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HomeMy WebLinkAboutResolution BPW 09-06-23-04/CRC/$438,318/PRIF - The ConcourseRESOLUTION NO. BPW 09-06-23-04A 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 Cmmel 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, \VHEREAS, City of Cam1el Unified Development Ordinance l .30(F) also permits the Board to detennine the amount of PRIF credit any person requested to finance, constrnct, 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 Pedcor Housing Corporation, a Foreign limited liability company ("Pedcor"), finance and construct, within three (3) 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 Four Hundred Eighty Three Thousand, Three Hundred Eighteen Dollars ($483,318.00); and, WHEREAS, Pedcor 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, Pedcor 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, Pedcor 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 \VHEREAS, PRIF in the amount of $483,318.00 is due and owing by Pedcor to the City by virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF"); and, WHEREAS, Pedcor'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 Pedcor'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. NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D of Cannel, Indiana as follows: 1.The foregoing Recitals are incorporated herein by this reference. 2.The Board hereby requests that Pedcor Housing Corporation finance and construct those certain infrastructure and improvements set forth on attached Exhibit A, in exchange for a PRIF credit of exactly $483,318.00, pursuant to the terms and conditions set forth hereinabove. 3.The Board hereby approves the Credit Agreement in the fonn 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 6th September 9/6/2023 9/6/2023 9/6/2023 9/6/2023 Concourse PRIF Agreement £)1lh;6;+ A Statement of Probable Costs -Park Fee Offset Items 8/24/23 Qllantt\l:�, >:-.·_:::�. 3,685 SF 4,855 SF 2,960 SF 2,960 SF 800 LF 23 x $500 EA 125 Plants 14 x $38,607 EA 14 x $2,250 EA 13 EA 2,400 LF 10 + 10 72 LF, 320 SF Crawl 578 SF 360 LF 365 LF 110 LF ·r(-..·:. t1:i $33,165.00 $69,000.00 $19,700.00 $15,400.00 $12,500.00 $11,500.00 $5,000.00 $540,498.00 $13,500.00 $118,365.00 $60,000.00 $35,000.00 $8,000.00 $30,000.00 $19,054.00 $13,012.00 $3,000.00 g;:, l , 0 t} {i : �:7' !? ..::t (Ji (J DocuSign Envelope ID: DA9405C4-9096-4B13-9820-7F661D54709D _______ .l I : i --J_; ' " .,,''1•s ;0 ' m��11L·�c� ��s ' e .ll +-· - ------� t . ---/ --{, � -... :.--l.. .. I . Ci' ' I,. !!--!""-, � - :, . -- •·" � . I -,'(�--:·;�W�tF, ',.' 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