HomeMy WebLinkAbout05.05.25 CC Meeting Paperless Packet1
City of Carmel
CARMEL COMMON COUNCIL
MEETING AGENDA
MONDAY, MAY 5, 2025 – 6:00 P.M.
COUNCIL CHAMBERS/CITY HALL/ONE CIVIC SQUARE
1. CALL TO ORDER
2. AGENDA APPROVAL
3. INVOCATION
4. PLEDGE OF ALLEGIANCE
5. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS
6. RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL
7. COUNCIL AND MAYORAL COMMENTS/OBSERVATIONS
8. CONSENT AGENDA
a. Approval of Minutes
1. April 21, 2025 Regular Meeting
b. Claims
1. Payroll – $4,341,866.25
2. General Claims – $4,853,234.48 and $26,706.53 (Purchase Card)
3. Retirement – $126,308.06
9. ACTION ON MAYORAL VETOES
10. COMMITTEE REPORTS
a. Finance, Utilities and Rules Committee
b. Land Use and Special Studies Committee
c. All reports designated by the Chair to qualify for placement under this category.
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11. OTHER REPORTS – (at the first meeting of the month specified below):
a. Carmel Redevelopment Commission (Monthly)
b. Carmel Historic Preservation Commission (Quarterly – January, April, July, October)
c. Audit Committee (Bi-annual – May, October)
d. Redevelopment Authority (Bi-annual – April, October)
e. Economic Development Commission (Bi-annual – February, August)
f. Library Board (Annual – February)
g. Ethics Board (Annual – February)
h. Parks Department (Quarterly – February, May, August, November)
i. Climate Action Advisory Committee (Quarterly – March, June, September, December)
j. Finance Department Budget Update (Quarterly – April, July, October, January (for the 4th
quarter of the previous year))
k. Affiliate Review Committee Update
l. All reports designated by the Chair to qualify for placement under this category.
12. OLD BUSINESS
a. Sixth Reading of Ordinance D-2762-25; An Ordinance of the Common Council of the City
of Carmel, Indiana, Amending Chapter 8, Article 5, Sections 8-37, 8-47, and 8-48 of the
Carmel City Code; Sponsor: Councilor Aasen. Remains in the Land Use and Special
Studies Committee.
Synopsis:
Ordinance establishing 15-minute parking space(s) at the beginning of each block along Main
Street from Knoll Ct to 1st Ave SE, regulating parking on Range Line from Main Street to 1st
Street, and removing inconsistencies and duplications of code.
b. Resolution CC-02-03-25-07; A Resolution of the Common Council of the City of Carmel,
Indiana, Recommending Consideration of an Amendment to the Unified Development
Ordinance for the City and Referring the Same to the Carmel Plan Commission for
Recommendation; Sponsor(s): Councilor(s) Aasen, Snyder and Taylor. Returns from the
Land Use and Special Studies Committee.
Synopsis:
This Resolution refers a proposal to amend Articles 5.72, 9.08, and 11.02 of the Carmel
Unified Development Ordinance to the Carmel Advisory Plan Commission for public hearing
and recommendation to the Common Council.
c. Fourth Reading of Ordinance D-2767-25; An Ordinance of the Common Council of the
City of Carmel, Indiana, Amending Chapter 2, Article 4, Section 2-96 of the Carmel City
Code; Sponsor(s): Councilor(s) Taylor and Snyder. Remains in the Finance, Utilities and
Rules Committee.
Synopsis:
Amendment to the Ordinance regulating the Ambulance Capital Fund.
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d. Second Reading of Ordinance D-2769-25; An Ordinance of the Common Council of the
City of Carmel, Indiana, Amending Chapter 6, Article 4, Section 6-63 of the Carmel City
Code; Sponsor(s): Councilor(s) Taylor and Ayers. Remains in the Land Use and Special
Studies Committee.
Synopsis:
Ordinance amending the fine for failing to display a valid permit for motor vehicle parking on
a city sidewalk, multi-use path, or bicycle lane.
e. Second Reading of Ordinance D-2770-25; An Ordinance of the Common Council of the
City of Carmel, Indiana, Adopting a New Article 6 Under Chapter 4 of the Carmel City Code;
Sponsor(s): Councilor(s) Aasen, Taylor, Snyder and Ayers. Remains in the Finance,
Utilities and Rules Committee.
Synopsis:
An Ordinance adopting requirements that owners of residential rental dwellings register and
obtain a permit before letting a residential rental dwelling and; limits the number of
authorized residential dwelling permits to ten percent of all homes within any subdivision or
the City of Carmel as a whole.
13. PUBLIC HEARINGS
14. NEW BUSINESS
a. First Reading of Ordinance D-2771-25; An Ordinance of the Common Council of the City
of Carmel, Indiana, Authorizing the Issuance of Economic Development Tax Increment
Revenue Bonds to Support the North End Phase II Project, and Authorizing and Approving
Other Actions in Respect Thereto; Sponsor: Councilor Aasen.
Synopsis:
Ordinance authorizes the issuance of developer TIF bonds by the City of Carmel, Indiana, to
finance certain improvements to support the development of the North End Phase II Project.
b. Resolution CC-05-05-25-01; A Resolution of the Common Council of the City of Carmel,
Indiana, Recommending Consideration of an Amendment to the Unified Development
Ordinance for the City and Referring the Same to the Carmel Plan Commission for
Recommendation; Sponsor(s):Councilor(s) Ayers, Joshi, Minnaar and Snyder.
Synopsis:
This resolution refers a proposal to amend Articles 2.20, 2.21, and 9.03 of the Carmel Unified
Development Ordinance to the Carmel Advisory Plan Commission for public hearing and
recommendation to the Common Council.
15. AGENDA ADD-ON ITEMS
16. OTHER BUSINESS
17. ANNOUNCEMENTS
18. ADJOURNMENT
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City of Carmel 1
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CARMEL COMMON COUNCIL 3
MEETING MINUTES 4
MONDAY, APRIL 21, 2025 – 6:00 P.M. 5
COUNCIL CHAMBERS/CITY HALL/ONE CIVIC SQUARE 6
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MEETING CALLED TO ORDER 8
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Council President Adam Aasen, Council Members: Shannon Minnaar, Ryan Locke, Teresa Ayers, Matthew 10
Snyder, Rich Taylor, Anita Joshi, and Deputy Clerk Jessica Komp were present. Councilor Jeff Worrell was 11
not in attendance and Councilor Anthony Green attended virtually. 12
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Council President Aasen called the meeting to order at 6:00 p.m. 14
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AGENDA APPROVAL 16
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The agenda was approved 8-0. 18
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INVOCATION 20
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Rabbi Hal Schevitz of Congregation Beth-El Zedeck delivered the invocation. 22
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RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS 24
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There were none. 26
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RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL 28
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Jack Russell, President and CEO of OneZone Chamber of Commerce, spoke to Council in support of 30
Ordinance D-2770-25, which will put restrictions on the number of rental properties that can be purchased in 31
the City of Carmel. Recently, OneZone voiced its support of the City of Fishers’ proposed rental ordinance, 32
which included a registration and permitting program for long-term single family rentals and a 10% cap on 33
single family rentals per subdivision. OneZone viewed this ordinance as a proactive and thoughtful step 34
forward, preserving neighborhood integrity, maintaining housing quality, and supporting long-term home 35
ownership opportunities. OneZone appreciates that Carmel is taking a thoughtful deliberate approach to 36
evaluating a similar ordinance. OneZone will be providing feedback to this ordinance once it has gone 37
through the committee process. Mr. Russell thanked the Council for its commitment to policies that ensure 38
Carmel remains a thriving, inclusive and forward-thinking community. 39
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Ed Shaughnessy also spoke in favor of the rental caps proposed by Ordinance D-2770-25. As someone who 41
has owned homes in Carmel, been a landlord, and rented himself, Mr. Shaughnessy has seen all sides of this 42
issue. He believes there is a problem with investor-backed buyers overwhelming neighborhoods. Some of the 43
older neighborhoods don’t have HOA’s to help mitigate this problem. Mr. Shaughnessy stated that in his 44
own neighborhood, some of the homes have been purchased by the larger national firms. These homes often 45
are not kept up, and the companies also do not treat the tenants fairly. These companies are also competing 46
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against first-time home buyers, outbidding them. He believes that this ordinance will go a long way to help 47
those who have not been able to purchase a home to enjoy the benefits of home ownership. 48
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Jim Thomas spoke in favor of Ordinance D-2768-25, which will prohibit parking on either side of 1st Avenue 50
S.E. from Main Street south to E. Walnut Street, and on either side of Supply Street, unless the vehicle has a 51
valid resident vehicle sticker, a temporary guest permit, or a merchant vehicle sticker. As a resident of this 52
area, Mr. Thomas spoke on behalf of himself and his neighbors, who have had a very difficult time finding 53
parking around their homes, especially since the 1933 Lounge opened two weeks ago. 54
55
Scott McLaughlin spoke in opposition to the proposed Autumn Greenway, which would go through his 56
neighborhood. He stated that he has looked into this matter, and in his opinion, the cost benefit is not there. 57
This new path would reduce the distance from point A to point B by only 3/10 of a mile, by cutting through 58
the neighborhood instead of going around it, to connect to the Monon Trail. Further, trees and wetlands 59
would have to be removed, displacing wildlife and reducing green areas. 60
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COUNCIL AND MAYORAL COMMENTS/OBSERVATIONS 63
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Councilor Locke asked for an update from city staff on a resolution that was passed one year ago, approving 65
the seeking of outside financing for what was known at that time as “The Union”. The Union was presented 66
as a food hall that also encompassed office space and reception space, along with other amenities. This was 67
to be built as part of the Monon Square South redevelopment. Nick Weber, Director of Economic 68
Development, spoke to Council about this project. Mr. Weber stated that the food hall concept is a very 69
complicated one, in terms of trying to make the economics of it work. We did go out and look for other 70
funding, the two primary sources being I.E.D.C.’s READI Fund. We submitted a joint application for both 71
the food hall and the Monon Trail just in front of it. Those dollars are part of READI Round II, and those 72
dollars are not yet being pushed out to the communities until a threshold on READI Round I funds are 73
available. We were awarded funds, but none have been received yet by us or any other applicants. We also 74
sought funding through the Hamilton County Tourism’s BEST Program. We did not quite qualify under the 75
structure of that program. We do have the option of augmenting our project and then reapplying or finding a 76
different project to apply for those funds. Councilor Snyder stated that we probably didn’t qualify for the 77
tourism dollars because this was a joint project with a commercial developer. If we were to develop an iconic 78
civic space, that was a regional destination, we would qualify for those funds. Councilor Snyder had offered 79
the concept of building a proper office facility for our award-winning Parks Department, as they currently 80
operate out of a house. The Parks Department could then operate the food hall. Michael Klitzing, Director of 81
CCPR, has consulted with food hall directors around the country, and he believes that they can achieve a 82
100% cost recovery model, just as they have done with the Monon Center. Councilor Snyder asked why 83
there was pause in pursuing this version of the project. 84
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Nick Weber stated that in terms of the BEST Funds, the formula for granting those funds includes the 86
generation of overnight stays, as in would people come into Carmel specifically for this food hall and then 87
stay the night? Another factor is that we don’t control the entirety of the site, so parking will be a challenge. 88
As far as us landing on a project for a food hall with all of those other pieces still in question, it just hasn’t 89
gelled yet. Councilor Snyder responded that he believes the concept involving CCPR is the answer. He 90
believes we need a parking garage as well. Councilor Minnaar stated that she would not get behind any 91
version of this project that includes apartments. Councilor Ayers asked about hotel capacity and whether we 92
are building hotels that we will not be able to fill. Mr. Weber stated that our hotel market remains very 93
strong. Because we have such a strong business community, Carmel has a seven day hotel utilization, not 94
just primarily on the weekends. Councilor Joshi stated that this food hall project was also supposed to 95
incorporate much needed office space. Additionally, although the food hall might not be a reason on its own 96
for people to come to Carmel, it certainly would fill a need in terms of quick dining near the Palladium and 97
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the Tarkington for those coming to Carmel to see a performance. Mr. Weber agreed that we do have a need 98
for that type of dining in that area, and we are still looking into concepts to make that happen, whether it be 99
multiple vendors, or one vendor offering different options coming out of one central kitchen. Councilor 100
Locke stated that if we need to pivot to other opportunities for those two specific funding sources, he would 101
like to know that. Mr. Weber stated that the BEST money is still there, and with the right project, he does 102
believe we can receive that funding. We also continue to hope that the state will release those READI dollars 103
to us, and if they do, we think we will be able to use it towards some of the work that we’ve done on the 104
Monon in that area. Councilor Snyder reiterated his desire to keep pushing for this food hall concept, with 105
the Parks Department housed in the building and running it. Council President Aasen stated that the Council 106
was asked to weigh in on this concept, the Council voted in favor of pursuing this project, and then the 107
communication died on any progress that was being made. He stated that constituents are excited about the 108
food hall, and have been asking him for an update on the project. The lack of communication has been 109
frustrating. 110
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Council President Aasen also congratulated fellow Councilor, Dr. Anita Joshi, for receiving the 2025 112
Interfaith Ambassador of the Year award from the Center for Interfaith Cooperation. Councilor Minnaar 113
shared a reminder that the Mayor’s Advisory Commission on Housing will be meeting this Thursday, April 114
24th, at 9:30 a.m., here in Council Chambers. 115
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CONSENT AGENDA 117
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Councilor Minnaar moved to approve the consent agenda. Councilor Taylor seconded. There was no 119
discussion. Council President Aasen called for the vote. The consent agenda was approved 8-0. 120
121
a. Approval of Minutes 122
123
1. March 17, 2025 Regular Meeting 124
2. April 3, 2025 Special Meeting – Claims 125
3. April 3, 2025 Special Emergency Meeting 126
4. April 7, 2025 Special Emergency Meeting 127
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b. Claims 129
130
1. Payroll – $4,225,024.61 131
2. General Claims – $1,727,617.07 132
3. Wire Transfer – $4,542,758.00 133
134
ACTION ON MAYORAL VETOES 135
136
There were none. 137
138
COMMITTEE REPORTS 139
140
Councilor Taylor reported that the Finance, Utilities and Rules Committee will be meeting on Tuesday, May 141
13th at 6:00 p.m. in Council Chambers. We will be reviewing Chief Thacker’s presentation on the 142
Ambulance Capital Fund ordinance. 143
144
Councilor Snyder reported that the Land Use and Special Studies Committee will meet this Wednesday, 145
April 23rd, at 5:30 p.m., at the Carmel Library. We hope to finalize the Group Homes ordinance and send that 146
back to Council, as well as a comprehensive omnibus of the committee’s work for the last year and a half on 147
the UDO. 148
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149
OTHER REPORTS – (at the first meeting of the month specified below): 150
151
Henry Mestetsky, Carmel Redevelopment Director, gave the monthly report to Council. City Center 152
continues to get built out, including the Windsor’s office space along the Monon. The Seward Johnson 153
installment entitled “My Sixteen-Year Old Jazz Dreams” which sits just west of the Palladium is now 154
finalized, including informational plaques for each of the six musicians. There is also a gramophone which 155
will play music by each of the musicians. Monon Square North is under construction. 1st on Main continues 156
with its condo build-out. Magnolia is also continuing its construction. Construction has now begun on Civic 157
Square Condos. The Republic headquarters at Hamilton Crossing continues to get built out. Retail at 158
Proscenium II is filling up. 1933 Lounge is now open on the first floor of 111 S. Rangeline. A lot of progress 159
is being made at Icon on Main. That public plaza will open in early 2027. Lots of progress is going on at the 160
AT&T Site, which is the Merchant’s Bank expansion. Finally, Ardalan Plaza is moving forward. Mr. 161
Mestetsky also called attention to the CRC’s website, choosecarmelin.com, which provides information on 162
CRC projects, both past and present. He specifically noted the recent addition of an interactive map, which 163
allows the viewer to understand where projects are relative to other locations in the city. This new website 164
feature was made possible by GIS specialist, Shane Burnham, of the City’s Engineering Department, with 165
the help of Kelly Douglas and the Marketing and Communications Department. 166
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Councilor Taylor asked Director Mestetsky to confirm that the CRC contributed 2 parcels to the Ardalan and 168
that there would not be a TIF bond ordinance brought to Council for the project, that there’s no other source 169
of financing, and that we would be receiving 100% of the increment back. Mr. Mestetsky confirmed that all 170
of that is correct, and in addition to that, due to the contribution of the parcels, the developer is building out 171
the sidewalk grander than they would have otherwise. The developer is also dedicating the alleyway behind 172
the building back to the city, which is about $200,000.00 of land to be used for a future alley. Councilor 173
Locke asked for an update on the sidewalks around Proscenium I becoming ADA compliant, which was 174
discussed a year ago, and also for an update on the Tavern on the Green. Mr. Mestetsky replied that the 175
sidewalks are being addressed by the developer, Tony Birkla, working along with our code enforcement 176
team. The Tavern on the Green was supposed to be a restaurant, but with Wahlburgers closing right there, it 177
gave the developers some pause as to rethink the appropriate timing to bring that. Councilor Minnaar asked 178
about the leasing of the retail spaces at the Muse. Director Mestetsky stated that there will be a nail salon, a 179
Thai restaurant, a sushi place, and a fancy spa. At this point, most of the retail space has been leased. 180
181
Councilor Snyder asked for an update on the Autumn Trail, which links to the Veterans’ Trail. Jeremy 182
Kashman, Chief Infrastructure Engineer, responded that he just met with Edward Rose development last 183
week, and it looks like we’re going to be able to get the greenway to come along the west side of the 184
property and then point back towards Old Meridian, so as you’re coming north into the site, it will also create 185
a connection over so that you’ll be able to follow their sidewalk into the park. We will have some options in 186
the future so that the Veterans’ trail can also be routed past the American Legion as well. Councilor Snyder 187
also reiterated his frustration at the lane next to Proscenium II being closed for almost two years, and then 188
only that lane was replaced. He shared that construction standards for other municipalities state that 189
whenever a development impacts a road, the road shall be replaced curb to curb. He stated that he would still 190
like to continue the conversation about making that a requirement here in Carmel. He also posed the 191
question, at what point in the process do we tell developers that they may have the opportunity for valet 192
parking? Director Kashman responded that the conversation about road replacement standards will be 193
happening soon. He also responded that the conversation about valet parking does not come up often, but it 194
has become a bit more frequent. Councilor Snyder expressed that there is frustration with valet parking 195
causing traffic issues. Councilor Snyder then asked Director Mestetsky how citizens would know there is a 196
public park within Proscenium I? Where is that on the CRC’s website? Or should that be on CCPR’s 197
website? Mr. Mestetsky stated that he would like to work with Parks’ Director Michael Klitzing so that they 198
could put something together that would share that information. Councilor Locke asked if there was a way 199
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for the Council to get updated on upcoming projects, and on what is in the pipeline. Director Mestetsky 200
replied that the administration has made a number of statements on its focus being dual – continuing to build 201
out the central core, as well as the U.S. 31 corridor, which is the future of where a lot of redevelopment is 202
going to take place. He stated that he will try to get back to Council regarding what kind of specifics the 203
administration wants to present going forward. He believes we have a fairly robust strategy about continuing 204
the progress we’ve had so far. Councilor Snyder asked about a potential development on the southwest 205
corner of 116th Street and U.S. 31 which might include a hotel, event space, shopping, and high-end 206
restaurants. Director Mestetsky replied that he will defer to the administration on the timing to share that 207
information, but those talks do continue. Council President Aasen shared that he spoke with the Mayor about 208
those specific projects today, and the developer is still working through those plans, so there isn’t anything to 209
present at this time. He also told Director Mestetsky that he does a great job with the monthly updates and 210
handles the Council’s tough questions well. He also echoed Councilor Snyder’s sentiments regarding valet 211
parking, specifically at the newly opened 1933 Lounge. Council President Aasen stated that we should be 212
thoughtful in where we allow valet parking, as it may not always be warranted, especially as it pertains to 213
holding up traffic. Director Mestetsky responded that these decisions are always made with a great deal of 214
planning between multiple city departments. He also stated that the Redevelopment Authority has not met so 215
there is no update from that group at this time. 216
217
Mark Dollase gave the Carmel Historic Preservation Commission’s quarterly report. The first update was on 218
the Wise House at 10750 Hazel Dell Parkway on Martin Marietta’s property. An agreement is being 219
negotiated between the Parks department, Mr. Crowley, the neighbor to the north, and Martin Marietta that 220
will see the house be moved onto Mr. Crowley’s property. The house will be restored and be landmarked by 221
the commission and brought to the Council for approval. Next, the commission did approve preservation 222
plans for a property on Cherry Tree Road in January, and for the Wilkinson House on Smoky Row in March. 223
Hopefully within the next month we’ll be able to bring those to Council together, rather than one at a time. 224
We did open our spring round for façade grants for property owners. We send letters out to all those homes 225
which are eligible, as well as holding an informational meeting. In this past quarter we also had two new 226
commissioners approved, so we held a training session in February. Councilor Joshi asked what the response 227
typically is to the grant program. Mr. Dollase shared that there are usually between 7 and 15 applicants, and 228
about 550 letters are sent out for each of the spring and late summer rounds. Councilor Snyder commended 229
Mr. Crowley on being such a good steward to the community, by accepting the Wise House onto his 230
property, which will be an expense to him. Mr. Dollase and Council President Aasen then discussed an 231
interest in seeing historical protections put in place along North Rangeline Road, where many older homes 232
are housing businesses. 233
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Zac Jackson, CFO and Controller, then gave the Finance Department’s first quarterly budget update. He 235
introduced Kirsten Haney, the city’s Assistant Director for Budget Management. Mr. Jackson made note of 236
some changes in our reporting. The monthly Financial Investment Report will have some enhancements. 237
These monthly reports will be emailed to Council approximately 30-40 days after month end. The reason for 238
this delay is because as revenue comes into the city, it gets deposited into our checking account. Interest 239
accumulates, and we need time to figure out how to disperse that. Our new quarterly budget report was 240
designed to be a variance report on spending and revenue. We’re also including more data to support our 241
claims. There has been an annual General Fund revenue forecast in the past, but there have not been monthly 242
revenue targets to monitor performance throughout the fiscal year. Because we don’t close the books at the 243
end of each month, reported monthly revenues will change. Projected Q1 revenues were $18,847,914. Actual 244
Q1 revenues were $19,474,539. This is a difference of $626,625 or 3.3%. The two largest drivers of this 245
overage were the $284,000 Christkindlmrkt payback, which was not accounted for when the forecast was 246
made last August, and a repayment for the Medicaid population for EMS Services, which is usually done two 247
years in arrears, and arrives in December. We did not receive this repayment in December of 2024, but rather 248
in the first quarter of 2025. As we approve additional appropriations going forward, those will be factored 249
into the projected quarterly numbers. When we received unanticipated revenues, such as those from the 250
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Christkindlmrkt, those go into the General Fund, they are not appropriated to different funds. Additionally, 251
General Fund spending for Q1 is 1.8% lower than projected for this time of year, and Motor Vehicle 252
Highway Fund spending is 1.2% lower than projected for this time of year. Councilor Minnaar asked if we 253
can see a comparison between last year’s actuals versus this year’s for each time period we are looking at. 254
Mr. Jackson stated that we will be updating our chart of accounts to more accurately track specific 255
expenditures that have been lumped together with other expenses. Councilor Joshi stated that we want to 256
make sure we understand where these changes were made when comparing last year to this year. Councilor 257
Locke asked if they could get the supporting data for the quarterly numbers. Councilor Snyder asked if we 258
could look at sources of revenue that are not taxpayer-funded, such as cigarette or alcohol taxes. He also 259
asked if we have gotten any positive feedback from the insurance company on the 106th Street bridge, which 260
Mr. Jackson did not have an answer for at this time. He then thanked Mr. Jackson for putting together this 261
very informative report. 262
263
OLD BUSINESS 264
265
Council President Aasen announced the fifth reading of Ordinance D-2762-25; An Ordinance of the 266
Common Council of the City of Carmel, Indiana, Amending Chapter 8, Article 5, Sections 8-37, 8-47, and 8-267
48 of the Carmel City Code; Sponsor: Councilor Aasen. This item remains in the Land Use and Special 268
Studies Committee. 269
270
Council President Aasen announced Resolution CC-02-03-25-07; A Resolution of the Common Council of 271
the City of Carmel, Indiana, Recommending Consideration of an Amendment to the Unified Development 272
Ordinance for the City and Referring the Same to the Carmel Plan Commission for Recommendation; 273
Sponsor(s): Councilor(s) Aasen, Snyder and Taylor. This item remains in the Land Use and Special Studies 274
Committee. 275
276
Council President Aasen announced the third reading of Ordinance D-2767-25; An Ordinance of the 277
Common Council of the City of Carmel, Indiana, Amending Chapter 2, Article 4, Section 2-96 of the Carmel 278
City Code; Sponsor(s): Councilor(s) Taylor and Snyder. This remains in the Finance, Utilities and Rules 279
Committee. 280
281
PUBLIC HEARINGS 282
283
There were none. 284
285
NEW BUSINESS 286
287
Council President Aasen announced the first reading of Ordinance D-2768-25; An Ordinance of the 288
Common Council of the City of Carmel, Indiana, Amending Chapter 8, Article 5, Sections 8-47 and 8-48 of 289
the Carmel City Code; Sponsor(s): Councilor(s) Taylor and Ayers. Councilor Minnaar moved to introduce 290
the item into business. Councilor Taylor seconded. Councilor Ayers presented the item to Council. Councilor 291
Taylor then explained that this ordinance would prohibit parking on both sides of 1st Avenue S.E. and Supply 292
Street, unless the vehicle displays a resident vehicle sticker, a temporary parking permit, or a merchant 293
vehicle Sticker. Councilor Snyder moved to suspend the rules and act on this tonight. Councilor Taylor 294
seconded the motion. There was no discussion. Council President Aasen called for the vote. Motion to 295
Suspend the Rules approved, 7-0. (Councilor Green was no longer in virtual attendance.) Councilor 296
Minnaar then moved to approve the ordinance. Councilor Taylor seconded. There was no discussion. 297
Council President Aasen called for the vote. Ordinance D-2768-25 approved, 7-0. 298
299
Council President Aasen announced the first reading of Ordinance D-2769-25; An Ordinance of the 300
Common Council of the City of Carmel, Indiana, Amending Chapter 6, Article 4, Section 6-63 of the Carmel 301
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City Code; Sponsor(s): Taylor and Ayers. Councilor Taylor moved to introduce the item into business. 302
Councilor Minnaar seconded. Councilor Taylor presented the item to Council, explaining that this ordinance 303
would amend the fine for failing to display a permit for motor vehicle parking on a city sidewalk, multi-use 304
path, or bicycle lane. When discussing this with law enforcement, the Council learned that the current fines 305
are too low to be a deterrent. Jeremy Kashman suggested that this issue be discussed in committee, as there 306
may be a way to tie this together with the Right-of-Way permitting process. Various ideas were discussed 307
regarding raising the fines, or applying for a year-long permit at the start of each new year. This ordinance 308
was sent to the Land Use and Special Studies Committee. 309
310
Council President Aasen announced the first Reading of Ordinance D-2770-25; An Ordinance of the 311
Common Council of the City of Carmel, Indiana, Adopting a New Article 6 Under Chapter 4 of the Carmel 312
City Code; Sponsor(s): Councilor(s) Aasen, Taylor, Snyder and Ayers. Councilor Taylor moved to introduce 313
the item into business. Councilor Minnaar seconded. Councilor Minnaar presented the item to Council. 314
Councilor Taylor shared that one of the key recommendations of the Housing Task Force was to protect our 315
single-family neighborhoods, by preventing large investment groups from buying numerous homes and 316
turning them into rentals. Fishers has recently tackled this issue and there is a great deal of support here in 317
Carmel to do the same, as evidenced by those who spoke earlier tonight. Ted Nolting of Kroger, Gardis & 318
Regas spoke next. He explained that this ordinance creates a registry and permitting program for all single 319
family homes and townhomes that are being let as residential rental dwellings. Before January 1, 2026, this 320
ordinance will require all owners of single-family rentals to obtain a permit from the city’s Department of 321
Community Services. This permit will be granted if the owner does not have any existing ordinance 322
violations, is up to date on utility payments, and if no greater than 10% of the dwellings in that subdivision, 323
or within the city as a whole, are being let as residential rental dwellings. Prior to January 1, 2026 all rental 324
owners will be grandfathered in. After this date, exceptions will be allowed for those who are absent from 325
Carmel for six months or more but intend to return, absent due to military service, relocated for work more 326
than 50 miles away, when there is a life change such as divorce, death, or assisted living, when renting to a 327
legal family member, when the owner received the dwelling as part of an inheritance, any time it’s being 328
offered for sale on the MLS, or if it’s been on the MLS for longer than six months and has not sold. Fines 329
will include $500 for offering a property for rent without obtaining a permit. There will be a $2,500 fine for 330
actually renting a property without a permit, and after 30 days a fine of $100 per day will be assessed for 331
every day a property is rented without a permit. This ordinance will not override any HOA restrictions that 332
are already in place. Councilor Minnaar stated that a registry will be useful in identifying and contacting the 333
actual property owners when there are code enforcement issues. Councilor Snyder confirmed that the registry 334
will not be a publicly posted document - someone would have to proactively request that information. 335
Councilor Taylor encouraged HOA’s to work on putting rental caps into their CCR’s if they have not already 336
done so. Council President Aasen stated that this is not an attempt to ban rentals or to discriminate against 337
renters. The intent is to protect our neighborhoods from being overrun by rentals owned by large 338
corporations that do not maintain the homes, and to prevent prospective first-time home buyers from being 339
outbid by these corporations. This ordinance was sent to the Finance, Utilities and Rules Committee. 340
341
AGENDA ADD-ON ITEMS 342
343
There were none. 344
345
OTHER BUSINESS 346
347
City Council Appointments 348
349
Carmel Clay Public Library Board of Trustees (Term expires 06/30/2029, four-year term); One appointment. 350
Councilor Taylor moved to reappoint Xiao Ou Yuan. Councilor Snyder seconded the motion. There was no 351
additional discussion. Council President Aasen called for the vote. Xiao Ou Yuan reappointed, 7-0. 352
8
ANNOUNCEMENTS 353
354
Fire Chief Joel Thacker gave a brief update on the tornado response. Data has been reported from all of the 355
departments that have provided services and support, and that has totaled over $722,000.00, as of 356
Wednesday last week. These expenses, along with our local and county disaster declarations, qualify Carmel 357
for the state disaster relief fund, which is a dollar per population. 358
359
Councilor Joshi reminded everyone of the Cherry Blossom Festival, which will take place on Saturday May 360
3rd. Councilor Snyder again remarked on Dr. Joshi’s Interfaith Award, stating that her poignant speech 361
reminded us of what a community of different faiths and cultures should be. He also thanked Councilor 362
Locke for addressing the food hall project. 363
364
ADJOURNMENT 365
366
Council President Aasen adjourned the meeting at 8:17 p.m. 367
368
Respectfully Submitted, 369
_______________________________ 370
Jacob Quinn, Clerk 371
372
373
Approved, 374
375
376
ATTEST: _______________________________ 377
Adam Aasen, Council President 378
379
_______________________________ 380
Jacob Quinn, Clerk 381
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 1
CITY COUNCIL MAY 2025 REPORT REPORTING ON MARCH 2025 FINANCES APRIL 2025 ACTIVITIES
STRATEGIC HIGHLIGHTS
• Construction progressing on the following projects: o First on Main
o Magnolia
o The Wren o The Windsor o Republic Airways (Hamilton Crossing)
o Proscenium II
o North End o The LOR/1933 Lounge Project
o Lexington & Main Roundabout Art
o AT&T Site o Ardalan Plaza
FINANCIAL SNAPSHOT
March Beginning Balance $ 6,595,336
March Revenues $ 406,262
March Transfers $ -
March Expenditures $ 151,887
March ending Balance Without Reserve Funds $ 6,849,712
Supplemental Reserve Fund $ 5,625,620
City Center Bond Reserve $ 483,926
Midtown Bond Reserve $ 1,031,923
Midtown West Bond Reserve $ 817,331
Urban Parks Fund $ 3,827,615
March Balance With Reserve Funds $ 18,636,127
FINANCIAL STATEMENT
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 2
Financial Statement
MARCH MONTH-END FINANCIAL BALANCE
Ending Balance without Restricted Funds $ 6,849,712
Ending Balance with Restricted Funds $ 18,636,127
SUMMARY OF CASH For the Month Ending March 2025
DESCRIPTION ACTUAL
MONTHLY
PROJECTION VARIANCE
Cash Balance 3/1/25
1101 Cash $ 5,840,780.08 $ 5,840,780.08 $ -
1110 TIF $ 754,556.34 $ 754,556.34 $ -
Total Cash $ 6,595,336.42 $ 6,595,336.42 $ -
Receipts
1101 Cash $ 406,262.40 $ 406,262.38 $ 0.02
1110 TIF $ - $ - $ -
Developer Payments $ - $ - $ -
Transfers to Reserves (TIF) $ - $ - $ -
Transfers to Reserves (non-TIF) $ - $ - $ -
Transfer to SRF $ - $ - $ -
Total Receipts $ 406,262.40 $ 406,262.38 $ 0.02
Disbursements
1101 Cash $ 151,886.82 $ 216,178.64 $ 64,291.82
1110 TIF $ - $ - $ -
Total Disbursements $ 151,886.82 $ 216,178.64 $ 64,291.82
1101 Cash $ 6,095,155.66 $ 6,030,863.82 $ 64,291.84
1110 TIF $ 754,556.34 $ 754,556.34 $ -
Cash Balance 3/31/25 $ 6,849,712.00 $ 6,785,420.16 $ 64,291.84
Total Usable Funds $ 6,849,712.00 $ 6,785,420.16 $ 64,291.84
$0.00$2,000,000.00$4,000,000.00$6,000,000.00$8,000,000.00
MARCH
MONTH END BALANCE
Actual Budget Variance
FINANCIAL STATEMENT
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 3
FUND BALANCES AND OUTSTANDING RECEIVABLES As of month-end March 2025
RESTRICTED FUNDS
Supplemental Reserve Fund $ 5,625,620
City Center Bond Reserve $ 483,926
Midtown Bond Reserve $ 1,031,923
Midtown West Bond Reserve $ 817,331
Urban Parks Fund $ 3,827,615
Sub-total: $ 11,786,415 UNRESTRICTED FUNDS
TIF $ 754,556 Non TIF $ 6,095,156
Sub-total: $ 6,849,712
Total Funds $ 18,636,127
OUTSTANDING RECEIVABLES
N/A $ -
TOTAL OUTSTANDING RECEIVABLES $ -
STATEMENT OF CHANGES IN EQUITY
MONTH END: MARCH 2025
DESCRIPTION REVENUE EXPENSES
Total Receipts (TIF) $ -
Total Receipts (Non-TIF) $ 406,262
Expenditures (TIF) $ -
Expenditures (Non-TIF) $ 151,887
FINANCIAL UPDATE
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 4
Financial Update
TIF REVENUE AND DEBT Estimated 2025 TIF revenue and PIATT payments available for CRC use is $33,488,916.
$- $10,000,000.00 $20,000,000.00 $30,000,000.00 $40,000,000.00
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
TIF RevenueDebt Service
DEBT PAYMENTS
Month Payment
June 2025 $16,870,646
December 2025 $16,868,385
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 5
Project Updates
CITY CENTER Developer Partner: Pedcor Companies Allocation Area: City Center Use: Mixed-Use Project Summary: Mixed Use development, multiple buildings
Figure 1 City Center Master Plan, provided by Pedcor City Center Development Company
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 6
1) Project Status – (changes noted below.) CRC Contract Amounts: City Center Bond: $ 16,214,875.00 2016 TIF Bond: $ 2,598,314.00 (5th Floor of Park East garage) Site Construction Contract Amounts: $1,442,962 – Smock Fansler, contractor - Complete Veterans Way Extension Project Amounts: $3,403,000 – Hagerman, contractor – Complete Parcel 73 Site work: $149,600 – Smock Fansler, contractor
PROJECT USE PROJECT
DATES
DESIGN RENDERINGS PROVIDED BY PEDCOR
Veterans
Way Garage
A five-story parking structure with 735 parking spaces
Open to the public on 9/22/17
Completed in May 2017 Contract Amt. $13,954,683
Baldwin/ Chambers A four-story building, of approximately 64,000 square feet, which will include luxury apartments and commercial retail/ office space. Approx. 26 Apartments Hagerman is the contractor.
Completed in June 2018
Pedcor Office 5 A two-story building, of approximately 20,000 square feet, which will include office space.
Start: Fall 2015 Completed Q4 2017
Tenants have moved into the new building
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 7
Kent A three-story building, of approximately 111,000 square feet of luxury apartments. Site drawings were approved by the CRC Architectural Committee.
Start: Summer 2018 Complete: June 2021
Site Construction – Start: Spring 2018 Site Work Awarded – Spring 2018 Building Construction – Start: Summer 2018 Building Complete June 2021 - Pool and Site work is still under construction
Hamilton (Park East
commercial/residential buildings
Hamilton East: 5 ground floor residential two-story townhomes; 7,954 SF of ground floor commercial space Hamilton West: 13,992 SF of ground floor commercial space
Start: Summer 2018
Hamilton East - Construction commenced: Summer 2018, completed Summer 2019 Hamilton West – Construction commenced: Summer 2020, currently under construction
Playfair and
Holland
A five-story building, of approximately 178,000 square feet, which will include 112 luxury apartments and commercial retail/office space.
Start: September 2019 Complete: Spring 2022 Approx. 112 Apartments
Windsor A four-story building, of approximately 64,000 square feet. Start: Summer 2022 Complete: May/June 2024
April 2025
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 8
Wren A six-story building of approximately 157,000 square feet, which will include luxury apartments and commercial office/retail space.
Start: Summer 2020 Complete: June 2024
Currently under construction
Note: All completion dates indicated above are per the Completion Guaranties executed between the CRC and Pedcor. Should Pedcor miss these dates they are obligated to cover the debt obligations. 2) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
3) CRC Commitments An overview of commitments has been uploaded to the CRC website. Most significantly, the CRC committed to publicly bid a four-story parking garage with not less than 620 parking spaces which has been completed and is available for public use. The CRC also commits to coordinate any significant site plan changes requested by Pedcor with City Council.
April 2025
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 9
PROSCENIUM 1) Developer Partner(s): Novo Development Group 2) Economic Development Area: 126th Street 3) Project Summary: Mixed-use development, multiple buildings. 1) 197 Apartments; 22 for-sale condos 2) Approx. 140,000 SF of office and retail space 3) Approx. 450 parking spaces (public and private) Total project budget: $60,000,000 4) Anticipated Project Schedule Design Start 2016 Construction Start 2018 Construction Complete 2022 Tavern Construction Start Estimated Fall 2023 Tavern Construction Complete Estimated 5) Construction Milestones: Construction is complete. Construction of the Tavern estimated to begin fall 2023. 6) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
7) CRC Commitments No commitments by the CRC have been made. The City will be relocating and burying Duke Energy’s transmission line and completing road improvements adjacent to the development.
Rendering
September 2022
September 2022
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 10
CIVIC SQUARE GARAGE 1) CRC Design-Build Project 2)Economic Development Area: Carmel City Center/Carmel City Center Amendment 3)Project Summary: - 303-space parking garage - 255 spaces will be open to the public - 48 spaces are reserved for owner-occupied condos that will line the west and north sides of the garage (to be developed as part of a future CRC project) 4)Total project budget: $9,700,000 5)Anticipated Project Schedule Construction Start January 2022 Construction End Opened Summer 2022 6)Construction Milestones: Garage is now open for public use. 7)CRC Commitments The CRC will be involved with development and construction of the parking garage 8)Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
September 2022 Rendering
March 2023
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 11
FIRST ON MAIN 1)Developer Partner(s): Lauth Group, Inc. 2)Economic Development Area: Lot One 3)Project Summary: - 310-space public parking garage - Four-story, 73,000 SF Class-A office building with first floor restaurant space and a private rooftop terrace - 8 condominiums - 35 apartments - Community gathering plaza featuring the City’s Rotary Clock 4)Total project budget: $35,000,000 5)Anticipated Project Schedule Construction Start Fall 2021 Construction End Estimated November 2023 6)Construction Milestones: Construction is underway. 7)CRC Commitments CRC contributed the land for this development. Future commercial taxes from the project (TIF) are being used to fund infrastructure improvements that may include the garage, utility relocations, and roadway improvements. 8)Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
January 2024
Rendering
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 12
MAGNOLIA 1)Developer Partner(s): Old Town Companies 2)Economic Development Area: Magnolia 3)Project Summary: Multi-phase development that will include six condominium buildings with five units per building, for a total of 30 for-sale condos, and future multi-family residential on the corner of City Center Drive and Rangeline Road. 4)Total project budget: 5)Anticipated Project Schedule Construction Start April 2022 (Building 1) Construction End Estimated 2025 (Buildings 4-6) 6)Construction Milestones: Construction is underway. 7)CRC Commitments: CRC contributed the land for the development of this project. 8)Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
Rendering April 2025
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 13
HAMILTON CROSSING 1)Developer Partner(s): Kite Reality Group and Pure Development, Inc. 2)Economic Development Area: Amended 126th Street 3)Project Summary: New home of Republic Airways. 105,000 square-foot training facility with 20 classrooms, 94 workstations, two cabin trainers, and eight flight simulators. The hotel adjacent to the training center will be expanded to 274 rooms. 600 jobs brought/created with Republic alone. 4)Total project budget: $200,000,000 investment for Phase 1 and II 5)Anticipated Project Schedule Construction Start HQ/Corporate Housing: Winter 2021 (Complete) Garage: Winter 2022 Construction End HQ/Corporate Housing: Completed Garage: Estimated April 2024 6)Construction Milestones: Construction is underway. Training Center is open. 7)CRC Commitments Future commercial taxes from the project (TIF) are being used to fund infrastructure improvements that may include the garage, utility relocations, and roadway improvements. 8)Council and/or CRC Action Items
Rendering
Rendering
April 2025
Rendering
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 14
PROSCENIUM II 1) Developer Partner(s): Novo Development Group 2) Economic Development Area: Amended 126th Street 3) Project Summary: Mixed-use development i. 120 parking spaces ii. 48 Apartments; 7 for-sale condos iii. Approx. 15,000 SF of office and retail space iv. Approx. Total project budget: $18,000,000 4) Anticipated Project Schedule Design Start 2021 Construction Start 2022 Construction Complete Estimated August 2024 5) Construction Milestones: Construction is underway. 6) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
7) CRC Commitments No commitments by the CRC have been made.
Rendering April 2025
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 15
AT&T SITE 1) Developer Partner(s): Buckingham Companies, Third Street Ventures, Pure Development, and Merchants Banks 2) Economic Development Area: 3rd Ave ATT 3) Project Summary: Mixed-use development i. 443 parking spaces ii. 244-unit multi-family building; 2 single family homes iii. Approx. 80,000 SF of corporate headquarters; 37,000 SF boutique headquarters iv. Approx. Total project budget: $133,000,000 4) Anticipated Project Schedule Design Start 2022 Construction Start 2024 Construction Complete December 2025 5) Construction Milestones: Construction is underway. 6) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
7) CRC Commitments No commitments by the CRC have been made.
Rendering April 2025
PROJECT UPDATES
April 25, 2025 CRC Report for May 5, 2025, City Council Meeting Page | 16
ARDALAN PLAZA 1) Developer Partner(s): The Ardalan Family 2) Economic Development Area: Main and 4th Avenue a. Project Summary: Mixed-use development i. 5 for-sale condos ii. Approx. 8,000 SF of retail/art gallery space iii. Approx. Total project budget: $20,000,000 3) Anticipated Project Schedule Design Start 2024 Construction Start April 2025 Construction Complete Estimated 18-month completion 4) Construction Milestones: Construction is underway. a. Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
5) CRC Commitments No commitments by the CRC have been made.
Respectfully submitted, Henry Mestetsky Executive Director Carmel Redevelopment Commission/Department April 25, 2025
Prepared for City Council and the Redevelopment Commission -End Report-
Rendering April 2025
SPONSOR: Councilor Aasen
This Ordinance was prepared by Benjamin J. Legge, City Attorney on January 15, 2025, at 11:30 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
ORDINANCE NO. D-2762-25 1
2
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, 3
AMENDING CHAPTER 8, ARTICLE 5, SECTIONS 8-37, 8-47, AND 8-48 4
OF THE CARMEL CITY CODE. 5
6
Synopsis: Ordinance establishing 15-minute parking space(s) at the beginning of each block 7
along Main Street from Knoll Ct to 1st Ave SE, regulating parking on Range Line from Main Street to 8
1st Street, and removing inconsistencies and duplications of code. 9
10
WHEREAS, the City, pursuant to Indiana Code § 9-21-1-3, within the reasonable exercise of its police 11
power, may by ordinance regulate vehicular parking; 12
13
WHEREAS, the City has previously regulated vehicular parking within its corporate limits, such 14
regulation being codified, in part, under Carmel City Code §§ 8-37, 8-47, and 8-48; and 15
16
WHEREAS, the Common Council of the City now finds that it is in the interests of public safety and 17
welfare to amend the regulation of parking of motor vehicles on City streets. 18
19
NOW, THEREFORE, BE IT ORDAINED, by the Common Council of the City of Carmel, Indiana, 20
as follows: 21
22
Section 1. The foregoing Recitals are fully incorporated herein by this reference. 23
24
Section 2. The following subsections of Carmel City Code Section 8-37(a) are hereby amended and 25
added, and shall read as follows: 26
27
Ҥ 8-37 Fifteen-Minute Loading Zones. 28
29
(a) Fifteen-minute loading/unloading zones are established at the following locations: 30
. . . 31
(2) The first parking space on the south side of Main Street east of Veterans Way. 32
33
(3) Reserved for future use. 34
. . . 35
(5) Reserved for future use. 36
. . . 37
(13) The first two spaces on the north side of Main Street west of 1st Avenue NW. 38
. . . 39
(16) Reserved for future use.” 40
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44
[the remainder of this page is left intentionally blank] 45
46
47
48
Ordinance D-2762-25 49
Page One of Four Pages 50
SPONSOR: Councilor Aasen
This Ordinance was prepared by Benjamin J. Legge, City Attorney on January 15, 2025, at 11:30 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
Section 3. The following subsection of Carmel City Code Section 8-47 is hereby added and shall read 51
as follows: 52
53
Ҥ 8-47 No Parking Areas. 54
55
(a) No person shall park a vehicle at any time in the following locations: 56
. . . 57
(77) On either side of Range Line Road from Main Street to the East-West alley between Main 58
Street and 1st Street NW.” 59
60
Section 4. The following subsections of Carmel City Code Section 8-48 are hereby amended and shall 61
read as follows: 62
63
Ҥ 8-48 Limited Parking Areas. 64
(c) Three-hour parking zones between the hours of 6:00 a.m. and 5:00 p.m., Monday through Saturday 65
only, are established on the following City streets: 66
67
(1) The second space on the south side of Main Street west of 1st Ave SE. 68
. . . 69
(4) The first nine parking spaces on the north side of Main Street east of 3rd Ave NW. 70
(5) The first six parking spaces on the south side of Main Street west of the Monon Trail. 71
(6) The first seven parking spaces on the north side of Main Street east of the Monon Trail. 72
(7) The first six parking spaces on the south side of Main Street west of Veterans Way. 73
(8) The first four parking spaces on the south side of Main Street west of Range Line Road. 74
. . . 75
(44) Reserved for future use. 76
(45) Reserved for future use. 77
(46) Reserved for future use. 78
(47) Reserved for future use. 79
(48) The first 6 spaces on the north side of Main Street east of 1st Avenue NW. 80
(49) Reserved for future use. 81
(50) Reserved for future use. 82
. . . 83
(f) No vehicle shall be parked: 84
. . . 85
(3) On either side of Range Line Road from the East-West alley between Main Street and 1st 86
Street NW to Smoky Row for more than two hours between 6:00 a.m. EST and 5:00 p.m. EST, 87
Monday through Saturday only, excepting for any vehicle which properly displays a valid 88
Merchant Sticker issued pursuant to subsection (f)(3); 89
. . . 90
(o) A two-hour parking zone between the hours of 6:00 a.m. and 5:00 p.m., Monday through 91
Saturday only, is established on the north side of Main Street from a point 221 feet east of the 92
intersection of Main Street and Range Line Road to a point 1060 feet east of the intersection of Main 93
Street and Range Line Road.” 94
95
96
97
98
Ordinance D-2762-25 99
Page Two of Four Pages 100
SPONSOR: Councilor Aasen
This Ordinance was prepared by Benjamin J. Legge, City Attorney on January 15, 2025, at 11:30 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
Section 5. All prior ordinances or parts thereof inconsistent with any provision of this Ordinance 101
are hereby repealed, to the extent of such inconsistency only, as of the effective date of this Ordinance, such 102
repeal to have prospective effect only. However, the repeal or amendment by this Ordinance of any other 103
ordinance does not affect any rights or liabilities accrued, penalties incurred or proceedings begun prior to the 104
effective date of this Ordinance. Those rights, liabilities and proceedings are continued and penalties shall be 105
imposed and enforced under such repealed or amended ordinance as if this Ordinance had not been adopted. 106
107
Section 6. If any portion of this Ordinance is for any reason declared to be invalid by a court of 108
competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Ordinance 109
so long as enforcement of same can be given the same effect. 110
111
Section 7. The remaining portions of Carmel City Code Sections 8-37, 8-47, and 8-48 are not 112
affected by this Ordinance upon its passage. 113
114
Section 8. This Ordinance shall be in full force and effect from and after the date of its passage 115
and signing by the Mayor and such publication as required by law. 116
117
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120
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[the remainder of this page is left intentionally blank] 130
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Ordinance D-2762-25 149
Page Three of Four Pages 150
151
SPONSOR: Councilor Aasen
This Ordinance was prepared by Benjamin J. Legge, City Attorney on January 15, 2025, at 11:30 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
PASSED by the Common Council of the City of Carmel, Indiana, this ________day of 152
_______________________, 2025, by a vote of _____ ayes and _____ nays. 153
154
COMMON COUNCIL FOR THE CITY OF CARMEL 155
156
______________________________ ______________________________ 157
Adam Aasen, President Matthew Snyder, Vice-President 158
159
______________________________ ______________________________ 160
Rich Taylor Anthony Green 161
162
______________________________ ______________________________ 163
Jeff Worrell Teresa Ayers 164
165
______________________________ ______________________________ 166
Shannon Minnaar Ryan Locke 167
168
______________________________ 169
Anita Joshi 170
171
ATTEST: 172
173
174
______________________________ 175
Jacob Quinn, Clerk 176
177
Presented by me to the Mayor of the City of Carmel, Indiana this __________ day of 178
_________________________ 2025, at _________ __.M. 179
180
181
______________________________ 182
Jacob Quinn, Clerk 183
184
Approved by me, Mayor of the City of Carmel, Indiana, this __________ day of 185
________________________ 2025, at _________ __.M. 186
187
188
______________________________ 189
Sue Finkam, Mayor 190
191
ATTEST: 192
193
194
______________________________ 195
Jacob Quinn, Clerk 196
197
198
199
Ordinance D-2762-25 200
Page Four of Four Pages 201
1
SPONSOR( S): Councilor Aasen, Councilor Snyder 1
2
RESOLUTION CC 02-03-25-07 3
4
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 5
RECOMMENDING CONSIDERATION OF AN AMENDMENT TO THE UNIFIED 6
DEVELOPMENT ORDINANCE FOR THE CITY AND REFERRING THE SAME TO 7
THE CARMEL PLAN COMMISSION FOR RECOMMENDATION 8
9
Synopsis: This Resolution refers a proposal to amend Articles 5.72, 9.08, and 11.02 of the Carmel 10
Unified Development Ordinance to the Carmel Advisory Plan Commission for public hearing and 11
recommendation to the Common Council. 12
13
WHEREAS, the Common Council of the City of Carmel, Indiana ( the “City”) has adopted 14
the City of Carmel Unified Development Ordinance (the “UDO”) pursuant to Ind. Code §36-7-4-15
600 et seq; and 16
17
WHEREAS, the Common Council desires to amend the UDO in accordance with Ind. 18
Code §36-7-4-602(b) in order to regulate Group Homes consistent with federal and state laws that 19
protect handicapped and disabled persons; and 20
21
WHEREAS, Ind. Code §36-7-4-607(b) requires any proposal to amend or partially repeal 22
the text of the UDO be referred to the City’s Advisory Plan Commission (the “Commission”) for 23
consideration and recommendation before any final action is taken by the Common Council; and 24
25
WHEREAS, upon receiving a proposal for the amendment or repeal of the text of the 26
UDO, the Commission shall, within sixty (60) days, hold a public hearing in accordance with Ind. 27
Code §36-7-4-607(b) and make a recommendation on the proposal not later than sixty (60) days 28
after the Commission holds the public hearing; and 29
30
WHEREAS, as required by Ind. Code §36-7-4-607(c) the Commission is required to 31
certify to the Common Council the Commission’s recommendation before final action is taken by 32
the Common Council. 33
34
NOW THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE 35
CITY OF CARMEL, INDIANA AS FOLLOWS: 36
37
Section 1. Recitals Incorporated. The foregoing Recitals are incorporated herein by 38
this reference. 39
40
Section 2. Recommendation and Referral. The Common Council proposes for 41
consideration the amendment to the UDO attached hereto as Exhibit A and refers the same to the 42
Commission for consideration, a public hearing and recommendation before any final action is 43
taken by the Common Council. A form of Notice of Public Hearing is attached hereto as Exhibit 44
B for the Commission’s convenience. 45
46
Section 3. Action by the Common Council. Upon receipt of the recommendation of 47
the Commission, the Common Council shall review and consider adoption of the Amendment. 48
49
Section 4. Effectiveness. This Resolution shall take effect immediately upon its 50
passage by the Council and approval of the Mayor and upon such approval shall be transmitted by 51
the Clerk to the Commission. 52
53
2
54
SO RESOLVED, by the Common Council of the City of Carmel, Indiana, this ________ 55
day of ________________, 2025 by a vote of _____ ayes and _____ nays. 56
57
58
COMMON COUNCIL FOR THE CITY OF CARMEL 59
60
_______________________________ ______________________________ 61
Adam Aasen, President Matthew Snyder, Vice-President 62
63
______________________________ ______________________________ 64
Jeff Worrell Teresa Ayers 65
66
______________________________ ______________________________ 67
Shannon Minnaar Ryan Locke 68
69
______________________________ ______________________________ 70
Anthony Green Rich Taylor 71
72
______________________________ 73
Dr. Anita Joshi 74
75
ATTEST: 76
77
78
______________________________ 79
Jacob Quinn, Clerk 80
81
Presented by me to the Mayor of the City of Carmel, Indiana this _________ day of 82
_________________, 2025, at _______ __.M. 83
84
85
_________________________________ 86
Jacob Quinn, Clerk 87
88
Approved by me, Mayor of the City of Carmel, Indiana this _________ day of 89
_________________, 2025, at _______ __.M. 90
91
92
_________________________________ 93
Sue Finkam, Mayor 94
ATTEST: 95
96
97
_________________________________ 98
Jacob Quinn, Clerk 99
100
Prepared by: Ted W. Nolting 101
Kroger Gardis & Regas, LLP 102
111 Monument Circle Ste. 900 103
Indianapolis, IN 46204 104
3
EXHIBIT “A” 105
106
Form of Amending Ordinance 107
108
ORDINANCE Z-____-__ 109
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, 110
INDIANA, AMENDING THE UNIFIED DEVELOPMENT ORDINANCE 111
Synopsis: This Ordinance amends Article 5.72 of the Unified Development Ordinance (the 112
“UDO”) to require that the applicant obtain a license from either the Indiana Division of Mental 113
Health and Addiction or the Indiana Division of Disability and Rehabilitative Services. 114
Additionally, it amends Article 9.08 of the UDO to grant the Board of Zoning Appeals the 115
exclusive authority to approve or deny special use exceptions for Group Homes rather than a 116
Hearing Officer. Article 9.08 is also amended to limit the number of unrelated residents of a 117
Group Home to not more than eight (8) persons. Finally, it amends Article 11.02, specifically the 118
definition of “Group Homes,” to require that they must be licensed Indiana Department of 119
Mental Health and Addiction or the Indiana Division of Disability and Rehabilitative Services, 120
and amends the definition of “Dwelling, Two Family” to expressly exclude Group Homes. 121
WHEREAS, pursuant to Ind. Code §36-7-4-607 the Common Council of the City of 122
Carmel (the “Common Council”) is authorized to amend the text of the Unified Development 123
Ordinance; and 124
WHEREAS, Article 5.72 of the Carmel Unified Development Ordinance provides Use-125
Specific Standards for Group Homes; and 126
WHEREAS, the Common Council desires to amend the text of Article 5.72 of the Carmel 127
Unified Development Ordinance to require Group Homes housing persons with developmental 128
disabilities and Group Homes housing persons with psychiatric disorders or addictions to obtain 129
and maintain licenses with Indiana Division of Disability and Rehabilitative Services or the 130
Indiana Division of Mental Health and Addiction, respectively; and 131
WHEREAS, the Common Council also desires to amend the text of Article 5.72 of the 132
Carmel Unified Development Ordinance to restrict the number of Group Homes permitted within 133
a specific geographic area; and 134
WHEREAS, the Common Council desires to amend the text of Article 9.08 of the Carmel 135
Unified Development Ordinance so that Special Exceptions for Group Homes are approved 136
exclusively by the Board of Zoning Appeals, with the opinion of the Director of Community 137
Services functioning solely as a staff recommendation; and 138
WHEREAS, the Common Council desires to limit the number of unrelated residents of a 139
Group Home to not more than eight (8) persons; and 140
WHEREAS, the Common Council desires to amend the text of Article 11.02 of the Carmel 141
Unified Development Ordinance to provide that Group Homes housing persons with 142
Developmental Disabilities must be licensed by the Indiana Division of Disability and 143
4
Rehabilitative Services and that Group Homes housing persons with psychiatric disorders or 144
addictions are licensed by the Indiana Division of Mental Health and Addiction; and 145
WHEREAS, pursuant to Common Council Resolution No. ___________________, the 146
City’s Advisory Plan Commission (the “Commission”) received the Common Council’s proposal 147
to consider and provide a recommendation to the Common Council regarding the proposed 148
amendment to the Special Exception procedures; and 149
WHEREAS, pursuant to Ind. Code §36-7-4-604, the Commission held a public hearing 150
regarding Docket No. __-____-_____ on [INSERT DATE], after providing public notice thereof 151
as required by law; and 152
WHEREAS, upon completion of the public hearing the Commission voted to make the 153
following recommendation as evidenced by the certification attached hereto as Exhibit A; and 154
WHEREAS, the Common Council now desires to adopt the Amendment in the form 155
included in this Ordinance. 156
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE 157
CITY OF CARMEL, INDIANA AS FOLLOWS: 158
Section I. Recitals Incorporated. The foregoing recitals are incorporated herein by this 159
reference. 160
Section II. Amend Article 5.72 US-26: Group Home Use-Specific Standards as follows: 161
A. Purpose: It is the purpose of this Section to benefit the general public by minimizing 162
adverse impacts on established residential neighborhoods in the City and the owners and 163
residents of properties in these neighborhoods which may result from the conversion of 164
residential properties to business or institutional uses. However, it is also the purpose of 165
this Section to provide that the City may not refuse to make a reasonable accommodation 166
for a Group Home whenever such an accommodation would not impose undue financial or 167
administrative burdens on the City or require a fundamental alteration in the 168
Comprehensive Plan. 169
170
B. Special Exception Eligibility: A Dwelling located in a residential district may be used as a 171
Group Home only if the owner or occupant applies for and is granted a Special Exception, 172
pursuant to Section 9.08: Special Exception (Group Homes and Short-Term Residential 173
Rentals) hereof. 174
175
C. Required Information for Application: Both the initial application and any renewal 176
application for a Special Exception or Improvement Location Permit for a Group Home 177
shall contain primary and secondary emergency contact information, including mailing 178
address, phone number or email address. Upon approval of a Special Exception, emergency 179
contact information shall be shared with the Carmel Police Department. Group Homes 180
housing persons with developmental disabilities shall obtain, comply with, and maintain a 181
license or certification from the Indiana Division of Disability and Rehabilitative Services 182
which shall be included in its initial application. Group Homes housing those living with 183
psychiatric disorders or addictions shall obtain, comply with, and maintain a license or 184
5
certification from the Indiana Division of Mental Health and Addiction, which shall be 185
included in its initial application. 186
187
D. Limitations: 188
a. No Group Home in an S1, S2, R1, R2, R3, R4, R5 or UR district shall provide 189
housing for more than eight (8) unrelated persons. 190
b. The term of a Special Exception permit granted to a Group Home shall be for five 191
(5), ten (10), or fifteen (15) years, at the discretion of the Board of Zoning Appeals. 192
The grant of a Special Exception permit provides an exception only to the other 193
requirements of the Unified Development Ordinance. It does not confer a right to 194
lease, sublease, or otherwise use a Dwelling as a Group Home where such use is 195
not otherwise allowed by law, a homeowners association agreement or 196
requirements, any applicable covenant, condition, and restriction, a rental 197
agreement, or any other restriction, requirement, or enforceable agreement. 198
c. Nothing in this Section shall relieve any person of the obligations imposed by any 199
and all applicable provisions of Federal and State laws and the Carmel City Code, 200
including but not limited to those obligations imposed by Indiana tax laws and 201
rules. Further, nothing in this Section shall be construed to limit any remedies 202
available under any and all applicable provisions of Federal or State law and the 203
Carmel City Code. 204
205
E. Reasonable Accommodation: After formal acceptance of an application for a Special 206
Exception for a Group Home, and upon request from the Applicant, the Director of 207
Community Services shall review the application for the purpose of determining whether 208
it would be a reasonable accommodation for the City to grant the Special Exception in 209
order to provide the residents who would be provided services at the Group Home with 210
access to housing that is equal to that of residents who are not in need of such services. In 211
addition to the items listed in Section 9.08(C): Basis of Review hereof, the Director of 212
Community Services shall consider the following: 213
1. Proximity of other Group Homes to the proposed site; 214
2. The number of unrelated persons who will be living in the Group Home, and 215
whether any professional support staff will also be residing there; 216
3. In addition to any residents’ cars, if more than two (2) staff cars will be parked at 217
the Group Home, and whether they will be marked; 218
4. If the Dwelling, existing, modified or new, is similar in design, materials and 219
landscaping as other adjacent and nearby Dwellings; 220
5. Any other exterior indication that the Dwelling will be inhabited by Group Home 221
residents; 222
6. Any undue financial or administrative burdens that would be imposed on the City; 223
and 224
7. If a fundamental alteration in the Comprehensive Plan would be required. 225
Based upon this review, the Director of Community Services may support or oppose 226
the granting of the Special Exception. 227
228
6
Section III. Amend Article 9.08(A) General Information as follows: 229
A. General Information: Except for Short-Term Residential and Short-Term Non-Dwelling 230
Rental renewal applications, Special Exception approval by a Hearing Officer of the Board 231
of Zoning Appeals shall be necessary prior to the establishment of a Special Exception, 232
cited by the district regulations herein, or the issuance of an Improvement Location Permit 233
for said Special Exception. A Special Exception shall be considered as an exception to the 234
uses allowed under the Unified Development Ordinance, and thus the original application 235
for a Special Exception shall not generally be entitled to favorable consideration, except as 236
follows: 237
1. A proposed Group Home that complies with the requirements of Article 5.72 where 238
not more than eight (8) unrelated persons will be residents shall generally be 239
entitled to favorable consideration; 240
2. A proposed Group Home that complies with the requirements of Article 5.72 where 241
more than eight (8) unrelated persons will be residents not less than nine (9) nor 242
more than twelve (12) eight (8) or more unrelated persons will be residents shall 243
generally be entitled to favorable consideration, so long as the application is not 244
opposed by the Director of Community Services; 245
3. A proposed Group Home where thirteen (13) or more unrelated persons will be 246
residents shall be entitled to favorable consideration only if the application is 247
supported by the Director of Community Services. 248
Any application for the renewal of a Special Exception that complies with the 249
requirements of Article 5.72 shall generally be entitled to favorable consideration, so 250
long as it is not opposed by the Director of Community Services. A Hearing Officer 251
The Board of Zoning Appeals shall have discretion whether to approve or deny each 252
Special Exception application, with his or her its decision to be based on the basis for 253
review criteria established herein and special and unique conditions pertinent to the 254
site. 255
B. Procedure: 1. Procedure Generally: Whenever an application for a Special Exception 256
within the planning jurisdiction is made, it shall follow the procedure set forth herein 257
and shall conform to the regulations and requirements of the Unified Development 258
Ordinance. 259
2. Consultation with the Director of Community Services and Application: Applicants 260
shall meet with the Director of Community Services to review the zoning 261
classification of their site, review copies of the regulatory ordinances and materials, 262
review the Special Exception procedures, and examine the proposed exception and 263
development of the property. The Director of Community Services shall aid and 264
advise the applicant in preparing the application and supporting documents as 265
necessary. The Director of Community Services will inform the applicant that the 266
Group Home building must meet the Indiana Department of Homeland Security's 267
building classification requirements. The applicant shall then submit two (2) copies 268
of the written application form and all necessary supporting documents and 269
materials. 270
7
3. Initial Review by the Director of Community Services: Docketing on Board of Zoning 271
Appeals Hearing Officer Agenda: Following the receipt of the written application 272
and necessary supporting documents and materials by the Director of Community 273
Services, the Director shall then review the materials solely for the purpose of 274
determining whether the application is complete and in technical compliance with all 275
applicable ordinances, laws, and regulations, and therefore entitled to be forwarded 276
to the Board of Zoning Appeals. If the materials submitted by the applicant are not 277
complete or do not comply with the necessary legal requirements, the Director of 278
Community Services shall inform the applicant of the deficiencies in said materials. 279
Unless and until the Director of Community Services formally accepts the Special 280
Exception application as complete and in legal compliance, it shall not be considered 281
as formally filed for the purpose of proceeding to succeeding steps toward Special 282
Exception approval as hereinafter set forth. Within thirty (30) days of the formal 283
acceptance of the application by the Director of Community Services, the Director 284
shall formally file the application by placing it upon the agenda of a the Board of 285
Zoning Appeals Hearing Officer, according to the Rules of Procedure of the Board 286
of Zoning Appeals. 287
4. Short Term Rentals Renewal Applications. Short-Term Residential and Short-Term 288
Non-Dwelling Rental renewal applications shall be docketed, filed with, and placed 289
on the agenda of the Hearing Officer for the public hearing according to the Rules 290
of Procedure of the Board of Zoning Appeals. The same rules for public hearing, 291
basis of review and approval/denial, and re-application shall apply for Short-Term 292
Residential and Short-Term Non-Dwelling Rental renewal applications as initial 293
application for Special Exception. 294
5. Public Hearing: Once the Director of Community Services has accepted and filed 295
the application with The Board of Zoning Appeals a Hearing Officer, a docket 296
number shall be assigned and a date and time set for a public hearing by The Board 297
of Zoning Appeals Hearing Officer, according to the Rules of Procedure of the Board 298
of Zoning Appeals. The applicant shall be responsible for the cost and publication 299
of any required published legal notification of the public hearing. The applicant shall 300
also notify all interested parties and property owners as required by the Rules of 301
Procedure of the Board of Zoning Appeals; however, notice by publication shall not 302
be required for the renewal of a Special Exception. The conduct of the public hearing 303
shall be in accordance with the Board of Zoning Appeals Rules of Procedure. 304
6 Approval or Denial of the Special Exception Application: Upon approval of a Special 305
Exception, the Board of Zoning Appeals Hearing Officer shall inform the applicant 306
that the applicant may apply to the Director of Community Services for 307
Improvement Location Permits (if necessary) or may commence the Special 308
Exception if no permits are required. Failure of the Hearing Officer Board of Zoning 309
Appeals to inform the applicant of the time limits set forth in Section 5.72(D): 310
Limitations, Section 5.73(D): Limitations or Section 5.74(D): Limitations, as 311
applicable, shall not relieve the applicant of complying with said Section or 312
8
otherwise complying with all applicable Federal and State laws, rules, and 313
regulations. 314
7. Appeal of Hearing Officer Decision: A Short-Term Residential and Short-Term Non-315
Dwelling Rental renewal application decision of a Hearing Officer shall not be a 316
basis for judicial review, but it may be appealed to the Board of Zoning Appeals. 317
The Board of Zoning Appeals shall conduct a new hearing on the matter and shall 318
not be bound by any Findings of Fact made by the Hearing Officer. A person who 319
wishes to appeal a decision of the Hearing Officer must file the appeal with the 320
Board of Zoning Appeals within five (5) days after the decision is made, as provided 321
in I.C. 36-7-4-924. 322
8. Time Limit for Re-Application: A Special Exception application that is denied by the 323
Board of Zoning Appeals is ineligible to be placed again on an agenda for 324
consideration until the legality of the decision is finally determined by a court, 325
pursuant to judicial review according to the Advisory Planning Law, or for a period 326
of twelve (12) months following the date of the denial, whichever is later. In 327
addition, whenever a Special Exception application is denied, the property involved 328
in the application shall not be the subject of a different Special Exception 329
application, or any use variance or rezone proposal, for a period of six (6) months 330
following the date of the denial. 331
C. Basis of Review: A Hearing Officer, The Board of Zoning Appeals, in reviewing a 332
Special Exception application, shall give consideration to the particular needs and 333
circumstances of each application and shall examine the following items as they relate 334
to the proposed Special Exception: 335
1. Surrounding zoning and land use; 336
2. Access to public streets; 337
3. Driveway and curb cut locations in relation to other sites; 338
4. Parking location and arrangement; 339
5. Trash and material storage; 340
6. Necessary exterior lighting; and 341
7. Protective restrictions and/or covenants; and 342
8. Proximity and number of other Group Homes to the proposed site. 343
D. Basis of Approval or Rejection: A Hearing Officer The Board of Zoning Appeals, in 344
approving or rejecting a Special Exception application, shall base his or her its decision 345
upon the following factors as they relate to the above listed items (Section 9.08(C): 346
Basis of Review) concerning the proposed Special Exception: 347
1. The economic factors related to the proposed Special Exception, such as cost/benefit 348
to the community and its anticipated effect on surrounding property values; 349
2. The social/neighborhood factors related to the proposed Special Exception, such as 350
compatibility with existing uses in the vicinity of the premises under consideration 351
and how the proposed Special Exception will affect neighborhood integrity; and 352
9
3. The effects of the proposed Special Exception on vehicular and pedestrian traffic in 353
and around the premises upon which the Special Exception is proposed. 354
E. Special Exception Group Home Decisions; Commitment: Pursuant to IC 36-7-4-1015, 355
a Hearing Officer the Board of Zoning Appeals may, as a condition to any approval of 356
an application for a Special Exception, require or allow the owner to make any or all of 357
the following commitments concerning the use of the property: 358
1. That the Special Exception will fully comply with Section 5.72 Group Home Use 359
Specific Standards. 360
2. That the Special Exception will be limited to five (5), ten (10), or fifteen (15) years, 361
at the discretion of the Board of Zoning Appeals Hearing Officer. 362
3. If the Board of Zoning Appeals Hearing Officer determines that a homeowners 363
association or similar entity has established limitations or prohibitions that apply to the 364
property, that the owner’s implementation of the Special Exception will not result in 365
the violation of any such limitations or prohibitions. 366
F. Special Exception Short-Term Residential Rental Decisions; Commitment: Pursuant to 367
IC 36-7-4-1015, a Hearing Officer the Board of Zoning Appeals may, as a condition to 368
any approval of an application for a Special Exception, require or allow the owner to 369
make any or all of the following commitments concerning the use of the property: 370
1. That the Special Exception will fully comply with Section 5.73: Short-Term Rental 371
Use-Specific Standards. 372
2. That the Special Exception will be limited to thirty (30), sixty (60), or ninety (90) 373
days during a calendar year, at the discretion of a Hearing Officer the Board of 374
Zoning Appeals. 375
3. If a Hearing Officer the Board of Zoning Appeals determines that a homeowners 376
association or similar entity has established limitations or prohibitions that apply to 377
the property, that the owner’s implementation of the Special Exception will not 378
result in the violation of any such limitations or prohibitions. 379
G: Special Exception Non-Dwelling Short-Term Rental Decisions; Commitment: Pursuant 380
to IC 36-7-4-1015, a Hearing Officer the Board of Zoning Appeals may, as a condition 381
to any approval of an application for a Special Exception, require or allow the owner to 382
make any or all of the following commitments concerning the use of the property: 383
1. That the Special Exception will fully comply with Section 5.74: Non-Dwelling 384
Short-Term Rental Use-Specific Standards. 385
2. That the Special Exception will be limited to thirty (30), sixty (60), or ninety (90) 386
days during a calendar year, at the discretion of a Hearing Officer the Board of 387
Zoning Appeals. 388
3. If a Hearing Officer the Board of Zoning Appeals determines that a homeowners 389
association or similar entity has established limitations or prohibitions that apply to 390
the property, that the owner’s implementation of the Special Exception will not 391
result in the violation of any such limitations or prohibitions. 392
10
Section IV. Amend Article 11.02 Definitions as follows: 393
Home, Group: A residential Structure or facility where six (6) or more unrelated persons who 394
are in need of care, support or supervision can live together, such as children or those who are 395
elderly, disabled or mentally ill. Group Homes housing persons with developmental disabilities 396
shall obtain, comply with, and maintain a license from the Indiana Division of Disability and 397
Rehabilitative Services. Group Homes housing those living with psychiatric disorders or 398
addictions shall obtain, comply with, and maintain a license from the Indiana Division of 399
Mental Health and Addictions 400
Dwelling, Two-Family. residential Building containing two (2) Dwelling Units and not 401
occupied by more than two (2) Families. Except as otherwise provided by state statute, a Group 402
Home shall not be considered a Two-Family Dwelling and treated as such under the Unified 403
Development Ordinance. 404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
11
PASSED, by the Common Council of the City of Carmel, Indiana, this _________ day of 425
_________________, 2025, by a vote of _____ ayes and _____ nays. 426
427
COMMON COUNCIL FOR THE CITY OF CARMEL 428
429
_______________________________ ______________________________ 430
Adam Aasen, President Matthew Snyder, Vice-President 431
432
______________________________ ______________________________ 433
Jeff Worrell Teresa Ayers 434
435
______________________________ ______________________________ 436
Shannon Minnaar Ryan Locke 437
438
______________________________ ______________________________ 439
Anthony Green Rich Taylor 440
441
______________________________ 442
Dr. Anita Joshi 443
444
ATTEST: 445
446
447
______________________________ 448
Jacob Quinn, Clerk 449
450
Presented by me to the Mayor of the City of Carmel, Indiana this _________ day of 451
_________________, 2025, at _______ __.M. 452
453
454
_________________________________ 455
Jacob Quinn, Clerk 456
457
Approved by me, Mayor of the City of Carmel, Indiana this _________ day of 458
_________________, 2025, at _______ __.M. 459
460
461
_________________________________ 462
Sue Finkam, Mayor 463
ATTEST: 464
465
466
_________________________________ 467
Jacob Quinn, Clerk 468
469
Prepared by: Ted W. Nolting 470
Kroger Gardis & Regas, LLP 471
111 Monument Circle Ste. 900 472
Indianapolis, IN 46204 473
474
12
475
476
EXHIBIT “A” 477
478
479
CERTIFICATION OF THE CARMEL PLAN COMMISSION’S RECOMMENDATION 480
ON THE PROPOSAL BY THE CARMEL COMMON COUNCIL 481
TO AMEND THE CARMEL ZONING ORDINANCE PURSUANT TO INDIANA CODE 482
§36-7-4-602(b) 483
484
ORDINANCE Z- 485
486
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, 487
INDIANA, AMENDING THE UNIFIED DEVELOPMENT ORDINANCE 488
489
To: 490
491
Dear Members: 492
493
The Carmel Advisory Plan Commission offers you the following report on the proposal by the 494
Common Council to the Commission to amend Articles 5.72, 9.08, and 11.02 of the City of 495
Carmel Unified Development Ordinance received in the form attached hereto. 496
497
The Carmel Advisory Plan Commission’s recommendation on the proposal is ______________. 498
499
At its regularly scheduled meeting on __________, 2025, the Carmel Advisory Plan Commission 500
held a public hearing after publishing notice thereof in accordance with law, and thereafter voted 501
_____ in favor, _____ opposed, _____ abstaining, to forward to the Common Council, the 502
proposed Ordinance Z- with a ____________ recommendation. 503
504
Please be advised that by virtue of the Commission’s recommendation, pursuant to IC 36-7-4- 505
607(__)(__), the Council has ninety (90) days to act on the proposal. Ninety days from the date of 506
the original certification (___________, 2025) is ______________, 2025. 507
508
13
EXHIBIT “B”
NOTICE OF PUBLIC HEARING
BEFORE THE
CARMEL ADVISORY PLAN COMMISSION
DOCKET No.: CPA-2025-_________
Notice is hereby given that the Carmel Advisory Plan Commission will hold a public
hearing upon a proposal by the Carmel Common Council to amend the Carmel Unified
Development Ordinance (“UDO”) pursuant to documents filed with the Department of
Community Services as follows: amend Article 5.72 of the UDO to require that the applicant obtain
a license from either the Indiana Division of Mental Health and Addition or the Indiana Division
of Disability and Rehabilitative Services; amend Article 9.08 of the UDO to grant the Board of
Zoning Appeals the exclusive authority to approve or deny special use exceptions for Group
Homes rather than a Hearing Officer; amend Article 9.08 of the UDO to limit the number of
unrelated residents of a Group Home to not more than eight (8) persons; amend Article 11.02 of
the UDO, specifically the definition of “Group Homes” to require that they must be licensed by
the Indiana Department of Mental Health and Addiction or the Indiana Division of Disability and
Rehabilitative Services, and amend the definition of “Dwelling, Two Family” to expressly exclude
Group Homes.
Designated as Docket No. ____-2025- , the hearing will be held on Tuesday,
__________, 2025 at 6:00 P.M. in the Council Chambers, Carmel City Hall, One Civic Square,
Second Floor, Carmel, Indiana 46032.
The file for this proposal, including Council Resolution No. CC-_-25_-_ which includes
the proposed Ordinance Amendment, may be examined at the Office of the Plan Commission,
Carmel Department of Community Services, Division of Planning and Zoning, Carmel City Hall,
Third Floor, One Civic Square, Carmel, Indiana 46032, telephone no. (317) 571- 2417.
Any written comments or objections to the proposal should be filed with the Secretary of
the Plan Commission on or before the date of the Public Hearing. All written comments and
objections will be presented to the Commission. Any oral comments concerning the proposal will
be heard by the Commission at the hearing according to its Rules of Procedure. In addition, the
hearing may be continued from time to time by the Commission as it may find necessary.
Joe Shestak, Administrator Carmel Plan Commission
(317) 571-2417
Date: , 2025
Sponsors: Councilors Taylor and Snyder 1
ORDINANCE NO. D-2767-25 2
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 3
AMENDING CHAPTER 2, ARTICLE 4, SECTION 2-96 OF THE CARMEL CITY CODE 4
Synopsis: 5
Amendment to the Ordinance regulating the Ambulance Capital Fund. 6
WHEREAS, the Ambulance Capital Fund (Fund 102) (the “Fund”) was established as a 7
special non-reverting capital fund for the purpose of maintaining revenues received from Carmel 8
Ambulance Services; and 9
WHEREAS, the Fund was jointly administered by the City of Carmel and Clay Township 10
while they jointly provided paramedic, ambulance and fire services to Clay Township; and 11
WHEREAS, Clay Township no longer provides any paramedic, ambulance or fire services 12
to Clay Township; and 13
WHEREAS, the Common Council of the City now finds that it is in the interests of the City 14
to amend Chapter 2, Article 4, Section 2-96 of the Carmel City Code to accurately reflect the 15
provision of paramedic, ambulance and fire services and the administration of the Fund. 16
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY 17
OF CARMEL, INDIANA, as follows: 18
Section 1. The foregoing Recitals are fully incorporated herein by this reference. 19
Section 2. Carmel City Code Section 2-96 is hereby amended to read as follows: 20
Ҥ 2-96 Ambulance Capital Fund (Fund 102). 21
22
(a) The City hereby establishes a special non-reverting capital fund for the purpose of 23
maintaining revenues received from Carmel Ambulance Services and the Hamilton County 24
Emergency Medical Services Tax for the purpose of acquiring and/or replacing capital 25
improvements and equipment necessary to maintain paramedic, emergency ambulance and fire 26
service (hereinafter referred to as the “Paramedic, Emergency Ambulance and Fire Service Capital 27
Fund”), to be administered and maintained by the City as hereinafter set forth: 28
29
(1) The Capital Fund will be funded from revenues provided by 30
Carmel Ambulance Services as a result of the City's administration of the paramedic and 31
emergency ambulance services and from monies received from the Hamilton County Emergency 32
Medical Service Tax; 33
34
(2) The funds held in the Capital Fund shall be accounted for and maintained 35
separate and apart from other City funds and invested with interest thereon deposited into the 36
Capital Fund as provided by law; 37
38
(3) The funds held and accounted for in the Capital Fund shall be withdrawn only: 39
a) Upon proper appropriation by the legislative body of the City; 40
41
b) Upon written agreement between the City and Clay Township authorizing 42
expenditures; and 43
44
c) b) For the purpose of making capital expenditures supporting paramedic, 45
emergency ambulance and fire service. 46
47
(4) Capital equipment and improvements acquired from the funds held in the 48
Capital Fund shall be titled in the name of the City. and/or the Township as set forth in written 49
agreement between the City and the Township at the time of expenditure; and 50
51
(5) At such time as the City terminates its administration of paramedic 52
and ambulance services and/or the City and Township do not provide paramedic 53
and ambulance services or fire protection services to Clay Township as a whole by joint agreement, 54
all unexpended funds maintained in the Capital Fund shall be distributed to the City and to the 55
Township based upon the City and Township's proportionate monetary contribution toward fire 56
protection of Clay Township under prior Contracts for Fire and Protection between the City and the 57
Township. 58
59
(b) The life of the Paramedic, Emergency Ambulance and Fire Service Fund shall be 60
perpetual unless terminated by subsequent ordinance duly enacted by the City legislative body. 61
(Ord. D-1042, 4-18-94; Ord. D-1180, 9-18-95). 62
63
(c) 64
(1) The Carmel Fire Department is authorized, pursuant to Indiana law, to provide 65
emergency medical services. 66
67
a) The Carmel Fire Department is authorized to provide emergency medical 68
services and charge fees from citizens who benefit from said services in the amount of $475.00 for 69
basic life support service for Carmel residents, $675.00 for basic life support for non-Carmel 70
residents, $575.00 for advanced life support I for Carmel residents, $775.00 for advanced life 71
support I for non-Carmel residents, $700.00 for advanced life support II for Carmel residents, 72
$900.00 for advanced life support II for non- Carmel residents and $375.00 for advanced life 73
support non- transport, as well as $12.00 per loaded mile, within the terms and meanings of the 74
Indiana Emergency Medical Act and other applicable law. 75
76
b) In the event changes in Medicare or other federal or state health care 77
regulations require or allow an adjustment to current charges set forth hereinabove, the Fire Chief is 78
authorized to adjust the same, such adjustments to take effect on the calendar date immediately 79
following the date on which written notice of said adjustments is hand delivered or mailed by the 80
Fire Chief by U.S. Certified mail, return receipt requested, to the Mayor, Clerk, Common Council 81
President and Corporation Counsel. 82
83
c) Annual COLA Increase. On January 1 of each year, beginning in 2017, a 3% 84
Cost of Living Adjustment shall be added to the previous year’s rates and charges. This 3% increase 85
shall occur automatically each year unless and until such time that the Carmel City Council amends 86
or adjusts the percentage of the COLA increase for the next fiscal year. 87
88
d) The cost-of-living adjustment for emergency medical services fees charged by 89
the Carmel Fire Department in 2023 shall be 8.75%. 90
91
(2) Said funds shall be placed into the non-reverting fund established in subsection 92
(a) above. (Ord. D-1184, 10-2-95) 93
94
(3) The Carmel Fire Department is authorized to collect fees for its ambulance and 95
emergency medical treatment runs. 96
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(4) In the event such fees are not paid after Carmel Fire Department has exhausted 98
its collection procedures, then the City Attorney will be notified for a determination as to whether to 99
pursue collection of such fees by initiating litigation or other collection efforts on behalf of the 100
Carmel Fire Department. 101
102
(5) Service fees for ambulance and emergency medical treatment runs may be 103
deemed uncollectible and the appropriate adjustment made to the Carmel Fire Department and City 104
financial records, upon a determination by the City Attorney that: 105
106
a) The person receiving such ambulance and/or emergency medical treatment 107
services died without insurance, an estate or surviving relatives responsible for the debt; 108
109
b) The person receiving such ambulance and/or emergency medical treatment 110
services cannot be located despite reasonable attempts to do so; 111
112
c) The person receiving such ambulance and/or emergency medical treatment 113
services has filed for bankruptcy protection, has listed the City as a creditor regarding such services 114
and has obtained a discharge of such debt by the bankruptcy court; 115
116
d) The collection of the debt is otherwise not economically justified under the 117
circumstances. 118
119
(6) All service fees for the provision of ambulance and/or emergency medical 120
treatment services by the Carmel Fire Department that are deemed to be uncollectible hereunder 121
must be reported to the Board of Public Works and Safety on an annual basis.” 122
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Section 3. All prior ordinances or parts thereof inconsistent with any provision of this 130
Ordinance are hereby repealed, to the extent of such inconsistency only, as of the effective date of 131
this Ordinance, such repeal to have prospective effect only. 132
Section 4. If any portion of this Ordinance is for any reason declared to be invalid by a 133
court of competent jurisdiction, such decision shall not affect the validity of the remaining portions 134
of this Ordinance 135
Section 5. This Ordinance shall be in full force and effect from and after the date of its 136
passage and signing by the Mayor and such publication as required by law. 137
138
[Signature Page Follows] 139
140
PASSED by the Common Council of the City of Carmel, this _____ day of 141
_____________, 2025, by a vote of ______ ayes and _____ nays. 142
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 143
144
___________________________________ 145
Adam Aasen, President Matthew Snyder, Vice-President 146
147
___________________________________ ____________________________________ 148
Teresa Ayers Anita Joshi 149
150
___________________________________ ____________________________________ 151
Ryan Locke Shannon Minnaar 152
153
___________________________________ ___________________________________ 154
Anthony Green Rich Taylor 155
156
___________________________________ 157
Jeff Worrell 158
159
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ATTEST: 161
162
__________________________________ 163
Jacob Quinn, Clerk 164
165
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of 166
_________________________ 2025, at _______ __.M. 167
168
____________________________________ 169
Jacob Quinn, Clerk 170
171
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of 172
________________________ 2025, at _______ __.M. 173
174
_________________________________ 175
Sue Finkam, Mayor 176
177
ATTEST: 178
179
___________________________________ 180
Jacob Quinn, Clerk 181
182
183
Prepared by: Ted Nolting 184
Kroger Gardis & Regas LLP 185
111 Monument Circle, Suite 900 186
Indianapolis, IN 46204 187
SPONSOR(S): Councilor(s) Taylor and Ayers
This Ordinance was prepared by Benjamin J. Legge, City Attorney on April 9, 2025, at 11:00 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
ORDINANCE NO. D-2769-25 1
2
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, 3
AMENDING CHAPTER 6, ARTICLE 4, SECTION 6-63 OF THE CARMEL CITY CODE 4
5
Synopsis: Ordinance amending the fine for failing to display a valid permit for motor vehicle parking 6
on a city sidewalk, multi-use path, or bicycle lane. 7
8
WHEREAS, the City of Carmel (the “City”) within the reasonable exercise of its police power, may 9
by ordinance regulate the operation of motorized vehicles on City sidewalks, multi-use paths, and bicycle 10
lanes; and 11
12
WHEREAS, the City has previously regulated the operation of motorized vehicles on City 13
sidewalks, multi-use paths, and bicycle lanes within its corporate limits, such regulations being codified, in 14
part, in City Code Section 6-63; and 15
16
WHEREAS, the Common Council of the City of Carmel, Indiana, now finds that it is in the interest 17
of public safety and welfare to amend the regulations related to the operation of motorized vehicles on City 18
sidewalks, multi-use paths, and bicycle. 19
20
NOW, THEREFORE, BE IT ORDAINED, by the Common Council of the City of Carmel, Indiana, 21
as follows: 22
23
Section 1. The foregoing Recitals are fully incorporated herein by this reference. 24
25
Section 2. The following subsection of Carmel City Code Section 6-63 is hereby amended and shall 26
read as follows: 27
28
Ҥ 6-63 Regulation of Vehicular Use on Sidewalks, Multi-Use Paths, Bicycle Lanes, and Roadways. 29
. . . 30
(k) Penalties. Any person who fails to display a valid permit under this section shall be subject to a fine of 31
$200 for the first offense, a fine of $250 for the second offense, and a fine of $2,500, plus costs, for all 32
subsequent offenses within the same calendar year. All other violations under violating this section 33
shall be subject to a fine of $10, for the first such offense, a fine of $25, for the second offense, and a 34
fine of $100, plus costs, for all subsequent offenses within the same calendar year. If a vehicle displays 35
an invalid permit, the fine amount will be increased by an additional $150. This does not limit the 36
authority of the court to impose additional penalties as permitted by law for moving violations, 37
including suspension of driving privileges and mandating the violator attend and complete a defensive 38
driving class. First and second offense violations of this section may be filed with the City Court' 39
Ordinance Violations Bureau.” 40
41
Section 3. All prior ordinances or parts thereof inconsistent with any provision of this Ordinance 42
are hereby repealed, to the extent of such inconsistency only, as of the effective date of this Ordinance, such 43
repeal to have prospective effect only. However, the repeal or amendment by this Ordinance of any other 44
ordinance does not affect any rights or liabilities accrued, penalties incurred or proceedings begun prior to the 45
effective date of this Ordinance. Those rights, liabilities and proceedings are continued and penalties shall be 46
imposed and enforced under such repealed or amended ordinance as if this Ordinance had not been adopted. 47
48
Ordinance D-2769-25 49
Page One of Three Pages 50
SPONSOR(S): Councilor(s) Taylor and Ayers
This Ordinance was prepared by Benjamin J. Legge, City Attorney on April 9, 2025, at 11:00 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
Section 4. If any portion of this Ordinance is for any reason declared to be invalid by a court of 51
competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Ordinance 52
so long as enforcement of same can be given the same effect. 53
54
Section 5. The remaining portions of Carmel City Code Sections 8-47 and 8-48 are not affected by 55
this Ordinance upon its passage. 56
57
Section 6. This Ordinance shall be in full force and effect from and after the date of its passage 58
and signing by the Mayor and such publication as required by law. 59
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Ordinance D-2769-25 99
Page Two of Three Pages 100
SPONSOR(S): Councilor(s) Taylor and Ayers
This Ordinance was prepared by Benjamin J. Legge, City Attorney on April 9, 2025, at 11:00 a.m. It may have been subsequently
revised. However, no subsequent revision to this Ordinance has been reviewed by Mr. Legge for legal sufficiency or otherwise.
PASSED by the Common Council of the City of Carmel, Indiana, this ________ day of 101
_______________________, 2025, by a vote of _____ ayes and _____ nays. 102
103
COMMON COUNCIL FOR THE CITY OF CARMEL 104
105
______________________________ ______________________________ 106
Adam Aasen, President Matthew Snyder, Vice-President 107
108
______________________________ ______________________________ 109
Rich Taylor Anthony Green 110
111
______________________________ ______________________________ 112
Jeff Worrell Teresa Ayers 113
114
______________________________ ______________________________ 115
Shannon Minnaar Ryan Locke 116
117
______________________________ 118
Anita Joshi 119
120
ATTEST: 121
122
123
______________________________ 124
Jacob Quinn, Clerk 125
126
Presented by me to the Mayor of the City of Carmel, Indiana this __________ day of 127
_________________________ 2025, at _________ __.M. 128
129
130
______________________________ 131
Jacob Quinn, Clerk 132
133
Approved by me, Mayor of the City of Carmel, Indiana, this __________ day of 134
________________________ 2025, at _________ __.M. 135
136
137
______________________________ 138
Sue Finkam, Mayor 139
140
ATTEST: 141
142
143
______________________________ 144
Jacob Quinn, Clerk 145
146
147
148
Ordinance D-2769-25 149
Page Three of Three Pages 150
Sponsors: Councilors Aasen, Taylor, Snyder and Ayers 1
ORDINANCE NO. D-2770-25 2
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 3
ADOPTING A NEW ARTICLE 6 UNDER CHAPTER 4 OF THE CARMEL CITY CODE 4
Synopsis: 5
An Ordinance adopting requirements that owners of residential rental dwellings register and obtain a 6
permit before letting a residential rental dwelling and; limits the number of authorized residential dwelling 7
permits to ten percent of all homes within any subdivision or the City of Carmel as a whole. 8
9
WHEREAS, the City of Carmel has long been recognized for excellence in many aspects of its 10
planning, development, implementation and service, which has been recognized by various organizations 11
locally, nationally and internationally. The City continues to appear on national, data-driven ‘Best’ lists 12
where cities’ rankings are assigned based on job market, net migration and quality of life numbers; and 13
14
WHEREAS, the City has a vested and continued interest in (1) benefiting the general public by 15
minimizing adverse impacts on established residential neighborhoods in the City and the owners and 16
residents of properties in these neighborhoods resulting from the conversion of residential properties to 17
transient use; (2) ensuring public health, safety and welfare insofar as they are affected by the continued 18
occupancy and maintenance of structures and premises used as a residential rental dwelling; (3) assisting in 19
the elimination of blight and to promote maintenance of homes; and (4) encouraging home ownership in 20
established residential neighborhoods in the City; and 21
22
WHEREAS, the City has seen an increase in single-family homes being purchased and used as 23
rental units within the City and surrounding municipalities; and 24
25
WHEREAS, the City recognizes the need for a rental registration program for residential rental 26
dwellings within the City to provide an efficient and timely system of communication regarding code 27
enforcement, fire and safety, and law enforcement for the health, safety, and welfare of all residents of the 28
City; and 29
30
WHEREAS, the adoption of a rental dwelling registration and permit system advances a legitimate 31
public purpose in order to protect the public health, safety and welfare of the City; and 32
33
WHEREAS, the City is authorized under Ind. Code §36-1-20-1 et seq. and now wishes to adopt 34
requirements regarding registration and permitting of rental housing; 35
36
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF 37
CARMEL, INDIANA, as follows: 38
39
Section 1. The foregoing Recitals are fully incorporated herein by this reference. 40
Section 2. A new Article 6 is established under Chapter 4 of the Carmel City Code, to read as 41
follows: 42
CHAPTER 4 FEES, LICENSES, PERMITS AND FRANCHISES 43
44
ARTICLE 6: RESIDENTIAL RENTAL DWELLING PERMIT AND REGISTRATION PROGARM 45
§ 4-500 PURPOSE AND APPLICABILITY. 46
(A) The Residential Rental Dwelling Permit and Registration Program is hereby established for the 47
following purposes: 48
(1) To benefit the general public by minimizing adverse impacts on established residential 49
neighborhoods in the City and the owners and residents of properties in these neighborhoods 50
resulting from the conversion of residential properties to transient use; 51
(2) To ensure public health, safety and welfare insofar as they are affected by the continued occupancy 52
and maintenance of structures and premises used as a residential rental dwelling; 53
(3) To assist in the elimination of blight and to promote maintenance of homes; and 54
(4) To encourage home ownership in established residential neighborhoods in the City. 55
(B) The Residential Rental Dwelling Permit and Registration Program applies to all residential rental 56
dwellings located within the corporate boundaries of the City of Carmel. 57
§ 5-501 DEFINITIONS. 58
For the purpose of this Article, the following definitions shall apply unless the context clearly indicates or 59
requires a different meaning. Words not defined herein shall have the meanings ascribed to them in the 60
Unified Development Ordinance. 61
EXCLUDED RENTAL DWELLINGS means any one of the following: 62
(1) The rental of a dwelling regulated as a “short term rental” property under Indiana Code §36-63
1-24-1 et seq. or Article 5.74 of the Unified Development Ordinance. 64
(2) The rental of a dwelling where the owner(s) resides in the dwelling and leases to individuals 65
or a family while they are absent from the City of Carmel for a period of time not exceeding six (6) 66
months, and who intends to return to their dwelling at the expiration of the lease period; 67
(3) The rental of a dwelling where the owner(s) who resided in the dwelling has been relocated 68
by their employer in excess of fifty (50) miles from the location in the last year; 69
(4) The rental of the dwelling where the owner or owner(s) who resided in the dwelling are active 70
members of the military and have been deployed; 71
(5) The rental of the dwelling where the owner(s) who resided in the dwelling has experienced a 72
death, divorce, transfer to assisted living or other life situation which has necessitated them to vacate 73
the dwelling in the last year and they would experience an undue hardship if they sold the dwelling; 74
(6) The rental of the dwelling to a legal dependent or immediate family member of the owner(s); 75
(7) The rental of the dwelling where the owner of the dwelling has received the dwelling as an 76
inheritance following the death of the previous owner; 77
(8) The rental of the dwelling while it is offered for sale on the multiple listing service (MLS); 78
and 79
(9) The rental of the dwelling where the owner(s) who resided in the home has, within the last 80
year, listed the dwelling on the multiple listing service (MLS) for an aggregate of at least six (6) 81
months and has been unable to sell the dwelling. 82
IMMEDIATE FAMILY MEMBER. Includes spouse, child, step-child, parent, step-parent, brother, 83
sister, step-siblings, grandparent and grandchildren. 84
LEGACY DWELLINGS. Residential rental dwellings existing within a Subdivision on or prior to 85
the effective date of this Ordinance for which the owner has submitted a complete initial registration and 86
permit application by December 31, 2025. 87
LEGAL DEPENDENT. Natural born or adopted children, spouses, household members covered by 88
conservatorship or guardianship or those other adults claimed on tax returns as legal dependents. 89
LET FOR OCCUPANCY. To permit, provide, or offer possession or occupancy of a single-family 90
home by an owner to a third party pursuant to a written or unwritten lease, agreement or license, or pursuant 91
to an unrecorded contract for sale. 92
OWNER has the meaning set forth in Ind. Code 32-31-3-4. 93
RESIDENTIAL RENTAL DWELLING. A single-family home or townhome that is let for 94
occupancy for compensation by an owner for a period of more than thirty (30) consecutive days. This 95
definition includes Excluded Dwellings (as defined herein), but does not apply to the occupancy of the 96
dwelling by the purchaser under a contract of sale, provided the contract for sale is properly recorded with 97
the Hamilton County Recorder’s Office. 98
RENTAL DWELLING PERMIT. A permit, issued by the Director of Community Services or his 99
or her designee under this chapter, authorizing the owner to let for occupancy a residential rental dwelling. 100
SINGLE-FAMILY HOME. A residential building containing only one (1) Dwelling Unit and not 101
occupied by more than one family. 102
SUBDIVISION. A neighborhood or other similar residential development of ten (10) or more single-103
family homes or townhomes as a plat bearing the same name with different phases, or as a Planned Unit 104
Development, as shown on the Hamilton County, Indiana parcel card/property report under “Subdivision” 105
or “Subdivision Name”. 106
TOWNHOME. One or more single-family homes with a minimal front and rear yards, no side yards, 107
arranged side by side, separated by common walls between living area, each having more than one story. 108
TENANCY AGREEMENT. All agreements, written, oral or implied, and valid rules and regulations 109
embodying the terms and conditions concerning the use and occupancy of a residential rental dwelling. 110
TENANT. Any person entitled to occupy a residential rental dwelling under a tenancy agreement to 111
the exclusion of others. 112
113
§ 4-500 REQUIREMENTS 114
115
No owner shall let for occupancy a residential rental dwelling without first registering the dwelling and 116
obtaining the rental dwelling permit with the Department of Community Services. 117
118
§ 4-501 REGISTRATION 119
120
(A) On or before January 1, 2026, an owner of a residential rental dwelling must register all residential 121
rental dwelling(s). Registration of a residential rental dwelling shall be effected by furnishing the Department 122
of Community Services upon a form supplied by the Department of Community Services, the following 123
information: 124
125
(1) Name(s) of all owner(s); 126
(2) Street address of owner(s); 127
(3) Phone number of owner(s); 128
(4) Email address of owner(s); 129
(5) Name, street address, phone number and email address of agent, if any, authorized to act on 130
behalf of the owner(s) in regard to the residential rental dwelling, including service of process; 131
(6) Verification that a Homestead Property Tax Deduction is not being claimed on the property 132
while in use as a rental dwelling; and 133
(7) Whether the owner or the residential rental dwelling: 134
(a) has been cited for violation of any requirement imposed by the City Code, including this 135
Article; 136
(b) is current on all City of Carmel utility invoices (sanitary sewer, trash, and stormwater); 137
and 138
(c) has been the subject of more than three (3) public safety calls for service in the last 139
twenty-four (24) months. 140
141
(B) By listing a street address of the owner(s) in the residential rental dwelling registration, the owner(s) 142
thereby consents to service of process at that address. 143
(C) Any owner(s) who does not reside in or have their principal place of business in Indiana shall 144
designate and list an in-state agent under subsection (a)(5). 145
(D) The residential rental dwelling registration form shall be signed by the owner. 146
(E) Whenever an owner(s) or agent changes his contact information (mailing address, phone number or 147
email address) it shall be his responsibility to provide the Department of Community Services with an 148
updated residential rental dwelling registration form. All updated registration forms shall be signed by the 149
owner. 150
(F) Whenever ownership of the residential rental dwelling changes and the new owner intends to let the 151
dwelling for occupancy, the new owner shall file a new registration with the Department of Community 152
Services within thirty (30) days of obtaining title to the residential rental dwelling. Each parcel of property 153
on which a residential rental dwelling is located requires a separate registration. 154
(G) All current owners shall submit an initial registration application for any and all existing residential 155
rental dwellings by December 31, 2025. Thereafter, any owner shall have thirty days (30) days to register 156
that residential rental dwelling after obtaining ownership. 157
158
§ 4-502 HOME RENTAL DWELLING PERMITS 159
(A) The Department of Community Services shall treat a residential rental dwelling registration form as 160
an application for a residential rental dwelling permit. The Department of Community Services shall issue a 161
residential rental dwelling permit to the residential rental dwelling’s owner(s) if and only if all of the 162
following criteria are satisfied: 163
164
(1) The residential rental dwelling registration form contains all of the information required by 165
§4-501. 166
(2) The owner of the residential rental dwelling: 167
(a) has not been cited for violation of any requirement imposed by Chapter 6 or Chapter 10 168
of the City Code; 169
(b) is current on all City utility invoices (sanitary sewer, trash, and stormwater); and 170
(c) has not been the subject of more than three (3) public safety calls for service in the last 171
twenty-four (24) months. 172
173
If the owner or property has been found in violation of (A)(2)(a)-(c), the Director of Community 174
Services may determine in his or her discretion that the public interest nevertheless supports issuing a 175
residential rental dwelling permit. 176
177
(3) At the time the residential rental dwelling permit would be issued, less than ten percent 178
(10%) of the single-family homes and townhomes in either (1) the Subdivision or (2) the City of 179
Carmel are registered and permitted as residential rental dwellings. This subdivision shall not apply 180
to Legacy Dwellings defined in this Article but shall apply to any residential rental dwelling 181
registered after December 31, 2025. 182
183
(B) Notwithstanding the limitations contained under subsection (A)(3), Excluded Dwellings shall be 184
entitled to a permit if the criteria under subsections (A)(1) and (2) are met, but shall count toward the 10% 185
limits established for residential rental dwellings herein. 186
(C) A rental dwelling permit shall not expire until the ownership of a residential rental dwelling changes. 187
If the ownership of the residential rental dwelling changes, the new owner must apply for a new residential 188
rental dwelling permit. Where a dwelling is owned by more than one owner with rights of survivorship, a 189
new application need not be filed upon the death of one of the owners. 190
(D) Residential rental dwelling permits may not be sold, transferred, or otherwise alienated. 191
(E) The Department of Community Services shall not charge a fee to obtain a residential rental dwelling 192
permit. 193
(F) A denial of residential rental dwelling permit may be appealed under §4-504. 194
195
§4-503 REVOCATION OF A RENTAL DWELLING PERMIT 196
197
(A) A residential rental dwelling permit may be subject to revocation under the following circumstances: 198
199
1) Failure to correct violations within the time specified in a Notice of Violation issued pursuant to 200
this chapter; 201
2) Any other violation of Chapter 6 or Chapter 10 of the City Code; 202
3) Continued delinquency of City utility bills; or 203
4) Any specific provisions of the city ordinances that place undue burden on public safety 204
resources. 205
(B) If the Director of Community Services finds that the permit should be revoked, the Director shall give 206
the owner written notice by certified mail, return receipt requested, that the Director intends to proceed 207
to revoke the permit unless the owner requests a hearing by a City Hearing Officer. Such request shall 208
be made in writing and filed in the office of the City Clerk within 15 days from the day that the owner 209
receives the notice of the proposed action. The notice shall contain a statement of the facts upon which 210
the Director has acted. If an owner fails to request a hearing, the Director shall proceed to revoke the 211
permit. The written determination by the Director to revoke the permit shall be filed in the office of 212
the City Clerk and sent by certified mail, return receipt requested, to the owner. 213
(C) When a hearing is requested pursuant to division (B) above, the hearing shall be held In accordance 214
with the provisions in the IHO Ordinance, ROA 1994, Chapter 2, Article 7, Part 8. 215
(D) Any person whose permit has been revoked shall not be permitted to apply for another permit for one 216
year after the filing of the written statement revoking the permit. 217
§ 4-504 PENALTIES AND REMEDIES 218
(A) Violations of this Article are subject to the following civil fines and penalties, beginning January 219
1, 2026: 220
(1) An owner who fails to register a residential rental dwelling commits a civil violation and shall 221
be punished by a fine in the amount of $500. 222
(2) An owner who lets a residential rental dwelling without a permit shall be punished by an initial 223
fine of $2,500. If the owner has not obtained a permit or otherwise complied with this Article 224
within thirty (30) days after receiving a Notice of Violation under subsection (E), the owner shall 225
be fined $100 per day for each day the residential rental dwelling is let without a permit. 226
(B) The failure to comply with any of the requirements under this Article constitutes a violation of this 227
Article. Any residential rental dwelling let for occupancy in violation of this Article is hereby declared to be 228
a common nuisance and as such may be abated in such manner as nuisances are now or may hereafter be 229
abated under existing law. 230
(C) A violation continues to exist until corrected and verified by the Director of the Department 231
Community Services. Correction includes, but is not limited to any or a combination of: 232
(1) Cessation of an unlawful practice; 233
(2) Remediation of a violation; 234
(3) Payment of fees or fines; 235
(4) Vacancy of a residential rental dwelling; and 236
(5) Other remedy acceptable to the City. 237
(D) The Director of the Department of Community Services may issue a Notice of Violation to any 238
owner who commits a civil violation under this Chapter. The Notice of Violation may be served by personal 239
service, by certified mail or by placement in a conspicuous place on the residential rental dwelling. 240
(E) The Notice of Violation shall serve as notice to the owner that the owner has committed a civil 241
violation and shall include: 242
(1) The date of issuance; 243
(2) The name of the owner charged and the address of the residential rental dwelling with respect 244
to which the violation occurred; 245
(3) The civil monetary fine the City will impose for the violation and where the fine may be 246
paid; 247
(4) The remedy or combination of remedies imposed and the date on which the owner shall 248
complete the remedial action; 249
(5) Contact information for the Department of Community Services; and 250
(6) How to appeal the Notice of Violation. 251
(F) A Notice of Violation or a denial of a permit may be appealed to the City of Carmel City Court 252
within ten (10) days of receipt of the Notice of Violation or denial of home rental unit. 253
(G) If the owner does not timely file an appeal, complete corrective action, or pay the fine by the date 254
set forth in the Notice of Violation, the Director of Community Services shall send the Notice of Violation 255
and all supporting documentation to the City Legal Department. The head of the City Legal Department shall 256
in the name of the City of Carmel bring an enforcement action in the Carmel City Court or in the Circuit or 257
Superior Courts of Hamilton County, for civil monetary fines and penalties and/or mandatory and injunctive 258
relief in the enforcement of and to secure compliance with this Article. Any such action may be joined with 259
an action to enforce any other ordinance. 260
(H) An owner found to be in violation may be enjoined from letting the dwelling for occupancy and is 261
further liable for all civil monetary fines, court costs, and fees. No costs may be assessed against the City in 262
any such action. 263
(I) Seeking civil penalties as authorized in this section does not preclude the City from seeking 264
alternative relief from the Court in the same action or any other remedy in a separate action. The remedies 265
provided for in this title shall be cumulative, and not exclusive, and shall be in addition to any other remedies 266
available in law or equity. 267
(J) If an owner fails to pay the civil monetary penalty or violates the terms of any other order 268
§ 4-505 REGISTRATION FUND 269
270
There is hereby established a Rental Registration Fund as a non-reverting fund, as may be 271
designated by the Council, within the City to receive any and all sums collected pursuant to this Ordinance. 272
The controller shall deposit in this fund all fines assessed and collected pertaining exclusively to this 273
Ordinance. This fund shall be dedicated solely to reimbursing the costs actually incurred relating to the 274
Residential Rental Dwelling Permit and Registration Program. 275
276
Section 3. All prior ordinances or parts thereof inconsistent with any provision of this 277
Ordinance are hereby repealed, to the extent of such inconsistency only, as of the effective date of this 278
Ordinance, such repeal to have prospective effect only. 279
Section 4. If any portion of this Ordinance is for any reason declared to be invalid by a court 280
of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this 281
Ordinance 282
Section 5. This Ordinance shall be in full force and effect from and after the date of its passage 283
and signing by the Mayor and such publication as required by law. 284
285
[Signature Page Follows] 286
287
PASSED by the Common Council of the City of Carmel, this ______ day of 288
__________________, 2025, by a vote of ______ ayes and _____ nays. 289
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 290
291
___________________________________ ____________________________________ 292
Adam Aasen, President Matthew Snyder, Vice-President 293
294
___________________________________ ____________________________________ 295
Teresa Ayers Anita Joshi 296
297
___________________________________ ____________________________________ 298
Ryan Locke Shannon Minnaar 299
300
___________________________________ ___________________________________ 301
Anthony Green Rich Taylor 302
303
___________________________________ 304
Jeff Worrell 305
306
307
ATTEST: 308
309
__________________________________ 310
Jacob Quinn, Clerk 311
312
Presented by me to the Mayor of the City of Carmel, Indiana this _____ day of 313
_________________________ 2025, at _______ __.M. 314
315
____________________________________ 316
Jacob Quinn, Clerk 317
318
Approved by me, Mayor of the City of Carmel, Indiana, this ______ day of 319
________________________ 2025, at _______ __.M. 320
321
_________________________________ 322
Sue Finkam, Mayor 323
324
ATTEST: 325
326
___________________________________ 327
Jacob Quinn, Clerk 328
329
330
Prepared by: Ted Nolting 331
Kroger Gardis & Regas LLP 332
111 Monument Circle, Suite 900 333
Indianapolis, IN 46204 334
335
Sponsor: Councilor Aasen 1
ORDINANCE D-2771-25 2
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY 3
OF CARMEL, INDIANA, AUTHORIZING THE ISSUANCE OF 4
ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE 5
BONDS TO SUPPORT THE NORTH END PHASE II PROJECT, 6
AND AUTHORIZING AND APPROVING OTHER ACTIONS IN 7
RESPECT THERETO 8
Synopsis: 9
Ordinance authorizes the issuance of developer TIF bonds by the City of Carmel, Indiana, 10
to finance certain improvements to support the development of the North End Phase II Project 11
WHEREAS, the City of Carmel, Indiana (the “City”), is a municipal corporation and 12
political subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9 and I.C. 36-7-12 13
(collectively, the “Act”), is authorized and empowered to adopt this ordinance (this “Bond 14
Ordinance”) and to carry out its provisions; 15
WHEREAS, Old Town Companies, L.L.C. or any affiliate thereof (the “Company”), 16
desires to finance the design and construction of certain improvements described in Exhibit A 17
hereto which are, or will be, located in the Old Town Economic Development Area (collectively, 18
the “Projects”); 19
WHEREAS, the Company has advised the City of Carmel Economic Development 20
Commission (the “Commission”) and the City that it proposes that the City issue its taxable or tax-21
exempt Economic Development Tax Increment Revenue Bonds, Series 20__ (North End Phase II 22
Project), in one or more series (with such different or additional series designation determined to 23
be necessary or appropriate), in an aggregate principal amount not to exceed Eight Million Dollars 24
($8,000,000) (the “Bonds”), under the Act and provide the proceeds of such Bonds to the Company 25
for the purpose of financing the Projects; 26
WHEREAS, the completion of the Projects results in the diversification of industry, the 27
creation of jobs and the creation of business opportunities in the City; 28
WHEREAS, pursuant to I.C. § 36-7-12-24, the Commission published notice of a public 29
hearing (the “Public Hearing”) on the proposed issuance of the Bonds to finance the Projects; 30
WHEREAS, on the date specified in the notice of the Public Hearing, the Commission held 31
the Public Hearing on the Projects; and 32
WHEREAS, the Commission has performed all actions required of it by the Act 33
preliminary to the adoption of this Bond Ordinance and has approved and forwarded to the 34
Common Council the forms of: (1) a Financing Agreement between the City and the Company 35
(the “Financing Agreement”); (2) a Trust Indenture between a trustee to be selected by the 36
Controller of the City (the “Trustee”) and the City (the “Indenture”); (3) the Bonds; and (4) this 37
2
Bond Ordinance (the Financing Agreement, the Indenture, the Bonds, and this Bond Ordinance, 38
collectively, the “Financing Agreements”); 39
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE 40
CITY OF CARMEL, INDIANA, THAT: 41
Section 1. Findings; Public Benefits. The Common Council hereby finds and 42
determines that the Projects involve the acquisition, construction and equipping of an 43
“economic development facility” as that phrase is used in the Act; that the Projects will 44
increase employment opportunities and increase diversification of economic development 45
in the City, will improve and promote the economic stability, development and welfare in 46
the City, will encourage and promote the expansion of industry, trade and commerce in the 47
City and the location of other new industries in the City; that the public benefits to be 48
accomplished by this Bond Ordinance, in tending to overcome insufficient employment 49
opportunities and insufficient diversification of industry, are greater than the cost of public 50
services (as that phrase is used in the Act) which will be required by the Projects; and, 51
therefore, that the financing of the Projects by the issue of the Bonds under the Act: (i) will 52
be of benefit to the health and general welfare of the City; and (ii) complies with the Act. 53
Section 2. Approval of Financing. The proposed financing of the Projects by 54
the issuance of the Bonds under the Act, in the form that such financing was approved by 55
the Commission, is hereby approved. 56
Section 3. Authorization of the Bonds. The issuance of the Bonds, payable 57
solely from revenues and receipts derived from the Financing Agreements, is hereby 58
authorized. 59
Section 4. Terms of the Bonds. (a) The Bonds, in the aggregate principal 60
amount not to exceed Eight Million Dollars ($8,000,000), shall (i) be executed at or prior 61
to the closing date by the manual or facsimile signatures of the Mayor and the Clerk of the 62
City; (ii) be dated as of the date of their delivery; (iii) for each series of the Bonds, mature 63
on a date not later than twenty-five years after the date of issuance of such series of Bonds; 64
(iv) bear interest at such rates as determined with the purchaser thereof (the “Purchaser”) 65
in an amount not to exceed eight and one-half percent (8.5%), with such interest payable 66
as provided in the Financing Agreements, and which interest may be taxable or tax-exempt, 67
as determined by the Mayor and the Controller of the City, with the advice of the City’s 68
bond counsel, prior to the issuance of the Bonds; (v) be issuable in such denominations as 69
set forth in the Financing Agreements; (vi) be issuable only in fully registered form; (vii) 70
be subject to registration on the bond register as provided in the Indenture; (viii) be payable 71
in lawful money of the United States of America; (ix) be payable at an office of the Trustee 72
as provided in the Indenture; (x) be subject to optional redemption prior to maturity and 73
subject to redemption as otherwise provided in the Financing Agreements, prior to the 74
issuance of the Bonds; (xi) be issued in one or more series; and (xii) contain such other 75
terms and provisions as may be provided in the Financing Agreements. 76
(b) The Bonds and the interest thereon do not and shall never constitute an 77
indebtedness of, or a charge against the general credit or taxing power of, the City, but shall 78
3
be special and limited obligations of the City, payable solely from revenues and other 79
amounts derived from the Financing Agreements. Forms of the Financing Agreements are 80
before this meeting and are by this reference incorporated in this Bond Ordinance, and the 81
Clerk of the City is hereby directed, in the name and on behalf of the City, to insert them 82
into the minutes of the Common Council and to keep them on file. 83
Section 5. Sale of the Bonds. The Mayor is hereby authorized and directed, in 84
the name and on behalf of the City, to sell the Bonds to the Purchaser at such prices as are 85
determined on the date of sale and approved by the Mayor of the City. 86
Section 6. Execution and Delivery of Financing Agreements. The Mayor and 87
the Clerk of the City are hereby authorized and directed, in the name and on behalf of the 88
City, to execute or endorse and deliver the Financing Agreement, the Indenture, and the 89
Bonds, submitted to the Common Council, which are hereby approved in all respects. 90
Section 7. Changes in Financing Agreements. The Mayor and the Clerk of the 91
City are hereby authorized, in the name and on behalf of the City, without further approval 92
of the Common Council or the Commission, to approve such changes in the Financing 93
Agreements as may be permitted by Act, such approval to be conclusively evidenced by 94
their execution thereof. In particular, at the request of the Company, the Mayor, the Clerk 95
and any other officer of the City are hereby authorized and directed, in the name and on 96
behalf of the City, to execute, attest and deliver a Financing and Loan Agreement or a Loan 97
Agreement with the Company (in lieu of the Financing Agreement), in such form as such 98
officers shall approve, such approval to be conclusively evidenced by their execution 99
thereof. 100
Section 8. Reimbursement from Bond Proceeds. The City hereby declares its 101
intent to issue the Bonds for the purpose of financing the costs of the Projects, which Bonds 102
will not exceed $8,000,000, and pursuant to Treas. Reg. §1.150-2 and IC 5-1-14-6(c), to 103
reimburse costs of the Projects (including costs of issuing the Bonds) from proceeds of the 104
sale of such Bonds. 105
Section 9. General. The Mayor and any other officer of the City, and each of 106
them, are hereby authorized and directed, in the name and on behalf of the City, to execute 107
or endorse any and all agreements, documents and instruments, perform any and all acts, 108
approve any and all matters, and do any and all other things deemed by them, or either of 109
them, to be necessary or desirable in order to carry out and comply with the intent, 110
conditions and purposes of this Bond Ordinance (including the preambles hereto and the 111
documents mentioned herein), the Projects, the issuance and sale of the Bonds, and the 112
securing of the Bonds under the Financing Agreements, and any such execution, 113
endorsement, performance or doing of other things heretofore effected be, and hereby is, 114
ratified and approved. 115
Section 10. Binding Effect. The provisions of this Bond Ordinance and the 116
Financing Agreements shall constitute a binding contract between the City and the holders 117
of the Bonds, and after issuance of the Bonds this Bond Ordinance shall not be repealed or 118
4
amended in any respect which would adversely affect the rights of the holders of the Bonds 119
as long as the Bonds or interest thereon remains unpaid. 120
Section 11. Repeal. All ordinances or parts of ordinances in conflict herewith 121
are hereby repealed. 122
Section 12. Effective Date. This Bond Ordinance shall be in full force and effect 123
immediately upon adoption and compliance with I.C. § 36-4-6-14. 124
Section 13. Copies of Financing Agreements on File. Two copies of the 125
Financing Agreements incorporated into this Bond Ordinance were duly filed in the office 126
of the Clerk of the City, and are available for public inspection in accordance with I.C. § 127
36-1-5-4. 128
PASSED by the Common Council of the City of Carmel, this _____ day of 129
_____________, 2025, by a vote of ______ ayes and _____ nays. 130
131
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 132
133
Adam Asen, President
Matthew Snyder, Vice-President
Rich Taylor
Anthony Green
Jeff Worrell
Teresa Ayers
Shannon Minnaar
Ryan Locke
Anita Joshi
ATTEST:
Jacob Quinn, Clerk
134
5
Presented by me to the Mayor of the City of Carmel, Indiana, this ____ day of 135
______________, 2025, at _____ __.M. 136
Jacob Quinn, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this ______ day of 137
_______________, 2025, at _____ ___.M. 138
Sue Finkam, Mayor
ATTEST:
Jacob Quinn, Clerk
139
Prepared by: Bradley J. Bingham 140
Barnes & Thornburg LLP 141
11 South Meridian Street 142
Indianapolis, IN 46204 143
EXHIBIT A
DESCRIPTION OF THE PROJECTS
All or any portion of the design and construction of infrastructure and site improvements,
including, but not limited to, storm water improvements, utilities relocation, road improvements
and/or structured parking costs, which will be located in, serving or benefitting the Old Town
Economic Development Area and will support the development of a proposed mixed-use project
consisting of parking and residential uses to be undertaken by Old Town Companies, L.L.C. or
any affiliate thereof.
DMS 47202606.2
Draft of 4/25/25
FINANCING AND LOAN AGREEMENT
Between
[OLD TOWN COMPANIES, L.L.C./ NORTH END APARTMENTS LLC]
and
CITY OF CARMEL, INDIANA
Dated as of __________ 1, 20__
Related to the
City of Carmel, Indiana
Economic Development Tax Increment Revenue Bonds, Series 20__
(North End Phase II Project – Federally Taxable)
Certain of the rights of the Issuer hereunder have been assigned to ______________ as trustee
under a certain Trust Indenture, dated as of the date hereof, from the Issuer.
i
TABLE OF CONTENTS
ARTICLE I DEFINITIONS AND EXHIBITS ............................................................................ 3
Section 1.1. Terms Defined .................................................................................................. 3
Section 1.2. Rules of Interpretation ...................................................................................... 5
ARTICLE II REPRESENTATIONS; LOAN OF BOND PROCEEDS .................................... 7
Section 2.1. Representations by Issuer ................................................................................. 7
Section 2.2. Representations by Borrower ............................................................................ 7
ARTICLE III PARTICULAR COVENANTS OF THE ISSUER AND COMPANY ............ 10
Section 3.1. Consent to Assignments to Trustee................................................................. 10
Section 3.2. Payment of Principal and Interest; Payment of Pledged TIF Revenues ......... 10
Section 3.3. Maintenance of Existence ............................................................................... 10
Section 3.4. Event of Default; Notice; Termination ........................................................... 11
Section 3.5. Indemnity ........................................................................................................ 11
Section 3.6. Payment of Bond Issuance Costs of Bonds, Other Fees and Expenses .......... 12
Section 3.7. Completion and Use of Facilities .................................................................... 12
Section 3.8. Other Amounts Payable by the Borrower ....................................................... 13
ARTICLE IV EVENTS OF DEFAULT AND REMEDIES THEREFOR .............................. 14
Section 4.1. Events of Default ............................................................................................ 14
Section 4.2. Remedies Cumulative ..................................................................................... 15
Section 4.3. Delay or Omission Not a Waiver .................................................................... 15
ARTICLE V IMMUNITY ........................................................................................................... 16
Section 5.1. Extent of Covenants of Issuer; No Personal Liability .................................... 16
Section 5.2. Liability of Issuer ............................................................................................ 16
ii
ARTICLE VI AMENDMENTS TO THIS FINANCING AGREEMENT .............................. 17
Section 6.1. Amendments to this Financing Agreement ..................................................... 17
ARTICLE VII MISCELLANEOUS PROVISIONS ................................................................. 18
Section 7.1. Financing Agreement for Benefit of Parties Hereto ....................................... 18
Section 7.2. Severability ..................................................................................................... 18
Section 7.3. Addresses for Notice and Demands ................................................................ 18
Section 7.4. Successors and Assigns................................................................................... 19
Section 7.5. Counterparts .................................................................................................... 19
Section 7.6. Governing Law ............................................................................................... 19
FINANCING AND LOAN AGREEMENT
This FINANCING AND LOAN AGREEMENT, dated as of __________ 1, 20__ (the
“Financing Agreement”), between [OLD TOWN COMPANIES, L.L.C./ NORTH END
APARTMENTS LLC], an Indiana limited liability company (the “Borrower”), and the CITY OF
CARMEL, INDIANA (the “Issuer” or “City”), a municipal corporation duly organized and
validly existing under the laws of the State of Indiana (the “State”).
PRELIMINARY STATEMENT
WHEREAS, the City of Carmel Redevelopment Commission (the “Redevelopment
Commission”) has established the Old Town Economic Development Area and, within such
area, the [Smokey & Monon Phase II Allocation Area] (the “Allocation Area”) located in the
City of Carmel, Indiana; and
WHEREAS, Indiana Code, Title 36, Article 7, Chapters 11.9 and 12, as supplemented
and amended (collectively, the “Act”), authorizes and empowers the Issuer to issue revenue
bonds and enter into agreements with companies to allow companies to construct economic
development facilities and vests the Issuer with powers that may be necessary to enable it to
accomplish such purposes; and
WHEREAS, after giving notice in accordance with the Act and Indiana Code 5-3-1, the
City of Carmel Economic Development Commission held a public hearing and the Issuer, upon
finding that the Phase II Project (as hereinafter defined) and the proposed financing of the
construction thereof will create additional employment opportunities in the City; will benefit the
health, safety, morals, and general welfare of the citizens of the City and the State; and will
comply with the purposes and provisions of the Act, adopted an ordinance approving the
proposed financing; and
WHEREAS, in order to support the development of the Phase II Project, the Issuer
intends to issue its Economic Development Tax Increment Revenue Bonds, Series 20__ (North
End Phase II Project – Federally Taxable), in the aggregate principal amount of
$_____________ (the “Series 20__ Bonds”), pursuant to the Trust Indenture related to the Series
20__ Bonds, dated as of __________ 1, 20__, between the Issuer and ______________, as
trustee (the “Indenture”), and intends to provide the proceeds of the Series 20__ Bonds pursuant
to the provisions of this Financing Agreement and the Project Agreement (as defined herein) to
the Borrower to finance the Phase II Project; and
WHEREAS, this Financing Agreement provides for the use of the financing by the
Borrower through the issuance of the Series 20__ Bonds by the Issuer; and
WHEREAS, pursuant to the Indenture, the Issuer will assign certain of its rights under
this Financing Agreement to the Trustee as security for the Series 20__ Bonds;
WHEREAS, the Series 20__ Bonds issued under the Indenture will be payable solely
from (i) the Pledged TIF Revenues (as defined herein), which have been or will be pledged by
the Redevelopment Commission to secure the repayment of the Series 20__ Bonds, (ii) the
Taxpayer Direct Payments made by the Borrower under the Taxpayer Agreement (each as
2
hereinafter defined), and (iii) to the extent the foregoing sources are insufficient, from the
repayment of the loan made hereunder; and
In consideration of the premises, the representations, warranties and commitments given
by the Borrower to the Issuer, and other good and valuable consideration, the receipt of which is
hereby acknowledged, the Borrower and the Issuer hereby further covenant and agree as follows:
(End of Recitals)
3
ARTICLE I
DEFINITIONS AND EXHIBITS
Section 1.1. Terms Defined. Capitalized terms used in this Financing Agreement that are
not otherwise defined herein, shall have the meanings provided for such terms in the Indenture.
As used in this Financing Agreement, the following terms shall have the following meanings
unless the context clearly otherwise requires:
“Act” means, collectively, Indiana Code 36-7-11.9 and 36-7-12.
“Affiliate” means an entity which directly or indirectly controls, is controlled by or is
under common control with, the Borrower. For purposes of this provision, “control” (including
the terms “controls”, “controlled by” and “under common control with”) means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of
an entity, whether through the ownership of voting securities, by contract, or other.
“Allocation Area” means the [Smokey & Monon Phase II Allocation Area] established as
an allocation area by the Redevelopment Commission, all in accordance with Indiana Code § 36-
7-14-39 for the purposes of capturing the TIF Revenues.
“Allocation Fund” means the [Smokey & Monon Phase II Allocation Fund] established
under Indiana Code § 36-7-14-39 with respect to the TIF Revenues.
“Annual Fees” means annual Trustee Fees and any other ongoing fees relating to
payment of debt service on the Series 20__ Bonds.
“Bond Fund” means the North End Phase II Project, Series 20__ Bond Fund established
by Section 4.2 of the Indenture.
“Bondholder” or “owner of a Bond” or any similar term means the owner of a Series
20__ Bond.
“Bond Issuance Costs” shall have the meaning assigned thereto in the Indenture.
“Borrower” means [Old Town Companies, L.L.C./ North End Apartments LLC], together
with its successors and assigns under Sections 3.2 and 7.4 hereof.
“Borrower Parties” means, with respect to the Phase II Project or any portion thereof or
this Financing Agreement: (a)(i) the Affiliates, (ii) developers working under contract with the
Borrower or any Affiliate, (iii) joint owners of the Phase II Project or any portion thereof, (iv)
joint (or other) venturers with the Borrower or any Affiliate, (v) lessees of property in the
Allocation Area from the Borrower or any Affiliate, (vi) lessors of property in the Allocation
Area to the Borrower or any Affiliate, and (vii) trusts (business or other) established with or for
the benefit of the Borrower or any Affiliate or the Phase II Project or any portion thereof, and (b)
their successors and assigns.
4
“Capitalized Interest Account” means the Capitalized Interest Account of the
Construction Fund established in Section 4.4 of the Indenture for the purpose of paying interest
on the Series 20__ Bonds through and including February 1, 2028.
“Construction Account” means the Construction Account of the Construction Fund for
the Series 20__ Bonds established in Section 4.4 of the Indenture for the purpose of paying or
reimbursing Project Costs.
“Construction Fund” means the Construction Fund for the Series 20__ Bonds established
in Section 4.4 of the Indenture.
“Disbursement” means the transfer of all or any portion of Net Proceeds by the Trustee to
the Borrower to pay, or reimburse the Borrower for the prior payment of, Project Costs approved
by the City.
“Disbursement Request” shall mean a request from the Borrower for a disbursement of
proceeds of the Series 20__ Bonds from the Construction Account.
“District” means the Redevelopment District of the Issuer.
“Facilities” means all or a portion of the Phase II Project financed with Net Proceeds,
together with all investment earnings thereon.
“Indenture” means the Trust Indenture related to the Series 20__ Bonds, dated as of
__________ 1, 20__ between the Issuer and ______________, as trustee.
“Issuer” means the City of Carmel, Indiana, a municipal corporation duly organized and
validly existing under the laws of the State.
“Loan Payments” means the payments to be made by the Borrower pursuant to Section
3.2 herein.
“Net Proceeds” means the proceeds of the Series 20__ Bonds, less Bond Issuance Costs.
“Ordinance” means [D-2771-25], adopted by the Common Council of the Issuer on
October 3, 2022, authorizing the issuance of the Series 20__ Bonds.
“Phase II Project” means all or a portion of the Phase II Project, as defined in the Project
Agreement.
“Plans and Specifications” means the plans and specifications for the Phase II Project as
provided to the Issuer.
“Pledge Resolution” means Resolution No. ______ adopted by the Redevelopment
Commission on _______ __, 20__, irrevocably dedicating, pledging and assigning to the Issuer
the Pledged TIF Revenues to pay debt service on the Series 20__ Bonds.
5
“Pledged TIF Revenues” means ninety percent (90%) of the TIF Revenues, for any given
year, received by the Redevelopment Commission, deposited into the Allocation Fund and
pledged and assigned to the Issuer in accordance with the terms of the Pledge Resolution. For
the avoidance of doubt, the term “Pledged TIF Revenues” used herein shall have the same
meaning as “Developer Increment Share” with respect to the “Phase II Project” as such terms are
defined and used in the Project Agreement.
“Project Agreement” means the Project Agreement (North End), dated July 8, 2021, as
amended by the First Amendment to Project Agreement, dated as of ________ __, 20__, each of
which is by and between the Redevelopment Commission and North End Apartments LLC.
“Project Costs” shall have the meaning assigned thereto in the Project Agreement.
“Purchaser” shall mean ________________, as purchaser of the Series 20__ Bonds.
“Redevelopment Commission” means the City of Carmel Redevelopment Commission.
“Series 20__ Bonds” means the City of Carmel, Indiana, Economic Development Tax
Increment Revenue Bonds, Series 20__ (North End Phase II Project – Federally Taxable), dated
__________ __, 20__, issued pursuant to the Indenture in the original aggregate principal
amount of $_____________.
“State” means the State of Indiana.
“Surplus Fund” means the Surplus Fund established by Section 4.3 of the Indenture.
“Taxpayer Agreement” means the Taxpayer Agreement related to the Series 20__ Bonds,
dated as of _________ __, 20__, among the Borrower, the Redevelopment Commission and the
Issuer.
“Taxpayer Direct Payments” means amounts required to be paid by the Borrower to the
Redevelopment Commission pursuant to the terms of the Taxpayer Agreement. For the
avoidance of doubt, the Taxpayer Direct Payments solely secure repayment of the Series 20__
Bonds.
“TIF Revenues” means one hundred percent (100%) of all property taxes derived each
year from the assessed valuation of real property in the Allocation Area as of each January 1 in
excess of the base assessed valuation for the Allocation Area described in IC 36-7-14-39(b)(1),
as such statutory provision exists on the date of execution of this Indenture, multiplied by the
current property tax rate (per $100 of net assessed value), and deposited into the Allocation
Fund.
“Trustee” means the trustee at the time serving as such under the Indenture.
Section 1.2. Rules of Interpretation. For all purposes of this Financing Agreement,
except as otherwise expressly provided, or unless the context otherwise requires:
6
(a) “This Financing Agreement” means this instrument as originally executed and as
it may from time to time be supplemented or amended pursuant to the applicable provisions
hereof.
(b) All references in this instrument to designated “Articles,” “Sections” and other
subdivisions are to the designated Articles, Sections and other subdivisions of this instrument as
originally executed. The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Financing Agreement as a whole and not to any particular Article, Section or
other subdivision.
(c) The terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular and the singular as well as the plural.
(d) All accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles as consistently applied.
(e) Any terms not defined herein but defined in the Indenture shall have the same
meaning herein.
(f) The terms defined elsewhere in this Financing Agreement shall have the
meanings therein prescribed for them.
(g) The word “including” and any variation thereof means “including, without
limitation” and must not be construed to limit any general statement that it follows to the specific
or similar items or matters immediately following it.
(h) Where a term is defined, another part of speech or grammatical form of that term
shall have a corresponding meaning.
(End of Article I)
7
ARTICLE II
REPRESENTATIONS; LOAN OF BOND PROCEEDS
Section 2.1. Representations by Issuer. The Issuer represents and warrants that:
(a) The Issuer is a municipal corporation organized and existing under the laws of the
State. Under the provisions of the Act, Issuer is authorized to enter into the transactions
contemplated by this Financing Agreement and to carry out its obligations hereunder. Issuer has
been duly authorized to execute and deliver this Financing Agreement. Issuer agrees that it will
do or cause to be done all things within its control and necessary to preserve and keep in full
force and effect its existence.
(b) The Issuer shall issue its Series 20__ Bonds in the aggregate principal amount of
$_____________, the entirety of which will be loaned to the Borrower to pay, or to reimburse
the Borrower for prior payment of, Project Costs, as approved by the Issuer in order to create and
retain employment opportunities in the City and to benefit the health and general welfare of the
citizens of the City and the State. From such loan amount, the Borrower agrees that (i)
$______________ shall be deposited into the Bond Issuance Expense Account (as defined under
the Indenture) and applied to pay Bond Issuance Costs, (ii) $__________ shall be deposited into
the Capitalized Interest Account and used to pay Capitalized Interest Costs (as defined in the
Indenture) through and including _______ 1, 20__, and (iii) $__________ shall be deposited into
the Construction Account and be available to pay, or to reimburse the Borrower for prior
payment of, Project Costs, as approved by the Issuer.
(c) The Issuer represents and warrants that the Pledge Resolution has been validly
adopted by the Redevelopment Commission, and constitutes the valid and binding obligation of
the Redevelopment Commission, enforceable against the Redevelopment Commission in
accordance with its terms.
(d) The Issuer represents and warrants that this Financing Agreement has been duly
authorized, executed and delivered, and constitutes the valid and binding obligation of the Issuer,
enforceable against the Issuer in accordance with its terms.
(e) Based upon information provided by the Borrower to the Issuer, the Issuer has
found and determined that the Phase II Project qualifies as an “economic development facility”
under the Act.
Section 2.2. Representations by Borrower. The Borrower represents and warrants that:
(a) It is an Indiana limited liability company, duly organized and validly existing
under the laws of the State of Indiana and authorized to transact business in the State, is not in
violation of any laws in any manner material to its ability to perform its obligations under this
Financing Agreement, has full power to enter into and by proper action has duly authorized the
execution and delivery of this Financing Agreement.
8
(b) The Phase II Project is of the type authorized and permitted by the Act. The
Borrower assents to the deposit and disposition of the proceeds of the Series 20__ Bonds in the
manner specified in the Indenture.
(c) The provision of financial assistance to be made available to it under this
Financing Agreement and the Project Agreement from the proceeds of the Series 20__ Bonds,
and the commitments therefor made by the Issuer, have induced the Borrower to undertake the
Phase II Project and such Phase II Project will preserve, create and/or retain jobs and
employment opportunities within the boundaries of the City. Further, the Borrower intends to
operate the Phase II Project, as an economic development facility under the Act, until the
expiration or earlier termination of this Financing Agreement as provided herein.
(d) Neither the execution and delivery of this Financing Agreement, the
consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with
the terms and conditions of this Financing Agreement, conflicts with or results in a breach of the
terms, conditions or provisions of the Borrower’s Operating Agreement or other organizational
document, as the case may be, or any restriction or any agreement or instrument to which the
Borrower is now a party or by which it is bound or to which any of its property or assets is
subject or (except in such manner as will not materially impair the ability of the Borrower to
perform its obligations hereunder) of any statute, order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Borrower or its property, or
constitutes a default under any of the foregoing, or results in the creation or imposition of any
lien, charge or encumbrance whatsoever upon any of the property or assets of the Borrower
under the terms of any instrument or agreement, except as may be set forth in this Financing
Agreement and the Indenture.
(e) There are no actions, suits or proceedings pending, or, to the knowledge of the
Borrower, threatened, before any court, administrative agency or arbitrator which, individually
or in the aggregate, might result in any material adverse change in the financial condition of the
Borrower or might impair the ability of the Borrower to perform its obligations under the Project
Agreement or this Financing Agreement.
(f) The execution and delivery by the Borrower of the Project Agreement or this
Financing Agreement does not require the consent or approval of, the giving of notice to, the
registration with, or the taking of any other action in respect of, any federal, state or other
governmental authority or agency, not previously obtained or performed.
(g) This Financing Agreement has been duly executed and delivered by the Borrower
and constitutes the legal, valid and binding agreement of the Borrower, enforceable against the
Borrower in accordance with its terms, except as may be limited by bankruptcy, insolvency or
other similar laws affecting the enforcement of creditors’ rights in general. The enforceability of
this Financing Agreement is subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding at law or in equity).
(h) No event has occurred and is continuing which with the lapse of time or the
giving of notice would constitute an event of default by the Borrower under the Project
Agreement or this Financing Agreement.
9
(i) The Borrower reaffirms its representations and covenants made in the Project
Agreement.
(j) The Borrower represents that it shall comply with the reporting and compliance
requirements of the City for the purpose of verifying the Borrower’s compliance with the
provisions and representations made herein and in the Project Agreement. The Borrower shall
provide a report to the Issuer within thirty (30) days following the end of each year the Series
20__ Bonds are outstanding specifying the Borrower’s compliance with the provisions herein
and in the Project Agreement.
(k) All representations, warranties and covenants and any obligations of the Borrower
in this Financing Agreement shall expire upon repayment of the Series 20__ Bonds.
(End of Article II)
10
ARTICLE III
PARTICULAR COVENANTS OF THE ISSUER AND COMPANY
Section 3.1. Consent to Assignments to Trustee. The Borrower acknowledges and
consents to the pledge and assignment of the Issuer’s rights hereunder to the Trustee pursuant to
the Indenture and agrees that the Trustee may enforce the rights, remedies and privileges granted
to the Issuer hereunder, other than the rights of the Issuer to execute and deliver supplements and
amendments to this Financing Agreement pursuant to Section 6.1 hereof and in addition to the
rights retained by the Issuer pursuant to Section 4.1(c) hereof as well as those rights granted to
the Issuer under Section 3.5 hereof and Section 6.7 of the Indenture.
Section 3.2. Payment of Principal and Interest; Payment of Pledged TIF Revenues.
(a) In accordance with the Indenture, the Series 20__ Bonds are payable solely and
only from (i) proceeds of the Series 20__ Bonds through and including February 1, 2028, (ii) the
Pledged TIF Revenues, (iii) the Taxpayer Direct Payments, and (iv) to the extent such sources
are insufficient, from the repayment of the loan made hereunder to the Borrower. The Borrower
covenants to repay the loan in amounts sufficient to pay all debt service due on the Series 20__
Bonds plus Annual Fees, to the extent that Pledged TIF Revenues and Taxpayer Direct Payments
from the Borrower are insufficient for such purposes.
(b) Pursuant to Section 4.5 of the Indenture, the Issuer shall transfer on or before each
January 5 and July 5 of each year, commencing July 5, 20__, the Pledged TIF Revenues, the
Taxpayer Direct Payments and any repayments of the loan made hereunder to the Bond Fund
under the Indenture, but no more than shall be necessary for the payment of the principal of and
interest on the Series 20__ Bonds due on the immediately succeeding February 1 or August 1 of
each year (taking into consideration any amounts currently deposited therein), together with
Annual Fees coming due within the next six months. The balance of any Pledged TIF Revenues
in excess of such requirements of the Bond Fund shall be deposited into the Surplus Fund and
applied in according with Section 4.3 of the Indenture.
(c) The balance of any Pledged TIF Revenues in excess of such requirements of the
Bond Fund shall be deposited into the Surplus Fund (as defined in the Indenture). At the
direction of the Issuer, moneys in the Surplus Fund shall, without further authorization, be used
for any purpose permitted by law.
(d) The Issuer covenants that it will not issue any other bonds or incur any other
obligations payable in whole or in part from the Pledged TIF Revenues without the prior written
consent of the Purchaser and the Taxpayer.
Section 3.3. Maintenance of Existence. The Borrower agrees that it will maintain its
existence as a limited liability company and will not dissolve or otherwise dispose of all or
substantially all of its assets, and will not consolidate with or merge into another entity, or permit
one or more other entities to consolidate or merge with it; provided, however, that the foregoing
provisions of this Section shall not apply, and the Borrower shall not have any such obligations
in the event of: (a)(i) the sale or transfer of all of the ownership interests in the Borrower or of all
11
or substantially all of the assets of the Borrower for which the costs of construction or equipping
are being financed with the Net Proceeds, or a merger, consolidation, reorganization or spin-off
involving the Borrower or such assets, either alone or in conjunction with other assets, so long as
the surviving, resulting or transferee entity, as the case may be, assumes in writing all of the
obligations of the Borrower under this Financing Agreement and the Project Agreement; or (ii)
the Issuer having provided the Borrower with its prior written consent to any such proposed
transaction, which consent shall not be unreasonably withheld, or (b) the occurrence of any
transaction described in Section 7.4(b) of this Financing Agreement.
In the event that the Borrower assigns its obligations under this Financing Agreement and
the Project Agreement in accordance with the respective terms hereof and thereof, and is no
longer the Taxpayer under the Taxpayer Agreement, the Borrower shall provide the Trustee with
the successor Taxpayer’s contact information.
Section 3.4. Event of Default; Notice; Termination. The Borrower agrees to perform all
material obligations required by this Financing Agreement and the Project Agreement to be
performed by the Borrower and to comply with all material provisions of this Financing
Agreement and the Project Agreement applicable to the Borrower, in each case to the extent that
a failure to so perform or comply is expressly provided to be an “Event of Default” by the
Borrower or, with the passage of time or the giving of notice, or both, would constitute an “Event
of Default” on the part of the Borrower under this Financing Agreement or the Project
Agreement. Upon an Event of Default, the Issuer shall provide the Series 20__ Borrower with
notice of such Event of Default and the Borrower shall have thirty (30) days to cure such Event
of Default. Should the Borrower fail to remedy an Event of Default that is satisfactory to the
Issuer, the Issuer may terminate this Financing Agreement and direct the Trustee under the
Indenture to withhold any distribution of the Net Proceeds of the Series 20__ Bonds to the
Borrower under the Indenture or take such other action as provided within the Indenture or the
Project Agreement.
Section 3.5. Indemnity The Borrower will pay, and protect, indemnify and save the
Issuer (including members, directors, officials, officers, agents, attorneys and employees
thereof), the Bondholders and the Trustee harmless from and against, all liabilities, losses,
damages, costs, expenses (including attorneys’ fees and expenses of the Issuer and the Trustee),
causes of action, suits, claims, demands and judgments of any nature arising from or relating to:
(a) Violation by the Borrower of any agreement or condition of this Financing
Agreement;
(b) Violation of any contract, agreement or restriction by the Borrower relating to the
Phase II Project, or a part thereof;
(c) Violation of any law, ordinance or regulation by the Borrower in connection with
the Phase II Project, or a part thereof;
(d) Any act, failure to act or material misrepresentation by the Borrower, or any of
the Borrower’s agents, contractors, servants, employees or licensees; and
12
(e) The provision of any information or certification furnished by the Borrower to the
Bondholders in connection with the issuance and sale of the Series 20__ Bonds or the Phase II
Project which is materially misleading or false.
The Borrower hereby further agrees to indemnify and hold harmless the Trustee from and
against any and all costs, claims, liabilities, losses or damages whatsoever (including reasonable
costs and fees of counsel, auditors or other experts), asserted or arising out of or in connection
with the acceptance or administration of the trusts established pursuant to the Indenture, except
costs, claims, liabilities, losses or damages resulting from the gross negligence or willful
misconduct of the Trustee, including the reasonable costs and expenses (including the reasonable
fees and expenses of its counsel) of defending itself against any such claim or liability in
connection with its exercise or performance of any of its duties hereunder and of enforcing this
indemnification provision. The indemnifications set forth herein shall survive the termination of
the Indenture and/or the resignation or removal of the Trustee for so long as the Series 20__
Bonds are outstanding.
The foregoing shall not be construed to prohibit the Borrower from pursuing its remedies
against either the Issuer or the Trustee for damages to the Borrower resulting from personal
injury or property damage caused by the intentional misrepresentation or misconduct of either
the Issuer or the Trustee.
Section 3.6. Payment of Bond Issuance Costs of Bonds, Other Fees and Expenses. The
Borrower hereby covenants and agrees to pay all Bond Issuance Costs and any related
transactional costs, fees or expenses incurred by the Issuer in connection with the issuance of the
Series 20__ Bonds, including legal, municipal advisory and/or accounting fees, charges and
expenses, Trustee and other fiduciary fees and expenses, and Issuer fees and expenses, all of
which are obligations of the Borrower; provided, however, pursuant to the terms of the Project
Agreement, the Borrower shall have the right to pay such amounts from the proceeds of the sale
of the Series 20__ Bonds.
Section 3.7. Completion and Use of Facilities.
(a) The Borrower agrees that it has or will, on or before December 31, 2026, make,
execute, acknowledge and deliver (or cause to be made, executed, acknowledged and delivered)
any contracts, orders, receipts, writings and instructions with any other persons, firms or
corporations and in general do all things reasonably within its power which may be requisite or
proper, for the substantial completion (as certified by the Borrower) of the acquisition,
construction, expansion, equipping and improvement of the Facilities in substantial compliance
with the Plans and Specifications and, upon subsequent completion of the Facilities, the
Borrower will operate and maintain the Facilities in such manner as reasonably possible so as to
conform with all applicable and material zoning, planning, building, environmental and other
applicable governmental regulations and so as to be consistent with the Act.
(b) The Issuer shall deposit all proceeds from the sale of the Series 20__ Bonds in the
manner specified in Article III of the Indenture, and the Issuer shall maintain such proceeds and
funds in the manner specified in Article IV of the Indenture. Under the Indenture, the Trustee,
on behalf of the Issuer, is authorized and will be directed from time to time to make payments
13
from the Construction Account to pay for costs of the Facilities approved by the Issuer, or to
reimburse Borrower for any costs of the Facilities approved by the Issuer, with any such
disbursements to be made in accordance with the terms and conditions of the Indenture, this
Financing Agreement, and the Project Agreement. The Borrower shall submit Disbursement
Requests in accordance with the terms and conditions of the Project Agreement, and the Issuer
agrees to direct such requisitions to the Trustee as may be necessary to effect payments out of the
Construction Account for costs of the Facilities approved by the Issuer, all in accordance with
Section 4.4(c) of the Indenture, this Financing Agreement and any such terms or conditions set
forth in the Project Agreement.
(c) Any moneys remaining in the Construction Account after completion of the
Facilities shall be transferred and applied in the manner provided in Section 4.4 of the Indenture.
(d) The Borrower hereby acknowledges receipt of a copy of the Indenture.
Section 3.8. Other Amounts Payable by the Borrower. The Borrower covenants and
agrees to pay the following, to the extent that such expenses are not included in the Series 20__
Bonds:
(a) All reasonable fees, charges and expenses, including agent and counsel fees and
expenses, of the Trustee incurred under the Indenture, as and when the same become due to the
extent Pledged TIF Revenues of the Redevelopment Commission are not available.
(b) An amount sufficient to reimburse the Issuer for all expenses reasonably incurred
by the Issuer under this Financing Agreement and in connection with the performance of its
obligations under this Financing Agreement, the Project Agreement or the Indenture.
(c) All reasonable expenses incurred in connection with the enforcement of any rights
under this Financing Agreement, the Project Agreement or the Indenture by the Issuer, the
Trustee or the Bondholders.
(d) All other payments of whatever nature which the Borrower has agreed to pay or
assume under the provisions of the Financing Agreement or the Project Agreement.
Notwithstanding anything in this Section 3.8 to the contrary, the Borrower may, without
creating an event of default as herein defined, after making the payments required by this Section
3.8, contest in good faith the necessity for any such services, fees, charges or expenses of the
Issuer or the Trustee.
(End of Article III)
14
ARTICLE IV
EVENTS OF DEFAULT AND REMEDIES THEREFOR
Section 4.1. Events of Default.
(a) Each of the following events is hereby declared an “event of default,” that is to
say, if:
(i) Failure of the Borrower to pay any amount payable on the loan pursuant to
Section 3.2(a) hereof when the same is due and payable; or
(ii) Failure of the Borrower to perform any non-payment related covenant, condition
or provision hereof and to remedy such default within thirty (30) days after written notice
thereof from the Trustee to the Borrower; provided that, if the failure is of such a nature
that it cannot be remedied within thirty (30) days, despite reasonably diligent efforts, then
the 30-day period shall be extended as reasonably may be necessary for the Borrower to
remedy the failure, so long as the Borrower: (A) commences to remedy the failure within
the 30-day period; and (B) diligently pursues such remedy to completion; or
(iii) Any event of default as defined in the Taxpayer Agreement or in Section 17 of the
Project Agreement shall occur and be continuing.
(b) During the occurrence and continuance of any Event of Default hereunder, the
Trustee, as assignee of the Issuer pursuant to the Indenture, and in addition to the rights retained
by the Issuer as provided in Section 4.1(c) hereof, on behalf of any unpaid Bondholders shall
have the rights and remedies hereinafter set forth, in addition to any other remedies herein or by
law provided. The Trustee, personally or by attorney, may in its discretion, proceed to protect
and enforce its rights by a suit or suits in equity or at law, whether for damages or for the specific
performance of any covenant or agreement contained in this Financing Agreement or in aid of
the execution of any power herein granted, or for the enforcement of any other appropriate legal
or equitable remedy, as the Trustee shall deem most effectual to protect and enforce any of its
rights or duties hereunder. If after any Event of Default occurs and prior to the Trustee
exercising any of the remedies provided in this Financing Agreement, the Borrower will have
completely cured such Event of Default, and shall have provided the Trustee with evidence
thereof to the reasonable satisfaction of the Trustee, then in every case such Event of Default will
be waived, rescinded and annulled by the Trustee by written notice given to the Borrower. No
such waiver, annulment or rescission will affect any subsequent default or impair any right or
remedy consequent thereon.
(c) Notwithstanding anything herein to the contrary, during the occurrence and
continuance of an Event of Default by the Borrower arising from a breach of representations as
set forth in Section 2.2 hereof, or a breach of the covenants of the Borrower set forth in Section
3.7 or 3.8 hereof, the Issuer may in its discretion, proceed to protect and enforce its rights under
this Agreement by a suit or suits in equity or at law, whether for damages or for the specific
performance, including the recovery of reasonable attorney’s fees.
15
Section 4.2. Remedies Cumulative. No remedy herein conferred upon or reserved to the
Trustee or Issuer is intended to be exclusive of any other remedy or remedies, and each and
every such remedy shall be cumulative, and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by statute.
Section 4.3. Delay or Omission Not a Waiver. No delay or omission of the Trustee or
Issuer to exercise any right or power accruing upon any Event of Default shall impair any such
right or power, or shall be construed to be a waiver of any such Event of Default or an
acquiescence therein; and every power and remedy given by this Financing Agreement to the
Trustee and Issuer may be exercised from time to time and as often as may be deemed expedient
by the Trustee or Issuer, as the case may be.
(End of Article IV)
16
ARTICLE V
IMMUNITY
Section 5.1. Extent of Covenants of Issuer; No Personal Liability. No recourse shall be
had for the payment of the principal of or interest on any of the Series 20__ Bonds or for any
claim based thereon or upon any obligation, covenant or agreement contained in the Series 20__
Bonds, the Indenture, the Project Agreement or this Financing Agreement against any past,
present or future member, director, officer, agent, attorney or employee of the Issuer, or any
incorporator, member, director, officer, employee, agent, attorney or trustee of any successor
thereto, as such, either directly or through the Issuer or any successor thereto, under any rule of
law or equity, statute or constitution or by the enforcement of any assessment or penalty or
otherwise, and all such liability of any such incorporator, member, director, officer, employee,
agent, attorney or trustee as such is hereby expressly waived and released as a condition of and
consideration for the execution of the Indenture and this Financing Agreement (and any other
agreement entered into by the Issuer with respect thereto) and the issuance of the Series 20__
Bonds.
Section 5.2. Liability of Issuer. Any and all obligations of the Issuer under this Financing
Agreement are special, limited obligations of the Issuer, payable solely out of the Pledged TIF
Revenues, the Taxpayer Direct Payments and any repayments of the loan made hereunder and as
otherwise provided under the Indenture. The obligations of the Issuer hereunder shall not be
deemed to constitute an indebtedness or an obligation of the Issuer, the State or any political
subdivision or taxing authority thereof within the purview of any constitution limitation or
provision, or a pledge of the faith and credit or a charge against the credit or general taxing
powers, if any, of the Issuer, the State or any political subdivision or taxing authority thereof.
(End of Article V)
17
ARTICLE VI
AMENDMENTS TO THIS FINANCING AGREEMENT
Section 6.1. Amendments to this Financing Agreement. Subject to the provisions of
Article X of the Indenture, the Borrower and the Issuer may from time to time enter into such
supplements and amendments to this Financing Agreement as to them may seem necessary or
desirable to effectuate the purposes or intent hereof.
(End of Article VI)
18
ARTICLE VII
MISCELLANEOUS PROVISIONS
Section 7.1. Financing Agreement for Benefit of Parties Hereto. Nothing in this
Financing Agreement, express or implied, is intended or shall be construed to confer upon, or to
give to, any person other than the parties hereto, their successors and assigns, any right, remedy
or claim under or by reason of this Financing Agreement or any covenant, condition or
stipulation hereof; and the covenants, stipulations and agreements in this Financing Agreement
contained are and shall be for the sole and exclusive benefit of the parties hereto, their successors
and assigns, and the Trustee.
Section 7.2. Severability. In case any one or more of the provisions contained in this
Financing Agreement shall be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and therein shall not in
any way be affected or impaired thereby.
Section 7.3. Addresses for Notice and Demands. All notices, demands, certificates or
other communications hereunder shall be sufficiently given when received or your first refusal
thereof and mailed by certified mail, postage prepaid, or sent by nationally recognized overnight
courier with proper address as indicated below. The Issuer, the Borrower and the Trustee may,
by written notice given by each to the others, designate any address or addresses to which
notices, demands, certificates or other communications to them shall be sent when required as
contemplated by this Financing Agreement. Until otherwise provided by the respective parties,
all notices, demands, certificates and communications to each of them shall be addressed as
follows:
To the Issuer: City of Carmel, Indiana
Attention: Mayor
One Civic Square
Carmel, IN 46032
To the Borrower: __________________
Attention: _________
__________________
________, IN ________
with a copy to:
__________________
Attention: _________
__________________
________, IN ________
To the Trustee: ______________
Attention: Corporate Trust Department
19
____________
____________
Indianapolis, IN 46204
Section 7.4. Successors and Assigns.
(a) Whenever in this Financing Agreement any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be included and all the
covenants, promises and agreements in this Financing Agreement contained by or on behalf of
the Borrower, or by or on behalf of the Issuer, shall bind and inure to the benefit of the respective
successors and assigns, whether so expressed or not.
(b) The Borrower may assign this Financing Agreement or any of its rights or
obligations under this Financing Agreement (i) to one or more of the Borrower Parties, (ii) to
their successors and assigns, (iii) to one or more entities acquiring all of the ownership interests
of the Borrower or (either alone or as part of the acquisition of other assets of the Borrower) all
or substantially all of the assets for which the costs of construction or equipping are being
financed with the proceeds of the sale of the Series 20__ Bonds, or (iv) in connection with a
merger, consolidation, reorganization or spin-off involving the Borrower or such assets, either
alone or in connection with other assets; provided, however, the surviving, resulting or transferee
entity to whom this Financing Agreement is assigned, as the case may be, shall undertake to
assume severally, but not jointly and severally, all of the Borrower’s obligations under this
Financing Agreement and the Project Agreement.
Section 7.5. Counterparts. This Financing Agreement is being executed in any number of
counterparts, each of which is an original and all of which are identical. Each counterpart of this
Financing Agreement is to be deemed an original hereof and all counterparts collectively are to
be deemed but one instrument.
Section 7.6. Governing Law. It is the intention of the parties hereto that this Financing
Agreement and the rights and obligations of the parties hereunder shall be governed by and
construed and enforced in accordance with, the laws of Indiana.
(End of Article VII)
DMS 47236775.2
IN WITNESS WHEREOF, the Issuer and the Borrower have caused this Financing and
Loan Agreement to be executed in their respective names as of the date first above written.
“THE BORROWER”
NORTH END APARTMENTS, LLC
an Indiana limited liability company
By: North End Holdings, LLC,
a Delaware limited liability company,
its Manager
By: ____________________________
____________, Manager
“THE ISSUER”
CITY OF CARMEL, INDIANA
Sue Finkam, Mayor
Attest:
Jacob Quinn, Clerk
[SIGNATURE PAGE OF THE FINANCING AND LOAN AGREEMENT BETWEEN
NORTH END APARTMENTS, LLC AND THE CITY OF CARMEL, INDIANA]
Draft of 4/25/25
TRUST INDENTURE
BETWEEN
CITY OF CARMEL, INDIANA
AND
[TRUSTEE],
Indianapolis, Indiana
As Trustee
$[XX,XXX,XXX]
CITY OF CARMEL, INDIANA
ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE BONDS, SERIES 20____
(NORTH END PHASE II PROJECT [– FEDERALLY TAXABLE])
Dated as of _____________ 1, 20___
TABLE OF CONTENTS
Page
ARTICLE I. DEFINITIONS ........................................................................................................ 10
Section 1.1. Terms Defined .............................................................................................. 10
Section 1.2. Rules of Interpretation .................................................................................. 14
Section 1.3. Exhibits ......................................................................................................... 14
ARTICLE II. THE BONDS .......................................................................................................... 15
Section 2.1. Authorized Amount of Series 20__ Bonds ................................................... 15
Section 2.2. Issuance of Series 20__ Bonds ..................................................................... 15
Section 2.3. Payment on Bonds ........................................................................................ 16
Section 2.4. Execution; Limited Obligation ..................................................................... 17
Section 2.5. Authentication ............................................................................................... 17
Section 2.6. Form of Bonds .............................................................................................. 17
Section 2.7. Delivery of Series 20__ Bonds ..................................................................... 18
Section 2.8. Issuance of Additional Bonds ....................................................................... 18
Section 2.9. Mutilated, Lost, Stolen, or Destroyed Bonds ................................................ 19
Section 2.10. Registration and Exchange of Bonds; Persons Treated as Owners .............. 20
ARTICLE III. APPLICATION OF SERIES 20__ BONDS PROCEEDS ................................... 21
Section 3.1. Deposit of Funds ........................................................................................... 21
ARTICLE IV. REVENUE AND FUNDS .................................................................................... 22
Section 4.1. Source of Payment of Bonds......................................................................... 22
Section 4.2. Bond Fund ..................................................................................................... 22
Section 4.3. Surplus Fund ................................................................................................. 23
Section 4.4. Construction Fund ......................................................................................... 23
Section 4.5. TIF Revenues ................................................................................................ 24
Section 4.6. Trust Funds ................................................................................................... 24
Section 4.7. Investment ..................................................................................................... 25
ARTICLE V. REDEMPTION OF SERIES 20__ BONDS BEFORE MATURITY ................... 26
Section 5.1. Redemption Dates and Prices ....................................................................... 26
Section 5.2. Notice of Redemption ................................................................................... 26
Section 5.3. Cancellation .................................................................................................. 26
Section 5.4. Redemption Payments .................................................................................. 26
Section 5.5. Partial Redemption of Bonds ........................................................................ 26
ARTICLE VI. GENERAL COVENANTS................................................................................... 28
Section 6.1. Payment of Principal and Interest ................................................................. 28
Section 6.2. Performance of Covenants ............................................................................ 28
Section 6.3. Ownership; Instruments of Further Assurance ............................................. 29
Section 6.4. Filing of Indenture, Financing Agreement and Security Instruments ........... 29
Section 6.5. Inspection of Books ...................................................................................... 29
Section 6.6. List of Bondholders....................................................................................... 29
ii
Section 6.7. Rights Under Financing Agreement ............................................................. 29
Section 6.8. Investment of Funds ...................................................................................... 29
Section 6.9. Non-presentment of Bonds ........................................................................... 29
ARTICLE VII. DEFAULTS AND REMEDIES .......................................................................... 31
Section 7.1. Events of Default .......................................................................................... 31
Section 7.2. Acceleration; Termination of TIF Revenue Pledge ...................................... 31
Section 7.3. Remedies; Rights of Bondholders ................................................................ 31
Section 7.4. Right of Bondholders to Direct Proceedings ................................................ 32
Section 7.5. Application of Moneys ................................................................................. 32
Section 7.6. Remedies Vested In Trustee ......................................................................... 34
Section 7.7. Rights and Remedies of Bondholders ........................................................... 34
Section 7.8. Termination of Proceedings .......................................................................... 34
Section 7.9. Waivers of Events of Default ........................................................................ 34
ARTICLE VIII. THE TRUSTEE AND PAYING AGENT ......................................................... 36
Section 8.1. Acceptance of the Trusts ............................................................................... 36
Section 8.2. Fees, Charges and Expenses of Trustee and Paying Agent .......................... 39
Section 8.3. Notice to Bondholders if Default Occurs...................................................... 39
Section 8.4. Intervention by Trustee ................................................................................. 39
Section 8.5. Successor Trustee.......................................................................................... 39
Section 8.6. Resignation by the Trustee............................................................................ 40
Section 8.7. Removal of the Trustee ................................................................................. 40
Section 8.8. Appointment of Successor Trustee by the Bondholders; Temporary
Trustee .......................................................................................................... 40
Section 8.9. Concerning Any Successor Trustees ............................................................ 40
Section 8.10. Trustee Protected in Relying Upon Resolutions, etc .................................... 41
Section 8.11. Appointment of Paying Agent and Registrar; Resignation or Removal
of Paying Agent ........................................................................................... 41
ARTICLE IX. SUPPLEMENTAL INDENTURES ..................................................................... 42
Section 9.1. Supplemental Indentures Not Requiring Consent of Bondholders ............... 42
Section 9.2. Supplemental Indentures Requiring Consent of Bondholders ...................... 42
Section 9.3. Opinion ......................................................................................................... 43
ARTICLE X. AMENDMENTS TO THE FINANCING AGREEMENT .................................... 44
Section 10.1. Amendments, etc........................................................................................... 44
Section 10.2. Amendments, etc........................................................................................... 44
Section 10.3. Opinion ......................................................................................................... 44
ARTICLE XI. MISCELLANEOUS ............................................................................................. 45
Section 11.1. Satisfaction and Discharge ............................................................................ 45
Section 11.2. Defeasance of Bonds..................................................................................... 45
Section 11.3. Cancellation of Series 20__ Bonds ............................................................... 46
Section 11.4. Application of Trust Money .......................................................................... 46
Section 11.5. Consents, etc., of Bondholders ..................................................................... 47
Section 11.6. Limitation of Rights ...................................................................................... 47
iii
Section 11.7. Severability ................................................................................................... 47
Section 11.8. Notices .......................................................................................................... 48
Section 11.9. Counterparts .................................................................................................. 48
Section 11.10. Applicable Law ............................................................................................. 48
Section 11.11. Immunity of Officers and Directors .............................................................. 48
Section 11.12. Holidays ........................................................................................................ 48
TRUST INDENTURE
THIS TRUST INDENTURE dated as of the ____ day of _____________, 20___, by and
between the CITY OF CARMEL, INDIANA (“Issuer”), a municipal corporation duly organized
and existing under the laws of the State of Indiana and [TRUSTEE], a [national banking
association duly organized, existing and authorized to accept and execute trusts of the character
herein set out under the laws of the United States of America with its Indiana corporate trust
office in the City of Indianapolis, Indiana], as Trustee (“Trustee”);
WITNESSETH:
WHEREAS, Indiana Code, Title 36, Article 7, Chapters 11.9, 12, 14 and 25 (collectively,
“Act”), authorize and empower the Issuer to issue revenue bonds and to provide the proceeds
therefrom for the purpose of financing economic development facilities and vests such Issuer
with powers that may be necessary to enable it to accomplish such purposes; and
WHEREAS, in accordance with the provisions of the Act, the Issuer has induced
[Company or an affiliate thereof] (the “Company”), to proceed with the construction of the
projects described in Exhibit A attached hereto (collectively, the “Phase II Projects”) in the
jurisdiction of the Issuer by offering to issue its Economic Development Tax Increment Revenue
Bonds, Series 20_____ (North End Phase II Project [- Federally Taxable]) in the aggregate
principal amount of $[XX,XXX,XXX] (“Series 20__ Bonds”) pursuant to this Trust Indenture
and to provide the proceeds thereof to the Company pursuant to the Financing Agreement, dated
as of _____________ 1, 20___ (“Financing Agreement”) for the purpose of paying certain costs
of the Phase II Project[, including capitalized interest on the Series 20__ Bonds]; and
WHEREAS, the execution and delivery of this Indenture and the issuance of revenue
bonds under the Act as herein provided have been in all respects duly and validly authorized by
proceedings duly passed on and approved by the Issuer; and
WHEREAS, after giving notice in accordance with the Act and IC 5-3-1-4, the Issuer
held a public hearing, and upon finding that the Phase II Project and the proposed financing
thereof will create additional employment opportunities in the City of Carmel; will benefit the
health, safety, morals, and general welfare of the citizens of the Issuer and the State of Indiana;
and will comply with the purposes and provisions of the Act, adopted an ordinance approving the
proposed financing; and
WHEREAS, the Act provides that such bonds may be secured by a trust indenture
between the Issuer and a corporate trustee; and
WHEREAS, the execution and delivery of this Trust Indenture (“Indenture”), and the
issuance of the Series 20__ Bonds hereunder have been in all respects duly and validly
authorized by an ordinance duly passed and approved by the Issuer (the “Ordinance”); and
WHEREAS, Indiana Code, Title 36, Article 7, Chapter 14 provides that a redevelopment
commission of the Issuer may pledge certain incremental property taxes to pay, in whole or in
part, amounts due on the Series 20__ Bonds; and
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WHEREAS, the Carmel Redevelopment Commission has, by resolution, irrevocably
dedicated and pledged to the Issuer the Pledged TIF Revenues (as hereinafter defined) to pay the
Series 20__ Bonds; and
WHEREAS, the Series 20__ Bonds and the Trustee’s certificate of authentication to be
endorsed thereon are all to be in substantially the following forms, and any Additional Bonds and
Trustee’s certificate of authentication are also to be in substantially the following forms (except
as to redemption, sinking fund and other provisions peculiar to such Additional Bonds), with
necessary and appropriate variations, omissions and insertions as permitted or required by this
Indenture, to-wit:
(Form of Series 20__ Bond)
R - __
UNITED STATES OF AMERICA
STATE OF INDIANA COUNTY OF HAMILTON
CITY OF CARMEL, INDIANA
ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE BOND, SERIES 20__
(NORTH END PHASE II PROJECT [– FEDERALLY TAXABLE])
MATURITY
DATES
INTEREST
RATE
ORIGINAL
DATE
AUTHENTICATION
DATE
As set forth in Exhibit A _____% ___________, 20___ _________, 20___
REGISTERED OWNER: _____________________________
PRINCIPAL AMOUNT: ___________________________ DOLLARS ($[XX,XXX,XXX])
The City of Carmel, Indiana (“Issuer”), a municipal corporation duly organized and
existing under the laws of the State of Indiana, for value received, hereby promises to pay in
lawful money of the United States of America to the Registered Owner listed above, but solely
from available amounts held in the Trust Estate (including Pledged TIF Revenues) hereinafter
referred to pledged and assigned for the payment hereof, the Principal Amount set forth above or
such lesser amount as has been advanced and remains unpaid on the Maturity Dates specified on
Exhibit A, unless this Series 20__ Bond shall have previously been called for redemption and
payment of the redemption price made or provided for or unless payments shall be accelerated as
provided in the Indenture, and to pay interest thereon until the Principal Amount shall be fully
paid at the Interest Rate stated above on the unpaid principal amount hereof in like money, but
solely from those payments, payable on ________ 1, 20____, and on each February 1 and
August 1 thereafter (“Interest Payment Dates”) until the unpaid Principal Amount advanced is
paid in full.
The unpaid principal amount of this Series 20__ Bond shall be the total amounts
advanced by the Registered Owner from time to time, less any prior redemption of the principal
amount due, as set forth on Exhibit B hereto. The aggregate amount of advances made under
3
this Series 20__ Bond may not exceed $[XX,XXX,XXX], and the final advance may not occur
after February 1, 20__. The principal amounts advanced shall be evidenced by the execution by
the Controller of the City of a Disbursement Request in form and substance satisfactory to the
Registered Owner.
Interest on this bond shall be payable from the interest payment date to which interest has
been paid next preceding the Authentication Date of this bond unless this bond is authenticated
after the fifteenth day of the month immediately preceding the interest payment date (the
“Record Date”) and on or before such interest payment date in which case it shall bear interest
from such interest payment date, or unless this bond is authenticated on or before _________ 15,
20____, in which case it shall bear interest from the Original Date, which interest is payable
semi-annually on February 1 and August 1 of each year, beginning on _______ 1, 20___.
Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months.
The principal and premium, if any, of this Series 20__ Bond are payable at the corporate
trust operations office of [Trustee], as Trustee, in the Indianapolis, Indiana, or at the principal
office of any successor trustee or paying agent, or, if payment is made to a depository, by wire
transfer of immediately available funds on the payment date. All payments of interest hereon
will be made by the Trustee by check mailed on each Interest Payment Date to the Registered
Owner hereof at the address shown on the registration books of the Trustee as maintained by the
Trustee, as registrar, determined on the Record Date next preceding such Interest Payment Date,
or, if payment is made to a depository, by wire transfer of immediately available funds on the
Interest Payment Date. If the payment date occurs on a date when financial institutions are not
open for business, the wire transfer shall be made on the next succeeding business day. The
Trustee shall wire transfer payments so such payments are received at the depository by 2:30
p.m. (New York City time). [This Series 20___ Bond only needs to be presented for payment of
principal and premium upon redemption in full or final maturity.]
This Series 20__ Bond is the only one of the Issuer’s Economic Development Tax
Increment Revenue Bonds, Series 20_____ (North End Phase II Project [- Federally Taxable])
(hereinbefore and hereinafter the “Series 20__ Bonds”) which are being issued under the
hereinafter described Indenture in the aggregate principal amount of $[XX,XXX,XXX]. The
Series 20__ Bonds are being issued for the purpose of providing funds to finance the
construction of certain infrastructure and related improvements (“Projects”) located in or directly
serving and benefiting the Old Town Economic Development Area in the City of Carmel,
Indiana, to be constructed by [Old Town Companies, L.L.C.] (“Company”), by providing such
funds to the Company pursuant to the Financing Agreement dated as of _______________ 1,
20___ (“Financing Agreement”) between the Company and the Issuer. Except as otherwise
provided in Section 2.2 of the Indenture, each Series 20__ Bond will be payable on parity with
all other Series 20__ Bonds.
The Series 20__ Bonds are issued under and entitled to the security of a Trust Indenture
dated as of _______________ 1, 201___ (“Indenture”) duly executed and delivered by the Issuer
to [Trustee], as Trustee (the term “Trustee” where used herein referring to the Trustee or its
successors), pursuant to which Indenture, the Trust Estate including the Pledged TIF Revenues
(each as defined in the Indenture ) and all rights of the Issuer under the Financing Agreement,
except certain rights to payment for expenses, indemnity rights and rights to perform certain
4
discretionary acts as set forth in the Financing Agreement, are pledged and assigned by the Issuer
to the Trustee as security for the Series 20__ Bonds.
THE OWNER OF THIS BOND, BY ACCEPTANCE OF THIS SERIES 20__ BOND,
HEREBY AGREES TO ALL OF THE TERMS AND PROVISIONS IN THE INDENTURE
AND THIS SERIES 20__ BOND AND ACKNOWLEDGES THAT:
1. It is an “accredited investor” (as defined in Rule 501(a)(8) under the Securities
Act of 1933, as amended (“1933 Act”)), purchasing bonds for its own account, and it is acquiring
the Series 20__ Bonds for investment purposes and not with a view to, or for offer or sale in
connection with, any distribution in violation of the 1933 Act. It has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risk of
its investment in the Series 20__ Bonds, and it, and any investor accounts for which it is acting
are able to bear the economic risk of their or its investment for an indefinite period of time. It
confirms that neither the Issuer nor any person acting on its behalf has offered to sell the Series
20__ Bonds by, and that it has not been made aware of the offering of the Series 20__ Bonds by,
any form of general solicitation or general advertising, including, but not limited to, any
advertisement, article, notice or other communication published in any newspaper, magazine or
similar media or a broadcast over television or radio.
2. It is familiar with the Issuer and the Company; it has received such information
concerning the Issuer and the Company, the Series 20__ Bonds and the Trust Estate including
the Pledged TIF Revenues (as defined in the Indenture), as it deems to be necessary in
connection with investment in the Series 20__ Bonds. It has received, read and commented upon
copies of the Indenture and the Financing Agreement. Prior to the purchase of the Series 20__
Bonds, it has been provided with the opportunity to ask questions of and receive answers from
the representatives of the Issuer and the Company concerning the terms and conditions of the
Series 20__ Bonds, the tax status of the Series 20__ Bonds, legal opinions and enforceability of
remedies, the security therefor, and property tax reform, and to obtain any additional information
needed in order to verify the accuracy of the information obtained to the extent that the Issuer
and the Company possess such information or can acquire it without unreasonable effort or
expense. It is not relying on Barnes & Thornburg LLP or Baker Tilly Municipal Advisors, LLC
for information concerning the financial status of the Issuer and the Company or the ability of the
Issuer and the Company to honor their respective financial obligations or other covenants under
the Series 20__ Bonds, the Indenture or the Financing Agreement. It understands that the
projection of Pledged TIF Revenues prepared in connection with the issuance of the Series 20__
Bonds has been based on estimates of the investment in real property provided by the Company.
3. It is acquiring the Series 20__ Bonds for its own account with no present intent to
resell; and will not sell, convey, pledge or otherwise transfer the Series 20__ Bonds to an entity
that is not an accredited investor without prior compliance with applicable registration and
disclosure requirements of state and federal securities laws.
4. It understands that the Series 20__ Bonds have not been registered under the 1933
Act and, unless so registered, may not be sold to an entity that is not an accredited investor
without registration under the 1933 Act or an exemption therefrom. It is aware that it may
transfer or sell the Series 20__ Bonds to an entity that is not an accredited investor only if the
5
Trustee shall first have received (i) a satisfactory opinion of counsel that the sale or transfer will
not violate the 1933 Act, the Securities Exchange Act of 1934 and the Investment Company Act
of 1940 and regulations issued pursuant to such Acts, or (ii) a no-action letter of the staff of the
Securities and Exchange Commission that the staff will recommend that no action be taken with
respect to such sale or transfer, or (iii) a certificate stating that it reasonably believes that the
transferee is a “Qualified Institutional Buyer” within the meaning of Section (a) of Rule 144A
(“Rule 144A”) promulgated by the Securities and Exchange Commission pursuant to the 1933
Act and has informed the transferee of the transfer restrictions applicable to the Series 20__
Bonds and that the transferor may be relying upon Rule 144A with respect to the transfer of the
Series 20__ Bonds.
5. It understands that the sale or transfer of the Series 20__ Bonds in principal
amounts less than $100,000 to an entity that is not an accredited investor is prohibited other than
through a primary offering.
6. It has investigated the security for the Series 20__ Bonds, including the
availability of the Trust Estate including the Pledged TIF Revenues to its satisfaction, and it
understands that the Series 20__ Bonds are payable from the available Trust Estate including the
Pledged TIF Revenues. It further understands that the Issuer does not have the power or the
authority to levy a tax to pay the principal of or interest on the Series 20__ Bonds.
7. [It understands that the interest on the Series 20__ Bonds is taxable for federal
income tax purposes.]
It is provided in the Indenture that the Issuer may hereafter issue Additional Bonds (as
defined in the Indenture) from time to time under certain terms and conditions contained therein
(such Additional Bonds and the Series 20__ Bonds are hereinafter collectively referred to as the
“Bonds”). Reference is made to the Indenture and to all indentures supplemental thereto and to
the Financing Agreement for a description of the nature and extent of the security, the rights,
duties and obligations of the Issuer and the Trustee, the rights of the holders of the Bonds, the
issuance of Additional Bonds and the terms on which the Bonds are or may be issued and
secured, and to all the provisions of which the holder hereof by the acceptance of this Series
20__ Bond assents.
The Series 20__ Bonds are issuable in registered form without coupons in the
denominations of $100,000 and any $1.00 integral multiples thereafter. The sale or transfer of
this Series 20__ Bond in principal amounts of less than $100,000 is prohibited to an entity that is
not an accredited investor other than through a primary offering. This Series 20__ Bond is
transferable by the registered holder hereof in person or by its attorney duly authorized in writing
at the corporate trust operations office of the Trustee, but only in the manner, subject to the
limitations and upon payment of the charges provided in the Indenture and upon surrender and
cancellation of this Series 20__ Bond. Upon such transfer a new registered Bond will be issued
to the transferee in exchange therefor.
The Issuer, the Trustee and the Paying Agent may deem and treat the Registered Owner
hereof as the absolute owner hereof for the purpose of receiving payment of or on account of
principal hereof and premium, if any, hereon and interest due hereon and for all other purposes
6
and neither the Issuer nor the Trustee nor the Paying Agent shall be affected by any notice to the
contrary.
If sufficient funds are on deposit in the Bond Fund, the Series 20__ Bonds shall be
subject to redemption prior to maturity at the option of the Issuer on any date, upon thirty (30)
days’ notice, in whole or in part in such order of maturity as the Issuer shall direct and by lot
within maturities on any date, from any moneys made available for that purpose, at face value
and without premium, plus in each case accrued interest to the date fixed for redemption.
If any of the Series 20__ Bonds are called for redemption as aforesaid, notice thereof
identifying the Series 20__ Bonds to be redeemed will be given by mailing a copy of the
redemption notice by first class mail not less than thirty (30) days nor more than sixty (60) days
prior to the date fixed for redemption to the Registered Owner of the Series 20__ Bonds to be
redeemed at the address shown on the registration books; provided, however, that failure to give
such notice by mailing, or any defect therein with respect to any registered Series 20__ Bond,
shall not affect the validity of any proceedings for the redemption of other Series 20__ Bonds.
All Series 20__ Bonds so called for redemption will cease to bear interest on the
specified redemption date, provided funds for their redemption are on deposit at the place of
payment at that time, and shall no longer be protected by the Indenture and shall not be deemed
to be outstanding under the provisions of the Indenture.
This Series 20__ Bond is transferable by the Registered Owner hereof at the principal
corporate trust office of the Trustee upon surrender and cancellation of this Series 20__ Bond
and on presentation of a duly executed written instrument of transfer and thereupon a new Series
20__ Bond or Series 20__ Bonds of the same aggregate principal amount and maturity and in
authorized denominations will be issued to the transferee or transferees in exchange therefor.
The Series 20__ Bonds, and the interest payable thereon, do not and shall not
represent or constitute a debt of the Issuer within the meaning of the provisions of the
constitution or statutes of the State of Indiana or a pledge of the faith and credit of the
Issuer. The Series 20__ Bonds, as to both principal and interest, are not an obligation or
liability of the State of Indiana, or of any political subdivision or taxing authority thereof,
but are a special limited obligation of the Issuer and payable solely and only from the trust
estate consisting of funds and accounts held under the Indenture and the Pledged TIF
Revenues pledged and assigned for their payment in accordance with the Indenture
(“Trust Estate”). Neither the faith and credit nor the taxing power of the Issuer, the State
of Indiana or any political subdivision or taxing authority thereof is pledged to the
payment of the principal of, premium, if any, or the interest on this Series 20__ Bond. The
Series 20__ Bonds do not grant the owners or holders thereof any right to have the Issuer,
the State of Indiana or its General Assembly, or any political subdivision or taxing
authority of the State of Indiana, levy any taxes or appropriate any funds for the payment
of the principal of, premium, if any, or interest on the Series 20__ Bonds. No covenant or
agreement contained in the Series 20__ Bonds or the Indenture shall be deemed to be a
covenant or agreement of the Redevelopment Commission, the Carmel Economic
Development Commission (“Commission”), the Issuer or of any member, director, officer,
agent, attorney or employee of the Redevelopment Commission, the Commission or the
7
Issuer in his or her individual capacity, and neither the Redevelopment Commission,
Commission, the Issuer nor any member, director, officer, agent, attorney or employee of
the Redevelopment Commission, the Commission or the Issuer executing the Series 20__
Bonds shall be liable personally on the Series 20__ Bonds or be subject to any personal
liability or accountability by reason of the issuance of the Series 20__ Bonds.
The holder of this Series 20__ Bond shall have no right to enforce the provisions of the
Indenture or to institute action to enforce the covenants therein, or to take any action with respect
to any event of default under the Indenture, or to institute, appear in or defend any suit or other
proceedings with respect thereto, except as provided in the Indenture. In certain events, on the
conditions, in the manner and with the effect set forth in the Indenture, the principal of all the
Bonds issued under the Indenture and then outstanding may become or may be declared due and
payable before the stated maturity thereof, together with interest accrued thereon. Modifications
or alterations of the Indenture, or of any supplements thereto, may be made to the extent and in
the circumstances permitted by the Indenture. The Issuer’s obligation to pay Pledged TIF
Revenues shall not be subject to acceleration.
It is hereby certified that all conditions, acts and things required to exist, happen and be
performed under the laws of the State of Indiana and under the Indenture precedent to and in the
issuance of this Series 20__ Bond, exist, have happened and have been performed, and that the
issuance, authentication and delivery of this Series 20__ Bond have been duly authorized by the
Issuer.
This Series 20__ Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under the Indenture until the certificate of authentication
hereon shall have been duly executed by the Trustee.
IN WITNESS WHEREOF, the City of Carmel, Indiana, in Hamilton County, has caused
this Series 20__ Bond to be executed in its name and on its behalf by the manual or facsimile
signature of its Mayor and its corporate seal to be hereunto affixed manually or by facsimile and
attested to by the manual or facsimile signature of its Clerk all as of the Original Date.
CITY OF CARMEL, INDIANA
By:
Mayor
(SEAL)
Attest:
8
Clerk
(FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION)
This Series 20__ Bond is one of the Series 20__ Bonds described in the within mentioned
Trust Indenture.
[TRUSTEE], Trustee
By:
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
____________________________ (Please Print or Typewrite Name and Address) the within
Series 20__ Bond and all rights, title and interest thereon, and hereby irrevocably constitutes and
appoints ____________________________ attorney to transfer the within Series 20__ Bond on
the books kept for registration thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed
by an eligible guarantor institution
participating in a Securities Transfer
Association recognized signature guarantee
program.
NOTICE: The signature of this assignment
must correspond with the name of the
registered owner as it appears upon the face
of the within Series 20__ Bond in every
particular, without alteration or enlargement
or any change whatever.
The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN. COM. as tenants in common
TEN. ENT. as tenants by the entireties
JT. TEN. as joint tenants with right of survivorship and not as tenants in
common
UNIF. TRANS.
9
MIN. ACT Custodian
(Cust.) (Minor)
under Uniform Transfers to Minors Act of
(State)
Additional abbreviations may also be used though not in the above list.
Exhibit A
Maturity Date Amount
Exhibit B
SCHEDULE OF OUTSTANDING BALANCE OF
CITY OF CARMEL, INDIANA ECONOMIC DEVELOPMENT
TAX INCREMENT REVENUE BOND, SERIES 20__
(NORTH END PHASE II PROJECT [– FEDERALLY TAXABLE])
Date Amount
Advance
Amount of
Payment
Outstanding
Balance
Acknowledgment
of City
Acknowledgment of
Trustee
(End of Bond Form)
NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to secure the
payment of the principal of and interest and premium, if any, on the Bonds to be issued under
10
this Indenture according to their tenor, purport and effect, and in order to secure the performance
and observance of all the covenants and conditions herein and in the Bonds contained, and in
order to declare the terms and conditions upon which the Bonds are issued, authenticated,
delivered, secured and accepted by all persons who shall from time to time be or become holders
thereof, and for and in consideration of the mutual covenants herein contained, of the acceptance
by the Trustee of the trust hereby created, and of the purchase and acceptance of the Bonds by
the holders or obligees thereof, the Issuer has executed and delivered this Indenture, and by these
presents does hereby convey, grant, assign, pledge and grant a security interest in, unto the
Trustee, its successor or successors and its or their assigns forever, with power of sale, all and
singular, the property hereinafter described (“Trust Estate”):
GRANTING CLAUSE
All right, title and interest of the Issuer in and to the Pledged TIF Revenues, subject to
Section 7.2(b) hereof (such pledge to be effective as set forth in IC 5-1-14-4 and IC 36-7-14-39
without filing or recording of this Indenture or any other instrument), the Financing Agreement
(except the rights reserved to the Issuer) and all moneys and the Qualified Investments held by
the Trustee from time to time in the Funds and Accounts created hereunder;
TO HAVE AND TO HOLD the same unto the Trustee, and its successor or successors
and its or their assigns forever;
IN TRUST, NEVERTHELESS, upon the terms and trusts herein set forth, to secure the
payment of the Bonds to be issued hereunder, and premium, if any, payable upon redemption or
prepayment thereof, and the interest payable thereon, and to secure also the observance and
performance of all the terms, provisions, covenants and conditions of this Indenture, and for the
benefit and security of all and singular the holders of all Bonds issued hereunder, and it is hereby
mutually covenanted and agreed that the terms and conditions upon which the Bonds are to be
issued, authenticated, delivered, secured and accepted by all persons who shall from time to time
be or become the holders thereof, and the trusts and conditions upon which the pledged moneys
and revenues are to be held and disbursed, are as follows:
ARTICLE I.
DEFINITIONS
Section 1.1. Terms Defined. In addition to the words and terms elsewhere defined in
this Indenture, the following words and terms as used in this Indenture shall have the following
meanings unless the context or use indicates another or different meaning or intent:
“Additional Bonds” shall have the meaning assigned in Section 2.8 of this Indenture.
“Annual Fees” means annual Trustee Fees and any other ongoing fees relating to
payment of debt service on the Series 20__ Bonds.
“Area” means the Old Town Economic Development Area as such area may be expanded
from time to time.
11
“Allocation Area” means the [Smokey & Monon Phase II Allocation Area] established as
an allocation area by the Redevelopment Commission, all in accordance with Indiana Code § 36-
7-14-39 for the purposes of capturing the TIF Revenues.
“Authorized Representative” means any officer of the Company as evidenced by written
certificate furnished to the Trustee containing the specimen signature of such person and signed
on behalf of the Company by its President.
“Bonds” means any Bonds issued pursuant to this Indenture, including the Series 20__
Bonds and any Additional Bonds.
“Business Day” means a day on which the office of the Trustee is open for business.
“Company” means [Old Town Companies, L.L.C./ North End Apartments LLC], or its
permitted successor or assign, as more fully provided in the Financing Agreement.
“Controller” means the Controller of the City.
“Costs of Construction” means the following categorical costs of providing for an
“economic development project” as defined and set forth in the Act:
(i) the “Bond Issuance Costs”, namely the costs, fees and expenses incurred
or to be incurred by the Issuer and the Company in connection with the issuance and sale
of the Series 20__ Bonds, including placement or other financing fees (including
applicable counsel fees), the fees and disbursements of bond counsel, fees of the Issuer’s
financial advisor, the acceptance fee and first year annual administration fee of the
Trustee, application fees and expenses, publication costs, the filing and recording fees in
connection with any filings or recording necessary under the Indenture or to perfect the
lien thereof, the out-of-pocket costs of the Issuer, the fees and disbursements of counsel
to the Company, the fees and disbursements of the Company’s accountants and advisers,
the fees and disbursements of counsel to the Issuer, the fees and disbursements of counsel
to the purchaser of the Bonds, the costs of preparing or printing the Series 20__ Bonds
and the documentation supporting the issuance of the Series 20__ Bonds, the costs of
reproducing documents, and any other costs of a similar nature reasonably incurred;
(ii) the “Capitalized Interest Costs”, namely a portion of the interest on the
Series 20__ Bonds from the date of their original delivery through and including
_________ 1, 20___;
(iii) the cost of insurance of all kinds that may be required or necessary in
connection with the construction of the Phase II Project;
(iv) all costs and expenses which Issuer or Company shall be required to pay,
under the terms of any contract or contracts (including the architectural and engineering,
development, and legal services with respect thereto), for the construction of the Phase II
Project; and
12
(v) any sums required to reimburse Issuer or Company for advances made by
either of them subsequent to the date of inducement by the Issuer for any of the above
items or for any other costs incurred and for work done by either of them which are
properly chargeable to the Phase II Project.
“Event of Default” means those events of default specified in and defined by Section 7.1
hereof.
“Financing Agreement” means the Financing [and Loan] Agreement, dated as of
____________ 1, 20___, between the Company and the Issuer and all amendments and
supplements thereto.
“Fiscal Year” shall mean a period of twelve consecutive months constituting the fiscal
year of the Company commencing on the first day of January of any year and ending on the last
day of December of such year, both inclusive, or such other period as hereafter may be
established from time to time for budgeting and accounting purposes by the Company or by the
governing body of any successor entity to the Company.
“Indenture” means this instrument as originally executed or as it may from time to time
be amended or supplemented pursuant to Article IX.
“Interest Payment Date” on the Series 20__ Bonds means each February 1 and August 1,
commencing ____________ 1, 20___.
“Interest Period” has the meaning set forth in the form of Series 20__ Bond set forth in
the recitals to this Indenture.
“Issuer” means the City of Carmel, Indiana, a municipal corporation organized and
validly existing under the laws of the State of Indiana or any successor to its rights and
obligations under the Financing Agreement and the Indenture.
“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel who may
be an employee of or counsel to the Company.
“Ordinance” means Ordinance D-2719-24 adopted by the Common Council of the Issuer
on _____________, 20__ authorizing the issuance of the Bonds in or more series in the
aggregate principal amount not to exceed $______________.
“Outstanding” or “Bonds outstanding” means all Bonds which have been duly
authenticated, and delivered by the Trustee under this Indenture, except:
(b) Bonds canceled after purchase in the open market or because of payment at or
redemption prior to maturity;
(c) Bonds for the redemption of which cash or investments (but only to the extent that
the full faith and credit of the United States of America are pledged to the timely payment
thereof) shall have been theretofore deposited with the Trustee (whether upon or prior to the
maturity or redemption date of any such Bonds); provided that if such Bonds are to be redeemed
13
prior to the maturity thereof, notice of such redemption shall have been given or arrangements
satisfactory to the Trustee shall have been made therefor, or waiver of such notice satisfactory in
form to the Trustee, shall have been filed with the Trustee; and
(d) Bonds in lieu of which others have been authenticated under Section 2.9.
“Paying Agent” means [Trustee], in its capacity as paying agent hereunder, and any
successor paying agent or co-paying agent.
“Phase II Project” means all or a portion of the Phase II Project, as defined in the Project
Agreement.
“Pledge Resolution” means Resolution No. __________ adopted by the Redevelopment
Commission on ______________, 20__, pledging and assigning the Pledged TIF Revenues to
the Issuer.
“Pledged TIF Revenues” means ninety percent (90%) of the TIF Revenues, for any given
year, received by the Redevelopment Commission, deposited into the Allocation Fund and
pledged and assigned to the Issuer in accordance with the terms of the Pledge Resolution. For
the avoidance of doubt, the term “Pledged TIF Revenues” used herein shall have the same
meaning as “Developer Increment Share” with respect to the “Phase II Project” as such terms are
defined and used in the Project Agreement.
“Project Agreement” means the Project Agreement (North End), dated July 8, 2021, as
amended by the First Amendment to Project Agreement, dated as of ________ __, 20__, each of
which is by and between the Redevelopment Commission and North End Apartments LLC.
“Qualified Investments” shall have the meaning assigned in the Financing Agreement.
“Record Date” means the fifteenth day of the month immediately preceding any Interest
Payment Date.
“Redevelopment Commission” means the City of Carmel Redevelopment Commission.
“Requisite Bondholders” means the holders of a majority in aggregate principal amount
of Bonds.
“Series 20__ Bonds” means the City of Carmel, Indiana Economic Development Tax
Increment Revenue Bonds, Series 20_____ (North End Phase II Project [- Federally Taxable]) in
the aggregate principal amount of $[XX,XXX,XXX].
“TIF Revenues” means one hundred percent (100%) of all property taxes derived each
year from the assessed valuation of real property in the Allocation Area as of each January 1 in
excess of the base assessed valuation for the Allocation Area described in IC 36-7-14-39(b)(1),
as such statutory provision exists on the date of execution of this Indenture, multiplied by the
current property tax rate (per $100 of net assessed value), and deposited into the Allocation
Fund.
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“Trust Estate” means the funds and accounts, TIF Revenues and other assets described in
the Granting Clauses of this Indenture.
“Trustee” means [Trustee], Indianapolis, Indiana, in its capacity as trustee hereunder, the
party of the second part hereto, and any successor trustee or co-trustee.
Section 1.2. Rules of Interpretation. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:
(a) “This Indenture” means this instrument as originally executed and as it may from
time to time be supplemented or amended pursuant to the applicable provisions hereof.
(b) All references in this instrument to designated “Articles,” “Sections” and other
subdivisions are to the designated Articles, Sections and other subdivisions of this instrument as
originally executed. The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.
(c) The terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular and the singular as well as the plural.
(d) All accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles as consistently applied.
(e) Any terms not defined herein but defined in the Financing Agreement shall have
the same meaning herein.
(f) The terms defined elsewhere in this Indenture shall have the meanings therein
prescribed for them.
Section 1.3. Exhibits. The following Exhibits are attached to and by reference made a
part of this Indenture:
Exhibit A: Description of Projects
(End of Article I)
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ARTICLE II.
THE BONDS
Section 2.1. Authorized Amount of Series 20__ Bonds. No Bonds may be issued
under the provisions of this Indenture except in accordance with this Article. The principal
amount of the Series 20__ Bonds (other than Bonds issued in substitution therefor pursuant to
Section 2.8 hereof) that may be issued is hereby expressly limited to $[XX,XXX,XXX].
Additional Bonds may be issued as provided in Section 2.8 hereof.
Section 2.2. Issuance of Series 20__ Bonds. The Series 20__ Bonds shall be
designated “City of Carmel, Indiana Economic Development Tax Increment Revenue Bonds,
Series 20_____ (North End Phase II Project [- Federally Taxable]).” The Series 20__ Bonds
shall be originally issuable as fully registered Bonds without coupons in denominations of
$100,000 and any $1.00 integral multiples thereafter and shall be lettered and numbered R-1 and
upward. Interest on the Series 20__ Bonds shall be paid to the owners of such Bonds determined
as of the close of business of the Record Date next preceding each Interest Payment Date at the
registered addresses of such owners as they shall appear on the registration books of the Trustee
notwithstanding the cancellation of any such Bonds upon any exchange or transfer thereof
subsequent to the Record Date and prior to such Interest Payment Date, except that, if and to the
extent that there shall be a default in the payment of the interest due on such interest payment
date, such defaulted interest shall be paid to the owners in whose name any such Bonds (or any
Bond issued upon transfer or exchange thereof) are registered at the close of business of the
Special Record Date (defined below) next preceding the date of payment of such defaulted
interest. Payment of interest to all Bondholders shall be by check drawn on the main office of
the Paying Agent and mailed to such Bondholder on each Interest Payment Date. The “Special
Record Date” shall be the date established by the Trustee for the payment of defaulted interest.
The Series 20__ Bonds shall be dated as of the date of their delivery. Interest shall be computed
on the basis of a 360 day year consisting of twelve 30-day months. The interest on the Series
20__ Bonds shall be payable on each February 1 and August 1, commencing on _________ 1,
20____.
Principal on the Series 20__ Bond shall be advanced from time to time by the Registered
Owner upon request of the Issuer. The unpaid principal amount of the Series 20__ Bond shall be
the total amounts advanced by the Registered Owner from time to time, less any prior
redemption of the principal amount due, as set forth on Exhibit B to the Series 20__ Bond. The
aggregate amount of advances made under this Series 20__ Bond may not exceed
$[XX,XXX,XXX], and the final advance of principal shall occur no later than February 1, 20__.
The principal amounts advanced shall be evidenced by the execution by the Controller of the
City of a Disbursement Request in form and substance satisfactory to the Registered Owner and
provided to the Trustee.
The Series 20__ Bonds shall bear interest from the Interest Payment Date next preceding
the date of authentication thereof, unless such date of authentication shall be subsequent to a
Record Date in which case they shall bear interest from the Interest Payment Date with respect to
such Record Date, provided, however that if, as shown by the records of the Trustee, interest on
the Series 20__ Bonds shall be in default, Series 20__ Bonds issued in exchange for Series 20__
16
Bonds surrendered for transfer or exchange shall bear interest from the date to which interest has
been paid in full on the Series 20__ Bonds or, if no interest has been paid on the Series 20__
Bonds, from the date of issuance and delivery of the Series 20__ Bonds. Series 20__ Bonds
authenticated on or prior to _____________ 15, 201___ shall bear interest from the date of
delivery of the Series 20__ Bonds.
The Series 20__ Bonds shall mature on the dates set forth below, beginning on _____ 1,
20___, and ending on ________ 1, 20___, in the amounts set forth below at the interest rate of
______% per annum:
Payment Date Amount Payment Date Amount
Section 2.3. Payment on Bonds. The principal of and interest on the Bonds shall be
payable in any coin or currency of the United States of America which, at the respective dates of
payment thereof, is legal tender for the payment of public and private debts. The final payments
on the Series 20__ Bonds shall be payable at the designated corporate trust operations office of
the Trustee. All other payments on the Series 20__ Bonds shall be made to the person appearing
on the Bond registration books of the Trustee as the registered owner of the Series 20__ Bonds
by check mailed to the registered owner thereof as shown on the registration books of the
Trustee, or, if payment is made to a depository, by wire transfer of immediately available funds
on the interest payment date. If the payment date occurs on a date when financial institutions are
not open for business, the wire transfer shall be made on the next succeeding business day. The
Trustee shall be instructed to wire transfer payments so that such payments are received at the
depository by 2:30 p.m. (New York City time).
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Section 2.4. Execution; Limited Obligation. The Bonds shall be executed on behalf of
the Issuer with the manual or facsimile signature of its Mayor and attested with the manual or the
facsimile signature of its Clerk and shall have impressed or printed thereon the corporate seal of
the Issuer. Such facsimiles shall have the same force and effect as if such officer had manually
signed each of the Bonds. If any officer whose signature or facsimile signature shall appear on
the Bonds shall cease to be such officer before the delivery of such Bonds, such signature or such
facsimile shall, nevertheless, be valid and sufficient for all purposes, the same as if he had
remained in office until delivery.
The Bonds, and the interest payable thereon, do not and shall not represent or
constitute a debt of the Issuer, the State of Indiana or any political subdivision or taxing
authority thereof within the meaning of the provisions of the constitution or statutes of the
State of Indiana or a pledge of the faith and credit of the Issuer, the State of Indiana or any
political subdivision or taxing authority thereof. The Bonds, as to both principal and
interest, are not an obligation or liability of the State of Indiana, or of any political
subdivision or taxing authority thereof, but are a special limited obligation of the Issuer
and are payable solely and only from the trust estate consisting of funds and accounts held
under the Indenture and the Pledged TIF Revenues pledged and assigned for their
payment in accordance with the Indenture (“Trust Estate”). Neither the faith and credit
nor the taxing power of the Issuer, the State of Indiana or any political subdivision or
taxing authority thereof is pledged to the payment of the principal of, premium, if any, or
the interest on the Bond. The Bonds do not grant the owners or holders thereof any right
to have the Issuer, the State of Indiana or its General Assembly, or any political subdivision
or taxing authority of the State of Indiana, levy any taxes or appropriate any funds for the
payment of the principal of, premium, if any, or interest on the Bonds. No covenant or
agreement contained in the Bonds or the Indenture shall be deemed to be a covenant or
agreement of the Redevelopment Commission, the Carmel Economic Development
Commission (“Commission”), or of any member, director, officer, agent, attorney or
employee of the Redevelopment Commission, the Commission or the Issuer in his or her
individual capacity, and neither the Redevelopment Commission, the Commission nor any
member, director, officer, agent, attorney or employee of the Redevelopment Commission,
the Commission or the Issuer executing the Bonds shall be liable personally on the Bonds
or be subject to any personal liability or accountability by reason of the issuance of the
Bonds.
Section 2.5. Authentication. No Bond shall be valid or obligatory for any purpose or
entitled to any security or benefit under this Indenture unless and until the certificate of
authentication on such Bond substantially in the form hereinabove set forth shall have been duly
executed by the Trustee, and such executed certificate of the Trustee upon any such Bond shall
be conclusive evidence that such Bond has been authenticated and delivered under this
Indenture. The Trustee’s certificate of authentication on any Bond shall be deemed to have been
executed by it if signed by an authorized signatory of the Trustee, but it shall not be necessary
that the same person sign the certificate of authentication on all of the Bonds issued hereunder.
Section 2.6. Form of Bonds. The Bonds issued under this Indenture shall be
substantially in the form hereinabove set forth with such appropriate variations, omissions and
insertions as are permitted or required by this Indenture.
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Section 2.7. Delivery of Series 20__ Bonds. Upon the execution and delivery of this
Indenture, the Issuer shall execute and deliver to the Trustee the Series 20__ Bonds in the
aggregate principal amount of $[XX,XXX,XXX]. The Trustee shall authenticate such Series
20__ Bonds and deliver them to the purchasers thereof upon receipt of:
(i) A copy, duly certified by the Clerk of the Issuer, of the Ordinance adopted
and approved by the Issuer authorizing the execution and delivery of the
Financing Agreement and this Indenture and the issuance of the Series
20__ Bonds.
(ii) A copy, duly certified by the Secretary of the Redevelopment
Commission, of the Pledge Resolution adopted and approved by the
Redevelopment Commission pledging the Pledged TIF Revenues to the
payment of the Series 20__ Bonds.
(iii) Executed counterparts of the Financing Agreement and Indenture.
(iv) A written request of the Issuer to the Trustee requesting the Trustee to
authenticate, or cause to be authenticated, and deliver the Series 20__
Bonds in the principal amount of $[XX,XXX,XXX] to the purchasers
thereof.
(v) Such other documents as shall be required by the Requisite Bondholders.
The proceeds of the Series 20__ Bonds shall be paid over to the Trustee and deposited to
the credit of various Funds as hereinafter provided under Section 3.1 hereof.
Section 2.8. Issuance of Additional Bonds. One or more series of Bonds payable from
the Pledged TIF Revenues in addition to the Series 20__ Bonds (“Additional Bonds”), may be
authenticated and delivered from time to time for one or more of the purposes of (i) refunding
entirely one or more series of Bonds outstanding hereunder, if such Bonds may otherwise be
refunded, (ii) advance refunding entirely one or more series of Bonds outstanding hereunder,
regardless of whether such Bonds may otherwise be refunded, if the same is then permitted by
law by depositing with the Trustee, in trust for the sole benefit of such series of Bonds, cash or
investments (but only to the extent that the full faith and credit of the United States of America
are pledged to the timely payment thereof) in a principal amount which will, together with the
income or increment to accrue thereon, be sufficient to pay and redeem (when redeemable) and
discharge such series of Bonds at or before their respective maturity dates, and (iii) financing the
cost or estimated cost incurred or to be incurred by the Company in completing the Phase II
Project or acquiring and/or constructing additional improvements, but not otherwise, and, in each
case, obtaining additional funds to pay the costs to be incurred in connection with the issuance of
such Additional Bonds, to establish reserves with respect thereto and to pay interest during the
estimated construction period of completing the additional improvements, if any.
Prior to the delivery by the Issuer of any such Additional Bonds there shall be filed with
the Trustee:
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(i) A supplement to this Indenture executed by the Issuer and the Trustee
authorizing the issuance of such Additional Bonds, specifying the terms
thereof and providing for the disposition of the proceeds of the sale
thereof.
(ii) The supplement or amendment to the Financing Agreement and the other
instruments, documents, certificates, and opinions referred to in Section
6.1 of the Financing Agreement.
(iii) A copy, duly certified by the Clerk of the Issuer, of the Ordinance, and, if
necessary, any amendments or supplements theretofore adopted and
approved by the Issuer authorizing the execution and delivery of such
supplemental indenture and such supplement to the Financing Agreement
and the issuance of such Additional Bonds.
(iv) A written request of the Issuer to the Trustee to authenticate and deliver
such Additional Bonds.
(v) Satisfaction of the provisions of the Pledge Resolution for the issuance of
Additional Bonds.
Any Additional Bonds issued in accordance with the terms of this Section 2.8 shall be
secured by this Indenture, but such Additional Bonds may bear such date or dates, such interest
rate or rates, and with such maturities, redemption dates and premiums as may be agreed upon by
the Issuer, at the direction of the Company, and the purchaser of such Additional Bonds.
Notwithstanding anything in this Indenture or the Bonds to the contrary, no Additional Bonds
shall be issued under this Indenture without the prior consent of the Requisite Bondholders and
the Company.
Section 2.9. Mutilated, Lost, Stolen, or Destroyed Bonds. If any Bond is mutilated,
lost, stolen or destroyed, then, in the absence of notice to the Trustee that such Bond has been
acquired by a bona fide purchaser, the Issuer may execute and the Trustee may authenticate a
new Bond of like date, maturity and denomination as that mutilated, lost, stolen or destroyed;
provided that, in the case of any mutilated Bond, such mutilated Bond shall first be surrendered
to the Issuer, and in the case of any lost, stolen or destroyed Bond, there shall be first furnished
to the Trustee evidence of such loss, theft or destruction satisfactory to the Trustee, together with
indemnity satisfactory to it.
If any such Bond shall have matured, instead of issuing a duplicate Bond the Issuer may
pay the same without surrender thereof; provided, however, that in the case of a lost, stolen or
destroyed Bond, there shall be first furnished to the Trustee evidence of such loss, theft or
destruction satisfactory to the Trustee, together with indemnity satisfactory to it. The Trustee
may charge the holder or owner of such Bond with their reasonable fees and expenses in this
connection. Any Bond issued pursuant to this Section 2.9 shall be deemed part of the original
series of Bonds in respect of which it was issued and an original additional contractual obligation
of the Issuer.
20
Section 2.10. Registration and Exchange of Bonds; Persons Treated as Owners. The
Issuer shall cause books for the registration and for the transfer of the Bonds as provided in this
Indenture to be kept by the Trustee which is hereby constituted and appointed the registrar of the
Issuer. Upon surrender for transfer of any fully registered Bond at the principal office of the
Trustee, duly endorsed by, or accompanied by a written instrument or instruments of transfer in
form satisfactory to the Trustee and duly executed by the registered owner or his attorney duly
authorized in writing, the Issuer shall execute and the Trustee shall authenticate and deliver in
the name of the transferee or transferees a new fully registered Bond or Bonds of the same series
and the same maturity for a like aggregate principal amount. The execution by the Issuer of any
fully registered Bond without coupons of any denomination shall constitute full and due
authorization of such denomination, and the Trustee shall thereby be authorized to authenticate
and deliver such registered Bond. The Trustee shall not be required to transfer or exchange any
fully registered Bond during the period between the Record Date and any interest payment date
of such Bond, nor to transfer or exchange any Bond after the mailing of notice calling such Bond
for redemption has been made, nor during a period of fifteen (15) days next preceding mailing of
a notice of redemption of any Bonds.
As to any fully registered Bond, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of
principal or interest thereon, shall be made only to or upon the order of the registered owner
thereof or its legal representative, but such registration may be changed as hereinabove provided.
All such payments shall be valid and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
(End of Article II)
21
ARTICLE III.
APPLICATION OF SERIES 20__ BONDS PROCEEDS
Section 3.1. Deposit of Funds. The initial amount of principal drawn on the Series
20__ Bonds at closing shall be in the amount of $______________, of which $_____________
shall be deposited with the Trustee in the Bond Interest Account of the Construction Fund and be
used to pay Capitalized Interest Costs, and $___________ shall be deposited with the Trustee in
the Construction Account of the Construction Fund and used to pay Costs of Construction,
including the Bond Issuance Costs set forth in Exhibit B which the Trustee is hereby authorized
to pay. The Issuer shall deposit with Trustee in the Construction Fund all remaining draws of
principal on the Series 20__ Bonds which shall be disbursed as provided in Section 4.4. The
deposit of the proceeds of any Additional Bonds shall be as set forth in a supplement to this
Indenture in connection with the issuance of such series of Additional Bonds.
(End of Article III)
22
ARTICLE IV.
REVENUE AND FUNDS
Section 4.1. Source of Payment of Bonds. The Bonds herein authorized and all
payments to be made by the Issuer hereunder are not general obligations of the Issuer but are
limited obligations payable solely from the Trust Estate as authorized by the Act and as provided
herein. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to
be a covenant or agreement of the Issuer or of any member, director, officer, agent, attorney or
employee of the Issuer in his or her individual capacity, and neither the Issuer nor any member,
director, officer, agent, attorney, or employee of the Issuer executing the Bonds shall be liable
personally on the Bonds or be subject to any personal liability or accountability by reason of the
issuance of the Bonds.
Section 4.2. Bond Fund. The Trustee shall establish and maintain, so long as any of
the Bonds are outstanding, a separate fund to be known as the “Bond Fund.” Money in the Bond
Fund shall be applied as provided in this Section 4.2.
There shall be deposited in the Bond Fund, as and when received, (a) TIF Revenues in an
amount not to exceed the payments due on the Series 20__ Bonds on the next February 1 or
August 1 plus Annual Fees coming due in the following six months; (b) proceeds of the Series
20__ Bonds to be used to pay interest thereon; (c) any amount remaining in the Construction
Fund to be transferred to the Bond Fund pursuant to Section 4.4 of the Indenture, and any
amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to the
Indenture upon acceleration of the maturity of the Series 20__ Bonds; and (d) all interest and
other income derived from investments of Bond Fund moneys as provided herein. The Issuer
hereby covenants and agrees that so long as any of the Bonds issued hereunder are outstanding it
will deposit, or cause to be paid to Trustee for deposit in the Bond Fund for its account, all
revenues and receipts derived from the Pledged TIF Revenues promptly to meet and pay the
principal of, premium, if any, and interest on the Bonds as the same become due and payable.
Nothing herein should be construed as requiring Issuer to deposit or cause to be paid to Trustee
for deposit in the Bond Fund, funds from any source other than receipts derived from the
Pledged TIF Revenues.
The Controller of the Issuer shall set aside immediately upon receipt the Pledged TIF
Revenues into the Issuer’s Allocation Fund as created by IC 36-7-14 and transfer the Pledged
TIF Revenues to the Trustee as set forth in Section 4.5. The Trustee is hereby directed to deposit
the Pledged TIF Revenues into the Bond Fund in the manner prescribed in this Section 4.2 and in
Section 4.5.
Moneys in the Bond Fund shall be used by the Trustee to pay interest, premium, if any,
and principal on the Bonds as they become due at maturity, redemption or upon acceleration.
The Trustee shall transmit such funds to the Paying Agent for any series of Bonds in sufficient
time to insure that such interest will be paid as it becomes due. Any Pledged TIF Revenues not
needed to pay debt service on the Series 20__ Bonds on the next February 1 or August 1, plus
any Annual Fees coming due in the following six months, shall be transferred to the Surplus
Fund.
23
Section 4.3. Surplus Fund. The Trustee shall establish and maintain a separate fund to
be known as the “Surplus Fund.” Money in the Surplus Fund shall be applied as provided in this
Section 4.3.
The Trustee shall deposit in the Surplus Fund, as and when received, all Pledged TIF
Revenues in excess of payments due on the Series 20__ Bonds on the next February 1 or August
1, plus any Annual Fees coming due in the following six months, as provided in Section 4.2. At
the written direction of the Issuer, Pledged TIF Revenues in the Surplus Fund shall, without
further authorization, be used for any other purpose permitted by law.
Section 4.4. Construction Fund. The Issuer shall establish with the Trustee a separate
fund to be known as the Construction Fund, to the credit of which the deposits are to be made as
required by Section 3.1 hereof. The Construction Fund shall consist of the Construction Account
and the bond Interest Account. The Bond Interest Account shall be used to pay Capitalized
Interest Costs, and the Construction Account shall be used to pay Costs of Construction (other
than Capitalized Interest Costs, except to the extent moneys in the Bond Interest Account are
insufficient to pay Capitalized Interest Costs when due).
(a) Bond Issuance Costs of the Series 20__ Bonds (other than those identified in
Exhibit B hereto, for which the execution of this Indenture provides authorization to the Trustee
to pay) shall only be paid or reimbursed upon submission of a requisition signed by the Issuer
and the Company.
(b) Except as set forth in subparagraph (a) of this Section 4.4, moneys on deposit in
the Construction Account shall be paid out from time to time by the Trustee to or upon the order
of the Company to pay or reimburse costs of issuance of the Series 20__ Bonds and to or upon
the order of the Company in order to pay, or as reimbursement to the Company for payment
made, for the Costs of Construction, upon receipt by the Trustee of the written request signed by
the Authorized Representative of the Company:
(1) stating that the costs of an aggregate amount set forth in such
written request have been made or incurred and were necessary for the
construction of the Phase II Project and were made or incurred in accordance with
the construction contracts, plans and specifications, or purchase contracts therefor
then in effect or that the amounts set forth in such written request are for
allowable Costs of Construction of the Phase II Project;
(2) stating that the amount paid or to be paid, as set forth in such
written request, is reasonable and represents a part of the amount payable for the
Costs of Construction of the Phase II Project all in accordance with the cost
budget; and that such payment was not paid in advance of the time, if any, fixed
for payment and was made in accordance with the terms of any contracts
applicable thereto and in accordance with usual and customary practice under
existing conditions;
(3) stating that no part of the said costs was included in any written
request previously filed with the Trustee under the provisions hereof;
24
(4) stating that such costs are appropriate for the expenditure of
proceeds of the Bonds under the Act; and
(5) stating a recap of vendors and the amount paid .
(c) The Trustee shall rely fully on any such request delivered pursuant to this Section
and shall not be required to make any investigation in connection therewith.
(d) The Issuer shall deliver to the Trustee within fifteen (15) days of completion of
the Phase II Project, in addition to the items required by (b) above, a certificate of its Authorized
Representative of the Company:
(i) stating the date that the Phase II Project was completed; and
(ii) stating that it has made such investigation of such sources of information
as are deemed by him to be necessary, including pertinent records of the
Issuer, and is of the opinion that the Phase II Project has been fully paid
for, and that no claim or claims exist against the Issuer or against the
properties of either out of which a lien based on furnishing labor or
material for the Phase II Project exists or might ripen; provided, however,
there may be excepted from the foregoing statement any claim or claims
out of which a lien exists or might ripen if the Company intends to contest
such claim or claims, in which event such claim or claims shall be
described; provided, further, however, that it shall be stated that funds are
on deposit in the Construction Fund sufficient to make payment of the full
amount which might in any event be payable in order to satisfy such claim
or claims.
If such certificate shall state that there is a claim or claims in controversy which create or
might ripen into a lien, there shall be filed with the Issuer and the Trustee a certificate of the
Company when and as such claim or claims shall have been fully paid.
If, after payment by the Trustee of all orders theretofore tendered to the Trustee under the
provisions of subparagraph (b) of this Section 4.4 and after receipt of the statement mentioned in
subparagraph (d)(i) and (ii) of this Section 4.4, there shall remain any balance of moneys in the
Construction Fund, Trustee shall transfer all moneys then in the Construction Fund (except any
disputed claims described in the completion certificate required in Section 4.3(d) hereof) to the
Bond Fund. The Trustee, as directed in writing by the Issuer, shall use any amount transferred to
the Bond Fund to prepay the Series 20__ Bonds at the earliest redemption date.
Section 4.5. TIF Revenues. On or before each January 15 and July 15, commencing
___________ 15, 20___, the Issuer shall transfer to the Trustee, for deposit into the Bond Fund
and the Surplus Fund, the Pledged TIF Revenues for the payment of the Series 20__ Bonds. The
balance of any Pledged TIF Revenues in excess of such requirements of the Bond Fund shall be
deposited into the Surplus Fund.
Section 4.6. Trust Funds. All moneys and securities received by the Trustee under the
provisions of this Indenture, shall be trust funds under the terms hereof and shall not be subject
25
to lien or attachment of any creditor of the Issuer or of the Company. Such moneys shall be held
in trust and applied in accordance with the provisions of this Indenture.
Section 4.7. Investment. Moneys on deposit in the Funds established in this Article IV
hereof shall be invested as provided in Section 6.8 hereof.
(End of Article IV)
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ARTICLE V.
REDEMPTION OF SERIES 20__ BONDS BEFORE MATURITY
Section 5.1. Redemption Dates and Prices.
(a) The Series 20__ Bonds are subject to optional redemption by the Issuer, prior to
maturity, on any date, in whole or in part, in such order of maturity as the Issuer shall direct and
within maturities, at face value, without premium, plus in each case accrued interest to the date
fixed for redemption.
Section 5.2. Notice of Redemption. In the case of redemption of Series 20__ Bonds
pursuant to Section 5.1(a) hereof, notice of the call for any such redemption identifying the
Series 20__ Bonds, or portions of fully registered Series 20__ Bonds, to be redeemed shall be
given by mailing a copy of the redemption notice by first class mail not less than thirty (30) days
nor more than sixty (60) days prior to the date fixed for redemption to the registered Owner of
each Series 20__ Bond to be redeemed at the address shown on the registration books. Such
notice of redemption shall specify the CUSIP number, if any, and, in the event of a partial
redemption the Series 20__ Bond numbers and called amounts of each Series 20__ Bond, the
redemption date, principal amount, interest rate, maturity date and the name and address of the
Trustee and the Paying Agent; provided, however, that failure to give such notice by mailing, or
any defect therein, with respect to any such registered Series 20__ Bond shall not affect the
validity of any proceedings for the redemption of other Series 20__ Bonds.
On and after the redemption date specified in the aforesaid notice, such Series 20__
Bonds, or portions thereof, thus called shall not bear interest, shall no longer be protected by this
Indenture and shall not be deemed to be outstanding under the provisions of this Indenture, and
the holders thereof shall have the right to receive only the redemption price thereof plus accrued
interest thereon to the date fixed for redemption.
Section 5.3. Cancellation. All Bonds which have been redeemed in whole shall be
canceled or otherwise destroyed by the Trustee in accordance with the customary practices of the
Trustee and applicable record retention requirements and shall not be reissued.
Section 5.4. Redemption Payments. Prior to the date fixed for redemption in whole,
funds shall be deposited with Trustee to pay, and Trustee is hereby authorized and directed to
apply such funds to the payment of the Bonds or portions thereof called, together with accrued
interest thereon to the redemption date. Upon the giving of notice and the deposit of funds for
redemption, interest on the Bonds thus called shall no longer accrue after the date fixed for
redemption. No payment shall be made by the Paying Agent upon any Bond until such Bond
shall have been delivered for payment or cancellation or the Trustee shall have received the
items required by Section 2.8 hereof with respect to any mutilated, lost, stolen or destroyed
Bond.
Section 5.5. Partial Redemption of Bonds. If fewer than all of the Series 20__ Bonds
at the time outstanding are to be called for redemption, the maturities of Series 20__ Bonds or
portions thereof to be redeemed shall be selected by the Trustee at the written direction of the
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Company. If fewer than all of the Series 20__ Bonds within a maturity are to be redeemed, the
Trustee shall select in such equitable manner as the Trustee may determine, the Series 20__
Bonds or portions of Series 20__ Bonds within such maturity that shall be redeemed. The
Trustee shall call for redemption in accordance with the foregoing provisions as many Series
20__ Bonds or portions thereof as will, as nearly as practicable, exhaust the moneys available
therefor. Particular Series 20__ Bonds or portions thereof shall be redeemed only in the
minimum principal amount of $100,000 and any $1 integral multiples thereafter.
If less than the entire principal amount of any registered Series 20__ Bond then
outstanding is called for redemption, then upon notice of redemption given as provided in
Section 5.2 hereof, the owner of such registered Series 20__ Bond shall surrender such Series
20__ Bond to the Paying Agent in exchange for (a) payment of the redemption price of, plus
accrued interest on the principal amount called for redemption and (b) a new Series 20__ Bond
or Series 20__ Bonds of like series in an aggregate principal amount equal to the unredeemed
balance of the principal amount of such registered Series 20__ Bond, which shall be issued
without charge therefor.
(End of Article V)
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ARTICLE VI.
GENERAL COVENANTS
Section 6.1. Payment of Principal and Interest. The Issuer covenants that it will
promptly pay the principal of, premium, if any, and interest on every Bond issued under this
Indenture at the place, on the dates and in the manner provided herein and in the Bonds
according to the true intent and meaning thereof. The principal, interest and premium, if any, on
the Bonds are payable solely and only from the Trust Estate including the Pledged TIF Revenues
which are hereby specifically pledged and assigned to the payment thereof in the manner and to
the extent herein specified, and nothing in the Bonds or in this Indenture should be considered as
pledging any other funds or assets of the Issuer. The Bonds, and the interest payable thereon,
do not and shall not represent or constitute a debt of the Issuer within the meaning of the
provisions of the constitution or statutes of the State of Indiana or a pledge of the faith and
credit of the Issuer. The Bonds, as to both principal and interest, are not an obligation or
liability of the State of Indiana, or of any political subdivision or taxing authority thereof,
but are a special limited obligation of the Issuer and are payable solely and only from the
Trust Estate including the Pledged TIF Revenues pledged and assigned for their payment
in accordance with the Indenture. Neither the faith and credit nor the taxing power of the
Issuer, the State of Indiana or any political subdivision or taxing authority thereof is
pledged to the payment of the principal of, premium, if any, or the interest on the Bonds.
The Bonds do not grant the owners or holders thereof any right to have the Issuer, the
State of Indiana or its General Assembly, or any political subdivision or taxing authority of
the State of Indiana, levy any taxes or appropriate any funds for the payment of the
principal of, premium, if any, or interest on the Bonds. The Issuer has no taxing power
with respect to the Bonds. No covenant or agreement contained in the Bonds or this
Indenture shall be deemed to be a covenant or agreement of the Redevelopment
Commission, the Commission, or of any member, director, officer, agent, attorney or
employee of the Redevelopment Commission, the Commission or the Issuer in his or her
individual capacity, and neither the Redevelopment Commission, the Commission nor any
member, director, officer, agent, attorney or employee of the Redevelopment Commission,
Commission or the Issuer executing the Bonds shall be liable personally on the Bonds or be
subject to any personal liability or accountability by reason of the issuance of the Bonds.
Section 6.2. Performance of Covenants. The Issuer covenants that it will faithfully
perform at all times any and all covenants, undertakings, stipulations and provisions contained in
this Indenture, in any and every Bond executed, authenticated and delivered hereunder and in all
proceedings of its members pertaining thereto. The Issuer represents that it is duly authorized
under the constitution and laws of the State of Indiana to issue the Bonds authorized hereby and
to execute this Indenture, and to pledge the Pledged TIF Revenues in the manner and to the
extent herein set forth; that all action on its part for the issuance of the Bonds and the execution
and delivery of this Indenture has been duly and effectively taken, and that the Bonds in the
hands of the holders and owners thereof are and will be valid and enforceable obligations of the
Issuer according to the import thereof, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws, judicial decisions and principles of equity relating to or
affecting creditors’ rights generally and subject to the valid exercise of the constitutional powers
of the Issuer, the State of Indiana and the United States of America.
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Section 6.3. Ownership; Instruments of Further Assurance. The Issuer covenants that
it will defend its interest in the Financing Agreement to the Trustee, for the benefit of the holders
and owners of the Bonds against the claims and demands of all persons whomsoever. The Issuer
covenants that it will do, execute, acknowledge and deliver or cause to be done, executed,
acknowledged and delivered, such indentures supplemental hereto and such further acts,
instruments and transfers as the Trustee may reasonably require for the better assuring,
transferring, mortgaging, conveying, pledging, assigning and confirming unto the Trustee, the
Financing Agreement.
Section 6.4. Filing of Indenture, Financing Agreement and Security Instruments. The
Issuer, upon the written direction and at the sole expense of the Company, shall cause this
Indenture, the Financing Agreement and all supplements thereto as well as such other security
instruments, financing statements and all supplements thereto and other instruments (other than
continuation statements, which, if applicable, will be filed by the Trustee) as may be required
from time to time to be filed in such manner and in such places as may be required by law in
order to fully preserve and protect the lien hereof and the security of the holders and owners of
the Bonds and the rights of the Trustee hereunder. This Section 6.4 shall impose no duty to
record or file the instruments noted above where filing or recordation is not required by law in
order to perfect a security interest. Continuation of financing statements may be filed without
consent of the debtor parties thereto.
Section 6.5. Inspection of Books. The Issuer covenants and agrees that all books and
documents in its possession relating to the Phase II Project and the revenues derived from the
Phase II Project shall at all times be open to inspection by such accountants or other agents as the
Trustee may from time to time designate.
Section 6.6. List of Bondholders. The Trustee will keep on file at the corporate trust
office of the Trustee a list of names and addresses of the holders of all Bonds. At reasonable
times and under reasonable regulations established by the Trustee, said list may be inspected and
copied by the Company or by holders and/or owners (or a designated representative thereof) of
25% or more in principal amount of Bonds then outstanding, such ownership and the authority of
any such designated representative to be evidenced to the satisfaction of the Trustee.
Section 6.7. Rights Under Financing Agreement. The Issuer agrees that the Trustee in
its name or in the name of the Issuer may enforce all rights of the Issuer and all obligations of the
Company under and pursuant to the Financing Agreement for and on behalf of the Bondholders,
whether or not the Issuer is in default hereunder.
Section 6.8. Investment of Funds. Moneys in the Funds established hereunder may be
invested in Qualified Investments to the extent and in the manner provided for in Section 3.9 of
the Financing Agreement. The Trustee shall not be liable or responsible for any loss resulting
from any such investment. The interest accruing thereon and any profit realized from such
investments shall be credited, and any loss resulting from such investments shall be charged to
the fund in which the money was deposited.
Section 6.9. Non-presentment of Bonds. If any Bond shall not be presented for
payment when the principal thereof becomes due, either at maturity, or at the date fixed for
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redemption thereof, or otherwise, if funds sufficient to pay any such Bond shall have been made
available to Paying Agent for the benefit of the holder or holders thereof, all liability of Issuer to
the holder thereof for the payment of such Bond shall forthwith cease, determine and be
completely discharged, and thereupon it shall be the duty of Paying Agent to hold such funds for
four (4) years without liability for interest thereon, for the benefit of the holder of such Bond,
who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on
his part under this Indenture or on, or with respect to, such Bond.
(End of Article VI)
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ARTICLE VII.
DEFAULTS AND REMEDIES
Section 7.1. Events of Default. Each of the following events is hereby declared an
“event of default,” that is to say, if:
(a) payment of any amount payable on the Bonds shall not be made when the same is
due and payable, unless the Requisite Bondholders shall have consented thereto, however, if the
Issuer is unable to pay to the Trustee any or sufficient TIF Revenues with which to make
payment to the Bondholders, it shall not constitute an Event of Default; or; or
(b) any event of default as defined in Section 4.1 of the Financing Agreement shall
occur and be continuing, unless the Requisite Bondholders shall have consented thereto; or
(c) the Issuer shall default in the due and punctual performance of any other of the
covenants, conditions, agreements and provisions contained in the Bonds or in this Indenture or
any agreement supplemental hereof on the part of the Issuer to be performed, and such default
shall continue for thirty (30) days after written notice specifying such default and requiring the
same to be remedied shall have been given to the Issuer and the Company by the Trustee, which
may give such notice in its discretion and shall give such notice at the written request of the
holders of all of the Bonds then outstanding hereunder; or
(d) the Issuer shall fail to apply collected TIF Revenues as required by Article IV of
this Indenture.
Section 7.2. Acceleration; Termination of TIF Revenue Pledge.
(a) Upon the happening of any event of default specified in clause (a), (b) or (c) of
Section 7.1 and the continuance of the same for the period, if any, specified in that Section, and
with the prior consent of Requisite Bondholders, the Trustee, by notice in writing delivered to
the Issuer and the Company may declare the entire unpaid principal amount of the Bonds then
outstanding, and the interest accrued thereon, to be immediately due and payable. The Issuer’s
obligation to pay TIF Revenues shall not be subject to acceleration.
(b) Upon the happening of any event of default specified in clause (a), (b) or (c) of
Section 7.1 and the continuance of the same for the period, if any, specified in that Section, and
notwithstanding Section 7.4 hereof, the pledge of the Pledged TIF Revenues to the payment of
the Bonds shall immediately terminate and be of no further force and effect, the Pledged TIF
Revenues shall no longer be deemed part of the Trust Estate under this Indenture, the Issuer shall
have no further obligation to make any transfers of TIF Revenues to the Trustee under Section
4.2 or Section 4.4 hereof, and the Bonds will be deemed defeased and paid in full, without any
action of the Trustee or Bondholders.
Section 7.3. Remedies; Rights of Bondholders.
(i) If an event of default occurs, with the consent of Requisite Bondholders,
the Trustee may pursue any available remedy by suit at law or in equity to
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enforce the payment of the principal of, premium, if any, and interest on
the Bonds then outstanding, to enforce any obligations of the Issuer
hereunder, and of the Company under the Financing Agreement.
(ii) Upon the occurrence of an event of default, if directed to do so by the
Requisite Bondholders and if indemnified as provided in Section 8.1
hereof, the Trustee shall be obliged to exercise such one or more of the
rights and powers conferred by this Article as the Trustee, being advised
by counsel, shall deem most expedient in the interests of the Bondholders.
(iii) No remedy by the terms of this Indenture conferred upon or reserved to
the Trustee (or to the Bondholders) is intended to be exclusive of any
other remedy, but each and every such remedy shall be cumulative and
shall be in addition to any other remedy given to the Trustee or to the
Bondholders hereunder or now or hereafter existing at law or in equity or
by statute.
(iv) No delay or omission to exercise any right or power accruing upon any
event of default shall impair any such right or power or shall be construed
to be a waiver of any event of default or acquiescence therein, and every
such right and power may be exercised from time to time as may be
deemed expedient.
(v) No waiver of any event of default hereunder, whether by the Trustee or by
the Bondholders, shall extend to or shall affect any subsequent event of
default or shall impair any rights or remedies consequent thereon.
Section 7.4. Right of Bondholders to Direct Proceedings. Anything in this Indenture to
the contrary notwithstanding, except as provided in Section 7.2(b) hereof, the Requisite
Bondholders shall have the right, at any time, by an instrument or instruments in writing
executed and delivered to the Trustee, to direct the time, the method and place of conducting all
proceedings to be taken in connection with the enforcement of the terms and conditions of this
Indenture, or for the appointment of a receiver or any other proceedings hereunder; provided,
that such direction shall not be otherwise than in accordance with the provisions of law and of
this Indenture, and provided that the Trustee is obligated to pursue its remedies under the
provisions of Section 7.2 hereof before any other remedies are sought.
Section 7.5. Application of Moneys. Notwithstanding anything herein to the contrary,
all moneys received by the Trustee pursuant to any right given or action taken under the
provisions of this Article and any other moneys held as part of the Trust Estate shall, after
payment of the cost and expenses of the proceedings resulting in the collection of such moneys
and of the outstanding fees, expenses, liabilities and advances incurred or made by the Trustee or
the Issuer, and the creation of a reasonable reserve for anticipated fees, costs and expenses, be
deposited in the Bond Fund and all moneys in the Bond Fund shall be applied as follows:
(a) Unless the principal of all the Bonds shall have become or shall have been
declared due and payable, all such moneys shall be applied:
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First: To the payment to the persons entitled thereto of all installments of interest
then due on the Bonds, in the order of the maturity of the installments of such interest,
and if the amount available shall not be sufficient to pay in full any particular installment,
then to the payment ratably, according to the amounts due on such installment, to the
persons entitled thereto, without any discriminations or privilege; and
Second: To the payment to the persons entitled thereto of the unpaid principal of
and premium, if any, of the Bonds which shall have become due (other than Bonds called
for redemption for the payment of which moneys are held pursuant to the provisions of
this Indenture), in the order of their due dates, with interest on such Bonds from the
respective dates upon which they become due, and if the amount available shall not be
sufficient to pay in full Bonds due on any particular date, together with such interest, then
to the payment ratably, according to the amount of principal due on such date, to the
persons entitled thereto without any discrimination or privilege.
Third: To the payment of the balance, if any, to the Company or its successors or
assigns, upon the written request of the Company or to whomsoever may be lawfully
entitled to receive the same upon its written request, or as any court of competent
jurisdiction may direct, except for any remaining TIF Revenues which shall be paid to the
Redevelopment Commission.
(b) If the principal of all the Bonds shall have become due or shall have been
declared due and payable, all such moneys shall be applied to the payment of the principal and
interest then due and unpaid upon the Bonds, without preference or priority of principal over
interest or of interest over any other installment of interest, according to the amounts due
respectively for principal and interest, to the persons entitled thereto without any discrimination
or privilege.
(c) If the principal of all the Bonds shall have been declared due and payable, and if
such declaration shall thereafter have been rescinded and annulled under the provisions of this
Article then, subject to the provisions of subsection (b) of this Section in the event that the
principal of all the Bonds shall later become due or be declared due and payable, the moneys
shall be applied in accordance with the provisions of subsection (a) of this Section.
Whenever moneys are to be applied pursuant to the provisions of this Section, such
moneys shall be applied at such times, and from time to time, as the Trustee shall determine,
having due regard to the amount of such moneys available for application and the likelihood of
additional moneys becoming available for such application in the future. Whenever the Trustee
shall apply such funds, it shall fix the date (which shall be an interest payment date unless it shall
deem another date more suitable) upon which such application is to be made and upon such date
interest on the amounts of principal to be paid on such dates shall cease to accrue. The Trustee
shall give such notice as it may deem appropriate of the deposit with it of any such moneys and
of the fixing of any such date and shall not be required to make payment to the holder of any
Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for
cancellation if fully paid.
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Section 7.6. Remedies Vested In Trustee. All rights of action (including the right to
file proof of claims) under this Indenture or under any of the Bonds may be enforced by the
Trustee without the possession of any of the Bonds or the production thereof in any trial or other
proceedings relating thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any
holders of the Bonds, and any recovery of judgment shall, subject to the provisions of Section
7.5 hereof, be for the equal benefit of the holders of the outstanding Bonds. However, the
Trustee may only act with the consent and direction of the Requisite Bondholders.
Section 7.7. Rights and Remedies of Bondholders. No holder of any Bond shall have
any right to institute any suit, action or proceeding in equity or at law for the enforcement of this
Indenture or for the execution of any trust thereof or for the appointment of a receiver or any
other remedy hereunder, unless a default has occurred of which the Trustee has been notified as
provided in subsection (g) of Section 8.1, or of which by said subsection it is deemed to have
notice, nor unless also such default shall have become an Event of Default and the holders of all
Bonds then outstanding shall have made written request to the Trustee and shall have offered
reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to
institute such action, suit or proceeding in its own name, nor unless also they have offered to the
Trustee indemnity as provided in Section 8.1 hereof, nor unless the Trustee shall thereafter fail or
refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding
in its, his, or their own name or names. Such notification, request and offer of indemnity are
hereby declared in every case at the option of the Trustee to be conditions precedent to the
execution of the powers and trusts of this Indenture, and to any action or cause of action for the
enforcement of this Indenture, or for the appointment of a receiver or for any other remedy
hereunder; it being understood and intended that no one or more holders of the Bonds shall have
any right in any manner whatsoever to affect, disturb or prejudice the lien of this Indenture by
its, his or their action or to enforce any right hereunder except in the manner herein provided,
and that all proceedings at law or in equity shall be instituted, had and maintained in the manner
herein provided and for the equal benefit of the holders of all Bonds then outstanding. Nothing
in this Indenture contained shall, however, affect or impair the right of any Bondholder to
enforce the covenants of the Issuer to pay the principal of and interest on each of the Bonds
issued hereunder to the respective holders thereof at the time, place, from the source and in the
manner in said Bonds expressed.
Section 7.8. Termination of Proceedings. In case the Trustee shall have proceeded to
enforce any right under this Indenture by the appointment of a receiver, or otherwise, and such
proceedings shall have been discontinued or abandoned for any reason, or shall have been
determined adversely, then and in every such case the Issuer, the Company and the Trustee shall
be restored to their former positions and rights hereunder, respectively, with respect to the Trust
Estate, and all rights, remedies and powers of the Trustee shall continue as if no such
proceedings had been taken.
Section 7.9. Waivers of Events of Default. At the direction of the Requisite
Bondholders, the Trustee may in its discretion waive any event of default hereunder and its
consequences and rescind any declaration of maturity of principal of and interest on the Bonds,
and shall do so upon the written request of the holders of (1) all the Bonds then outstanding in
respect of which default in the payment of principal and/or premium, if any, and/or interest
35
exists, or (2) all Bonds then outstanding in the case of any other default; provided, however, that
there shall not be waived (a) any event of default in the payment of the principal of any
outstanding Bonds at the date of maturity specified therein, or (b) any default in the payment
when due of the interest on any such Bonds unless prior to such waiver or rescission, arrears of
interest, with interest (to the extent permitted by law) at the rate borne by the Bonds in respect of
which such default shall have occurred on overdue installments of interest or all arrears of
payments of principal and premium, if any, when due, as the case may be, and all expenses of the
Trustee in connection with such default shall have been paid or provided for, and in case of any
such waiver or rescission, or in case any proceeding taken by the Trustee on account of any such
default shall have been discontinued or abandoned or determined adversely, then and in every
such case the Issuer, the Trustee and the Bondholders shall be restored to their former positions
and rights hereunder, respectively, but no such waiver or rescission shall extend to any
subsequent or other default, or impair any right consequent thereon.
(End of Article VII)
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ARTICLE VIII.
THE TRUSTEE AND PAYING AGENT
Section 8.1. Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed
upon it by this Indenture, and agrees to perform said trusts as a corporate trustee ordinarily
would perform said trusts under a corporate indenture, but only upon the terms and conditions set
forth herein, and no implied covenants or obligations shall be read into this Indenture against the
Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing of all
Events of Default which may have occurred, undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations
should be read into this Indenture against the Trustee. If any Event of Default under this
Indenture shall have occurred and be continuing, to which the Trustee has knowledge, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture and shall use
the same degree of care and skill in its exercise as a prudent person would exercise or use under
the circumstances in the conduct of such prudent person's own affairs in exercising any rights or
remedies or performing any of its duties hereunder. The Trustee agrees to perform such trusts
only upon and subject to the following expressed terms and conditions:
(a) The Trustee may execute any of the trusts or powers hereof and perform any of its
duties by or if appointed through attorneys, agents, receivers or employees but shall not be
answerable for the conduct of the same if appointed with due care, and shall be entitled to the
opinion and advice of counsel concerning all matters of trusts hereof and the duties hereunder,
and may in all cases pay such reasonable compensation to all such attorneys, agents, receivers
and employees as may reasonably be employed in connection with the trusts hereof. The Trustee
may act upon the opinion or advice of any attorney (who may be the attorney or attorneys for the
Issuer or the Company). The Trustee shall not be responsible for any loss or damage resulting
from any action or non-action in good faith in reliance upon such opinion or advice.
(b) The Trustee shall not be responsible for any recital herein, or in the Bonds (except
in respect to the certificate of the Trustee endorsed on the Bonds), or for the recording or re-
recording, filing or re-filing of this Indenture or any financing statements (other than
continuation statements, if applicable) in connection therewith, or for insuring the property
herein conveyed or collecting any insurance moneys, or for the validity of the execution by the
Issuer of this Indenture or of any supplements thereto or instruments of further assurance, or for
the sufficiency of the security for the Bonds issued hereunder or intended to be secured hereby,
or for the value, condition or title of the property herein conveyed or otherwise as to the
maintenance of the security hereof or as to the validity or sufficiency of this Indenture or of the
Bonds; and the Trustee shall not be bound to ascertain or inquire as to the performance or
observance of any covenants, conditions or agreements on the part of the Issuer or on the part of
the Company under the Financing Agreement; but the Trustee may require of the Issuer or the
Company full information and advice as to the performance of the covenants, conditions and
agreements aforesaid as to the condition of the property herein conveyed. The Trustee shall have
no obligation to perform any of the duties of the Issuer under the Financing Agreement, and the
Trustee shall not be responsible or liable for any loss suffered in connection with any investment
of funds made by it in accordance with the provisions of this Indenture.
37
(c) The Trustee shall not be accountable for the use of any Bonds, or the proceeds
thereof, authenticated by it or the Paying Agent or delivered hereunder or for any money paid to
or upon the order of the City under any provision of this Indenture or of the Financing
Agreement. The Trustee, in its individual or any other capacity, may become the owner of
Bonds secured hereby with the same rights which it would have if not Trustee.
(d) The Trustee may rely and shall be protected in acting upon any notice, request,
consent, certificate, order, affidavit, letter, telegram or other paper or document believed to be
genuine and correct and to have been signed or sent by the proper person or persons. Any action
taken by the Trustee pursuant to this Indenture upon the request or authority or consent of any
person who at the time of making such request or giving such authority or consent is the owner
of any Bond, shall be conclusive and binding upon all future owners of the same Bond and upon
Bonds issued in exchange therefor or in place thereof.
(e) As to the existence or non-existence of any fact or as to the sufficiency or validity
of any instrument, paper or proceeding, or whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee shall be entitled to rely upon a certificate signed on
behalf of the Issuer or the Company by its duly authorized officers as sufficient evidence of the
facts therein contained and prior to the occurrence of a default of which the Trustee has been
notified as provided in subsection (g) of this Section, or of which said subsection it is deemed to
have notice, shall also be at liberty to accept a similar certificate to the effect that any particular
dealing, transaction or action is necessary or expedient, but may at its discretion secure such
further evidence deemed necessary or advisable, but shall in no case be bound to secure the
same. The Trustee may accept a certificate of the Issuer or the Company under its seal to the
effect that an ordinance or resolution in the form therein set forth has been adopted by the Issuer
or the Company as conclusive evidence that such ordinance or resolution has been duly adopted,
and is in full force and effect.
(f) The permissive right of the Trustee to do things enumerated in this Indenture shall
not be construed as a duty, and the Trustee shall not be answerable for other than its gross
negligence or willful misconduct; provided, however, that the provisions of this subsection shall
not affect the duties of the Trustee hereunder, including the provisions of Article VII hereof.
(g) The Trustee shall not be required to take notice or be deemed to have notice of
any event of default hereunder (other than payment of the principal and interest on the Bonds)
unless the Trustee shall be specifically notified in writing of such default by the Issuer or by the
holders of at least twenty-five percent (25%) in aggregate principal amount of all Bonds then
outstanding and all notices or other instruments required by this Indenture to be delivered to the
Trustee must, in order to be effective, be delivered at the corporate trust office of the Trustee,
and in the absence of such notice so delivered, the Trustee may conclusively assume there is no
default except as aforesaid.
(h) The Trustee shall not be personally liable for any debts contracted or for damages
to persons or to personal property injured or damaged, or for salaries or nonfulfillment of
contracts during any period in which it may be in possession of or managing the Trust Estate.
38
(i) At any and all reasonable times and upon reasonable prior written notice, the
Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and
representatives, shall have the right, but shall not be required, to fully inspect the Trust Estate,
and to take such memoranda from and in regard thereto as may be desired.
(j) The Trustee shall not be required to give any bond or surety in respect of the
execution of the said trusts and powers or otherwise in respect of the premises.
(k) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall
have the right, but shall not be required, to demand, in respect of the authentication of any
Bonds, the withdrawal of any cash, the release of any property, or any action whatsoever within
the purview of this Indenture, any showings, certificates, opinions, appraisals or other
information, or corporate action or evidence thereof, in addition to that by the terms hereof
required as a condition of such action by the Trustee, deemed desirable for the authentication of
any Bonds, the withdrawal of any cash, or the taking of any other action by the Trustee.
(l) Before taking any action under this Indenture, the Trustee may require that a
satisfactory indemnity bond be furnished for the reimbursement of all costs and expenses to
which it may be put (including without limitation attorney’s fees and expenses) and to protect it
against all liability, except liability which is adjudicated to have resulted from its gross
negligence or willful misconduct in connection with any action so taken. Such indemnity shall
survive the termination of this Indenture.
(m) All moneys received by the Trustee or the Paying Agent shall, until used or
applied or invested as herein provided, be held in trust for the purposes for which they were
received but need not be segregated from other funds except to the extent required by law.
Neither the Trustee nor the Paying Agent shall be under any liability for interest on any moneys
received hereunder.
(n) The Trustee shall have no responsibility with respect to any information,
statement or recital in any official statement, offering memorandum or any other disclosure
material prepared or distributed with respect to the Bonds and shall have no responsibility for
compliance with any state or federal securities laws in connection with the Bonds
(o) The Trustee agrees to accept and act upon instructions or directions pursuant to
this Indenture sent by unsecured e-mail or other similar unsecured electronic methods, provided,
however, that the Issuer and the Company shall provide to the Trustee an incumbency certificate
listing designated persons authorized to provide such instructions, which incumbency certificate
shall be amended whenever a person is to be added or deleted from the listing. If the Issuer and
the Company elect to give the Trustee e-mail instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable
for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The Issuer and the Company agree to assume
all risks arising out of the use of such electronic methods to submit instructions and directions to
39
the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties.
Section 8.2. Fees, Charges and Expenses of Trustee and Paying Agent. The Trustee
and Paying Agent shall be entitled to payment and/or reimbursement for reasonable fees for its
services rendered hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) and all advances, counsel fees and
other expenses reasonably and necessarily made or incurred by the Trustee or Paying Agent in
connection with such services. In the event that it should become necessary for the Trustee to
perform extraordinary services, the Trustee shall be entitled to reasonable additional
compensation therefor and to reimbursement for reasonable and necessary extraordinary
expenses in connection therewith; provided that if such extraordinary services or extraordinary
expenses are occasioned by the gross negligence or willful misconduct of the Trustee it shall not
be entitled to compensation or reimbursement therefore. The Trustee shall have a first lien with
right of payment prior to payment on account of interest or principal of, or premium, if any, on
any Bond for the foregoing advances, fees, costs and expenses incurred. The Trustee shall be
entitled to payment and reimbursement for the reasonable fees and charges of the Trustee as
Paying Agent for the Bonds.
Section 8.3. Notice to Bondholders if Default Occurs. If an Event of Default occurs of
which the Trustee is by subsection (g) of Section 8.1 hereof required to take notice or if notice of
an Event of Default be given as in said subsection (g) provided, then the Trustee shall give
written notice thereof by registered or certified mail to the Company and the last known holders
of all Bonds then outstanding shown by the list of Bondholders required by the terms of this
Indenture to be kept at the office of the Trustee, unless such Event of Default has been cured or
waived; provided, however, that the Trustee shall be protected in withholding such notice if and
so long as the Trustee in good faith determines that the withholding of such notices is in the
interests of the Bondholders.
Section 8.4. Intervention by Trustee. In any judicial proceeding to which the Issuer is
a party and which in the opinion of the Trustee and its counsel has a substantial bearing on the
interests of holders of the Bonds, the Trustee may intervene on behalf of Bondholders and,
subject to the provisions of Section 8.1(l), shall do so if requested in writing by the owners of at
least twenty-five percent (25%) in aggregate principal amount of all Bonds then outstanding.
The rights and obligations of the Trustee under this Section are subject to the approval of a court
of competent jurisdiction.
Section 8.5. Successor Trustee. Any corporation or association into which the Trustee
may be converted or merged, or with which it may be consolidated, or to which it may sell or
transfer its corporate trust business and assets as a whole or substantially as a whole, or any
corporation or association resulting from any such conversion, sale, merger, consolidation or
transfer to which it is a party, ipso facto, shall be and become successor Trustee hereunder and
vested with all of the title to the whole property or trust estate and all the trusts, powers,
discretions, immunities, privileges and all other matters as was its predecessor, without the
execution or filing of any instrument or any further act, deed or conveyance on the part of any of
the parties hereto, anything herein to the contrary notwithstanding.
40
Section 8.6. Resignation by the Trustee. The Trustee and any successor Trustee may at
any time resign from the trusts hereby created by giving thirty days’ written notice to the Issuer
and the Company and by first class mail to each registered owner of Bonds then outstanding and
to each holder of Bonds as shown by the list of Bondholders required by this Indenture to be kept
at the office of the Trustee, and such resignation shall take effect at the end of such thirty (30)
days, or upon the earlier appointment of a successor Trustee by the Bondholders or by the Issuer.
Such notice to the Issuer and the Company may be served personally or sent by registered or
certified mail.
Section 8.7. Removal of the Trustee. The Trustee may be removed at any time by an
instrument or concurrent instruments in writing delivered to the Trustee and to the Issuer and
signed by the Requisite Bondholders.
Section 8.8. Appointment of Successor Trustee by the Bondholders; Temporary
Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in
course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in
case it shall be taken under control of any public officer or officers, or of a receiver appointed by
a court, a successor may be appointed by the owners of a majority in aggregate principal amount
of Bonds then outstanding, by an instrument or concurrent instruments in writing signed by such
owners, or by their attorneys-in-fact, duly authorized; provided, nevertheless, that in case of such
vacancy, the Issuer, by an instrument executed by one of its duly authorized officers, may
appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by
the Bondholders in the manner above provided; and any such temporary Trustee so appointed by
the Issuer shall immediately and without further act be superseded by the Trustee so appointed
by such Bondholders. Every such Trustee appointed pursuant to the provisions of this Section
shall be a trust company or bank, having a reported capital and surplus of not less than One
Hundred Million Dollars ($100,000,000) if there be such an institution willing, qualified and able
to accept the trust upon reasonable or customary terms.
Section 8.9. Concerning Any Successor Trustees. Every successor Trustee appointed
hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer and the
Company an instrument in writing accepting such appointment hereunder, and thereupon such
successor, without any further act, deed or conveyance, shall become fully vested with all the
estates, properties, rights, powers, trusts, duties and obligations of its predecessor and thereupon
the duties and obligations of the predecessor shall cease and terminate; but such predecessor
shall, nevertheless, on the written request of the Issuer, or of its successor, and upon approval by
the Issuer of the records and accounts of the predecessor Trustee, a release of the predecessor
Trustee by the Issuer, and the payment of the fees and expenses owed to the predecessor Trustee,
execute and deliver an instrument transferring to such successor Trustee all the estates,
properties, rights, powers and trusts of such predecessor hereunder; and every predecessor
Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor.
Should any instrument in writing from the Issuer be required by any successor Trustee for more
fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested
or intended to be vested in the predecessor any and all such instruments in writing shall, on
request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee
and the instrument or instruments removing any Trustee and appointing a successor hereunder,
41
together with all other instruments provided for in this Article shall be filed by the successor
Trustee in each office, if any, where the Indenture shall have been filed.
Section 8.10. Trustee Protected in Relying Upon Resolutions, etc. Subject to the
conditions contained herein, the resolutions, ordinances, opinions, certificates and other
instruments provided for in this Indenture may be accepted by the Trustee as conclusive evidence
of the facts and conclusions stated therein and shall be full warrant, protection and authority to
the Trustee for the release of property and the withdrawal of cash hereunder.
Section 8.11. Appointment of Paying Agent and Registrar; Resignation or Removal of
Paying Agent. The Trustee is hereby appointed “Paying Agent” under this Indenture. Any
Paying Agent may at any time resign and be discharged of the duties and obligations created by
this instrument and any supplemental indenture by giving at least 30 days’ written notice to the
Issuer, the Company and the Trustee. Any Paying Agent may be removed at any time by an
instrument, filed with such Paying Agent and the Trustee and signed by the Issuer and the
Company. Any successor Paying Agent shall be appointed by the Issuer at the direction of the
Company and shall be a bank or trust company duly organized under the laws of any state of the
United States or a national banking association, in each case having a capital stock and surplus
aggregating at least $100,000,000, willing and able to accept the office on reasonable and
customary terms and authorized by law to perform all the duties imposed upon it by this
Indenture.
In the event of the resignation or removal of any Paying Agent, such Paying Agent shall
pay over, assign and deliver any moneys or securities held by it as Paying Agent to its
successors, or if there is no successor, to the Trustee.
(End of Article VIII)
42
ARTICLE IX.
SUPPLEMENTAL INDENTURES
Section 9.1. Supplemental Indentures Not Requiring Consent of Bondholders. With
the prior consent of the Company, the Issuer and the Trustee may without the consent of, or
notice to, any of the Bondholders, enter into an indenture or indentures supplemental to this
Indenture, as shall not be inconsistent with the terms and provisions hereof, for any one or more
of the following purposes:
(a) To cure any ambiguity or formal defect or omission in this Indenture;
(b) To grant to or confer upon the Trustee for the benefit of the Bondholders any
additional rights, remedies, powers or authority that may lawfully be granted to or conferred
upon the Bondholders or the Trustee or any of them;
(c) To subject to this Indenture additional security, revenues, properties or collateral;
or
(d) To make any other change in this Indenture which, in the judgment of the Trustee,
who may rely on the advice and opinion of counsel, is not to the material prejudice of the
Trustee, the Company, the Issuer or the holders of the Bonds; or
(e) To modify, amend or supplement the Indenture in such manner as required to
permit the qualification thereof under the Trust Indenture Act of 1939, as amended, or any
similar Federal statute hereafter in effect, and, if they so determine, to add to the Indenture such
other terms, conditions and provisions as may be required by said Trust Indenture Act of 1939,
as amended, or similar federal statute.
Section 9.2. Supplemental Indentures Requiring Consent of Bondholders. Exclusive of
supplemental indentures covered by Section 9.1 hereof, and subject to the terms and provisions
contained in this Section, and not otherwise, the Requisite Bondholders shall have the right, from
time to time, anything contained in this Indenture to the contrary notwithstanding, to consent to
and approve the execution by the Issuer and the Trustee of such other indenture or indentures
supplemental hereto as shall be deemed necessary and desirable by the Issuer for the purpose of
modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or
provisions contained in this Indenture or in any supplemental indenture; provided however, that
no such supplemental indenture may be entered into without the prior consent of the Company;
and provided further that nothing in this section contained shall permit or be construed as
permitting (except as otherwise permitted in this Indenture) (a) an extension of the stated
maturity or reduction in the principal amount of, or reduction in the rate or extension of the time
of paying of interest on, or reduction of any premium payable on the redemption of, any Bonds,
without the consent of the holder of such Bond, or (b) a reduction in the amount or extension of
the time of any payment required by any sinking fund applicable to any Bonds without the
consent of the holders of all the Bonds which would be affected by the action to be taken, or (c)
the creation of any lien prior to or, except for the lien of Parity Obligations (including Additional
Bonds), on a parity with the lien of this Indenture without the consent of the holders of all the
43
Bonds at the time outstanding, or (d) a reduction in the aforesaid aggregate principal amount of
Bonds the holders of which are required to consent to any such supplemental indenture, without
the consent of the holders of all the Bonds at the time outstanding which would be affected by
the action to be taken, or (e) a modification of the rights, duties or immunities of the Trustee,
without the written consent of the Trustee, or (f) a privilege or priority of any Bond over any
other Bonds, or (g) a derivation of the Owners of any Series 20__ Bonds then Outstanding of the
lien thereby created.
Anything herein to the contrary notwithstanding, a supplemental indenture under this
Article which affects any rights of the Company shall not become effective unless and until the
Company shall have consented in writing to the execution and delivery of such supplemental
indenture. In this regard, the Trustee shall cause notice of the proposed execution and delivery
of any such supplemental indenture together with a copy of the proposed supplemental indenture
to be mailed by certified or registered mail to the Company at least fifteen (15) days prior to the
proposed date of execution and delivery of any such supplemental indenture.
Section 9.3. Opinion. The Trustee shall be entitled to receive, and shall be fully
protected in relying upon, the opinion of any counsel approved by it, as conclusive evidence that
any such proposed supplemental indenture complies with the provisions of this Indenture, and
that it is proper for the Trustee, under the provisions of this Article, to join in the execution of
such supplemental indenture.
(End of Article IX)
44
ARTICLE X.
AMENDMENTS TO THE FINANCING AGREEMENT
Section 10.1. Amendments, etc. to Financing Agreement Not Requiring Consent of
Bondholders. The Issuer and the Trustee with the consent of the Company shall, without the
consent of or notice to the Bondholders, consent to any amendment, change or modification of
the Financing Agreement as may be required (i) by the provisions of the Financing Agreement
and this Indenture, or (ii) for the purpose of curing any ambiguity or formal defect or omission,
or (iii) in connection with any other change therein which, in the judgment of the Trustee (who
may rely upon the advice and opinion of counsel), is not to the prejudice of the Trustee, the
Issuer or the holders of the Bonds.
Section 10.2. Amendments, etc. to Financing Agreement Requiring Consent of
Bondholders. Except for the amendments, changes or modifications as provided in Section 10.1
hereof, neither the Issuer nor the Trustee shall consent to any other amendment, change or
modification of the Financing Agreement without the written approval or consent of the
Requisite Bondholders given and procured as in Section 9.2 provided.
Section 10.3. Opinion. The Trustee shall be entitled to receive, and shall be fully
protected in relying upon, the opinion of any counsel approved by it, as conclusive evidence that
any such proposed amendment complies with the provisions of this Indenture and Financing
Agreement, and that it is proper for the Trustee, under the provisions of this Article, to join in the
execution of such amendment.
(End of Article X)
45
ARTICLE XI.
MISCELLANEOUS
Section 11.1. Satisfaction and Discharge. All rights and obligations of the Issuer and
the Company under the Financing Agreement and this Indenture shall terminate, and such
instruments shall cease to be of further effect, and the Trustee shall execute and deliver all
appropriate instruments evidencing and acknowledging the satisfaction of this Indenture, and
shall assign and deliver to the Company any moneys and investments in all Funds established
hereunder when
(a) all fees and expenses of the Trustee and the Paying Agent shall have been paid;
(b) the Issuer and the Company shall have performed all of their covenants and
promises in the Financing Agreement and in this Indenture; and
(c) all Bonds theretofore authenticated and delivered (i) have become due and
payable, or (ii) are to be retired or called for redemption under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee at the expense of the Company, or
(iii) have been delivered to the Trustee canceled or for cancellation; and, in the case of (i) and (ii)
above, there shall have been deposited with the Trustee either cash in an amount which shall be
sufficient, or investments (but only to the extent that the full faith and credit of the United States
of America are pledged to the timely payment thereof) the principal of and the interest on which
when due will provide moneys which, together with the moneys, if any, deposited with the
Trustee, shall be sufficient, to pay when due the principal or redemption price, if applicable, and
interest due and to become due on the Bonds and prior to the redemption date or maturity date
thereof, as the case may be.
Section 11.2. Defeasance of Bonds. Any Bond shall be deemed to be paid and no
longer Outstanding within the meaning of this Article and for all purposes of this Indenture when
(a) payment of the principal and interest of and premium, if any, on such Bond either (i) shall
have been made or caused to be made in accordance with the terms thereof, or (ii) shall have
been provided for by irrevocably depositing with the Trustee in trust and irrevocably set aside
exclusively for such payment, (1) moneys sufficient to make such payment or (2) Governmental
Obligations maturing as to principal and interest in such amounts and at such times as will insure
the availability of sufficient moneys to make such payment, and (b) all necessary and proper
fees, compensation, indemnities and expenses of the Trustee and the Issuer pertaining to the
Bonds with respect to which such deposit is made shall have been paid or the payment thereof
provided for. At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, such
Bond shall no longer be secured by or entitled to the benefits of this Indenture, except for the
purposes of any such payment from such moneys or Governmental Obligations.
Notwithstanding the foregoing, no deposit under clause (a)(ii) of the immediately
preceding paragraph shall be deemed payment of such Bonds as aforesaid until (a) proper notice
of redemption of such Bonds shall have been previously given in accordance with Section 5.2 of
this Indenture, or if the Bonds are not by their terms subject to redemption within the next
succeeding sixty (60) days, until the Company shall have given the Trustee in form satisfactory
46
to the Trustee irrevocable instructions to notify, as soon as practicable, the owners of the Bonds,
that the deposit required by the preceding paragraph has been made with the Trustee and that the
Bonds are deemed to have been paid in accordance with this Section 11.2 and stating the
maturity or redemption date upon which moneys are to be available for the payment of the
principal of and the applicable redemption premium, if any, on said Bonds, plus interest thereon
to the due date thereof; or (b) the maturity of such Bonds.
All moneys so deposited with the Trustee as provided in this Section 11.2 may also be
invested and reinvested, at the written direction of the Company, in Governmental Obligations,
maturing in the amounts and at the times as hereinbefore set forth, and all income from all
Governmental Obligations in the hands of the Trustee pursuant to this Section 11.2 which is not
required for the payment of principal of the Bonds and interest and premium, if any, thereon with
respect to which such moneys shall have been so deposited shall be deposited in the Bond Fund
as and when realized and collected for use and application as are other moneys deposited in the
Bond Fund.
Notwithstanding any provision of any other Article of this Indenture which may be
contrary to the provisions of this Section 11.2, all moneys or Governmental Obligations set aside
and held in trust pursuant to the provisions of this Section 11.2 for the payment of Bonds
(including premium thereon, if any) shall be applied to and used solely for the payment of the
particular Bonds (including the premium thereon, if any) with respect to which such moneys or
Governmental Obligations have been so set aside in trust.
Anything in Article 9 hereof to the contrary notwithstanding, if moneys or Governmental
Obligations have been deposited or set aside with the Trustee pursuant to this Section 11.2 for
the payment of Bonds and such Bonds shall not have in fact been actually paid in full, no
amendment to the provisions of this Section 11.2 shall be made without the consent of the owner
of each Bond affected thereby.
The right to register the transfer of or to exchange Bonds shall survive the discharge of
this Indenture.
Section 11.3. Cancellation of Series 20__ Bonds. If the owner of any Series 20__
Bonds presents that Bond to the Trustee with an instrument satisfactory to the Trustee waiving
all claims for payment of that Bond, the Trustee shall cancel that Series 20__ Bond and the
Bondholder shall have no further claim against the Trust Estate, the Issuer or the Company with
respect to that Series 20__ Bond.
Section 11.4. Application of Trust Money. All money or investments deposited with or
held by the Trustee pursuant to Section 11.1 shall be held in trust for the holders of the Bonds,
and applied by it, in accordance with the provisions of the Bonds and this Indenture, to the
payment, either directly or through the Paying Agent, to the persons entitled thereto, of the
principal (and premium, if any) and interest for whose payment such money has been deposited
with the Trustee; but such money or obligations need not be segregated from other funds except
to the extent required by law.
47
Section 11.5. Consents, etc., of Bondholders. Any consent, request, direction, approval,
objection or other instrument required by this Indenture to be executed by the Bondholders may
be in any number of concurrent writings of similar tenor and may be executed by such
Bondholders in person or by agent appointed in writing. Provided, however, that wherever this
Indenture or the Financing Agreement requires that any such consent or other action be taken by
the holders of a specified percentage, fraction or majority of the Bonds outstanding, any such
Bonds held by or for the account of the following persons shall not be deemed to be outstanding
hereunder for the purpose of determining whether such requirement has been met: the Issuer,
any of its members, the Company, or the directors, trustees, officers or members of the
Company. For all other purposes, Bonds held by or for the account of such person shall be
deemed to be outstanding hereunder. Proof of the execution of any such consent, request,
direction, approval, objection or other instrument or of the writing appointing any such agent and
of the ownership of Bonds, if made in the following manner, shall be sufficient for any of the
purposes of this Indenture, and shall be conclusive in favor of the Trustee with regard to any
action taken under such request or other instrument, namely:
(a) The fact and date of the execution by any person of any such writing may be
proved by the certificate of any officer in any jurisdiction who by law has power to take
acknowledgments within such jurisdiction that the person signing such writing acknowledged
before him the execution thereof, or by affidavit of any witness to such execution.
(b) The fact of the holding by any person of Bonds transferable by delivery and the
amounts and numbers of such Bonds, and the date of the holding of the same, may be proved by
a certificate executed by any trust Company, bank or bankers, wherever situated, stating that at
the date thereof the party named therein did exhibit to an officer of such trust Company or bank
or to such banker, as the property of such party, the Bonds therein mentioned if such certificate
shall be deemed by the Trustee to be satisfactory. The Trustee may, in its discretion, require
evidence that such Bonds have been deposited with a bank, bankers or trust Company, before
taking any action based on such ownership. In lieu of the foregoing, the Trustee may accept
other proofs of the foregoing as it shall deem appropriate.
For all purposes of this Indenture and of the proceedings for the enforcement hereof, such
person shall be deemed to continue to be the holder of such Bond until the Trustee shall have
received notice in writing to the contrary.
Section 11.6. Limitation of Rights. With the exception of rights herein expressly
conferred, nothing expressed or mentioned in or to be implied from this Indenture, or the Bonds
is intended or shall be construed to give to any person other than the parties hereto, and the
Company, and the holders of the Bonds, any legal or equitable right, remedy or claim under or in
respect to this Indenture or any covenants, conditions and provisions herein contained, this
Indenture and all of the covenants, conditions and provisions hereof being intended to be and
being for the sole and exclusive benefit of the parties hereto and the Company and the holders of
the Bonds as herein provided.
Section 11.7. Severability. If any provision of this Indenture shall be held or deemed to
be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any
jurisdiction or jurisdictions or in all jurisdictions, or in all cases because it conflicts with any
48
other provision or provisions hereof or any constitution or statute or rule of public policy, or for
any other reason, such circumstances shall not have the effect of rendering the provision in
question inoperative or unenforceable in any other case or circumstance, or of rendering any
other provision or provisions herein contained invalid, inoperative, or unenforceable to any
extent whatever.
The invalidity of any one or more phrases, sentences, clauses or Sections in this Indenture
contained, shall not affect the remaining portions of this Indenture, or any part thereof.
Section 11.8. Notices. All notices, demands, certificates or other communications
hereunder shall be sufficiently given and shall be deemed given when mailed by registered or
certified mail, postage prepaid, with proper address as indicated below; however, notices to the
Trustee shall be deemed given upon receipt by the Trustee. The Issuer, the Company, and the
Trustee may, by written notice given by each to the others, designate any address or addresses to
which notices, demands, certificates or other communications to them shall be sent when
required as contemplated by this Indenture. Until otherwise provided by the respective parties,
all notices, demands, certificates and communications to each of them shall be addressed as
provided in Section 7.3 of the Financing Agreement.
Section 11.9. Counterparts. This Indenture may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the
same instrument. The parties hereto agree that the transaction described herein may be conducted
and related documents may be stored by electronic means. Copies, telecopies, facsimiles,
electronic files and other reproductions of original executed documents shall be deemed to be
authentic and valid counterparts of such original documents for all purposes, including the filing
of any claim, action or suit in the appropriate court of law.
Section 11.10. Applicable Law. This Indenture shall be governed exclusively by the
applicable laws of the State of Indiana.
Section 11.11. Immunity of Officers and Directors. No recourse shall be had for the
payment of the principal of or premium or interest on any of the Bonds or for any claim based
thereon or upon any obligation, covenant or agreement in this Indenture contained against any
past, present or future members, officer, directors, agents, attorneys or employees of the Issuer,
or any incorporator, member, officer, director, agents, attorneys, employees or trustee of any
successor corporation, as such, either directly or through the Issuer or any successor corporation,
under any rule of law or equity, statute or constitution or by the enforcement of any assessment
or penalty or otherwise, and all such liability of any such incorporator, members, officers,
directors, agents, attorneys, employees or trustees as such is hereby expressly waived and
released as a condition of and consideration for the execution of this Indenture and issuance of
such Bonds.
Section 11.12. Holidays. If any date for the payment of principal or interest on the Bonds
is not a business day then such payment shall be due on the first business day thereafter.
(End of Article XI)
S-1
IN WITNESS WHEREOF, the City of Carmel, Indiana, has caused these presents to be
signed in its name and behalf by its Mayor and its corporate seal to be hereunto affixed and
attested by its Clerk, and to evidence its acceptance of the trusts hereby created, [Trustee], in
Indianapolis, Indiana has caused these presents to be signed in its name and behalf by, its official
seal to be hereunto affixed, and the same to be attested by, its duly authorized officers, all as of
the day and year first above written.
CITY OF CARMEL, INDIANA
By:
Mayor
(SEAL)
Attest:
Clerk
S-2
[TRUSTEE], as Trustee
By:
(Written Signature)
(Printed Signature)
A-1
EXHIBIT A
DESCRIPTION OF THE PROJECTS
All or any portion of the design and construction of infrastructure and site improvements,
including, but not limited to, storm water improvements, utilities relocation, road improvements
and/or structured parking costs, which will be located in, serving or benefitting the [Smokey &
Monon Phase II Allocation Area] within the Old Town Economic Development Area and will
support the development of a proposed mixed-use project consisting of parking and residential
uses to be undertaken by the Company.
B-1
DMS 47235810.2
EXHIBIT B
COSTS OF ISSUANCE
SPONSORS: Councilors Ayers, Joshi, Minnaar, Snyder
This Resolution was prepared by Sergey Grechukhin, Deputy Corporation Counsel/Transactions Chief, on April 28, 2025, at
12:05 p.m. No subsequent revision to this Resolution has been reviewed by Mr. Grechukhin for legal sufficiency or otherwise.
RESOLUTION CC-05-05-25-01 1
2
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 3
RECOMMENDING CONSIDERATION OF AN AMENDMENT TO THE UNIFIED 4
DEVELOPMENT ORDINANCE FOR THE CITY AND REFERRING THE SAME TO 5
THE CARMEL PLAN COMMISSION FOR RECOMMENDATION 6
7
Synopsis: This Resolution refers a proposal to amend Articles 2.20, 2.21, and 9.03 of the Carmel 8
Unified Development Ordinance to the Carmel Advisory Plan Commission for public hearing and 9
recommendation to the Common Council. 10
11
WHEREAS, the Common Council of the City of Carmel, Indiana (the “City”) has adopted 12
the City of Carmel Unified Development Ordinance (the “UDO”) pursuant to Ind. Code §36-7-4-13
600 et seq; and 14
15
WHEREAS, the Common Council desires to amend the UDO in accordance with Ind. 16
Code §36-7-4-602(b) in order to amend UDO Sections relating to Development Plan (“DP”) and 17
Architectural Design, Exterior Lighting, Landscaping and Signage (“ADLS”) application, 18
consideration, and approval processes. 19
20
WHEREAS, Ind. Code §36-7-4-607(b) requires any proposal to amend or partially repeal 21
the text of the UDO be referred to the City’s Advisory Plan Commission (the “Commission”) for 22
consideration and recommendation before any final action is taken by the Common Council; and 23
24
WHEREAS, upon receiving a proposal for the amendment or repeal of the text of the 25
UDO, the Commission shall, within sixty (60) days, hold a public hearing in accordance with Ind. 26
Code §36-7-4-607(b) and make a recommendation on the proposal not later than sixty (60) days 27
after the Commission holds the public hearing; and 28
29
WHEREAS, as required by Ind. Code §36-7-4-607(c) the Commission is required to 30
certify to the Common Council the Commission’s recommendation before final action is taken by 31
the Common Council. 32
33
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of 34
Carmel, Indiana, that: 35
36
Section 1. Recitals Incorporated. The foregoing Recitals are incorporated herein by 37
this reference. 38
39
Section 2. Recommendation and Referral. The Common Council proposes for 40
consideration the amendment to the UDO attached hereto as Exhibit A and refers the same to the 41
Commission for consideration, a public hearing and recommendation before any final action is 42
taken by the Common Council. A form of Notice of Public Hearing is attached hereto as Exhibit 43
B for the Commission’s convenience. 44
45
46
Resolution CC 05-05-25-01 47
Page One of Two 48
49
SPONSORS: Councilors Ayers, Joshi, Minnaar, Snyder
This Resolution was prepared by Sergey Grechukhin, Deputy Corporation Counsel/Transactions Chief, on April 28, 2025, at
12:05 p.m. No subsequent revision to this Resolution has been reviewed by Mr. Grechukhin for legal sufficiency or otherwise.
Section 3. Action by the Common Council. Upon receipt of the recommendation of 50
the Commission, the Common Council shall review and consider adoption of the Amendment. 51
52
Section 4. Effectiveness. This Resolution shall take effect immediately upon its 53
passage by the Council and approval of the Mayor and upon such approval shall be transmitted by 54
the Clerk to the Commission. 55
56
SO RESOLVED, by the Common Council of the City of Carmel, Indiana, this ________ 57
day of ________________, 2025 by a vote of _____ ayes and _____ nays. 58
59
COMMON COUNCIL FOR THE CITY OF CARMEL 60
_______________________________ ______________________________ 61
Adam Aasen, President Matthew Snyder, Vice-President 62
63
______________________________ ______________________________ 64
Rich Taylor Anthony Green 65
66
______________________________ ______________________________ 67
Jeff Worrell Teresa Ayers 68
69
______________________________ ______________________________ 70
Shannon Minnaar Ryan Locke 71
72
______________________________ 73
Anita Joshi 74
75
ATTEST: 76
______________________________ 77
Jacob Quinn, Clerk 78
79
Presented by me to the Mayor of the City of Carmel, Indiana this _________ day of 80
_________________, 2025, at _______ __.M. 81
82
_________________________________ 83
Jacob Quinn, Clerk 84
85
Approved by me, Mayor of the City of Carmel, Indiana this _________ day of 86
_________________, 2025, at _______ __.M. 87
88
_________________________________ 89
Sue Finkam, Mayor 90
ATTEST: 91
_________________________________ 92
Jacob Quinn, Clerk 93
94
Resolution CC 05-05-25-01 95
Page Two of Two 96
Ordinance Z
1
EXHIBIT A 1
Sponsor(s): 2
3
ORDINANCE Z- 4
AN ORDINANCE OF THE COMMON COUNCIL OF THE 5
CITY OF CARMEL, INDIANA 6
7
Synopsis: an Ordinance amending UDO Articles 2.20, 2.21 and 9.03 relating to Development 8
Plan and Architectural Design, Exterior Lighting, Landscaping and Signage requirements, 9
application, consideration, and approval processes. 10
WHEREAS, pursuant to Ind. Code 36-7-4-602 the Common Council is authorized to 11
amend the text of the Unified Development Ordinance (the “UDO”); and 12
WHEREAS, the Common Council desires to amend the text of Articles 2.20, 2.21, and 13
9.03 relating to Development Plan (“DP”) and Architectural Design, Exterior Lighting, 14
Landscaping and Signage (“ADLS”) requirements, application, consideration, and approval 15
processes in order to standardize, enhance, simplify, and better define DP and ADLS approvals 16
(the “Proposed Amendment”); and 17
WHEREAS, pursuant to Common Council Resolution CC 05-05-25-01, the City’s Plan 18
Commission (the “Commission”) received the Common Council’s proposal to consider and 19
provide a recommendation to the Common Council regarding the Proposed Amendment, and 20
WHEREAS, pursuant to Ind. Code 36-7-4-604, the Commission held a public hearing 21
regarding the Proposed Amendment as Docket No. PZ-2025-______ on ______date______, after 22
providing public notice thereof as required by law. 23
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of 24
Carmel, Indiana, that, pursuant to IC 36-7-4-600 et seq. and after Docket No. PZ-2025-____ 25
having received a favorable recommendation from the Commission on Tuesday,___________, 26
2025, it hereby adopts this Ordinance to amend Articles 2.20, 2.21 and 9.03 of the UDO, to read 27
as follows: 28
29
Section I: The foregoing recitals are incorporated herein by this reference. 30
31
Section II: Amends B1 District Development Standards of Article 2, Section 2.20 by requiring 32
DP approval as follows: 33
Development Plan Required 34
• no yes 35
Section III: Amends B2 District Development Standards of Article 2, Section 2.21 by requiring 36
DP approval as follows: 37
Development Plan Required 38
• no yes 39
Section III: Amends and Replaces Article 9, Section 9.03(B) through Article 9, Section 9.03(D) 40
with the following language: 41
B. Development Plan: 42
1. Development Requirements 43
Ordinance Z
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The Plan Commission shall review a Development Plan application to determine if the 44
Development Plan satisfies the development requirements specified herein, and in the 45
applicable zoning district, and any applicable Overlay district. The Plan Commission’s 46
review shall include, but not be limited to, the following items: 47
a. Compatibility of the development with surrounding land uses 48
i. Consistency with the policies for the district as set forth in the Comprehensive Plan; 49
ii. Surrounding zoning and existing land uses; 50
iii. Compatibility with existing platted residential uses; and 51
iv. Compatibility of proposed project with existing development within the district. 52
v. Potential environmental impacts of the development, including stormwater 53
management, tree preservation, and air, noise, and light pollution. 54
b. Availability and coordination of: 55
i. The means and impact of water supply techniquesWater supply, considering 56
available capacity and potential impacts; 57
ii. The means and impact of sanitary sewersSanitary sewer systems, considering 58
available capacity and potential impacts; 59
iii. On-site and off-site surface and subsurface storm water drainage including 60
calculationsStormwater management, including on-site and off-site surface and 61
subsurface drainage, supported by appropriate engineering calculations; 62
iv. Erosion and sediment control measures during construction and post-construction; 63
v. Protection of wetlands, streams, and other water resources, including any necessary 64
permits and mitigation measures; and 65
vi. Other on-site and off-site utilities. 66
c. Management of traffic in a manner that creates conditions favorable to health, safety, 67
convenience, and the harmonious development of the community such thatTraffic 68
management that promotes health, safety, convenience, and harmonious community 69
development, ensuring that: 70
i. The design and location of proposed street and highway access points minimize 71
safety hazards and congestion; 72
ii. The capacity of adjacent streets and highways is sufficient to safely and efficiently 73
accept accommodate traffic that will begenerated by the new development; and 74
iii. The proposed entrances, streets, and internal traffic circulation facilities in the 75
Development Planare compatible with existing and planned streets and adjacent 76
developments, including stub street continuation; 77
iv. Implementation of traffic calming measures, as appropriate, to control speed and 78
enhance pedestrian safety; 79
v. Mitigation of potential negative impacts of increased traffic on adjacent residential 80
neighborhoods; 81
vi. Integration of the development's street network with the surrounding community to 82
promote connectivity and efficient traffic flow; 83
vii. A traffic management plan for the construction phase, addressing potential impacts 84
on traffic flow and neighborhood access; and 85
viii. Analysis of the need for traffic signals or other traffic regulation devices 86
improvements or new signals, or other traffic regulation devices to accommodate 87
the development's traffic. 88
d. Building setback lines. 89
Ordinance Z
3
e. Building coverage. 90
f. Building separation. 91
g. Vehicle circulation. 92
i. Consistency with the policies for the district as set forth in the Thoroughfare Plan; 93
ii. Dedication of streets, sidewalks, and rights-of-way, and/or reservation of land to be 94
sold to governmental authorities for future development of streets and rights-of-95
way. In developments that adjoin or include existing streets that do not conform to 96
the minimum right-of-way dimensions as established by the Thoroughfare Plan, the 97
developerproperty owner of the proposed development shall dedicate additional 98
width along either one or both sides of such streets of inadequate width so as to 99
bring them up to standards, provided the area to be used for widening is owned by 100
the subdividerproperty owner or under hisits control; 101
iii. Location and character of streets; 102
iv. Access to public streetsDriveway and curb cut locations in relation to other sites; 103
v. Location and character of curbs and gutters; 104
vi. Location and character of vehicle parking facilities; 105
vii. General vehicular trafficVehicular internal site circulation; 106
h. Pedestrian and bicycle circulation. 107
i. Consistency with the policies for the district as set forth in the Thoroughfare Plan; 108
ii. Location and character of sidewalks, pedestrian trails, and bicycle paths; 109
iii. Access to public sidewalks and multi-use paths; 110
iv. General pedestrian and bicycle traffic; 111
v. Adequate Llocation and character of bicycle parking and storage facilities; and 112
vi. Pedestrian and bicycle internal site circulation within the development site. 113
i. Site landscaping and screeningHeight, scale, and materials and styleof improvements. 114
j. Recreational and greenspace amenities. 115
k. Project signage.Existing site features, including topography, wetlands, and wooded 116
areas. ; 117
l. Special and general easements for public or private use. ; 118
m. Exterior lighting.Protective restrictions, and/orcovenants, best management practices, 119
preservation easements, and/or other legal instruments. 120
2. Plan Documentation and Supporting Information 121
Applicant shall submit the following documents and supporting information to be reviewed 122
by Plan Commission: 123
a. Plan documents depicting tThe location and describing the character of the following: 124
i. Existing and proposed principal buildings and accessory buildings. 125
[1] Exterior Elevations, Renderings, Etc.: Exterior elevations, renderings depicting 126
the exterior materials to be used, and a list of exterior materials relating to all 127
buildings and other structures proposed in the area subject to Development Plan 128
approval, together with Architectural Design, Exterior Lighting, Landscaping 129
and Signage Plans, shall be submitted to the Plan Commission in order to better 130
define the parameters and intent of the proposed development. The architectural 131
design should reflect a unified design which is in character and proper 132
relationship with the surrounding area. Unless required by the Plan 133
Commission, this Section shall not apply to detached, single-family residences. 134
[2] Site Plan: 135
Ordinance Z
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[a] Location of special and general easements and other legal instruments for 136
public or private use; 137
[b] Building setback lines; 138
[c] Building coverage and dimensions; 139
[d] Building separation. 140
ii. New uUtilities, including, but not limited to, water lines, gas lines, electric lines, 141
and other necessary facilities or equipment. 142
iii. SignageDescription of existing features on the site, such as topography, vegetation, 143
existing structures, utilities, and easements. 144
[1] Sign Plan: All exterior signage proposed to be located in the development, 145
subject to approval and obtaining of a Sign Permit prior to erection under the 146
requirements of the Sign Ordinance, shall be shown and conformance or 147
nonconformance with said Ordinance shall be so noted. 148
iv. Landscaping 149
[1] Landscape Plan: A detailed plan of the existing and proposed landscaping 150
showing location, kind and caliper measurement size of trees, shrubbery and 151
screening materials, as appropriate and required by the Plan Commission. 152
b. The description of the nature and intensity types of uses in the development. 153
c. The traffic management plan, including a traffic management plan during construction, 154
describing condition and size of public thoroughfares and parking, vehicle, and 155
pedestrian facilities. At a minimum, a traffic management plan shall outline how traffic 156
generated by the development will be safely and efficiently managed during both the 157
construction and post-construction phase. Traffic management plan shall seek to 158
minimize traffic congestion, ensure pedestrian and cyclist safety, maintain access for 159
emergency vehicles, and mitigate impacts on the existing transportation network. 160
i. Traffic Study: A traffic study to include a comparative analysis of present volumes 161
on streets bordering the development or with a direct bearing on the development 162
versus potential capacity volumes of those streets. Consideration should be made 163
of the effect of the proposed development and the traffic it would engender, 164
particularly at peak periods. A Circulation Plan should be included for all existing 165
and proposed streets, both public and private, which will show recommendations 166
for controlling, signalizing, channelizing, parking, storing and warning both 167
pedestrian and vehicular traffic. 168
d. The location and capacity of drainage and storm water facilities, and sewer systems 169
servicing the development. 170
i. Drainage Plan: Detailed drawings and Construction Plans for all elements of the 171
storm water drainage system, including curbs and gutters, storm sewers, open 172
drainage waterways, drain tiles, culverts, retention reservoirs, best management 173
practices and preservation easements, and other necessary appurtenances, shall be 174
included. Among the necessary items of information are locations, grades, sizes, 175
capacity and typical cross-sections of the Drainage Plan elements. A report shall be 176
included concerning: 177
[1] Legal drains located in the development or relating to the development,; 178
[2] The flooding potential of the development,; 179
[3] The design of the storm water system to deal with such flooding potential,; and 180
Ordinance Z
5
[4] The expected impact of the development’s storm water runoff on any receiving 181
stream or downstream property. 182
Where floodplains are involved, a statement from the Indiana Natural Resources 183
Commission to the extent it has jurisdiction shall be required with respect to 184
location of floodways and floodplains. 185
e. Metes and Bounds Description: An accurate metes and bounds description of the 186
boundary of the tract that is subject to Final Development Plan approval. 187
f. Covenants, Conditions, and Restrictions: A list of the covenants, conditions, and 188
restrictions, if any, which will run with the land and affect the use of the property within 189
the area subject to Final Development Plan approval. The approved covenants shall be 190
recorded with the Recorder of Hamilton County, Indiana. 191
g. Erosion and Sediment Control Plan. A statement and plan setting forth the method of 192
controlling erosion and sedimentation before, during and following development and 193
construction, e.g., temporary Seeding, sediment donation basins, erosion prevention 194
devices and other similar means, that meet the Hamilton County Soil and Water 195
Conservation District guidelines for urban development. 196
h. Lighting Plan: Specifics are required concerning the easements, locations, size, height, 197
type, intensity and illuminance of proposed street and outdoor lighting. 198
i. Service Reports: Service reports or statements, as necessary, may include, but not be 199
limited to, the following sources: 200
i. City, County or State highway departments; 201
ii. Indiana Natural Resources Commission; 202
iii. Carmel Board of Public Works and Safety; 203
iv. Member organizations of the Technical Advisory CommitteeStaff and City 204
Department as assigned. 205
j. Other Construction Plans: Other specific Construction Plans as identified by the 206
Director of Department of Community Services or required by State laws, rules, and 207
regulations shall be submitted as necessary detailing information on, but not limited to, 208
streets, lighting, sanitary sewer system, storm water drainage system, curbs and gutters, 209
sidewalks and the related appurtenances. The required information shall include 210
locations, grades, sizes, capacities, typical cross-sections and so forth. These plans shall 211
be drawn by a Registered Land Surveyor or a Professional Engineer licensed to do 212
business in the State of Indiana in accordance with State Statuteslaws, rules, and 213
regulations. 214
k. Construction Timetable: A construction timetable or schedule shall include the 215
approximate timing of completion and/or occupancy of the improvements proposed in 216
the area subject to Development Plan approval. 217
l. Deeds of Dedication: Certification of deeds of streets, rights-of-way and other public 218
property to the proper authorities, except so much thereof as are intended to remain 219
private. 220
m. Certificate of Plan Commission Approval: Certificate of Approval by the Plan 221
Commission shall be on each and everysheet of the Development Plan. 222
223
C. Architectural Design, Exterior Lighting, Landscaping and Signage (ADLS) 224
1. Development Requirements 225
The Plan Commission shall review an Architectural Design, Exterior Lighting, 226
Ordinance Z
6
Landscaping and Signage application to determine if the Architectural Design, Exterior 227
Lighting, Landscaping and/or Signage satisfy the development requirements specified 228
herein, and in the applicable zoning district, any applicable Overlay district, and Carmel 229
Comprehensive Plan. The Plan Commission’s review shall include, but not be limited, to 230
the following items: 231
a. Compatibility of the development with surrounding land uses. 232
i. Consistency with the policies for the district as set forth in the Comprehensive Plan; 233
ii. Surrounding zoning and existing land use; 234
iii. Compatibility with existing platted residential uses; and 235
iv. Compatibility of proposed project with existing development within the district. 236
b. Pedestrian and bicycle circulation. 237
i. Consistency with the policies for the district as set forth in the Thoroughfare Plan; 238
ii. Location and character of sidewalks, pedestrian trails, and bicycle paths; 239
iii. Access to public sidewalks and multi-use paths; 240
iv. General pedestrian and bicycle traffic; 241
v. Location and character of bicycle parking and storage facilities; 242
vi. Pedestrian and bicycle internal site circulation. 243
a. Site landscaping and screening. 244
b. Height, scale, materials, andArchitectural design and style of improvements. 245
c. Project sSignage. 246
d. Style and design of eExterior lighting. 247
e. Existing site features, and including topography, and wooded areas;. 248
f. Special and general easements for public or private use;. 249
g. Protective restrictions and/or covenants. 250
2. Plan Documentation and Supporting Information 251
Applicant shall submit the following documents and supporting information to be reviewed 252
by Plan Commission: 253
a. Plan documents depicting tThe location and describing the character of the following: 254
i. Existing and proposed principal buildings and accessory buildings. 255
[1] Exterior Elevations, Renderings, Etc.:Exterior elevations, renderings depicting 256
the exterior materials to be used, and a list of exterior materials relating to all 257
buildings and other structures proposed in the area subject to Architectural 258
Design, Exterior Lighting, Landscaping and Signage approval, together with 259
Plans, shall be submitted to the Plan Commission in orderto better define the 260
intent and character of the proposed development. The architectural design 261
should reflect a unified design which is in character and proper relationship with 262
the surrounding area. Unless required by the Plan Commission, this Section 263
shall not apply to detached, single-family residences. 264
[2] Site Plan. 265
[a] Location of special and general easements for public or private useBuilding 266
setback lines; 267
[b] Building coverage; 268
[c] Building separation. 269
ii. UtilitiesSignage. 270
[1] Sign Plan: All exterior signage proposed to be located in the development, 271
subject to approval and obtaining of a Sign Permit prior to erection under the 272
Ordinance Z
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City’s signage requirements pursuant to UDO Section 5.39: Sign Standards and 273
any applicable overlay district additional signage regulations of the Sign 274
Ordinance, shall be shown and conformance or nonconformance with said 275
Ordinance shall be so noted. 276
iv. Landscaping. 277
[1] Landscape Plan: A detailed plan of the existing and proposed landscaping 278
showing location, kind and caliper measurement size of trees, shrubbery and 279
screening materials, as appropriate and required by the Plan Commission. 280
v. Exterior Lighting. 281
[1] Lighting Plan: Specifics are required concerning the easements, locations, size, 282
height, type, style, design, intensity and illuminance of proposed street and 283
outdoor lighting. 284
b. The nature and intensity of uses in the development.Covenants, Conditions, and 285
Restrictions: A list of the covenants, conditions, and restrictions, if any, which will run 286
with the land and affect the use of the property within the area subject to Architectural 287
Design, Exterior Lighting, Landscaping and ADLS Signage approval. The approved 288
covenants shall be recorded with the Recorder of Hamilton County, Indiana. 289
c. Other ConstructionDocuments and InformationPlans: Any oOther specific 290
Construction Plans shall be submitted as necessary detailing information on, but not 291
limited to, streets, lighting, sanitary sewer system, storm water drainage system, curbs 292
and gutters, sidewalks and the related appurtenances. The required information shall 293
include locations, grades, sizes, capacities, typical cross-sections and so forth. These 294
plans shall be drawn by a Registered Land Surveyor or a Professional Engineer licensed 295
to do business in the State of Indiana in accordance with the State Statute.supporting 296
documentation and information required by the Director of Community Services and/or 297
Plan Commission necessary for ADLS approval. 298
D. Procedures for Submission and Review: The procedures described in this section shall apply 299
to all Primary Zoning Districts and Overlay Districts which require Development Plan or 300
ADLS approvals except for the C1 and C2 Districts. See Section 9.0(E) Procedures for 301
Submission and Review for C1 and C2 Districts for the applicable procedures. 302
1. Development Plan 303
a. Pre-Application Consultation with the Director of Community Services: 304
Applicants shall meet with the Director of Community Services to review the zoning 305
classification of their site, review the regulatory ordinances and materials, review the 306
procedures and examine the proposed use and development of the property. The 307
Director of Community Servies shall aid and advise the applicant in preparing the 308
application and supporting documents as necessary. 309
b. Application: 310
All below submittals must be done online on the City’s website. 311
i. Director: The applicant shall submit to the Director of Community Services: 312
[1] Two (2) copies of theA Development Plan writtenapplication form; 313
[2] Two (2) copies of tThe Existing Features and Site Analysis Plan; 314
[3] Two (2) copies of tThe Development Plan; 315
[4] As well as two (2) copies of Aall necessary supporting documents and materials 316
as outlined in this chapter. 317
Ordinance Z
8
ii. Technical Advisory Committee: The applicant shall submit the following to the 318
members of the Technical Advisory Committee (TAC): 319
[1] One (1) copy of the written application form; 320
[2] One (1) copy of the Existing Features and Site Analysis Plan; 321
[3] One (1) copy of the Development Plan; 322
[4] As well as one (1) copy of all necessary supporting documents and materials. 323
324
iii. ii. Initial Review of the Application and Supporting Documents and Materials 325
[1] Director: Following the receipt of the writtenapplication, Development Plan, 326
and necessary supporting documents and/or materials, the Director of 327
Community Services shall review the materials for the sole purpose of 328
determining whether the application is complete and in technical compliance 329
with all applicable ordinances, laws and regulations. Director shall notify the 330
applicant when the application is complete and has been forwarded for 331
Technical Review. 332
[2] Technical Advisory CommitteeReview: Following the receipt of the 333
writtenapplication, Development Plan, and necessary supporting documents 334
and/or materials (collectively “Development Plans”), the Director of 335
Community Services shall place the application on the agenda of the Technical 336
Advisory Committeecause Development Plans to be distributed to and receive 337
feedback from City departments and related entities regarding compliance with 338
the development requirements of this chapter and applicable federal, state, and 339
local laws, rules, and regulations. Director of Community Services shall 340
promptly notify the applicant if any additional information is required for 341
Technical Review. Unless required additional information necessitates further 342
review and communication with the applicant, the City’s Technical Review 343
shall be complete within thirty (30) days of the submittal of the complete 344
application (“Technical Review Deadline”). The Technical Review Deadline 345
excludes required submittals to and reviews by entities outside the City’s 346
control such as public utilities, federal agencies, and state/county boards and 347
commissions. 348
iv. iii. Submittal to the Plan Commission 349
[1] If the materials submitted by the applicant are not complete or do not comply 350
with the necessary legal requirements, the Director of Community Services 351
shall inform the applicant of the deficiencies in said materials. Unless and until 352
the Director of Community Services formally accepts the application as 353
complete and in legal compliance, it shall not be considered as formally filed 354
for the purpose of proceeding to succeeding steps toward approval as 355
hereinafter set forth. 356
[2] If the materials submitted by the applicant are determined to be complete and 357
in compliance, the Director of Community Services shall forward the materials 358
to the Plan Commission. Within thirty (30) days of the formalacceptance of the 359
Development Plan application, the Director of Community Services shall 360
formallyfile the application by: 361
[a] Assigning a docket number; 362
[b] Setting a date and time for a public hearing; and 363
Ordinance Z
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[c] Placing it upon the agenda of the Plan Commission according to the Plan 364
Commission’s Rules of Procedure. 365
[3] The applicant shall file for each Plan Commission member a copy of thesubmit 366
the Existing Features and Site Analysis Plan, the Development Plan, and 367
supporting documents and/or materialsDevelopment Plans to the Plan 368
Commission secretary to be distributed to the Plan Commission 369
memberspursuant to the Plan Commission’s Rules of Procedure. 370
c. Fees: See Article 1, Section 1.29: Filing Fees. 371
d. Public Notice: The applicant shall be responsible for the cost and publication of the 372
required published legal notification of the public hearing. The applicant shall also 373
notify all interested parties and property owners as required by the Plan Commission’s 374
Rules of Procedure and applicable State statutes. 375
e. Public Hearing by the Plan Commission: The conduct of the public hearing shall be in 376
accordance with the Plan Commission’s Rules of Procedure and applicable State 377
statutes. Following the public hearing, the Development Plan shall be reviewed by 378
the Plan Commission. 379
f. Review. The Plan Commission shall review a Development Plan to determine if the 380
Development Plan: 381
i. Is consistent with the Comprehensive Plan; and 382
ii. Satisfies the development requirements specified in the UDO. 383
g. Approval. 384
i. In determining whether approval shall be granted, the Plan Commission shall 385
consider generally if the Development Plan complies with the development 386
requirements of Section 9.03(B)(1).: 387
[1] Creates and maintains a desirable, efficient and economical use of land with 388
high functional and aesthetic value, attractiveness and compatibility of land 389
uses, within the District and with adjacent uses; 390
[2] Provides sufficient and well-designed access, parking and loading areas; 391
[3] Provides traffic control and street plan integration with existing and planned 392
public streets and interior access roads; 393
[4] Provides adequately for sanitation, drainage and public utilities; and 394
[5] Allocates adequate sites for all uses proposed, the design, character, grade, 395
location and orientation thereof being appropriate for the uses proposed, locally 396
related to existing and proposed topographical and other conditions, and 397
consistent with the Comprehensive Plan. 398
ii. In determining whether approval shall be granted, the Plan Commission may: 399
[1] Impose conditions on the approval of a Development Plan if the conditions are 400
reasonably necessary to satisfy the development requirements specified in the 401
Zoning OrdinanceUDO.for approval of the Development Plan. 402
[2] Provide that approval of a Development Plan is conditioned on the furnishing 403
to the Plan Commission of a bond or written assurance that: 404
[a] Guarantees the timely completion of a proposed public improvement in the 405
proposed development; and 406
[b] Is satisfactory to the Plan Commission. 407
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[3] Permit or require the owner of real property to make arecorded 408
writtencommitments that are reasonably necessary to satisfy the development 409
requirements specified in the UDO. 410
iii. Time Limit: An approved Development Plan shall be valid for three (3) years from 411
the date of approval. Upon written application to the Director of Community 412
Services before the expiration of said approval, and upon good cause shown, the 413
Director of Community Services may issue a single extension of the approval for a 414
period not to exceed six (6) months. 415
iv. If the Development Plan is substantially or materially altered in any way, 416
resubmission to the Plan Commission is required. Director of Community Services 417
is authorized to approve minor alterations in the Development Plan without seeking 418
Plan Commission approval. Minor Alterations refer to changes or modifications to 419
an approved Development Plan that are considered to have a minimal impact on the 420
overall intent, character, and functionality of the approved development. These 421
alterations do not fundamentally alter the key aspects of the project that were 422
originally reviewed and approved by the Plan Commission. Further, such 423
alterations do not involve fundamental changes to the type of use, density, intensity, 424
or the core design concepts of the development. 425
v. If a Development Plan petition is denied, the Plan Commission shall provide the 426
applicant with a written copy of the findings-of-fact, if requested by the applicant. 427
h. Amendment: 428
i. Requirements: See Section 9.03(B): Development Plan. 429
ii. Fees: See Section 1.29: Filing Fees. 430
iii. Public Notice: See Section 9.03(D)(1)(d): Public Notice. 431
iv. Public Hearing: See Section 9.03(D)(1)(e): Public Hearing by the Plan 432
Commission. 433
v. Review: See Section 9.03(D)(1)(f): Review. 434
vi. Approval: See Section 9.03(D)(1)(g): Approval. 435
2. Architectural Design, Exterior Lighting, Landscaping and Signage (ADLS) 436
a. If a development requires both Development Plan and ADLS approvals, both plans 437
should be submitted concurrently. 438
a. b. Pre-Application Consultation with the Director of Community Services: 439
Applicants shall meet with the Director of Community Services to review the zoning 440
classification of their site, review the regulatory ordinances and materials, review the 441
procedures and examine the proposed use and development of the property. The 442
Director of Community Services shall aid and advise the applicant in preparing the 443
application and supporting documents as necessary. 444
c. Application: 445
All submittals must be done online on the City’s website. 446
i. Director: The applicant shall submit to the Director of Community Services: 447
[1] Two (2) copies of the writtenAn application form; 448
[2] Two (2) copies of tThe Existing Features and Site Analysis Plan; 449
[3] Two (2) copies of tThe Exterior Elevations and/or Renderings; 450
[4] Two (2) copies of tThe Lighting Plan; 451
[5] Two (2) copies of tThe Landscape Plan; 452
[6] Two (2) copies of tThe Signage Plan; 453
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[7] As well as two (2) copies ofAall necessary supporting documents and materials. 454
ii. Technical Advisory Committee: The applicant may be required to submit the 455
following to the members of the Technical Advisory Committee (TAC): 456
[1] One (1) copy of the written application form; 457
[2] One (1) copy of the Existing Features and Site Analysis Plan; 458
[3] One (1) copy of the Exterior Elevations and/or Renderings; 459
[4] One (1) copy of the Lighting Plan; 460
[5] One (1) copy of the Landscape Plan; 461
[6] One (1) copy of the Signage Plan; 462
[7] As well as one (1) copy of all necessary supporting documents and materials. 463
iii. ii. Initial Review of the Application and Supporting Documents and Materials: 464
[1] Director: Following the receipt of the writtenapplication, Plans, and necessary 465
supporting documents and/or materials (collectively “ADLS Plans”), the 466
Director of Community Services shall review the materialsADLS Plans for the 467
sole purpose of determining whether the application is complete and in 468
technical compliance with all applicable ordinances, laws and regulations. 469
Director shall notify the applicant when the application is complete and has 470
been forwarded for Technical Review. 471
[2] Technical Advisory CommitteeReview: Following the receipt of the written 472
application, Plans and necessary supporting documents and/or materialsADLS 473
Plans, the Director of Community Services shall cause ADLS Plans to be 474
distributed to and receive feedback from City departments and related entities 475
regarding compliance with the development requirements of this chapter and 476
applicable federal, state, and local laws, rules, and regulations. Unless required 477
additional information necessitates further review and communication with the 478
applicant, the City’s Technical Review shall be complete within thirty (30) days of 479
the submittal of the complete application (“Technical Review Deadline”). The 480
Technical Review Deadline excludes required submittals to and reviews by entities 481
outside the City’s control such as public utilities, federal agencies, and state/county 482
boards and commissions. 483
iv. iii. Submittal to the Plan Commission: 484
[1] If the materials submitted by the applicant are not complete or do not comply 485
with the necessary legal requirements, the Director of Community Services 486
shall inform the applicant of the deficiencies in said materials. 487
Unless and until the Director of Community Services formally accepts the 488
application as complete and in legal compliance, it shall not be considered as 489
formally filed for the purpose of proceeding to succeeding steps toward 490
approval as hereinafter set forth. 491
[2] If the materials submitted by the applicant are determined to be complete and 492
in compliance, the Director of Community Services shall forward the materials 493
to the Plan Commission. 494
Within thirty (30 days) of the acceptance of the Architectural Design, Exterior 495
Lighting, Landscaping and SignageADLS application, the Director of 496
Community Services shall formally file the application by: 497
[a] Assigning a docket number; 498
[b] Setting a date and time for Plan Commission review; and 499
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[c] Placing it upon the agenda of the Plan Commission according to the Plan 500
Commission’s Rules of Procedure. 501
[3] The applicant shall file for each Plan Commission member a copy of the 502
Existing Features and Site Analysis Plan, the Plans, and supporting documents 503
and/or materials pursuant to the Plan Commission’s Rules of Proceduresubmit 504
ADLS Plans to the Plan Commission secretary to be distributed to the Plan 505
Commission members. 506
c. Fees: See Article 1, Section 1.29: Filing Fees. 507
d. Review. The Plan Commission shall review an ADLS to determine if the ADLS: 508
i. Is consistent with the Comprehensive Plan; and 509
ii. Satisfies the development requirements specified in the UDO. 510
e. Approval: 511
i. In determining whether approval shall be granted, the Plan Commission shall 512
consider generally if the Architectural Design, Exterior Lighting, Landscaping and 513
SignageADLS: 514
[1] Creates and maintains a desirable, efficient and economical use of land with 515
high functional and aesthetic value, attractiveness and computability of land 516
uses, within the zoning Ddistrict and with adjacent uses; 517
[2] Provides sufficient and well-designed access, parking and loading 518
areasPresents a cohesive and harmonious architectural design, lighting plan, 519
sign plan, and landscaping plan that enhances the visual character of the 520
development and complements the surrounding area, considering: 521
[a] Architectural style and materials, ensuring compatibility with the context of 522
the development, the zoning and overlay districts requirements, and 523
surrounding properties; 524
[b] Building massing and scale, ensuring appropriate proportions and 525
relationships to adjacent structures and the surrounding environment. This 526
includes consideration of building height, width, and depth, as well as the 527
articulation of building facades to break up large masses and create visual 528
interest; 529
[c] The use of the proposed materials and detailing. The selection of materials 530
and detailing that contribute to the overall aesthetic character of the 531
development and complement the surrounding environment and uses; 532
[d] A comprehensive lighting plan that provides adequate illumination for 533
safety and wayfinding while minimizing light pollution and glare; 534
[e] A well-integrated landscaping plan that incorporates native plants and 535
otherwise complies with Appendix D of the UDO, provides shade and 536
screening, and enhances the overall aesthetic appeal of the development; 537
[f] Sign plan that identifies the locations of the exterior signage and otherwise 538
complies with the Carmel Sign OrdinanceCity’s signage requirements pursuant 539
to UDO Section 5.39: Sign Standards and any applicable overlay district 540
additional signage requirements; and 541
[3] Allocates adequate sites for all uses proposed, the design, character, grade, 542
location and orientation thereof being appropriate for the uses proposed, 543
logically related to existing and proposed topographical and other conditions, 544
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and consistent with the zoning district, overlay district, and Comprehensive 545
Plan. 546
ii. In determining whether approval shall be granted, the Plan Commission may: 547
[1] Impose conditions on the approval of an Architectural Design, Exterior 548
Lighting, Landscaping and SignageADLS if the conditions are reasonably 549
necessary to satisfy the development requirements specified in the UDO for 550
approval of the ADLS. 551
[2] Permit or require the owner of real property to make recorded a 552
writtencommitments that are reasonably necessary to satisfy the development 553
requirements specified in the UDO. 554
iii. Time Limit: An approved Architectural Design, Exterior Lighting, Landscaping 555
and SignageADLS shall be valid for three (3) years from the date of approval. Upon 556
written application to the Director of Community Services before the expiration of 557
said approval, and upon good cause shown, the Director of Community Services 558
may issue a single extension of the approval for a period not to exceed six (6) 559
months. 560
iv. If the Architectural Design, Exterior Lighting, Landscaping and SignageADLS is 561
substantially or materially altered in any way, resubmission to the Plan Commission 562
is required. The Director of Community Services is authorized to approve minor 563
alterations without seeking Plan Commission approval. 564
f. Amendment: 565
i. Requirements: See Section 9.03(D)(2): Architectural Design, Exterior Lighting, 566
Landscaping and Signage (ADLS). 567
ii. Fees: See Article 1, Section 1.29: Filing Fees. 568
iii. Review: See Section 9.03(D)(1)(f): Review. 569
iv. Approval: See Section 9.03 (D)(1)(g): Approval. 570
571
Section IV: The Common Council hereby delegates Department of Community Services to correct 572
and codify numbering, pagination, cross-references, table of contents, Appendices, and land use 573
matrix of the Unified Development Ordinance affected by this Ordinance. 574
575
Section V: All prior Ordinances or parts thereof inconsistent with any provision of this Ordinance 576
are hereby repealed. 577
578
Section VI: This Ordinance shall be in full force and effect from and after its passage and signing 579
by the Mayor. 580
581
582
583
Signature page to follow 584
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ADOPTED by the Common Council of the City of Carmel, Indiana this ________ day 585
of ______________________ 2025, by a vote of _________ ayes and ________ nays. 586
587
588
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA 589
590
______________________________ ______________________________ 591
Adam Aasen, President Matthew Snyder, Vice-President 592
593
______________________________ ______________________________ 594
Jeff Worrell Teresa Ayers 595
596
______________________________ ______________________________ 597
Shannon Minnaar Ryan Locke 598
599
______________________________ ______________________________ 600
Anthony Green Rich Taylor 601
602
______________________________ 603
Anita Joshi 604
605
ATTEST: 606
607
__________________________________ 608
Jacob Quinn, Clerk 609
610
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of 611
612
____________, 2025, at _______ __.M. 613
614
_______________________________ 615
Jacob Quinn, Clerk 616
617
Approved by me, Mayor of the City of Carmel, Indiana this ___ day of 618
619
______________, 2025, at ______ __.M. 620
621
________________________________ 622
Sue Finkam, Mayor 623
ATTEST: 624
625
_________________________________ 626
Jacob Quinn, Clerk 627
628
629
Prepared by: Sergey Grechukhin, Deputy Corporation Counsel/Transactions Chief, One Civic Square, Carmel, IN 46032 630
EXHIBIT “B”
NOTICE OF PUBLIC HEARING
BEFORE THE
CARMEL ADVISORY PLAN COMMISSION
DOCKET No.: CPA-2025-_________
Notice is hereby given that the Carmel Advisory Plan Commission will hold a public
hearing upon a proposal by the Carmel Common Council to amend the Carmel Unified
Development Ordinance (“UDO”) pursuant to documents filed with the Department of
Community Services as follows: amend Articles 2.20, 2.21 and 9.03 of the UDO relating to
Development Plan and Architectural Design, Exterior Lighting, Landscaping and Signage
requirements, application, consideration, and approval processes. The Ordinance further requires
Development Plan approval in B1 and B2 districts
Designated as Docket No. ____-2025- , the hearing will be held on Tuesday,
__________, 2025 at 6:00 P.M. in the Council Chambers, Carmel City Hall, One Civic Square,
Second Floor, Carmel, Indiana 46032.
The file for this proposal, including Council Resolution No. CC-05-05-25-01 which
includes the proposed Ordinance Amendment, may be examined at the Office of the Plan
Commission, Carmel Department of Community Services, Division of Planning and Zoning,
Carmel City Hall, Third Floor, One Civic Square, Carmel, Indiana 46032, telephone no. (317) 571-
2417.
Any written comments or objections to the proposal should be filed with the Secretary of
the Plan Commission on or before the date of the Public Hearing. All written comments and
objections will be presented to the Commission. Any oral comments concerning the proposal will
be heard by the Commission at the hearing according to its Rules of Procedure. In addition, the
hearing may be continued from time to time by the Commission as it may find necessary.
Joe Shestak, Administrator Carmel Plan Commission
(317) 571-2417
Date: , 2025