HomeMy WebLinkAboutResolution 2021-7 (North_End_TIF_pledge)RESOLUTION NO. 2021-7
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
(SMOKEY & MONON ALLOCATION AREA)
WHEREAS, the City of Carmel Redevelopment Commission (the “Commission”) has
created the Smokey & Monon 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 Smokey &
Monon Allocation Area Fund (the “Allocation Fund”) pursuant to IC 36-7-14-39; and
WHEREAS, Old Town Companies, L.L.C., or an affiliate or designee 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 will
be directly serving the Allocation Area; and
WHEREAS, the City of Carmel Economic Development Commission and Common
Council have approved the issuance of the City of Carmel, Indiana, Economic Development
Revenue Bonds, Series 20__ (North End Project), 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, as an inducement to the Company to locate the Projects in the City of
Carmel, the Commission has agreed to pledge a portion of the tax increment revenues generated
from the real property of the Company in the Allocation Area to the payment of the Bonds;
WHEREAS, the Commission previously adopted its Resolution No. 2019-26 on
December 18, 2019, which also pledged a portion of the tax increment revenues generated from
the real property of the Company in the Allocation area to the payment of the Bonds;
WHEREAS, the Commission now desires to rescind Resolution No. 2019-26 in its
entirety and replace it with this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as
set forth in this Resolution.
2. One Hundred percent (100%) of the real property tax increment revenues
generated from the parcels in the Allocation Area identified on Exhibit B attached hereto (the
“Project Parcels”) and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (the “TIF
Revenues”) shall be set aside and used only as set forth in this Resolution. The real property tax
increment revenues generated within the Allocation Area from any parcel other than the Project
Parcels (or the assessed value attributable thereto) may be used by the Commission for any
purpose permitted by law, including the release of assessed value to the taxing units as provided
under the Act.
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3. On each January 1 and July 1, beginning July 1, 2021, all TIF Revenues shall be
immediately transferred to the trustee for the Bonds (the “Trustee”) for deposit into the funds and
accounts and application in accordance with the trust indenture for any series of Bonds (the
“Indenture”).
4. Pursuant to IC 36-7-14-39(b)(2)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in
accordance with the Indenture.
5. Upon the defeasance of the Bonds, any moneys remaining in the funds and
accounts under the Indenture shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
6. Resolution No. 2019-26 adopted by the Commission on December 18, 2019, is
hereby rescinded in its entirety and replaced with this Resolution.
7. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 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 the design and construction of infrastructure and site improvements,
including roadwork, a roundabout, utility relocations a parking structure, and/or streetscape
development in or directly serving the Smokey & Monon Allocation Area in the City of Carmel,
including but not limited to improvements to Smokey Row Road, improvements to and extension
of Rohrer Road and a roundabout at the intersection of Smokey Row Road and Rohrer Road,
which will support the development of a proposed mixed-use residential, retail and office
project.
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DMS 19357701.1
EXHIBIT B
THE PROJECT PARCELS
The Project Parcels include those parcels located within the Smokey & Monon Allocation
Area and identified below; provided, however, in the event any of the below parcel numbers
change due to a replatting of the area or otherwise, such new parcel numbers shall be deemed to
be included in this Exhibit B, and the Commission shall notify the Hamilton County Auditor of
any such change.
Parcel ID Nos.
17-09-24-00-06-010.000
17-09-24-00-00-039.000
17-09-24-00-00-038.000
17-09-24-00-00-036.000
17-09-24-00-00-037.000
17-09-24-04-07-001.000
17-09-24-00-06-011.000
17-09-24-00-06-001.000
17-09-24-00-06-002.000
17-09-24-00-06-003.000
17-09-24-00-06-004.000
17-09-24-00-06-005.000
17-09-24-00-06-006.000
17-09-24-00-06-007.000
17-09-24-00-06-008.000
17-09-24-00-06-009.000
17-09-24-00-00-033.001
17-09-24-00-00-033.000
17-09-24-00-00-032.000
17-09-24-00-06-012.000
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