HomeMy WebLinkAboutResolution 2021-25 (Proscenium TIF Pledge)RESOLUTION NO.2021-25
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REAFFIRMING PLEDGE OF CERTAIN TAX INCREMENT REVENUES TO THE
PAYMENT OF ECONOMIC DEVELOPMENT REVENUE BONDS
OF THE CITY OF CARMEL, INDIANA (PROSCENIUM PROJECT)
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"),
governing body of the City of Carmel Department of Redevelopment, has created the Integrated
126th Street Economic Development Area, has designated a portion of such area as the
Proscenium 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 Proscenium Allocation
Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Carmel Development II, LLC, or an affiliate 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 physically
connected to the Allocation Area; and
WHEREAS, the Common Council (the "Council') of the City of Carmel, Indiana (the
"City") has approved the issuance of the City of Carmel, Indiana, Taxable Economic
Development Revenue Bonds, Series 2021 (Proscenium Project) (with such further or different
series designation as may be necessary, desirable or appropriate), 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, on May 17, 2017, as an inducement to the Company to locate the Projects
and related mixed use development in the City, the Commission adopted Resolution No. 2017-08
(the "Pledge Resolution") pledging 100% of the TIF Revenues (as defined in the Pledge
Resolution) to the repayment of the Bonds; and
WHEREAS, on November 1, 2021, the Council adopted Ordinance D-2601-21 which
increased the maximum authorized principal amount of the Bonds from $12,500,000 to
$17,000,000, and the Commission now desires to reaffirm its pledge of the TIE Revenues to the
repayment of the Bonds at this higher authorized amount.
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. The Commission hereby reaffirms its pledge of 100% of the TIF Revenues to the
repayment of the Bonds in an amount not to exceed $17,000,000, and confirms that the Pledge
Resolution shall remain in full force and effect as applied to the Bonds at this maximum
principal amount.
2. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 17t' day of November, 2017.
Member
EXHIBIT A
The design and construction of infrastructure improvements, including parking, street
development, utility relocations and/or streetscape development, all to support a proposed mixed
use residential, retail and office development generally to be located in the northwest quadrant of
the intersection of Carmel Drive and Rangeline Road, in the City of Carmel, Indiana.
DMS 213055300