HomeMy WebLinkAboutCRC-4-2003/ROW Various Intersections? F
RESOLUTION NO. /V-;Z943
RESOLUTION OF TAE CITY OF CARMEL REDEVELOPMENT COMMISSION,
MAIUNG PRELIMINARY DETERMINATION TO ENTER INTO LEASE
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
given consideration to finance all or a, portion of the acquisition of right-of-way for and
construction of (a) various intersection improvements in the City of Carmel, including
improvements to the following intersections: (i) 136th Street and Oak Ridge/Illinois, (ii) 14151
Street and Springmill Road, (iii) 1415` Street and Ditch Road, (iv) 136th Street and Ditch Road,
(v) 1315` Street and Meridian Comers Boulevard, (vi) Oak Ridge/Eglin/Rohrer just north west of
US 31, and (vii) 96th Street and Westfield Boulevard; (b) various road, curb, drainage and
landscaping improvements to existing roads.in the City of Carmel, including the following: (i)
Oak Ridge from 136'h Street to 146`h Street; (ii) 136`h Street from Ditch Road to Oak Ridge; (iii
136th Street. from Oak•Ridge to Eglin/Rohrer; (iv) Springmill Road from 131St Street to 146.
Street; (v) Ditch Road from 136th Street to 146`h' Street, (vi) Gray Road from 96th Street to 106th
Street, and (vii) Westfield Boulevard from 98th Street to 96' Street; and (c) various sidewalk
improvements in. the City of Carmel, including improvements to the west side of Rohrer Road
from Eglin (US 31) to 146th Street (clauses (a) through (c), collectively, the "Projects"); and
WHEREAS, pursuant to Indiana Code §6-1.1-26-3.1, .if the Commission proposes to
impose property taxes to pay lease rentals on any construction, renovation, improvement,
remodeling;. alteration or expansion Projects, which is not.excluded under Indiana Code §6-1.1-
204.1, it must conduct a public hearing on the preliminary determination to proceed with such
Projects prior to the Commission's adopting any resolution making a preliminary determination
to enter into a lease; and
WHEREAS, notice of said hearing has been given in accordance with Indiana law; and
WHEREAS, interested people have been given the opportunity to present testimony and
ask questions concerning the Projects, and this Commission has heard public input at a public
hearing held this date.concerning the Projects; and
WHEREAS, the Commission, being duly advised, finds that it is in the best, interests of
the City of Carmel (the !`City") and its citizens for the.purpose of financing all or any portion of
the Projects to enter into negotiations with the City of Cannel Redevelopment Authority (the
"Authority") to enter_into,a lease with the Authority (the "Lease"), as lessor, for all or a portion
of the Projects, in order to better serve the residents of the City; and
WHEREAS, the form of proposed Lease has been presented to the Commission at this
meeting; and
WHEREAS, after the public hearing the Commission may adopt a resolution pursuant to
IC 36-7-14-25.2 authorizing the execution of the proposed Lease on behalf of the City if it finds
that the service to be provided throughout the term of the proposed Lease will serve the public
purpose of the City and is in the best interests of its residents, and that the Lease rentals provided
for are fair and reasonable.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION, AS FOLLOWS:
I. The Commission hereby makes a preliminary determination that there exists a
need for the Projects. Accordingly, the Commission hereby makes a preliminary determination
that to the extent permitted.by law the Commission will take all of the necessary steps to enter
into a lease with the Authority pursuant to which the Authority and the Commission will finance
all or a portion of the Projects. The Commission and the Authority will finance all or a portion
of the Projects through one or more series of bonds issued by the Authority (the "Bonds") and
other funds of the District or the City. The proposed lease with respect to the Projects will have
a term no longer than twenty-two (22) years, and in no event will the final term on the proposed
lease end any later than January 15, 2026. The estimated interest rate that will be paid. in
connection with the Bonds is 5.70% per annum, and the total interest cost associated therewith is
$25,546,184. Including interest costs, the maximum annual lease rental to be paid by the
Commission under the proposed lease is $3,293,000, and the maximum lease rental over the term
of the lease is $67,832,000. The Commission's lease payments under such lease will be payable
from a special tax levied and collected by the Commission on all taxable property within the
geographical boundaries of the City of Carmel Redevelopment District pursuant to Indiana Code
§ 36-7-14-27. The Commission may, but is not required to, pay the lease payments under such
lease from any other revenues legally available to the Commission.
2. A notice of the foregoing preliminary determination that to the extent permitted
by law the Commission will take all of the necessary steps to enter into a lease to finance all or a
portion of the costs of all or a portion of the Projects shall be given in accordance with Indiana
Code §6-1.1-20-3.1.
3. The Commission hereby approves the proposed Lease between the Authority and
the Commission in the form presented at this meeting. The Commission hereby sets the public
hearing on the Lease for Monday, September 15, 2003, at 6:00 p.m., at the Offices of the City
Hall Caucus Rooms, located at One Civic Square Drive, Carmel, Indiana. The Commission
hereby authorizes the publication of a notice of the public hearing on the Lease pursuant to IC 5-
3-1.
4. Any and all actions previously taken by any member of the Commission or the
Clerk-Treasurer of the City in connection with the foregoing preliminary determination,
including, but not limited to, publication of the notice of the.public hearing held in connection
with such preliminary determination, be, and hereby are, ratified and approved.
5. This Resolution- shall be in full force and effect immediately upon adoption.
DULY PASSED on this 13`h day of August, 2003, by the City of Carmel Redevelopment
Commission.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
)ice Secretary
Member
Member.
eveC/ °PPC-
Pl"
JNMS01 KW 391973,1