HomeMy WebLinkAboutCRC-12-2001 Merchants Pointe Allocation AreaRESOLUTION NO. ?.2 2001
CARMEL REDEVELOPMENT COMMISSION
ADDITIONAL APPROPRIATION RESOLUTION
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
established the Merchants Pointe 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 installation of 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 IC 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 Merchants Pointe Associates, LLC, in an amount not to exceed $1,170,000
('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 published notice in accordance with IC 5-3-1 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 COMMISSION
OF THE CITY OF CARMEL, INDIANA, AS FOLLOWS:
1. (a) An appropriation in the amount not to exceed One Million One Hundred
Seventy Thousand Dollars ($1,170,000) 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.
Adopted ,ek/ /? 2001
CARMEL
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262792.1
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