HomeMy WebLinkAboutResolution 2021-11 (Monon and Main project agreement terms)RESOLUTION NO: 2021-11
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING AN AMENDMENT TO THE MONON AND MAIN PROJECT
AGREEMENT AND THE CORRESPONDING PLAZA MANAGEMENT AGREEMENT
ENTERED INTO BETWEEN THE CARMEL REDEVELOPMENT COMMISSION AND
MONON & MAIN, LLC
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, the CRC and Monon & Main, LLC ("Developer/Operator"), (collectively
hereinafter referred to as the "Parties"), are subject to a certain Project Agreement entered into on
December 21, 2016 ("Project Agreement"), as amended, for the construction of the Project
contemplated thereunder, said Project being located at Main Street and Monon Trail, Carmel
Indiana, and commonly referred to as the "Monon and Main Project"; and
WHEREAS, pursuant to that certain Project Agreement, the CRC made certain upgrades
and improvements to the south fagade of the Garage (the "South Fagade Project"); and
WHEREAS, the Parties are further subject to a certain Plaza Operating Agreement entered
into on June 16, 2017, assigning certain CRC rights to the Carmel Board of Public Works and
Safety with respect to CRC's right, title, and interest in operating the Plaza Real Estate, which said
real estate is defined as the "Plaza Real Estate" and is part of the "Public Improvements Site" under
the Project Agreement; and
WHEREAS, in furtherance of the CRC completing the South Fagade Project, the Parties
now desire to memorialize and update certain rights and obligations in the Project Agreement and
the Plaza Operating Agreement; and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
enter into an amendment of the Project Agreement and Plaza Operating Agreement on terms
consistent with the current understanding of the Parties.
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 an amendment to the Project Agreement and
Plaza Operating Agreement (the "Amendment"), pursuant to which the Parties shall agree to
finalize and reassign certain outstanding obligations as mutually agreed upon between the Parties.
3. The Amendment shall be in a form approved by, and satisfactory to, the President
and Executive Director of the CRC, which approval and satisfaction shall be conclusively
evidenced by the execution and delivery thereof by the President and/or Executive Director of the
CRC.
4. The CRC will execute and deliver such other agreements, instruments, certificates,
and other documents, and perform and observe such other actions, covenants, and obligations, as
necessary or desirable in connection with the Amendment.
5. 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, which approval and satisfaction
shall be conclusively evidenced by the execution and delivery thereof by the President and/or
Executive Director of the CRC.
6. The President and Executive Director of the CRC are authorized to execute and
deliver all agreements, amendments, 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 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 to take all other lawful actions necessary in
connection with the Amendment and the other matters contemplated by this Resolution.
ADOPTED this 3 0 A clay of June, 2021
COMMISSION
r:�
�rt "[' ( - F" F I
ice Pr id
Sec etary
ember
Member
ATTEST:
Rachel Finn, Secretary to Carmel Redevelopment Commission