HomeMy WebLinkAboutResolution BPW 11-01-23-03/CRC/PRIF Agreement - Pedcor - Penn 111RESOLUTION NO. BPW_11-01-23-03
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 Pedcor Community Development Corporation,
an Indiana corporation (“Pedcor”), finance and construct, within seven (7) years of Pedcor’s receipt of a
structural building permit for its first phase of construction (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 Million Seven
Hundred Six Thousand, Two Hundred Forty Eight Dollars ($4,706,248.00); 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 ce rtain improvement
identified on attached Exhibit C, the same being incorporated herein by this reference; and
WHEREAS, PRIF in the amount of $4,706,248.00 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
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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
of Carmel, Indiana as follows:
1. The foregoing Recitals are incorporated herein by this reference.
2. The Board hereby requests that Pedcor Community Development Corporation finance and
construct those certain infrastructure and improvements set forth on attached Exhibit A, in exchange for a
PRIF credit of exactly $4,706,248.00, pursuant to the terms and conditions set forth hereinabove.
3. The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit B.
4. That Henry Mestetsky, on behalf of the City and the Board, is hereby authorized and directed to
take such actions as are lawful, necessary, and proper to effectuate the transaction approved by this
Resolution.
SO RESOLVED.
Approved and adopted this ________ day of __________________, 2023.
CARMEL BOARD OF PUBLIC WORKS AND SAFETY
By:
__________________________________
James Brainard, Presiding Officer
Date:______________________________
__________________________________
Mary Ann Burke, Member
Date:______________________________
__________________________________
Lori S. Watson, Member
Date:______________________________
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Date:______________________________
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12/6/2023
December
12/6/2023
12/6/2023
12/6/2023
6th
Total Residential Units 964
Parks and Recreation Impact Fees (PRIF)
Per Unit PRIF Rate 4,882.00$
Total Project PRIF 4,706,248.00$
Plaza Infrastructure Costs
Entertainment Area Stage 250,000.00$
Stage Lighting 55,000.00$
Public TV, speakers, and other AV items 600,000.00$
Outdoor Sound System + Infrastructure 150,000.00$
Hopscotch Feature 5,500.00$
Amphitheater Grading 625,000.00$
Security Cameras 40,000.00$
Feature Benches 60,000.00$
Pickleball Courts 105,000.00$
Playground Enhancements 195,000.00$
Feature Fountain 145,000.00$
Bocce Ball Court 135,000.00$
Fire Pit and Seating 55,000.00$
Public Art & Scupltures 350,000.00$
Shade Installations 125,000.00$
Large Format Chess 5,500.00$
Public Restrooms 395,000.00$
Decorative Paver Enhancements 235,000.00$
Decorative Railing Enhancements 115,000.00$
Roundabout Art 75,000.00$
Plaza Design Costs 250,000.00$
Restroom Detailing 25,000.00$
Structural Engineer 50,000.00$
Construction Administration 50,000.00$
Inflation Contingency 614,400.00$
Total 4,710,400.00$
Penn One Eleven - Plaza Budget
Exhibit C
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Penn 111 PRIF Agreement
Exhibit C
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