HomeMy WebLinkAboutResolution 2021-23 (grant to CMCDC for Monon Square redevelopment)RESOLUTION NO.2021-23
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT TO CMCDC FOR MONON SQUARE REDEVELOPMENT
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 Midtown Community Development Corporation ("CMCDC") 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, CMCDC is a "neighborhood development corporation" for purposes of
Indiana Code 36-7-14-12.2(25); and
WHEREAS, CMCDC owns the real estate located at 620 S. Rangeline Road and
commonly known as Motion Square ("Monon Square"); and
WHEREAS, Motion Square is within the "district" for purposes of Indiana Code 36-7-
14-12.2(25); and
WHEREAS, CMCDC has determined that it is in the best interests of CMCDC and the
City to assist the CRC in the redevelopment of Monon Square; and
WHEREAS, CMCDC has requested financial assistance from the CRC in an amount of
up to $300,000.00 to construct, rehabilitate, and/or repair, or cause to be constructed,
rehabilitated, and/or repaired, property located within the District, including Motion Square, as
part of a larger redevelopment of Motion Square; and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
provide a grant to CMCDC in an amount up to $300,000.00 (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
CMCDC.
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 CMCDC and the other
matters contemplated by this Resolution.
5. Notwithstanding anything to the contrary in this Resolution, the making and
timing of the Grant to CMCDC, including the exact amount thereof, shall be
determined by the Executive Director, in consultation with the President and the
Finance Committee of the CRC.
Adopted this day of October, 2021.
CITY OF CARMEL
Vice President
Secretary
Member