HomeMy WebLinkAboutResolution 2021-20 (grant to 4CDC for TI)RESOLUTION N0.2021-20
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT TO 4CDC FOR IMPROVEMENT ALLOWANCE
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, pursuant to Indiana Code 36-7-14-12.2(25), CRC may provide financial
assistance (including grants and loans) to neighborhood development corporations to permit
them to "construct, rehabilitate, or repair commercial property within the district"; and
WHEREAS, Carmel City Center Community Development Corporation ("4CDC') is a
nonprofit corporation organized and operating pursuant to the provisions of the Indiana
Nonprofit Act of 1991, as amended, Indiana Code 23-17; and
WHEREAS, 4CDC is a "neighborhood development corporation" for purposes of
Indiana Code 36-7-14-12.2(25); and
WHEREAS, the James Building is within the "district" for purposes of Indiana Code 36-
7-14-12.2(25); and
WHEREAS, 4CDC owns certain office premises within the James Building (the "Office
Premises"); and
WHEREAS, 4CDC has determined that it is in the best interests of 4CDC to enter into
an office lease for a portion of the Office Premises (the "Lease"); and
WHEREAS, the Lease requires 4CDC to provide to the tenant thereunder an
improvement allowance of up to $1,250,000.00 (the "Allowance") to construct, rehabilitate,
and/or repair, or cause to be constructed, rehabilitated, and/or repaired, the Office Premises; and
WHEREAS, 4CDC has requested financial assistance from the CRC in the amount of
the Allowance to construct, rehabilitate, and/or repair, or cause to be constructed, rehabilitated,
and/or repaired, the Office Premises; and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
provide a grant to 4CDC in an amount up to the full amount of the Allowance (the "Grant"), 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 delivery such agreements, instruments, certificates,
and other documents, and perform and observe such other actions, covenants, and
obligations, as necessary or desirable in connection with providing the Grant to
4CDC.
3. 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, Vice President, Secretary, and/or Executive
Director of the CRC.
4. 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 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 Grant to 4CDC and the other
matters contemplated by this Resolution.
5. Notwithstanding anything to the contrary in this Resolution, the Grant to 4CDC
shall be: (a) conditioned upon 4CDC's closing on a loan refinancing or extension,
or sale, of the Office Premises, on terms satisfactory to the President and
Executive Director; and (b) provided to 4CDC in such amounts and installments,
and at such times, as may be determined by the Executive Director from time to
time.
Adopted this day of October, 2021.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
Mesident
o
Vice President
Member