HomeMy WebLinkAboutResolution BPW 09-06-23-02/CRC/$1,191,208/PRIF - AT&T BuckinghamRESOLUTION NO. BPW_09-06-23-02
A RESOLUTION REQUESTING THE PROVISION 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 1.30(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 1.30(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 Buckingham Realty and Development
Corporation, an Indiana For-Profit Corporation (“Buckingham”), finance and construct, within two (2) years
of which this Resolution is approved by the Board (the “End Date”), those certain infrastructure and
improvements set forth on attached Exhibit A, the same being incorporated herein by this reference, in
exchange for a PRIF credit the Board has determined should be in the amount of exactly One Million, One
Hundred Ninety-One Thousand, Two Hundred Eight Dollars ($1,191,208.00); and,
WHEREAS, Buckingham covenants that the infrastructure and improvements set forth in Exhibit
A shall remain open to the public for their use and enjoyment in perpetuity; and,
WHEREAS, Buckingham shall maintain, repair and replace, at its sole cost and expense, the
infrastructure and improvements set forth in Exhibit A as necessary and to the satisfaction of the City, in
perpetuity; and,
WHEREAS, Buckingham shall execute and return to the Board, by and through the Carmel Office
of Corporation Counsel, the Credit Agreement set forth on attached Exhibit B, 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 C, the same being incorporated herein by this reference; and
WHEREAS, PRIF in the amount of $1,191,208.00 is due and owing by Buckingham to the City by
virtue of that certain improvement identified on attached Exhibit C (the “Targeted PRIF”); and,
WHEREAS, Buckingham’s obligation to pay the Targeted PRIF to the City shall be held in
abeyance until the earlier of the acceptance by the Board, in its sole discretion, of the infrastructure or
improvements set forth on attached Exhibit A (“Board Acceptance”) or the End Date. Upon Board
Acceptance, the City shall promptly enter the credit identified herein against Buckingham’s Targeted PRIF
obligations. If Board Acceptance does not occur by the End Date, no credit shall be entered against the
Targeted PRIF and the same shall thereafter become immediately due and owing to the City.
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
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 Buckingham Realty and Development Corporation finance and
construct those certain infrastructure and improvements set forth on attached Exhibit A, in exchange for a
PRIF credit of exactly $1,191,208.00, 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 B.
4. That Henry Mestetsky, on behalf of 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.
SO RESOLVED.
Approved and adopted this ________ day of __________________, 2023.
CARMEL BOARD OF PUBLIC WORKS AND SAFETY
By:
__________________________________
James Brainard, Presiding Officer
Date:______________________________
__________________________________
Mary Ann Burke, Member
Date:______________________________
__________________________________
Lori S. Watson, Member
Date:______________________________
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Date:______________________________
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
9/6/2023
6th September
9/6/2023
9/6/2023
9/6/2023
EXHIBIT A
Buckingham AT&T Site PRIF Agreement
Apartments: 227
Townhomes: 10
Live/Work Units: 7
Total Units: 244
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
EXHIBIT B
PRIF CREDIT AGREEMENT
COMES NOW Buckingham Realty and Development Corporation, an Indiana For-profit Corporation, by
its undersigned, duly authorized agent and states as follows:
Buckingham hereby agrees to finance and construct those certain infrastructure items or public
improvements set forth in attached Exhibit A, the same being incorporated by this reference, in exchange
for a Parks and Recreation Impact Fee (“PRIF”) credit not to exceed $1,191,208.00 as defined in Exhibit C.
SO AGREED this _______ day of __________2023.
Buckingham Realty and Development Corporation
By:
____________________________
Authorized Signature
____________________________
Printed Name
____________________________
Title
Erik Dirks
SVP, Development
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
Date:Project:Carmel Midtown Apts
Description:
Cost Estimate
129,441$
32,139$
302,417$
(29,618)$
66,185$
85,063$
202,630$
82,848$
(35,852)$
192,283$
85,903$
77,743$
83,494$
1,274,677$
Planter seat walls
Standard Sidewalk
HD vehicle pavers
HD integral colored concrete pavement
Standard Sidewalk
HD integral colored concrete pavement
HD vehicle pavers
Total Cost:
7/12/2023
Plaza Breakout Costs
L102: Plaza Between Buildings and North of Commercial Pad
Scope
Landscape & Irrigation
L 101 Firelane:
HD concrete pavement
HD concrete pavement
Public plaza streetscape
Turfed and gated dog park
Public Plaza Lighting
Electric & fixtures in public plaza to improve streetscape
Artwork Infrastructure
Pet Park
Electrical, lighting, footings and foundation
7/13/2023
EXHIBIT C
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D