HomeMy WebLinkAboutCRC-10-2006- r•
RESOLUTION NO. 10-2006
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAINTAX 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 CRC Parcel #12 Economic Development Area (the "Economic
Development Area`'), has designated the entire Economic Development Area as the CRC Parcel
#112 Allocation Area ("the Allocation Area") for purposes of the allocation and distribution of
property taxes under IC 36-7-14-39, and has created the CRC Parcel 412 Allocation Area
Allocation Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Indiana Design Center, LLC (the "Company") intends to construct a mixed
use development in the Economic Development Area that will create an estimated 50 new jobs in
the City of Carmel (the "Project"); and
WHEREAS, the City of Carmel Economic Development Commission has approved the
issuance of the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds, Series
2006 A (Indiana Design Center, -LLC Project) (the "2006 A 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
Allocation Area to the payment of the 2006 A Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. There are hereby created within the Allocation Fund the following accounts (1) a
2006 A Bond Account. (the "2006 A Bond Account'), and (2) a General Account (the "General
Account'). All real property tax increment revenues generated from the Allocation Area and
deposited in Allocation Fund pursuant to IC 36-7-14-39 (the "TiF Revenues") shall be.set aside
and used as follows: on each January 15 and July 15, beginning July 15, 2005, TIF Revenues in
an amount which, together with any amounts already on deposit in the Bond Fund for the 2006 A
Bonds, is sufficient to pay the maximum debt service coming due on the 2006 A Bonds during
the following six month period, shall be deposited into the 2006 A Bond Account and
immediately transferred to the trustee for the 2006 A Bonds for deposit in the Bond Fund under
the trust indenture for the 2006 A Bonds. On each February 1 and August 1, any TIF Revenues
remaining in Allocation Fund after making the required deposits under this section shall be
deposited in the 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 2006
A to make required,payments on the 2006 A Bonds due to a shortfall in TIF Revenues deposited
into Allocation Fund, 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
2006 A Bonds. Notwithstanding the foregoing, if at any time moneys in the 2006 A Bond
Account and the Bond Fund for the 2006 A Bonds are not sufficient to pay the maximum debt
service coming due on the 2006 A Bonds during the following six month period, any moneys in
the General Account shall be immediately transferred to the 2006 A Bond Account. Upon the
defeasance of the 2006 A Bonds, the 2006 A Bond Account and the General Account of
Allocation Fund shall be dissolved,.and any moneys remaining in such accounts shall remain in
Allocation Fund and may be used by the Commission for any purpose permitted by law.
2. Pursuant to IC 36-7-14-39(b)(2)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the 2006 A Account of the Allocation Fund to the
payment of the 2006 A Bonds.
3. The officers of-the Commission are hereby authorized to take such fiirther actions
and execute such further documents as they deem necessary or appropriate to effectuate the
pledge of the TIF Revenues set forth in this resolution.
4. This. resolution shall take effect immediately upon adoption by the Commission.
Adopted the 21 st day of March, 2006.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
Mem
Member
INDS01 BDD 834182vl
Secretary