HomeMy WebLinkAboutCRC-07-1998 Merchants Square EDARESOLUTION NO. 7-1998
CARMEL REDEVELOPMENT COMMISSION
ADDITIONAL APPROPRIATION RESOLUTION
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
established the Merchants Square Economic Development Area ("Area") in order to undertake the
economic development of the Area, including acquisition and construction.of road and drainage
improvements and the installationof traffic signals (the "Project") in or serving the Area, located in
the Carmel Redevelopment District ("District");
WHEREAS, the Commission has established' an allocation area ("Allocation Area") within
the Area, for the purpose of collecting all real property tax proceeds from assessed valuation in the
Allocation Area in excess of the assessed valuation described in [C 36-7-14-39(b) ("Tax
Increment");
WHEREAS, the Commission has adopted a preliminary bond resolution preliminarily
approving the issuance of bonds, payable solely from Tax Increment, and to the extent that Tax
Increment is not sufficient, from payments made pursuant to a Taxpayer Agreement between the
Commission and The Linder Group of Indiana, Inc., in an amount not to exceed $2,655,000
("Bonds'), in order to procure funds to be applied on the costs of the Project, including incidental
expenses incurred in connection with the economic development of the Area, costs associated with
the issuance of the Bonds, a debt service reserve for the Bonds, and capitalized interest on the Bonds,
all as permitted by the Act ("Costs of the Project");
WHEREAS, the Commission has.publishednotice in accordance with IC 5-J- 1 and IC 6-1.1-
18-5 and held a public hearing regarding the appropriation of the proceeds of the Bonds;
NOW, THEREFORE,BE IT RESOLVED BY THE REDEVELOPMENT COMNESS [ON
OF THE CITY OF CARMEL, INDIANA, AS FOLLOWS:
1. (a) An appropriation in the amount not to exceed Two Million Six Hundred Fifty-five
Thousand Dollars ($2,655,000) is hereby made to be applied to the Costs of the Project; and that the
funds to meet this appropriation be provided out of the proceeds of the Bonds. This appropriation
is in addition to all other appropriations provided for in the existing budget and tax levy of the
District for the current year.
(b) The fiscal officer of the Commission is hereby authorized and directed to provide
information to the State Board of Tax Commissioners concerning this appropriation.
2. This resolution shall be in full force and effect immediately upon its adoption.
263040.1
Adopted this 2nd day of February, 1998, by a vote of _ in favor, _ opposed.
REDEVELOPMENT COMMISSION OF THE
L.
CITY OF E INDIANA-
EL
Presiding Officer
ATTEST:
&"? W?-
Secretary I V-
-2-
263040.1