HomeMy WebLinkAboutCRC-2008-11 $45,000,000 Performing Arts BondCITY OF•CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 2008-11
WHEREAS, the C'ityof Carmel Redevelopment Commission ("CRC') authorizes the
President of the Commission to take such actions.apd execute such documents as may be
necessary orappropnate to facilitate.lenders establishing a,three (3)7year pooled loan program of
Fifteen Million Dollars ($15,000,000.00) per.year that: (a) is consistent with the terms set forth in the
term.sheet from Regions Bank dated September 10, 200$; and (b) provides loans for sellers under
contracts: (i) pursuant to which the Commission is acquiring by installment purchase, in accordance
with IC 36-7-14-12.2, 'any personal property or interest. in real property needed for the
redevelopment of areas needing redevelopment that are located wiihin.the corporate boundaries of
the unit'; and (ii) that are designated by the Commission`for participation in the loan program.
NOW, THEREFORE, BE IT RESOLVED THAT, the Presidentof CRC shall have the
authority to take such actions'and execute such documents as maybe necessaryor appropriate to
facilitate lenders establishing a, three (3)=year pooled loan program of Fifteen Million Dollars
($15;000;000.00) per year that: (a) is consistent,with•the terms set forth in the.term sheet from
Regions Bank dated September 10; 200$; and (b) provides loans for sellers under,contracts: (i)
pursuant to which the Commission"is acquiring by, installment purchase, in accordance with IC 36=7-
14-12.2, "any personal property orinterest in real property needed for the redevelopment of areas
needing redevelopment that are iocated within-the corporate boundaries of the unlt"; and (it) that
are designated by the "Commission for participation in the loan program.
Passed by the Redevelopment Commission of the City of Carmel„ Indiana; this L5 day of
hl , 2008„by a vote of 5 . ayes and. Days,
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Prepared by Wallack-Somers & Haas, Special Counsel to CRC