HomeMy WebLinkAboutCRC-02-2005
RESOLUTION NO. 2-2005
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AUTHORIZING THE EXECUTION OF A LEASE BETWEEN THE
CITY OF CARMEL REDEVELOPMENT AUTHORITY
AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AND RELATED MATTERS
WHEREAS, the City of Carmel Redevelopment Authority (the "Authority") has been
created pursuant to IC 36-7-14.5 as a separate body corporate and politic, and as an
instrumentality of the City of Carmel, Indiana (the "City") to finance local public improvements
for lease to the City of Carmel Redevelopment Commission (the "Commission'); and
WHEREAS, the Authority on February 22, 2005, adopted a resolution indicating its
intent to issue its lease rental revenue bonds (the "Bonds") to finance the acquisition,
construction, installation and equipping of land, buildings, structures and improvements
comprising a new performing arts center complex, all of which are to be located at the southeast
comer of City Center Drive and P Avenue S.W. in the City of Carmel, Indiana, on Parcel 7 of
the Carmel City Center Master Plan (the "Project'), and approving a proposed lease (the
"Lease") between the Authority and the Commission for the lease of the Project and-the land on
which it is constructed (the "Leased Premises"); and
WHEREAS, on February 22, 2005, the Commission approved the Lease, and the
Commission scheduled a public hearing regarding the Lease to be held on March 15, 2005, at
7:00 p.m. (local time), at the Offices of the City Hall Caucus Rooms, located at One Civic
Square Drive; Carmel, Indiana, and published notice of such public hearing on the Lease; and
WHEREAS, on this date said public hearing has been.held.and all interested parties have
been provided the opportunity to be heard at the hearing; and
WHEREAS, the Commission intends to pay rent to the Authority (the "Rental
Payments") pursuant to the terms of the Lease, at a rate not to exceed Twelve Million Four
Hundred Fifty-Five Thousand Dollars ($12,455,000.00) per year in semiannual installments
beginning on a date not later than five years after the date of issuance of the Bonds, through the
expiration of the Lease; and
WHEREAS, the Commission desires to execute the Lease and authorize the publication,
in accordance with IC 36-7-14-25.2, a Notice of Execution and Approval of Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL.
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby finds and determines that the terms of the Lease are based
upon the value of the Leased Premises, that the Rental.Payments to be paid by the Commission,
pursuant to the terms of the Lease, at a rate not to exceed Twelve Million Four Hundred Fifty-
Five Thousand Dollars ($12,455,000.00) per year in semiannual installments beginning on a date
not later than five years after the date of issuance of the Bonds, through the expiration of the
Lease, are fair and°reasonable, and that the use of the Leased Premises throughout the term of the
Lease will serve the public purpose of the City and is in the best interests of its residents.
2. To the extent other revenues availahle,to the Commission are:insufficient for such
purpose; an annual_ special benefits tax,shall be levied by the Commission pursuant:'to Indiana
Code 36-7-14-27 during,the'term of the Lease:to'provide necessary `funds=from which to pay-the
rent.under the Lease. The President,: Vice President and Secretary of this Commission, and each,
of'them is hereby. authorized and directed to takeisuch,further. actions as-is' _necessary to obtain
theapproval. of such levy by the Indiana Department of Local Government Finance. The
Commission hereby finds- and determines that it reasonably expects to :pay -rentals under the
Lease from funds other than the special. benefits tax.
3. The President or Vice President and the Secretary of this Commission are hereby
authorized" and. directed; on'behalf of the .City; and subject to obtaining approval,:from the
Common Council of the City, to citecute and' deliver the Lease; in substantially the form
presented at this meeting with such changes,in form or substance as the President or Vice
President of this Commission shall approve,, such approval to be conclusively evidenced by the
execution°thereof; grbvided that the Rental 'Payments, shall not exceed the amounts set forth in.
paragraph Fhereof.
4: The Commission hereby authorizes the,pubhcation,'in aceordance with 1636-7-.14-
25.2, of the Not ee.of Executionand Approval of Lease..
S. The-President, Vice President and..Secretary of this Commission, and each of them,
is hereby authorized and, directed,to take all such further actions, and to execute all such
instruments,as are desirable to carryout thearansactions contemplated'by this•R'esolution, in such
forms as the President, Vice President or,Secretary executing,thesame shall deem proper; such
desirability to be conclusively evidenced by the execution thereof.
6.. This Resolution,shall be in full force and effec(a$er adoption by the Commission.
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DULY PASSED-on this 15th day df March, 2005; 6y the City of Caiiriel Redevelopment
Commission.
CITY OF CAIZMEL
REDEVELOPMENT COMMISSION.
Member
IMSOI:BGO 7424E9d1+
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Secretary