HomeMy WebLinkAboutCRC-16-2006RESOLUTION NO: 16-2006
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+CAILMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
previously created, the Gramercy Economic Development Area (the" "Economic; Development
Area"), Fins designated a portion of the Economic Development Area as•the Gramercy Allocation
Area ("the: Allocation Area") for purposes of the allocation and,distribution'of property taxes
under IC; 36-7-14-39, and has .ere red :the Gramercy Allocation. Area Allocation- Fund (the
"Allocation Fund") pursuant to IC 36-7-14=30;1 and
WHEREAS, Gramercy DevelopmentPartners, LLC (the- "Company"-) intends to
construct -a mixed use development in the Economic Development Area that will create an
estimated 606 frill time equivalent-new: jobsin the Cityof Carmel {the "ProjecC); and
WHEREAS, the City of'Carmel. Economic Development Commission; has approved the
issuance of the City of Cajmiie , Indiana, Taxable Economic'Development' Revenue Bonds, Series
2606 B (Gramercy Development Partners, LLC Project) (the "2006 B Bonds"), the proceeds of
which will be lent to the Company and applied ao certain infrastrgcture costs to support the
Project; and
WHEREAS, as an inducement to the Company-to locate the Project in the, City of
Carmel, the Corrimi'ssion has,agrped to"pledge the,tax incr_ernent revenues generated:from`the
Allocation Area to the payment of the.2006.B Bonds;
NOW., THEREFORE, BE IT RESQLVED by the City of Carmel Redevelopment
Commission, as "follows:
1- There areaiereby created within the Allocation, Fund the following accounts (1) a.
2006 B Bond Account (the "2006 B:Bond Account"), and' (2) a General. Accotint.(the "General
Account")., All-real property tax increment revenues generated from the Allocation Area, as such
Allocation Area may be expanded from time to time, and deposited in Allocation'Fund pursuant
to IC 36,-7-.14-39 (the."TIF1Revenues")~shall be°set aside and used as,follows: on each January
ES and;July 151beginning July, 15,-2008; TIF-Revenucs'in an amount which, together?witb any
amounts already on deposit in dbe"Bond Fund for the.20Q6 B Bonds; is sufficient to pay, the
maximum debt. service. comitig ducton the-2006 B:Bonds during thefbilowingsix month period,
.shall be deposited into the 2006 B' Bond Account and munediat'elytransferred to the trustee for
the 2006B Bonds-for deposit in the Band Fund under the trust indenture for the-2006 B Bonds.
On each February- Pand August 1, any TIT Revenues remaining; in Allocation.Fund after making
the required deposits, under ihis, 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 tbe•Company.'s Note. Series 2006 13 to make required p_ayuiepts<on the 2006 B
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 B Bonds. Notwithstanding the
foregoing,-if at:anytime moneys in the 2006 B Bond.Account'and the:Bond'Fund for the 2006 B
Bonds are not sufficient to pay the maximum debt-service coming due on-the 2006 B Bonds
during the following-six month.pcriod, any moneys in the General.Accodrit shall be immediately
transferred to thc2006 B.Bond Account. Upon the defeasanee;ofthe 2006 B Bonds, the 2006 B
Bond Account and the General Account of Allocation Fund.shall bc-dissolved; and ;any moneys
remaining'm'such accounts shall remain. in Allocation Fund and nay.be used by the Commission
for any purpose permitted by law:
2. Pursuant to IC 3677-14-39(h)(2)(D) and IC 50-14-4, the Commission hereby
pledges the TTF. Revenucs deposited into the 2006 B Account of the, Allocation Fund to the
payfnent of the 20063 Bonds.
3. The officers of the Commission are Iiereby'authoriaed,to take>such further actions
and. execute:such.further documents as they deem necessary or appropriate to effectuate the
.pledge of the'T.IF Revenues set forth in this=resolution.
4. This resolution sli0lake'effeet immediately upon adoption by the Commission.
Adopted the 5th.day.of October, 2006.
CITY, OF CARMEL REDEVELOPMENT
COMMISSION
19DSOI ADD 885985v1
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Secretary