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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. -2- 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+ -3- Secretary