HomeMy WebLinkAboutResolution BPW 11-15-23-05/CRC/PRIF Agreement/Buckinham Realty - Gramercy Carmel Marketplace RESOLUTION NO. BPW 11-15-23-05
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 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 §1.3(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 §1.3(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 determination in a credit agreement (“Credit Agreement”); and,
WHEREAS, the Board now desires to request that Buckingham Realty and Development
Corporation, an Indiana corporation (“Buckingham”), 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 Four Million, Eighty-Four Thousand, Five Hundred Eight
Dollars ($4,084,508.00); and,
WHEREAS, Buckingham shall execute and return to the Board the Credit Agreement set forth on
attached Exhibit A, 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 B, the same being
incorporated herein by this reference; and,
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
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 exactl y $4,084,508.00,
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 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 of Indiana Code § 36-7-4-1335(a).
DocuSign Envelope ID: 3C2AC1A0-352E-4C87-8ACB-016FB5EE24A8
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: 3C2AC1A0-352E-4C87-8ACB-016FB5EE24A8
12/6/2023
6th
12/6/2023
December
12/6/2023
12/6/2023
EXHIBIT A
PRIF CREDIT AGREEMENT
COMES NOW Buckingham Realty and Development Corporation, an Indiana corporation
(“Buckingham”), by its undersigned, duly authorized agent, and states as follows:
Buckingham hereby agrees to contribute $4,084,508.00 toward the construction of 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 $4,084,508.00.
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 ____ day of _________________, 2023.
Buckingham Realty and Development Corporation
By:
____________________________________
Authorized Signature
____________________________________
Printed Name
____________________________________
Title
Erik W. Dirks
SVP, Development
7th November
DocuSign Envelope ID: 3C2AC1A0-352E-4C87-8ACB-016FB5EE24A8
Gramercy Development Master Plan
N
NTS
Gramercy West
David Weekley
Gramercy South
Townhomes
5.5 Acres
(61 Townhome Units)Kinzer AveCarmel Dr
126th Street
Kinzer AveConceptual and subject to change
08/09/2023
Carmel Market
Place Retail
4.59 Acres
20K of Retail
(291 Multi-family Units)
(645 Parking Spaces)
A.
C.
D.
E.
F.
G.
Stormwater
Park, typ.
Retention Basin
Dedicated
Open Space
Am
e
n
i
t
y
/
Bas
k
e
t
b
a
l
l
Poo
l
Dedicated
Open Space
B.
H.
Parking
Garage
20K
Retail
Dedicated
Open Space
Neighborhood
Connection
Neighborhood
Connection
Carmel Market Place
2.46 Acres
(220 Multi-family Units)
Ex.
Bldg
Ex.
Bldg
Ex.
Bldg
Ex.
Bldg
Kinzer Ave Extension
.95 Acres
Pool Plaza
Existing
Gramercy East
Multi-family
2.99 Acres
(64 Multi-family Units)
Gramercy
East Condos
& Retail
2.75 Acres
+/- 30 Condos + 8K of Retail & Podium
Parking Spaces
Kinzer Ave
Townhomes
Opportunity
3.98 Acres
(43 Townhome Units)
Gramercy East
Multi-family
13.19 Acres
(342 Multi-family Units)
126th Street
Towhhomes
3.38 Acres
(63 Townhomes Units)
Dedicated Park
Space
Opportunity
1.38 Acres
Exhibit B:
Gramercy East &
Carmel Marketplace
PRIF Agreement
Total Units: 1,044 Units
Early Assessment
PRIF Rate Units*: 530
(Rate: $2,972)
*Previously approved by DOCS
Standard PRIF Rate
Units: 514 units (Rate:
$4,882)
DocuSign Envelope ID: 3C2AC1A0-352E-4C87-8ACB-016FB5EE24A8