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Home My WebLink AboutCRC-13-2006RESOLUTION NO. 13-2006 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A "LEASE OF CERTAIN LAND AND PUBLIC IMPROVEMENTS IN THE CITY' OF CARMEL, INDIANA, AND REGARDING OTHER RELATED MATTERS WHEREAS, the City of Camzel,RedevelopmenLAuthority (the "Authority") has been created'pursuant to Indiana Code.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 leaseao the City of Carmel Redevelopment ,Commissi6n'(the ,"Commission" ),land WITEREAS, on_May 11 2006, ihc,.Authgrity adopted a. resolution' indicating its intent-to issue its City of Carmel; Redevelopment<Authority Lease; Rental Revenue'Bonds pursuant to Indiana Code•.36=7-14.5, for the purpose of obiaming'money to finance then acquisition, construction; installation and, egtiipping of numerous road projects and other capital improvements' in the City, mbre'parti6tilarly dcScribed in Exhibit.A attached hereto and madea part hereof, together, with expenses incurred, in connection therewith, including the costs of the issuance of bonds therefor, and 'other property acquisition, redevelopment and economic development in or serving one or more economic development areas previouslyestablished,in the City p4suant to Indiana Code 36-7-14 {collectively; the "Project"), and approving a proposed lease between.the-Authority and the Commission (the "Lease'%,and 5ted;a copy of the proposed Lease with the Commission and WHEREAS; on April 20i 2006,, the Commission adopted its.,Resolution.No. 11.2006 preliminarily approvmg'the Lease, schcduling.a,publicbearing,onahe Lease to.be hell{ on Maya, 2006, at 6:00 p.m. (local time), in the Caucus Room on the second floor of City Hall, bne Civic Square, Carmel, Indiana, and authorizing- thepublication of a- notice of public hearing on,the Lease pursuant, to Indiana ,Code. S 3-1; and WHEREAS, a notice of public hearing on the Lease was published on April 21, 2006, pursuant to and in accordance with Indiana Codes-3-1 and posted at City Hall; and WHEREAS, on this date such 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 Six Million One Hundred Thousand Dollars ($6,100,000) per year in semiannual installments for a period not to exceed thirty-one (31) years, beginning as provided in the Lease, through the expiration of the Lease, which Rental Payments shall be payable primarily from the City's distributive share of county option income tax revenues pledged by the Common Council of the City (the "Common Council") for such purpose; NOW, THEREFORE, BE IT RESOLVED by the City of Carmel. Redevelopment Commission, as follows: 1. The President and the Secretary of the Commission are hereby authorized and directed, on behalf of the City, to execute and attest, respectively, and to deliver the Lease in substantially the form presented at this meeting with such changes in form or substance as the President of the Commission shall approve, such approval to be conclusively evidenced by the execution thereof, following the approval of the Lease by the Common Council. 2. The Rental Payments to be paid by the Commission, pursuant to the terms of the Lease, at a rate not to exceed Six Million One Hundred Thousand Dollars ($6,100,000) per year in semiannual installments for a period not to exceed thirty-one (31) years, beginning as provided in the Lease, through the expiration of the Lease, are fair and reasonable, and the use of the Project throughout the tern of the Lease will serve the public purpose of the City and is in the best interests of its residents. -2- 3. The Secretary of the Commission,is hereby directed to transmit to the Common Council a copy of this Resolution, and the Commission hereby approves and ratifies action taken by the Secretary of the,Comnzissioq to file with the Common:Council an approving.ofdinance'for the purpose of the Common Council's finding, prior to the execution of,the Lease, thaftheRental Payments are fair and reasonable.and.approving the, Lease. 4. The President and the Secretary of the Commission are, and each of them is, hereby authorized and,directetl to take all such further actions ahd to 'execute all such instruments as are desirable to..carry out'the.:fransactions contemplated°by'this Resolution; in such form as_ the President and the Secretary of the Commission executing the same shall deem proper, to be evidenced by the exec ation- thereof 5. This Resolution' shall be in full force and effect after its 'adoption by the Commission. -3- ADOPTED AND APPROVED at a meeting, of the Commission, held on'the 3rd day of May, 2006. CITY OF CARMEL REDEVELOPMENT°COMMIS SIGN ATTEST: Prepared by: David A. Arrensen, Esq. Bak& & Daniels LLP May 3,2006 -4- HE DB0 i 4394363v2 r Secretary 2006 Bond Projects Revised 41.1872006 ProjectDescriptlon -2006-Bond Project Cost un mg Anticipated From OtherSources Total' Estimated Project Cost Towne Road - Improvements noith_of I16th'Street (471ane) $ 10;000;000 $ 2;000,000 $ 12,000;000 Shelbburoe'Road - Improvements' north of 116th Street (3-lane Section) $ 91000,000 $ 300,000 '$ 9,300,000 131st Street fr6m_Spring MilLte Towne (3-lane Section) $ 9,000;000 $ -- $ 9,000;000 131st Street.from Towne to Shelhourne (3-lane Section) $ 4,500,000 $ r $ 4,500;000 136th Street from Oak,Ridl;e to Iljtcli (3-Lane Section) $ 5;000;000 $ 1,550,000 '$ 6;550,000 East Grande.Boulevard (Guilford to,Old Meridian). -$ 1,900;000 :$ = ;$ 1,900,000 West Grande' Boulevard (RAB, a Old*lcridian) $ 1,800;000 $ $ 1,800,000 PennsylvantarStreet; 106th to 103rd (3'-1_n_ ne Section) ,$ 3;000,000 ,$ $, 3,000,000 Survive Alive House $ 2,500;000 $ $ 2,500,000 Z Coal Creek North Trail $ 2°800;000 $ 250,000 $ 3,0%000 m N. Rangeline - 136th north to ?S 31- (34anc Scction) $ 3,000,000 $ - $ 3,000,000 to Monon Bridge Over Carmel Drive - $ 600;000 $ 2,400,000 $ 3,000,000 _ o °ry East Side Salt Barn/Shed & Shop $ t 8%oco $ - •$ 1,90a;ooo River Road Alignment-Medalist Drive to Golf Course Curve (3-Lane Section, inte_ rsection.imprevements.at.Medalist) 1 2,500,000 $ - $ 2;500,000 Police Maintenance Building $ 1,000',000 $ $ 1,000,000 Guilford Road - City Center to Main. Street Enhancements (Curbing) $ 750,000 $. -$ 750;000 Guilford Road - 116th. Street to Carmel Drive;(3-La_ ne Section, signal improvements at Carmel Drive) S 2,500,000 $ 250;000 $ 2;750,000 126th Street.-.Shelhorne.Rd; to Towne Rd.,(3-Lane_Section) . $ 3,300;000 $ 3,300,000 Clay'Center Rd. & 116th Street Intersection - Improvements (Including Replacement U Chq Ctr: Bridge over Will Creek) g 1;150,000 $ 1,150;000 TOTAL $ 66;100,000 $ 6;750,000 $ 72;850,000