HomeMy WebLinkAboutResolution 2021-15 (Main and Old Meridian TIF Pledge)RESOLUTION NO.2021-15
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
(MAIN AND OLD MERIDIAN ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
created the Main and Old Meridian 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 Main and
Old Meridian Allocation Area Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Tegethoff Development and/or Great Lakes Capital or any 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 taxable or tax-exempt City of Carmel, Indiana,
Economic Development Tax Increment Revenue Bonds, Series 20_ (The Signature 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. Ninety percent percent (90%) 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. The remaining
ten percent (10%) of the real property tax increment revenues generated from the Allocation Area
(or assessed value attributable thereto) may be used by the Commission for any purpose permitted
by law, including the release of assessed value to the taxing units as provided under the Act.
2. On each January 15 and July 15, beginning July 15, 2023, 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) 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.
5. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 21 st day of July, 2021.
CITY OF CARMEL REDEVELOPMENT
COMMISSION I %
Presi
Secretary
EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of the design and construction of infrastructure improvements, including
but not limited to storm water improvements, utilities relocation, road improvements and
structured parking costs to support a mixed use project development in the Old Meridian Economic
Development Area consisting of retail, parking and residential uses.
DMS 20541241.1