HomeMy WebLinkAboutResolution BPW 11-15-23-07/CRC/PRIF Agreement/Cross Development - Old Meridian ApartmentsRESOLUTION NO. BPW 11-15-23-07
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 § I .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 CD Carmel Old Meridian, LLC, a Texas limited
liability company ("CD"), 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, Three Hundred Ninety-One Thousand, Three Hundred Seventy Dollars
($1,391,370.00); and,
WHEREAS, CD 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:
I.The foregoing Recitals are incorporated herein by this reference.
2.The Board hereby requests that CD Carmel Old Meridian, LLC finance infrastructure or
improvements that meet the requirements set forth in Indiana Code§ 36-7-4-I 335(a) in exchange for a PRTF
credit the Board has determined should be in the amount of exactly $1,391,370.00, 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 ofrndiana Code§ 36-7-4-1335(a).
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SO RESOL Y EO.
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
12/6/2023
6th
12/6/2023
12/6/2023
December
EXHIBIT A
PRIF CREDIT AGREEMENT
COMES NOW CD Carmel Old Meridian , LLC , a Texas limited liability company ("CD"), by its
undersigned , duly authorized agent , and states as follows:
CD hereby agrees to contribute $1 ,391 ,370 .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 $1 ,391 ,370 .00.
After the improvements are completed and have been accepted by the Cannel 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 _J_ day of d o'1irri ,6,2-rl-, 2023.
CD Carmel Old Meridian , LLC
Printed Name
Title
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Exhibit B
Units: 285 Units
DocuSign Envelope ID: 3C2AC1A0-352E-4C87-8ACB-016FB5EE24A8