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HomeMy WebLinkAboutResolution 2021-16 (The Signature project terms)RESOLUTION NO.2021-16 A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION REGARDING SIGNATURE 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, The Signature At Carmel LLC and/or its affiliate (collectively, "Developer"), owns or controls the real estate located at the northeast corner of Old Meridian Street and West Main Street, Carmel, Indiana, which is more particularly depicted and/or described on Exhibit A attached hereto (the "Project Site"); and WHEREAS, Developer has proposed developing and/or redeveloping the Project Site as an approximately five -story, mixed -use development including for -sale condominiums, luxury apartments, structured parking, office and/or commercial space, and related improvements (the "Project"); and WHEREAS, as part of the Project, Developer intends to: (a) convey to the CRC or another department or agency of the City the eastern portion of the Project Site to become a portion of future public right-of-way linking Old Meridian Street and Main Street (the "Developer ROW"); and (b) construct and complete a structured parking garage containing approximately 389 parking spaces (the "Parking Garage"); and WHEREAS, to the extent expressly authorized in a separate CRC Resolution (the "TIF Resolution"), Developer would receive 90% of the tax increment from the Project and the Project Site to aid in the development of the Project; and WHEREAS, Developer 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 Developer pursuant to which: (a) the CRC will make available to Developer certain tax increment from the Project and the Project Site, to the extent expressly authorized in the TIF Resolution; and (b) Developer will: (i) will convey to the CRC or another department or agency of the City the Developer ROW; (ii) construct and complete the Project, including the Parking Garage; and (iii) 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 Project and the Project Site, consistent with the TIF Resolution; (ii) Developer's construction and completion of the Project, including the Parking Garage; (iii) Developer's conveying to the CRC or another department or agency of the City the Developer ROW; and (iv) Developer'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, the Parking Easement, and/or the Developer ROW. 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 day of July, 2021. CITY OF CARMEL REDEVELOPMENT COMMISSION b ecretary