HomeMy WebLinkAboutResolution BPW 11-01-23-04 23/PRIF Agreement/The Corner - RevisedRESOLUTION NO. BPW 11-01-23-04
A RESOLUTION REQUESTING THE FJN4NCING. CONSTRUCTION, AND
DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER IMPACT ZONE
IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST JIii "'AYMENT OF PARKS AND RECREATION IMPACT FEES l"PRIF"} AND APPROVING A PRIF
CREDIT AGREEMENT
WHEREAS, Indiana Code 36-7-4-133S 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 §l.3(F) permits the City of Carmel
Board of Public Worb and Safety ("Board'") to request that any person otherwise required to pay PRIF to
instead finance, comtruct, and dedicate certain infrastructure or improvements in the Parks and Recreation
Infrastructure Impact Zone ("Impact Zone'') located in within Carmel, Indiana and over which the City of
Carmel, Indiana ("City'') exercises p]anning imd 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
inftastructure 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, at ita meeting on August 4, 2021 the Board passed Resolution BPW 08-04-21-03,
which approved a PRIF credit for The Corner project in the amount $826,216.00; and,
WHEREAS, the amount of the PRIF credit in Resolution BPW 08-04-21-03 was incorrect, due to
a change in the number of units in The Corner's project plan; and,
WHEREAS, in order to Clllurc that The Comer project is issued the COITeCt PRIF credit ammm.t, it
is necessary to repeal Resolution BPW 08-04-21-03 in its entirety and replace it with a corrected resolution
and credit agreement; and
WHEREAS, PRIF in the amount of $860,390.00 is due and owing by Carmel Corner Project
Partnen, LLC, an Indiana limited liability company, ("Carmel Corner Project Partners") to the City by virtue
of certain improvements identified on attached Exhibit A (the "Targeted PRIF'); and,
WHEREAS, the Board now desires to request that Carmel Corner Project Partners, finance and
construct those certain infrastructure and improvements set forth on attached Exhibit B, the same being
incorporated herein by this reference, in exchange for a PRIF credit the Board has determined should be in
the amount of exactly Five Hundred Forty Two Thousand Seven Hundred Fourteen Dollars ($S42, 714.00);
and,
WHEREAS, Cannel Corner Project Partners covenants that the inftastructure and improvements
set forth in Exhibit B shall remain open to the public for their use and enjoyment in perpetuity; and,
WHEREAS, Carmel Comer Project Partnen s�l maintain, repair and replace the infrastructure
and improvements set forth in Exhibit B as necessary and to the satisfaction of the City, in perpetuity; and,
WHEREAS, the Board also desires to request that Carmel Comer Project Partnen finance future
infrastructure or improvements that meet the requirements set forth in Indiana Code § 36-7-4-133S(a) in the
amount of $317,676.00; and,
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Not Present
November
N/A
1st
11/1/2023
11/1/2023
11/1/2023
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EXBIBITC
PRIF CREDIT AGREEMENT
COMES NOW Carmel Comer Project Partners, LLC, an Indiana limited liability company, (''Carmel Comer Project Partners") by its undersigned, duly authorized agent, and states as follows:
Pursuant to the terms set forth in BPW Resolution 11-01-23-04, Carmel Comer Project Partners hereby agrees to finance and construct those certain infrastructure items or public improvements set forth
in attached Exhibit B, and to contribute $317,676.00 in order to finance the construction of futme infrastructure items or public improvements that meet the requirements of Indiana Code 36-7-4-1335(a), in exchange for a Parks and Recreation Impact Fee ("PRIF'') credit not to exceed $860,390.00.
After the improvements are completed and have been accepted by the Carmel Board of Public Works and Safety, any remajning unused PRIF shall be made available for use by the Carmel Department of Parks and Recreation, pursuant to the requirements of the City.
ii" zo� SO AGREED this� day of �-tobe( �-
Printed Name
C}ue.f hno.v,c10..\ Oft\c.(.( Title
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