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Home My WebLink AboutCRC-01-1998 Declaratory Resolution/$2,655,000 BondPRELIMINARY BOND RESOLUTION OF THE CARMEL REDEVELOPMEN COMMISSION RESOLUTION NO. 1 -1998 WHEREAS, IC 36-7-14 and IC 36-7-25 (collectively "Act") authorize the Carmel Redevelopment Commission ("Commission"jto declare an area to be an economic development area and to establish an allocation area within an economic development area providing for the distribution of property tax revenues generated within the allocation area; WHEREAS, the Commission adopted a Declaratory Resolution ("Declaratory Resolution") on February 18, 1997, which was effective as of that date, was confirmed by a Confirmatory Resolution ("Confirmatory Resolution") adopted on April 21, 1997; WHEREAS, the Commission, by the Declaratory Resolution, as confirmed by the Confirmatory Resolution ("Area Resolution"), established the boundaries of the Merchants Square Economic Development Area ("Economic Development Area") and declared this area to be an economic development area, and the Economic Development Area is more particularly described in the map attached to and incorporated in the Declaratory Resolution; WHEREAS, pursuant to the Area Resolution, the Commission approved an economic development plan for the Economic Development. Area was adopted ("Economic Development Plan"); WHEREAS, pursuant to the Area Resolution and the Economic Development Plan, the Commission designated the entire Economic Development Area as an allocation area ("Allocation Area") for purposes of capturing incremental ad valorem real property tax revenues levied and collected in the Allocation Area to pay lease rentals and debt service on bonds issued to finance the economic development projects described below and to pay certain other costs permitted by the Act and this Resolution; WHEREAS, the Area Resolution provides for the capture of all property tares on the incremental assessed value of real property in the Allocation Area ("Tax Increment"); WHEREAS, IC 36-7-14-39.5 provides for an additional credit for property taxes in the Allocation Area payable from Tax Increment, which credit may be eliminated or reduced by resolution of the Common Council upon recommendation of the Commission; WHEREAS, the Common Council has taken no action to provide that the additional credit under IC 36-7-14-39.5 does not apply in the Allocation Area; WHEREAS, the Commission has found and determined that: (i) the planning, replanning, development, and redevelopmentof the Economic Development Area is a public and governmental 245898.2 function that cannot be accomplished through the ordinary operations of private enterprise; (ii) the planning, replanning, development and redevelopment of the Economic Development Area would benefit the public health. safety, morals, and welfare in, increase and economic well-being of, and serve to protect and increase property values in, the City of Carmel ("City") and the State of Indiana. and would be of public utility and benefit; and (iii) the planning, replanning, development and redevelopmentof the Economic Development Area are public uses and purposes for which money may be spent; WHEREAS, the Commission estimates that the total Costs of the Projects (as defined below) will not exceed $2,655,000: and WHEREAS, in order to facilitate the financing of the Projects, the Commission has determined to give preliminary approval of the issuance of the Bonds (as defined below); NOW, THEREFORE. BE IT RESOLVED BY THE REDEVELOPMENT COMMISSION OF CARMEL, INDIANA, THAT: Section 1. The Commission finds and determines that in order to proceed with the planning, replanning, development and redevelopment of the Economic Development Area, it is necessary to issue special taxing district bonds of the Commission, acting in the name of the City, payable out of 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. (and certain of its affiliates) ("Taxpayer Payments"), in the aggregate principal amount not to exceed Two Million Six Hundred Fifty-five Thousand Dollars ($2,655,000), designated as "Redevelopment District Tax Increment Revenue Bonds of 1998" ('Bonds"), for the purpose of procuring funds to be applied on the cost of economic development in the Economic Development Area including the acquisition and construction of certain road and drainage improvements and traffic signals in or serving the Economic Development Area (as more particularly set forth in Exhibit A) ("Projects") including incidental expenses incurred in connection with the economic development of the Economic Development 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.Projects"). Section 2. The Commission shall continue the planning, replanning, development and redevelopment of the Economic Development Area and proceed with the acquisition and construction of the Projects in or serving the Economic Development Area upon issuance of the Bonds. Section 3. For the purpose of providing funds with which to pay the Costs of the Project,, the Commission shall issue the Bonds, in the name of the City in an amount not to exceed Two Million Six Hundred Fifty-five Thousand Dollars (52,655,000), subject to satisfaction'of all applicable legal requirements, with a discount not to exceed the discount set forth in the final bond resolution of the Commission. The Bonds shall be payable from Tax Increment, and to the extent -2- 245898.2 Tax .Increment 'is not sufficient. from Developer Payments. The amount of the Bonds may not exceed she estimated Costs of the Projects, including.all expenses described in the Act. Section 4. The Bonds shall. be issued, in denominations of SI00.000 and integral multiples or $5;000"thereafter with inferestpayable.semi-annually on February I and August 1 and shall be dated'as of the first day of the'month in;which,sold. . The Bonds will be payable in the manner provided by IG36-7-14 and other applicable statutes and.wiil bear interest at.a rate or rates not to exceed, 7016 ' per-annum. the,actual rates,to be determined by negotiation` with a term not to exceed twenty (20) years. The Bonds, may be subject, to optional or mandatory sinking fund redemption as provided ih`the final bond resolution. The exact terms of the Bonds shall be set forth in a final-bond resolution to be;adopted by the.Cotriniission. Secfion 5, After adoption of this Resolution, the Secretary of the "Commission. shall publish ahd>post notice of the determinationof the Commission to issue Bonds. This notice will be published two times, one week apart, in the .Noblesville Daily,Ledger and posted in three public places imthe Carmel Redevelopment District- ection 61 The,Bonds will besold to.McDonald & Co.,.CIeveland, Ohio, as underwriter. Sftafori 7 The Mayor: is hereby authorized to select two appraisers to appraise the Projects to-be acquired in accordance with.IG 36-7-'14-19. cti This Resolution shall be effective as of its date of adoption. Adopted by the Carmel Redevelopment Commission, this .15th day'of January; 199& CARMEL REDEVELOPMENT COMMISSION BZ/ President -3- 245898.2 .EXHIBIT A DESCRIPTION-OF PROJECTS Road Improvements (1) AAA Way from 116th Street to Carmel Drive: (2) Rine road in, Economic Development Area (3) Relocation•of Medical Drive at intersection.with AAA Way (4) Relocation of intersection of Keystone Way.and ring road ,(S) Widening.of 116th Street Costs include bringing roads;up to City specifications, utility relocation, drainage, landscaping.and lighting. If there are sufficient proceeds available, cost may also include traffic signals at intersections of Carmel Drive and AAA Way and `I 16th'Street'and AAA Way. -4- 1245898.2 ADOPTED the 7th day of July, 1997. ® CITY OF CARMEL REDEVELOPMENT COMMISSION 62?? V l'?Ad?f ( a?.(iYlil_ e V Li `I WMI R 20 1 -3-