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HomeMy WebLinkAboutCRC-08-2005RESOLUTION NO. cY - ,?0r?S A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has previously created the Carmel Downtown Economic Development Area (the "Economic Development Area", has designated a portion of the area as the Carmel Downtown Allocation Area No. 1 ("Area No. 1") and a portion of the area as the Carmel Downtown Allocation Area No. 2 ("Area No. 2") for purposes of the allocation and distribution of.property taxes under IC 36-7-14-39, and has created the Carmel Downtown Allocation Area No. I Allocation Fund ("Allocation Fund No. 1") and the Carmel Downtown Allocation Area No. 2 Allocation Fund ("Allocation. Fund No. 2") pursuant to IC 36-7-14-39; and WHEREAS, Carmel City Center, LLC (the "Company") has purchased land in the Economic Development Area and intends to construct a mixed use development that will create an estimated 635 new jobs in the City of Carmel (the "Project"); and WHEREAS, the City of Carmel Economic Development Commission and the Common Council of the City have approved the issuance of the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds, Series 2005 A (Carmel City Center, LLC Project) (the "2005 A Bonds"), and the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds, Series 2005 B (Carmel City Center, LLC Project) (the "2005 B Bonds"), the proceeds of which will be lent to the Company and applied to certain parking and related infrastructure costs to support the Project; and WHEREAS, as an inducement to the Company to locate the Project in the City of Carmel, the Commission has agreed to pledge the tax increment revenues generated from the Area No. I to the payment of the 2005 A, Bonds, and to pledge the tax increment revenues generated from the Area No. 2 to the payment of the 2005 B Bonds; NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, as follows: 1. There are hereby created within Allocation Fund No. 1 the following accounts (1) a 2005 A Bond Account (the "2005 A Bond Account"), and (2) a Genial Account (the "2005 A General Account'). All real property tax increment revenues generated from Area No. 1 and deposited in Allocation Fund No. 1 pursuant to IC 36-7-14-39 (the "Area No. 1 TIF Revenues") shall be set aside and used as follows: on each January 15 and July 15, beginning July 15, 2007, Area No. 1 TIF Revenues in an amount which, together with any amounts already on deposit in the Bond Fund for the 2005 A Bonds, is sufficient to pay the maximum debt service coming due on the 2005 A Bonds during the following six month period, shall be deposited into the 2005 A Bond Account and immediately transferred to the trustee for the 2005 A Bonds for deposit in the Bond Fund Linder the trust indenture for the 2005 A Bonds. On each February I and August 1, any Area No. 1 TIF Revenues remaining in Allocation Fund No. 1 after making the required deposits under this section shall be deposited in the 2005 A General Account and shall be used by the Commission (a) to reimburse the Company for any amounts previously paid by the Company on. the Company's Note, Series 2005 A to make required"payments on the 2005 A Bonds due"to a shortfalfin tax incrementsrevenucs deposited into, Allocation"Fund No. 1, to the extent; such. amounts have not;been previously reimbursed to the=Company,.and (b)-after making; such required reimbursements, to pay debt service :on or redeem 2005 A Bonds.. Notwithstanding the foregoing,, if at any time moneys in the 2005 -A-Bond Account and the Bond Fund.for the 2005 A Bonds are. not stifficient'to pay the maximum debt,service coming due on the 2005 A Bonds during the foll'owing,s x month period, any moneys in the. 2005 A. General. Account shall be immediately transferred to-the 2005-A. Bond Account., Upon the defeasance of the 2005 A Bonds; the 2005 A Bond Account and the 2005 A General Aecount•of• Allocation- Fund.No. 1 sYtall be dissolved, and any moneys remaining in such accounts'shall remain in Allocation Fund No. 1 and may be used by the Commission for any purpose permitted by=law. 2, There are,hereby created within Allocation Fund No. , 2 the following accounts (1) a 2605 B Bond Account (the "2005 B Bond,Accaunt"), and (2) a General Account (the "2005 B General Account"). All. real ;property tai increment revenues generated from Area No. 2 and deposited in Allocation'Fund No. 2 pursuant4o IC 36-7-14-39 (the, "Area No. 2 TIF Revenues".) shalt be?sct aside-and used as follows: on.each.January' 1'5- and July 15, beginning :July 15, 2067, Area No._2 TIFRevenues in an amount which, together with'any amounts already on deposit in the Bond Fund for the 2005 B Bonds, is. sufficient to pay the maximum debt service coining dtie on the 2005 8 Bonds duringtthe following,sik month period,, shall be deposited intwthe_•2005 B Bond Account and immediately transferred to the trustee for the 2005 13 Bonds for deposit in the Bond Fund under. the trusCindeniure -for the 2605 B Bonds. Oii each. February 1 'and,August 1, any Area No., 2'Tlr-Revenues remaining in Allocation Fund No. 2 +after making the required deposits buden'this section shall In deposited in.the 2005 B General. Account and'shall be used by the Commission (a) to reimburse the Company for any amounts previously paid. ;by the Company on, the Company's Note, Series; 2005 B'to make "required payments?on ifie 2005,B Bonds due to ashoitfail'in' tax increment revenues deposited ,into;AIlocation Fund No. 2,to?the extent such amounts have ;not, been :previouslyreimbursedto'the Company, and (b) after staking such required reimbursements;, to,pay'debt-'service on or redecm.2005 B. Bonds. Notwithstanding the foregoing, if at any time moneys in the =2005. B Bond Account and the Bond Fund for the 2005 'B.Bonds are not sufficient to pay the maxhnutn debt; service coming due on the 2605'B Bonds during the following six; month period, any moneys,in the 2005 B General Account shall beimmediately transferred to the 2005 B. Bond Account. Upon the defeasarice of the 2005 B Bonds, the 2005 B ,Bond Account and the 2005 B General Account of Allocation Fund !No. 2 shall be dissolved, and any diodeys:remaining in,suciraccounts shall remain,in.Allocation.Fund No. 2 and maybe?used by the Commission for-any purpose,permitted by law. 3. Pursuant to 'IC, 36-7-14.39(b)(2)(D) and IC 5-1-14-4; the Commission hereby pledges the Area,No; I TIF Revenues deposited,into:the,2005 A Account of the Allocation Fund to the payment, of the 2005 A Bonds, and pledges the Area No. 2 TIF Rcvenue"s deposited into the 2005 13 Account of the Allocation'Fund to thepaymcnt?of the--.2005 B,Bcnds. 4._ This resolution shall°take'effect;immediately upon adoption by the Commission. Adopted the 19th day of July„_2005. Secretary S-- _-: ? ?,: ? ?, - I Mam r { Member [NMSOL,©On 771548,1 CITY OF CARMEL: REDEVELOPMENT COMMISSION