HomeMy WebLinkAboutResolution 2021-6 (approval_of_North_End_project_terms)RESOLUTION NO. 2021-6
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING NORTH END PROJECT AGREEMENT
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, Old Town Companies L.L.C. and/or its affiliate (collectively, “Old Town”),
owns approximately 27.84 acres bounded by US 31 to the north and west; Smoky Row Road to
the south; and the Monon Greenway to the east; which is more particularly described and
depicted on Exhibit A attached hereto (the “Project Site”); and
WHEREAS, Old Town has proposed developing and/or redeveloping the Project Site to
include for-rent apartment units, townhomes, condominiums, single-family homes, urban garden
space, an amenity center, retail space, office space, and related improvements (the “Project”);
and
WHEREAS, Old Town intends to construct the Project in two phases, with the first
phase being the western portion of the Project Site as generally shown on Exhibit A (“Phase I”)
and the second phase being the eastern portion of the Project Site as generally shown on Exhibit
A (“Phase II”); and
WHEREAS, as part of the Project, Old Town intends to construct and complete certain
infrastructure and/or public improvements (collectively, the “Public Improvements”), including,
without limitation, roadwork, parking structures, and/or streetscape development in or directly
serving the Smokey & Monon Allocation Area; and
WHEREAS, to the extent expressly authorized in a separate CRC Resolution (the “TIF
Resolution”), Old Town would receive 100% of the tax increment from Phase I to aid in the
development of Phase I and the CRC would receive 100% of the tax increment from Phase II;
and
WHEREAS, because Phase II is scheduled to commence and be completed after Phase I,
Old Town has agreed to record against the Phase II portion of the Project Site a taxpayer
agreement in favor of the CRC, pursuant to which Old Town will commit to semi-annual tax
payments in an amount sized to the projected assessed value of the Phase II as proposed,
pursuant to a schedule to be developed and approved by the CRC and its consultants (the “Phase
II Taxpayer Agreement”); and
DocuSign Envelope ID: 6C419B4D-A00C-4070-85B9-BC952CA561AA
WHEREAS, one or more parcels within the Project Site are currently owned by a
nonprofit corporation for the purpose of keeping such parcels open to the general public (the
“Nonprofit Parcels”); and
WHEREAS, Old Town has agreed to grant to CRC an option to acquire the Nonprofit
Parcels for $1.00 if, at any time, the Nonprofit Parcels are conveyed or transferred to any owner
other than a nonprofit corporation or a municipal agency (the “Nonprofit Parcels Option”); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
enter into an agreement (the “Project Agreement”) with Old Town pursuant to which: (a) the
CRC will make available to Old Town certain tax increment from Phase I, to the extent expressly
authorized in the TIF Resolution; (b) the CRC will retain all tax increment from Phase II; and (c)
Old Town will: (i) construct and complete the Project, including the Public Improvements; (ii)
execute and record against the Phase II portion of the Project Site the Phase II Taxpayer
Agreement; and (iii) grant to the CRC the Nonprofit Parcels Option; 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. The CRC will execute and deliver the Project Agreement, which Project
Agreement shall: (a) provide for: (i) the CRC’s contribution of certain tax
increment from Phase I, consistent with the TIF Resolution; (ii) the CRC’s
retaining all tax increment from Phase II; (iii) Old Town’s construction and
completion of the Project, including the Public Improvements; (iii) Old Town’s
execution and recording against the Phase II portion of the Project Site the Phase
II Taxpayer Agreement; and (iv) Old Town’s granting to the CRC of the
Nonprofit Parcels Option; and (b) include such other terms, and be otherwise 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.
3. The CRC will execute and deliver such instruments, certificates, and other
agreements and documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the
Project Agreement, the Phase II Taxpayer Agreement, and/or the Nonprofit
Parcels Option.
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
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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 any or 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 Project Agreement and the other
matters contemplated by this Resolution.
Adopted this _____ day of March, 2021.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
President
Vice President
Secretary
Member
Member
DocuSign Envelope ID: 6C419B4D-A00C-4070-85B9-BC952CA561AA
EXHIBIT A
Project Site
DocuSign Envelope ID: 6C419B4D-A00C-4070-85B9-BC952CA561AA