HomeMy WebLinkAboutResolution_BPW_10-19-22-04;_Village_Capital_Corporation;_($380,796.00);_Wren;_PRIF_Agreement;_CRC.pdRESOLUTION NO. BPW 10-19-22-04
A RESOLUTION REQUESTING THE FINANCING, CONSTRUCTION, AND
DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER IMPACT ZONE
IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST THE PAYMENT OF
PARKS AND RECREATION IMPACT FEES {"PRIF") AND APPROVING A PRIF
CREDIT AGREEMENT
WHEREAS, Indiana Code 36-7-4-1335 permits the application of a credit against the payment of
impact fees for persons who construct or provide certain infrastructure or other improvements of a type for
which a unit imposes an impact fee in an impact zone; and,
WHEREAS, City of Carmel Unified Development Ordinance § 1.3(F) permits the City of Carmel
Board of Public Works and Safety ("Board") to request that any person otherwise required to pay PRIF to
instead finance, construct, and dedicate certain infrastructure or improvements in the Parks and Recreation
Infrastructure Impact Zone ("Impact Zone") located in Clay Township, Indiana and over which the City of
Carmel, Indiana ("City") exercises planning and zoning jurisdiction; and,
WHEREAS, City of Carmel Unified Development Ordinance § 1.3(F) also permits the Board to
determine the amount of PRIF credit any person requested to finance, construct, and dedicate certain
infrastructure or improvements in the Impact Zone in lieu of PRIF payment shall receive, and to memorialize
this determination in a credit agreement ("Credit Agreement"); and,
WHEREAS, the Board now desires to request that Village Capital Corporation, an Indiana For
Profit Corporation ("Village Capital"), finance infrastructure or improvements that meet the requirements
set forth in Indiana Code § 36-7-4-1335(a), in exchange for a PRIF credit the Board has determined should
be in the amount of exactly Three Hundred Eighty Thousand, Seven Hundred Ninety-Six Dollars
($380,796.00); and,
WHEREAS, Village Capital shall execute and return to the Board the Credit Agreement set forth
on attached Exhibit A, the same being incorporated herein by this reference, prior to the issuance of the
improvement location fee for that certain improvement identified on attached Exhibit B, the same being
incorporated herein by this reference; and,
NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City
of Carmel, Indiana as follows:
1.The foregoing Recitals are incorporated herein by this reference.
2.The Board hereby requests that Village Capital Corporation finance infrastructure or
improvements that meet the requirements set forth in Indiana Code§ 36-7-4-1335(a) in exchange for a PRIF
credit the Board has determined should be in the amount of exactly $380,796.00, pursuant to the terms and
conditions set forth hereinabove.
3.The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit A.
4.Henry Mestetsky, on behalfof the City and the Board, is hereby authorized and directed to take
such actions as are lawful, necessary, and proper to effectuate the transaction approved by this Resolution.
Mr. Mestetsky shall deposit the entire credited amount of PRIF into City Fund #902. These funds shall be
drawn upon to finance the construction of Parks and Recreation infrastructure and improvements that meet
the requirements oflndiana Code § 36-7-4-1335(a).
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October
10/19/2022
Not Present
19th
10/19/2022
10/19/2022
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