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RESOLUTION NO. //-/0
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT
COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING
INVESTMENT EARNINGS THEREON) OF THE CITY OF CARMEL
REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS
TO BE APPLIED TO THE COST OF PROPERTY ACQUISITION,
REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN OR SERVING
THE ILLINOIS STREET ECONOMIC DEVELOPMENT AREA
WHEREAS, on May 18, 2004, the City of Carmel Redevelopment Commission (the
"Commission") adopted its Resolution (the "Bond Resolution") entitled "FINAL BOND
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF CITY OF CARMEL REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS FOR THE PURPOSE OF RAISING MONEY FOR
PROPERTY ACQUISITION, REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN
OR SERVING THE ILLINOIS STREET ECONOMIC DEVELOPMENT AREA," the
provisions of which Bond Resolution are hereby included herein by this reference thereto,
determining to issue tax increment revenue bonds (the "Bonds") of the Redevelopment District
of the City of Carmel, Indiana, in an aggregate principal amount not to exceed Nine Million Five
Hundred. Thousand Dollars ($9,500,000), payable solely from the Pledged Tax Increment (as
defined in the Bond Resolution) (or, to the extent that, in any year, the Pledged Tax Increment
available for repayment of principal of and interest on the Bonds is insufficient for such
repayment, then from funds received from the Company pursuant to the Guaranty (as such terms
are defined in the Bond Resolution) up to a maximum guaranteed amount of One Million One
Hundred Thousand Dollars ($1,100,000) per year)„for the purpose of raising money to pay the
cost of property acquisition, redevelopment and economic development in or serving the Illinois
Street Allocation Area (the "Allocation Area") (including, in particular, the acquisition and
construction of certain street and intersection improvements in or serving the Allocation Area),
together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in
connection with the acquisition, redevelopment and economic development of the property in or
serving the Allocation Area, including the total cost of all land, rights-of-way and other property
to be acquired, redeveloped and economically developed, all reasonable and necessary
architectural, engineering, legal, financing, accounting, advertising, bond discount and
supervisory expenses related to the acquisition, redevelopment and economic development of the
property or the issuance of the Bonds, capitalized interest as permitted by Indiana Code 36-7-14,
and expenses that the Commission may be required or permitted to pay as "relocation assistance"
under Indiana Code 8-23-17, together with the expenses in connection with or on account of the
issuance of the Bonds (collectively, the "Project Costs"); and
WHEREAS, the Commission did not include the proceeds (including• investment
earnings thereon) of the Bonds in the regular budget for the calendar year 2004; and
WHEREAS, there are insufficient funds available or provided for in the existing budget
and tax levy which maybe applied to the Project Costs, and the issuance of the Bonds has been
authorized to procure the necessary funds, and an extraordinary emergency and necessity exists
for the making of the additional appropriation set out herein; and
WHEREAS, the Secretary of the Commission has caused notice of a hearing on said,
appropriation to be published as required by law; and
WHEREAS, such public hearing was held on Tuesday, May 18, 2004, at 7:00 p.m. (local
time), in the Caucus Room on the second floor of the Carmel City Hall, One Civic Square,
Carmel, Indiana, concerning said appropriation at which all taxpayers and interested persons had
an opportunity to appear and express their views as to such additional appropriation;
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NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission as follows:
1. The proceeds derived from the sale of the Bonds heretofore authorized to be
issued, and all investment earnings thereon in the approximate amount of Forty Thousand
Dollars ($40,000), shall be, and are hereby, appropriated by the Commission for the purpose of
providing funds to be applied to the Project Costs, not provided for in the existing budget and tax
levy.
2. Such appropriation shall be in addition to all appropriations provided for in the
existing budget and levy and shall continue in effect until the completion of the activities
described in paragraph 1 hereof. Any surplus of such proceeds (including investment earnings
thereon) shall be credited"to the propenfund as provided by law.
3. The President and the Secretary of the Commission shall be, and hereby are,
authorized and directed to certify a copy of this Resolution together with such other proceedings
and actions as may be necessary to the Indiana Department of Local Government Finance.
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ADOPTED AND APPROVED at a meeting of the City of Carmel Redevelopment
Commission held on the 18th day of May, 2004.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
President
Commissioner
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missioner