HomeMy WebLinkAboutResolution 2020-25 (Corner project terms)RESOLUTION NO.2020-25
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING THE CORNER 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, KRG Development, LLC, an affiliate of Kite Realty Group ("KRG"), owns
those certain parcels of real estate generally located at the southwest corner of 1161h Street and
Westfield Boulevard known as Parcel Nos. 16-13-01-00-00-012.000 and 16-13-01-00-00-
013.000 (the "Parcels"); and
WHEREAS, KRG has proposed developing and/or redeveloping the Parcels as part of a
mixed -use project, which project would include a structured parking garage containing
approximately 392 parking spaces (the "Parking Garage"), luxury apartments, office and/or
commercial space, and related improvements (the "Project"); and
WHEREAS, KRG has agreed to grant to the CRC, for the benefit of the general public,
an easement in perpetuity (the "Parking Easement"), pursuant to which not less than 75% of the
parking spaces in the Parking Garage will be made available for use by the general public on a
first -come, first -served basis; 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 KRG pursuant to which: (a) the CRC
will make available to KRG certain tax increment from the Parcels, as more particularly set forth
in CRC Resolution No. 2020-11; and (b) KRG will: (i) construct and complete the Project,
including the Parking Garage; and (ii) grant to the CRC the Parking Easement; 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 2020-11; (ii) KRG's
construction and completion of the Project, including the Parking Garage; and (iii)
KRG's grant to the CRC of the Parking Easement; 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 and/or the Parking Easement.
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 151� day of July, 2020.
rr'ry "U r A 1D'%4' r
3MI cLai y
Member