HomeMy WebLinkAboutResolution 2020-32 (136th and Keystone TIF pledge)
RESOLUTION NO. 2020-32
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
(136TH AND KEYSTONE ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the “Commission”) has
created the 136th and Keystone Allocation Area (the “Allocation Area”) for purposes of the
allocation and distribution of property taxes under IC 36 -7-14-39 and IC 36-7-14-52, and has
created the 136th and Keystone Allocation Area Fund (the “Allocation Fund”) pursuant to IC 36-
7-14-39 and IC 36-7-14-52; and
WHEREAS, Epcon Communities, Inc., 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__ (Courtyards of Carmel 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. 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 and IC
36-7-14-52 (the “TIF Revenues”) shall be set aside and used only as set forth in this Resolution.
2. 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”).
3. Pursuant to IC 36-7-14-39(b)(3)(D), IC 36-7-14-52(b)(4)(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.
4. 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.
DocuSign Envelope ID: 42DC7449-42EA-4D9D-BDFF-CE75081DF70C
5. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 16th day of December, 2020.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
Vice President
Secretary
Member
Member
DocuSign Envelope ID: 42DC7449-42EA-4D9D-BDFF-CE75081DF70C
EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of the design, acquisition, construction, installation, equipping and
improvement projects in, serving or benefiting, the 136th and Keystone Allocation Area within
the 136th and Keystone Redevelopment Area (the “Allocation Area”) which are necessary to
facilitate the orderly development in the Allocation Area, including, but not limited to, (1)
acquisition of rights-of-way to be determined; (2) roads, streets, sidewalks, streetlights, pathways,
trails and related infrastructure; (3) other local public improvements deemed appropriate, and (4)
the development of a program for age-restricted housing that satisfies the requirements of 42
U.S.C. 3607.
DMS 18404808.3
DocuSign Envelope ID: 42DC7449-42EA-4D9D-BDFF-CE75081DF70C