WebLinkAboutResolution 2020-24 (Brookshire project terms)RESOLUTION NO.2020-24
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING BROOKSHIRE VILLAGE PROJECT AGREEMENT
WHEREAS, the City of Carmel, Indiana (the "City") is an Indiana municipal
corporation; and
WHEREAS, the City of Carmel Redevelopment Commission (the "CRC") is a
governmental entity created and authorized to administer certain redevelopment activities within
the City; and
WHEREAS, Brookshire Village Properties, LLC, an affiliate of KennMar ("BVG"),
owns those certain parcels of real estate and improvements located at 4755 E. 126th Street,
Carmel, Indiana 46033 known as Parcel No. 16-10-32-00-00-005.000 (the "Brookshire Village
Shopping Center"); and
WHEREAS, BVG has proposed redeveloping the Brookshire Village Shopping Center
as part of a project, which project would include facade, parking, landscaping, and related
improvements (the "Project"); and
WHEREAS, BVG has agreed, as part of the Project, to enter into a lease with a regional
or national grocer (a "Grocer") to occupy at least 25,000 square feet of the Brookshire Village
Shopping Center as a grocery store open to the general public for a period of not less than five
years (the "Grocer Lease"); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
enter into an agreement (the "Project Agreement") with BVG pursuant to which: (a) the CRC
will make available to BVG certain tax increment from the Brookshire Village Shopping Center,
as more particularly set forth in CRC Resolution No. 2020-23; and (b) BVG will: (i) construct
and complete the Project; and (ii) enter into the Grocer Lease; all as authorized by Indiana Code
36-7-14-12.2 and other applicable law.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel
Redevelopment Commission that:
1. The foregoing Recitals are fully incorporated herein by this reference.
2. The CRC will execute and deliver the Project Agreement, which Project
Agreement shall: (a) provide for: (i) the CRC's contribution of certain tax
increment from the Parcel, consistent with CRC Resolution 2020-23, subject to a
Grocer occupying not less than 25,000 square feet of the Brookshire Village
Shopping Center as a grocery store open to the general public for not less than
five years; (ii) BVG's construction and completion of the Project; and (iii) BVG's
entering into the Grocer Lease, which Grocer Lease shall be satisfactory to the
CRC; and (b) include such other terms, and be otherwise in a form, approved by,
and satisfactory to, the President and Executive Director of the CRC, with
guidance from the CRC Finance Committee, which approval and satisfaction shall
be conclusively evidenced by the execution and delivery thereof by the President,
Vice President, Secretary, and/or Executive Director of the CRC.
3. The CRC will execute and deliver such instruments, certificates, and other
agreements and documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the
Project Agreement.
4. Each agreement, instrument, certificate, and other document contemplated by this
Resolution to be executed and delivered by the CRC shall be in a form approved
by, and satisfactory to, the President and Executive Director of the CRC, with
guidance from the CRC Finance Committee, which approval and satisfaction shall
be conclusively evidenced by the execution and delivery thereof by the President,
Vice President, Secretary, and/or Executive Director of the CRC.
5. The President and Executive Director of the CRC are authorized to execute and
deliver all of the agreements, instruments, certificates, and other documents
contemplated by this Resolution to be executed and delivered by the CRC. In the
absence of the President and/or Executive Director, the Vice President and/or
Secretary of the CRC shall be authorized to execute and deliver any or all of the
agreements, instruments, certificates, and other documents contemplated by this
Resolution to be executed and delivered by the CRC. The President, Executive
Director, Vice President, and/or Secretary are further authorized take all other
lawful actions necessary in connection with the Project Agreement and the other
matters contemplated by this Resolution.
Adopted this t5l" day of July, 2020.
Secretary
.IN
Member