HomeMy WebLinkAboutResolution 2021-28 (Grant Agreement with 4CDC)RESOLUTION N0.2021-28
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT AGREEMENTS IN SUPPORT OF 4CDC MORTGAGE LOANS
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, 4CDC owns or will own 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 pursue one
or more mortgage loans, including, without limitation, mortgage refinancings, on all or a portion
of the Office Premises (collectively, the "Loans"); and
WHEREAS, 4CDC intends to use the proceeds of the Loans to construct, rehabilitate,
and/or repair commercial properties within or near the Carmel City Center; and
WHEREAS, the Carmel City Center is within the "district" for purposes of Indiana Code
36-7-14-12.2(25); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to:
(a) enter into one or more grant agreements (collectively, the "Grant Agreements") with 4CDC,
pursuant to which CRC will agree to grant to 4CDC any portion of the debt service payments on
the Loans as and when due to the extent other funds available to 4CDC are insufficient to make
such debt service payments; and (b) assist 4CDC in obtaining the Loans; 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. In connection with the closing of the Loans, if any, the CRC will execute and
deliver the Grant Agreements, which 4CDC will pledge to the lender of the Loans
as additional security therefor.
3. The CRC will execute and delivery such other agreements, instruments,
certificates, and other documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the Grant
Agreements and/or 4CDC's obtaining the Loans, including, without limitation,
identifying potential lenders and assisting 4CDC in the negotiation of the terms of
the Loans.
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 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 Agreements, the Loans, and
the other matters contemplated by this Resolution.
Adopted this day of December, 2021.
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