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HomeMy WebLinkAboutCRC-12-1997 CRC/CRA LeaseRESOLUTION NO. L- I / 9 7 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 June 12, 1997, adopted a resolution indicating. its intent to issue its City of Carmel Redevelopment Authority County Option Income Tax Lease Rental Revenue Bonds of 1997, in the maximum principal amount of $32,000,000 (the "Bonds"), to finance the development of the Plum CreeklHazeldell Parkway Economic Development Area, the 96th Street/Hazeldell Parkway Economic Development Area, the Pennsylvania Street North Economic Development Area, the Pennsylvania Street South Economic Development Area, the Old Town Economic Development Area and the 126th Street Corridor Economic Development Area (collectively, the "Economic Development Areas") each of which has been established by the City of Carmel Redevelopment Commission (the "Commission"); and WHEREAS, on June 12, 1997,.the Authority adopted a resolution approving a proposed lease (the "Lease") between the Authority and the Commission for the lease of certain real estate in or directly serving or benefiting the Plum Creek/Hazeldell Parkway Economic Development Area, the 96th Street/Hazeldell Parkway Economic Development Area, the Pennsylvania Street North Economic Development Area, and the Pennsylvania Street South Economic Development Area, including the roads and other improvements currently located thereon (such real estate, the "Existing Property"), and certain additional improvements to be constructed thereon (such additional improvements, the "Projects") (the Existing Property and the Projects, collectively, the "Leased Premises"); and WHEREAS, on June 16, 1997, the Commission approved the Lease, and the Commission scheduled a public hearing regarding the Lease to be held on July 7, 1997, at five o'clock p.m. (local time), in the Caucus Room, on the second floor of the Carmel City Hall, One Civic Square, Carmel, Indiana, and published notice of such public hearing on the Lease; and WHEREAS, plans and specifications for the portion of the Projects identified under item 1 of Exhibit A to the Lease (the "Plans and Specifications") have heretofore been submitted to the Commission; 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, evidence has been presented to the Commission that the current value of the Existing Property (prior to the acquisition or construction of any of the Projects), based on their replacement cost, is at least Seven Million One Hundred Filly-Eight Thousand Dollars ($7;158,000); 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 Three Million One Hundred Forty-Three Thousand Dollars ($3,143,000.00) per year in semiannual installments beginning on the day the Leased Premises are completed and ready for use and occupancy, or June 15, 1999, whichever is later, 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 terns 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 Three Million One Hundred Forty-Three Thousand Dollars ($3,143,000.00) per year in semiannual installments beginning on the day the Leased Premises are completed and ready for use and occupancy, or June 15, 1999, whichever is later, through the expiration of the Lease, are fair and reasonable, and that the use of the Leased Premises throughout the term of the Lease %vill serve the public purpose of the City and is in the best interests of its residents. 2. The Plans and Specifications are hereby approved. 3. The President or Vice President and the Secretary of this Commission are herebv authorized and directed, on behalf of the City, and subject.to obtaining from the Common Council of the City the ordinance referred to in paragraph 4 hereof, to execute 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; provided that the Rental Payments shall not exceed the amounts set forth in paragraph 1 hereof. 4. The Secretary of the Commission is hereby directed to transmit to the Common Council of the City a copy of this Resolution and to request from said Common Council an approving ordinance for the purpose of said Council's finding, prior to execution of the Lease, that the Rental Payments are fair and reasonable and approving the Lease. 5. The Commission hereby authorizes the publication, in accordance with IC 36-7-14-25.2, of the Notice of Execution and Approval of Lease. 6. The President, Vice President and Secretary of this Commission, and each of them, is hereby authorized and direr to take all such further actions and to execute all such instruments as are desirable to carry out the transactions contemplated by this Resolution, in such forms as the President, Vice President or Secretary executing the same shall deem proper, such desirability to be conclusively evidenced by the execution thereof. 7. This Resolution shall be in full force and effect after adoption by the Commission. -2- ADOPTED the 7th day of July, 1997. CITY OF CAR.MEL REDEVELOPMENT COMMIUS N (?Jm j? ME01 M 304<]91 -3-