HomeMy WebLinkAboutResolution 2021-5 (supplemental_resolution_for_2021_CRA_road_bonds)RESOLUTION NO. 2021-5
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AMENDING RESOLUTION NO. 2021-2 PREVIOUSLY ADOPTED BY THE CITY OF
CARMEL REDEVELOPMENT COMMISSION
WHEREAS, the City of Carmel Redevelopment Authority (the “Authority”) has been
created pursuant to Indiana Code 36-7-14.5 as a separate body corporate and politic, and as an
instrumentality of the City of Carmel, Indiana (the “City”), to finance local public improvements
for lease to the City of Carmel Redevelopment Commission (the “Commission”); and
WHEREAS, on January 20, 2021, the Commission previously adopted Resolution No.
2021-2 (the “Original Resolution”) for the purpose of approving the terms of a lease agreement
(the “Lease”) between the Authority, as lessor, and the Commission, as lessee, for the lease of
the Leased Premises (as defined in the Lease), which lease rental payments under the Lease will
secure the Bonds (as defined in the Original Resolution) to be issued by the Authority for the
purposes of providing funds for the Projects (as defined in the Original Resolution); and
WHEREAS, following approval by the Commission of the Original Resolution, the
Common Council of the City (the “Common Council”) adopted its Ordinance No. D-2564-20 on
March 1, 2021 (the “Council Ordinance”) approving the Lease and the Bonds; and
WHEREAS, in the Council Ordinance, the Common Council made certain revisions to
the description of the Projects; and
WHEREAS, the Commission desires to adopt this resolution (the “Supplemental
Resolution”) to supplement and amend the Original Resolution (the Original Resolution and the
Supplemental Resolution, collectively, the “Resolution”) for the purpose of amending the
description of the Projects.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. Exhibit A to the Original Resolution is hereby deleted in its entirety and replaced
with the description of the Projects set forth in Exhibit A attached hereto.
2. The Projects, as defined in this Supplemental Resolution, are hereby approved.
3. The President, Vice President and Secretary of this Commission, and each of
them, is hereby authorized and directed to take any and all such further actions and to execute all
such instruments, documents or certificates as may be necessary, desirable or appropriate to
carry out the transactions contemplated by this Supplemental Resolution, in such forms as the
President, Vice President or Secretary executing the same shall deem proper, such desirability to
be conclusively evidenced by the execution thereof.
4. This Supplemental Resolution is hereby intended to amend and supplement the
Original Resolution, and to the extent of any inconsistencies or conflicts, if any, between any
provision or provisions of this Supplemental Resolution and the Original Resolution, the
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provisions of this Supplemental Resolution shall be controlling and binding. Except as otherwise
provided herein, all of the terms, conditions and provisions of the Original Resolution are hereby
ratified and affirmed, and shall continue in full force and effect.
5. This Supplemental Resolution shall be in full force and effect after adoption by
the Commission.
ADOPTED this 17
th
day of March, 2021.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
Vice President
Secretary
Member
Member
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EXHIBIT A
DESCRIPTION OF PROJECTS
All or any portion of: (a) the acquisition of any real property interests or right-of-way of
the real estate subject to the Lease, (b) the design, inspection, construction, renovation,
replacement, improvement and/or equipping of road and street construction and reconstruction,
resurfacing or improvement projects, and roundabout improvements in the City, and the
construction, reconstruction, resurfacing, relocation or equipping of improvements related
thereto or necessary or appropriate in connection therewith as part of the City’s road and street
system, including but not limited to the following projects in the following order priority (1)
Smokey Row Road between Old Meridian and Rangeline, (2) 3
rd
Avenue between Main Street
and City Center, (3) intersection improvements at 96
th
Street and College Avenue, (4)
intersection improvements at 106
th
Street and College Avenue, (5) intersection improvements at
106
th
and Westfield Boulevard, (6) College Avenue from 96
th
Street and 106
th
Street, (7)
Haverstick Road between 96
th
Street and 99
th
Street, (8) 99
th
Street between Westfield Boulevard
and Haverstick Road, and (9) 3
rd
Avenue between City Center and Carmel Drive, and (c) the
completion of any road improvement projects authorized to be financed by the City of Carmel
Redevelopment Authority Lease Rental Bonds, Series 2016A, including but not limited to
intersection improvements at AAA Way and 116
th
Street and intersection improvements at AAA
Way and Carmel Drive (clauses (a) through and including (c), collectively, the “Projects”);
provided, however, that no proceeds of the Bonds shall be spent on public art, and further
provided that any proceeds of the Bonds remaining after the completion of the priority projects
described above may only be used for additional projects specifically approved by a majority of
the members of the Common Council, or to pay debt service on the Bonds.
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