HomeMy WebLinkAboutResolution BPW 09-06-23-03/CRC/$1,845,396/PRIF - Monon Square NorthRESOLUTION NO. BPW 09-06-23-03
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 IMP ACT FEES ("PRIF") AND APPROVING A PRIF
CREDIT AGREEMENT
WHEREAS, Indiana Code 36-7-4-1335 pennits the application ofa 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 Cannel Unified Development Ordinance § l .3(F) pennits the City of Cannel
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
Cannel, Indiana ("City") exercises planning and zoning jurisdiction; and,
WHEREAS, City of Cannel Unified Development Ordinance § l .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 detennination in a credit agreement ("Credit Agreement"); and,
WHEREAS, the Board now desires to request that Monon Square Associates JV, LLC, an Indiana
limited liability company ("Monon Square Associates"), 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 One Million, Eight Hundred Forty-Five Thousand, Three
Hundred Ninety-Six Dollars ($1,845,396.00); and,
WHEREAS, Monon Square Associates shall execute and return to the Board the Credit Agreement
set forth on attached Exhibit A, the same being incorporated herein by th is 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 RE SOLVED by the Board of Public Works and Safety of the City
of Carmel, Indiana as follows:
I. The foregoing Recitals are incorporated herein by this reference.
2.The Board hereby requests that Monon Square Associates JV, LLC finance infrastructure or
improvements that meet the requirements set forth in Indiana Code § 36-7-4-I 335(a) in exchange for a PRIF
credit the Board has determined should be in the amount of exactly $1,845,396.00, pursuant to the terms and
conditions set fo1th hereinabove.
3.The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit A.
4.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.
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-I 335(a).
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
9/6/2023
6th
9/6/2023
9/6/2023
September
9/6/2023
EXHIBIT A
PRIF CREDIT AGREEMENT
COMES NOW Monon Square Associates N, LLC, an Indiana limited liability company ("Monon Square Associates"), by its undersigned, duly authorized agent, and states as follows:
At such time, and only in the event that, a Parks and Recreation Impact Fee ("PRIF") would otherwise be due and payable in connection with the development of the project described on Exhibit B, Monon Square Associates hereby agrees to contribute $1,845,396.00 toward the construction of infrastructure items or public improvements that meet the requirements of Indiana Code 36-7-4-l 335(a), in exchange for a PRIF credit not to exceed $1,845,396.00.
After the improvements are completed and have been accepted by the Carmel Board of Public
Works and Safety, any remaining unused PRIF shall be made available for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City.
SO AGREED this 2.1-\--day of f.\.vi V'?.\--, 2023.
Monon Square Associates JV, LLC
By:
Authorized Signature
David Stirsman
Printed Name
Manager
Title
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D
DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D