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Home My WebLink AboutD-1966-09 2006 Bond/Funds to Keystone Ave. $2,500,000 SPONSOR(S) Councilor Snider ORDINANCE NO D- 1966 -09 AS AMENDED AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AUTHORIZING AN AMENDMENT TO A LEASE BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY AND THE CARMEL REDEVELOPMENT COMMISSION MODIFYING THE PUBLIC IMPROVEMEN 1' PROJECTS AUTHORIZED THEREUNDER AND TAKING OTHER ACTIONS IN RESPECT THERETO WHEREAS the Cannel Redevelopment Authonty, as lessor (the Authonty"), and the Cannel Redevelopment Commission, as lessee (the "Commission previously entered into a Lease dated as of July 1, 2006, as previously amended (as so amended, the 'Lease') and WHEREAS pursuant to Indiana Code 36 -7 14 25 2, the Commission following public heanng has adopted a resolution approving a Second Addendum to the Lease (the "Second Addendum that modifies the project list attached as Exhibit C thereto, substituting the public improvement project known as the Keystone Avenue Road Improvement Project (the New Project for the "Survive Alive House' (2006 Bond Project S2,500,000) and said funds shall be used only for construction of the 116`' Street/Carmel Dnve intersection, and further authonzing any or all of the New Project to be added to the Leased Premises (as defined in the Lease), and WHEREAS, pursuant to Indiana Code 36 7 14 25 2, the Common Council of the City of Carmel, Indiana (the 'City') desires to approve the execution and delivery of the Second Addendum, NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA THAT SECTION 1 It is hereby found that the substitution of the Nem Project will not adversely affect the value of the Leased Premises, that the rental payments under the Lease remain fair and reasonable and further finds that the use of the New Project throughout the term of the Lease will sen e the public purpose of the City and is in the best interests of its residents Accordingly, the Common Council hereby approves the Second Addendum, as approved by the Commission pursuant to Indiana Code 36 7 14 25 2, in substantially the form provided at this meeting SECTION 2 This Ordinance shall be effective upon its passage by the Council and approval by the Mayor of the City, in accordance with Indiana Code 36 4 6 et sew VERSION B 10/19/09 PASSED AND ADOPTED by the Common Council of the City of Cannel Indiana this i C it y day of ()c c f Atpreh 2009, by a vote of rr ayes and 0 nays COMMON COUNCIL FOR THE CiTY OF CA' 1 1 1 4I Ate in_ r siding OOffficer/ ..a Enc Seidens cker Presid Kevin Rid i a X, f ir Acce turo Richard onald E Carter i ci er ATT AA 2 i Diana L Cordray iAMC Cler reasurer Presented b) me to the May the City of Cannel, Indiana this 1 day of n cry/2 lily 2009, at '8 SO P M Ls Diana L Cordray IAMC, Cleik asurer Approved by me, Mayor of the City of Cannel, Indiana, this 1 Rday of 0 c eJt 2009 at 2 sO P L t---____ g___ J es Brainard, Mayor ATTES Diana L Cordray IAMC, Cle -Tre -surer Prepared by Dasid A A ensen Baker D mel LP 300 North endian Street Suite 2700 Indianapolis Indiana 46204 BDDBOI 5854049%2 VERSION B 10/19/09 2006 Bond Projects Revised 4/18/2006 Funding 2006 Bond Anticipated From Total Estimated Project Description Project Cost Other Sources Project Cost Towne Road Improi ements north of 116th Street (4 lane) 10 000 000 2 000 000 12 000 000 Shelbourne Road Impron ements north of 116th Street (3 lane Section) 9 000 000 300 000 9 300 000 131st Street from Spring Mill to Towne (3 lane Section) 9 000 000 9 000 000 131st Street from Towne to Shelbourne (3 lane Section) 4 500 000 4 500 000 136th Street from Oak Ridge to Ditch (3 Lane Section) 5 000 000 1 550 000 6 550 000 East Gi ande Boulevard (Guilford to Old Meridian) 1 900 000 1 900 000 West Grande Boulesard (RAB Old Meridian) 1 800 000 5 1 800 000 Pennsylr ania Street 106th to 103rd (3 lane Section) 3 000 000 3 000 000 Survive Alive House 2 500 000 2 500 000 Z Cool Creek North Trail 2 800 000 250 000 3 050 000 m N Rangehne 136th north to US 31- (3 lane Section) 3 000 000 3 000 000 in Monon Bridge Over Carmel Drive 600 000 2 400 000 3 000 000 o i i East Side Salt Barn /Shed Shop 1 800 000 1 800 000 RI% Road Alignment Medalist Drive to Golf Course Curve (3 Lane Section, intersection improvements at Medalist) 2 500 000 2 500 000 Police Maintenance Budding 1 000 000 1 000 000 Guilford Road City Center to Main Street Enhancements (Curbing) 750 000 750 000 Guilford Road 116th Street to Carmel Drive (3 Lane Section, signal impros ements at Carmel Drive) 2 500 000 250 000 2 750 000 126th Street Shelborne Rd to Towne Rd (3 -Lane Section) 3 300 000 3 300 000 Clay Center Rd 116th Street Intersection Improvements (Including Replacement of Clay Ctr Bridge over Will Creek) 1 150 000 1 150 000 TOTAI 66 100 000 6 750 000 72 850 000 FIRST AMENDMENT TO TRUST INDENTURE Dated as of November 1, 2009 by and between CITY OF CARMEL REDEVELOPMENT AUTHORITY and REGIONS BANK, as Trustee This First Amendment to Trust Indenture by and between the CITY OF CARMEL REDEVELOPMENT AUTHORITY (the Authonty and REGIONS BANK, as Trustee (the Trustee") under a Trust Indenture between the Authority and the Trustee, dated as of August 1, 1996, has been executed and delivered by the Authonty and the Trustee as of this 1st day of November 2009 and WITNESSETH WHEREAS the Authonty and the I rustee executed the Indenture as of the 1st day of August, 2006 authorizing the issuance of the Authority's County Option Income Tax Lease Rental Revenue Bonds Series 2006 in the anginal pnncipal amount of $72 000,000 and WHEREAS Secuon 10 01(a) of the Indenture permits the Indenture to be amended to cure any ambiguity or formal defect or omission therein, and WHEREAS the Authority and the Trustee have determmed that Section 5 13 of the Indenture contains an ambiguity or formal defect that needs to be corrected NOW THEREFORE the Authority and the Trustee agree as follows AMENDMENT Section 1 Section 5 13 of the Indenture shall be amended by deleting the defined term Project" throughout such Section and substituting in lieu thereof the defined term "Leased Premises Section 2 No Other Amendments Except as expressly set forth above, this Amendment shall not be construed to modify alter or amend any provisions of the Indenture all of which shall remain in full force and effect. Executed and delivered as of this 1st day of November 2009 CITY OF CARMEL REDEVELOPMENT AUTHORITY #‘44% By -064 a_ President ATTEST i C3 Secretary Treasur REGIONS BANK By Authorized Officer ATTEST Authonzed Officer 2 SECOND ADDENDUM TO LEASE BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR, AND THE CARMEL REDEVELOPMENT COMMISSION, AS LESSEE THIS ADDENDUM, made and entered into as of this 1st day of November, 2009 by and between the Carmel Redevelopment Authont}, a body corporate and politic organized and existing under Indiana Code 36 7 14 5 and the Carmel Redevelopment Commission, the governing body of the City of Carmel Department of Redevelopment and the Redevelopment District of the Ca} of Carmel Indiana WITNESSETH In consideration of the mutual covenants herein contained, it is agreed that the lease previously entered into between said parties as of July 1 2006, as amended by an Addendum to Lease made and entered into as of August 1, 2006 (as so amended, the "Lease shall be amended as follows 1 The list of projects eligible to be funded as listed in Exhibit C to the Lease is hereby amended by deleting the project referenced as Survive Alive House" and substituting in lieu thereof the following project "Keystone Avenue 116 Street Improvement Project ($2 500 000)' I 2 Exhibit B of the Lease is hereby amended by adding the following to the Leased Premises Keystone Avenue 116 Street intersection and all improvements to be made thereto 3 The parties hereto acknowledge that all remammg terms covenants and conditions as set forth in the Lease shall remain in full force and effect IN WITNESS WHEREOF the parties hereto have caused this Second Addendum to Lease to be executed for and on their behalf on the day and year first heretnabove written CARMEL REDEVELOPMENT AUTHORITY By Ulu.* lw u President ATTEST flab ))11 Secretary 7 reasur CARMEL REDEVELOPMENT COMMISSION By President ATTEST Secretary (Signature page to Second Addendum to Lease) STATE OF INDIANA SS COUNTY O} HAMILTON Before me the undersigned, a Notary Public in and for said State personally appeared A,M acN and t Akao7,& Dict personally known by me to be the President and Secretary Treasurer respect.ely, of the Cannel Redevelopment Authonty, and acknowledged the execution of the foregoing Second Addendum to Lease for and on behalf of said Authority WITNESS my hand and Notarial Seal this /7 day of ,Utk 2009 t etu. /11406-2 (Written Signature) (SEAL) Co,e, Loc S ulASP) (Panted Signature) My commission expires /02 A 7 oZ of Resident of M .e-.- County, Indiana (Notary page to Second Addendum to Lease) IN WITNESS WHEREOF, the parties hereto have caused this Second Addendum to Lease to be executed for and on their behalf on the day and year first heremabove wntten CARMEL REDEVELOPMENT AUTHORITY By President ATTEST Secretary Treasurer CARMEL REDEVELOPMENT COMMISSION By l !dent ATTEST I 0 A t Secretary f (Signature page to Second Addendum to Lease) STATE OF INDIANA SS COUNTY OF HAMILTON Before me, the undersigned, a Notary Public in and for said State, personally appeared ,e&) (Ales t and e42 yp ,eg .t, personally known by me to be the President and Secretary, respectively, of the Carmel Redevelopment Commission, and acknowledged the execution of the foregoing Second Addendum to Lease for and on behalf of said Commission WITNESS my hand and Notarial Seal this 17 d ay of ki..0 2009 d its4 6,41/"-- teki- (Written Signature) (SEAL) 644, ZL I RS- 4-/SPJ (Punted Signature) My commission expires a A) o%ie Resident of Mtti c4-4-' County, Indiana I affirm under the penalties for perjury, that 1 have taken reasonable care to redact each Social Security number in this document unless required by law Da. id A Arrensen This instrument prepared by David A Arrensen Baker d. Daniels LLP 300 North Meridian Street Suite 2700 Indianapolis Indiana 46204 RESOLUTION NO o?O 0 RESOLUTION OF THE CARMEL REDEVELOPMENT COMMISSION APPROVING A PROPOSED LEASE ADDENDUM BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY AND THE REDEVELOPMENT COMMISSION WHEREAS the Carmel Redevelopment Commission (the "Commission of the City of Cannel, Indiana (the "City the governing body of the Department of Redevelopment of the City and the Redevelopment Distnct of the City (the "Redevelopment District exists and operates under the provisions of Indiana Code 36 7 14, as amended from time to time (the "Act WHEREAS the Cannel Redevelopment Authonty (the "Authonty") exists pursuant to Indiana Code 36 7 14 5, as a separate body corporate and politic and as an instrumentality of the City of Carmel Indiana (the "City"), to finance local public improvements for lease to the Commission, WHEREAS, the City previously financed the costs of certain local public improvements, including costs and expenses related to vanous road projects in the City and other projects identified in a Lease (the "Lease between the Authonty and the Commission dated as of July 1, 2006 through the issuance of lease rental revenue bonds (the "Bonds of the Authonty, payable from lease rental payments from the Commission, in turn payable from a pledge of the City's distributive share of Hamilton County Option Income Tax revenues, WHEREAS, the Commission and the Authonty now desire to amend the Lease by substituting the public improvement project known as the Keystone Avenue road improvement project (the "New Project for the "Survive Alive House' and authonzmg any or all of the New Project to be added to the Leased Premises (as defined in the Lease), and BDDBOI 5396262v1 WHEREAS in connection with the financing of a portion of the cost of the New Project, there has been prepared a form of proposed Second Addendum to Lease (the "Second Addendum to Lease amending the Ongmal Lease by including the New Project as a project authonzed to be financed under the Lease and the Trust Indenture dated as of August 1 2006, between the Authonty and Regions Bank, as trustee, and WHEREAS, after a public heanng concerning the New Project on November 4 2009 the Commission now desires to approve the form of the Second Addendum to Lease and authonze its execution and delivery, NOW, THEREFORE, BE IT RESOLVED BY THE CARMEL REDEVELOPMENT COMMISSION AS FOLLOWS The Commission hereby approves the form of the Second Addendum to Lease attached hereto as Exhibit A and made a part hereof and authonzes the President of the Commission to execute, and the Secretary of the Commission to attest, the Second Addendum to Lease, and to deliver the Second Addendum to Lease in substantially the form presented at this meeting with such changes in form or substance as the President of the Commission shall approve, such approval to be conclusively evidenced by the execution thereof 2 This resolution shall be in full force and effect after its adoption by the Commission HDDH01 5896262v1 -2 ADOPTED AND PROVED at a meeting of the Carmel Redevelopment Commission held on the 4 day of� 2009 CITY OF CARMEL REDEVELOPMENT COMMISSION 'resident ice President .4' i .2', tI j/ Secretary 6C 0-274-1 0 Co 0 Commissioner BDDBOI 5896262. I 3 RESOLUTION NO 2009 -3 RESOLUTION OF THE CARMEL REDEVELOPMENT AUTHORITY APPROVING EXECUTION OF A SECOND ADDENDUM TO LEASE BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY AND THE CITY OF CARMEL, INDIANA REDEVELOPMENT COMMISSION AND REGARDING CERTAIN OTHER MATTERS WHEREAS the Carmel Redevelopment Authonty (the "Authority') exists pursuant to Indiana Code 36 -7 14 5, as a separate body corporate and politic and as an instrumentality of the City of Carmel, Indiana (the 'City' to finance local public improvements for lease to the Commission (as hereinafter defined) WHEREAS the Carmel Redevelopment Commission (the 'Commission governing body of the Department of Redevelopment of the City and the Redevelopment District of the City (the "Redevelopment District exists and operates under the provisions of Indiana Code 36 7 14, as amended from time to time (the Act WHEREAS the City previously financed the costs of certain local public improvements including costs and expenses related to various road projects in the City and other projects identified in a Lease (the Lease') between the Authonty and the Commission dated as of July 1 2006 (collectively the "Pnor Projects') through the issuance of lease rental revenue bonds (the Bonds of the Authonty, payable from lease rental payments from the Commission, in turn payable from a pledge of the City's distnbutive share of Hamilton County Option Income Tax revenues WHEREAS, pursuant to Indiana Code 5 1 13, as amended, the Authority has by resolution found and the Secretary Treasurer of the Authonty has certified that the Pnor Projects have been accomplished and/or abandoned and that the remarmng proceeds of the Bonds (the 'Surplus Proceeds should be used to finance a similar type of project as that financed by the Bonds, WHEREAS the Authonty has authorized the use of the Surplus Proceeds for a portion of the costs of the acquisition, construction Installation and equipping of the Keystone Avenue improvement project from 96 Street to 146 Street in the City (the 'New Project'), WHEREAS in connection with the financing of a portion of the cost of the New Project, there has been prepared a form of proposed Second Addendum to Lease (the "Second Addendum to Lease amending the Original Lease by including the New Project as a project authonzed to be financed under the Lease and the Trust Indenture dated as of August 1 2006 between the Authority and Regions Bank as trustee and WHEREAS, the Authonty now desires to approve the form of the Second Addendum to Lease and authorize its execution and delivery NOW THEREFORE, BE IT RESOLVED BY THE CARMEL REDEVELOPMENT AUTHORITY AS FOLLOWS 1 The Authonty hereby approves the Second Addendum to Lease in the form presented at this meeting and as attached hereto as Exhibit A The President and Secretary Treasurer are hereby authorized and directed to execute and attest, respectively, the Second Addendum to Lease in substantially the form presented at this meeting with such changes in form or substance as the President and Secretary Treasurer shall approve, such approval to be conclusively evidenced by the execution and attestation thereof The President and Secretary Treasurer are further hereby authorized and directed to execute and attest any other documents or instruments necessary to accomplish the modification of the Lease 2 The Secretary Treasurer of the Authonty is hereby directed to file a copy of the Second Addendum to Lease, as approved with the Commission 3 This resolution shall be in full force and effect after its adoption by the Authority 2 ADOPTED at a meeting of the Carmel Redevelopment Authonty held on June 30, 2009 CARMEL REDEVELOPMENT AUTHORITY Byo4,4G u President ATTEST 1110 el,t,tela Secretary Trees 1313131301 5132567.1 3 EXCERPTS OF MINUTES OF A SPECIAL MEETING OF THE CITY OF CARMEL REDEVELOPMENT AUTHORITY HELD ON JUNE 30, 2009 The City of Carmel Redevelopment Authority (the Authonty held a special meeting on June 30, 2009 at 5 00 p m (local time) on the third floor of the Carmel City Hall, located at One Civic Center Carmel, Indiana The officers of the Authority acknowledged compliance with the Indiana Open Door Law Membei s of the Authority were present or absent as indicated Present Robert Bush 11, Brandt Burdick Absent Becky Kapsalis 1 he meeting was called to order by the acting presiding officer of the Authority (Other Business Conducted) The presiding officer then Initiated discussion in consideration of Resolution No 2009 3 (the Resolution') approving the Second Addendum to Lease with respect to the Lease between the Authority and the Carmel Redevelopment Commission dated as of July 1 2006 At the conclusion of discussion and a request by the presiding officer for a motion to consider the adoption of the Resolution upon a motion by Brandt Burdick, seconded by Robert Bush II tamed by the following vote Ayes 2 Nays 0 Abstaining 0 the Authonty adopted and filed with the minutes of this meeting the Resolution BDDBOI 5739132v1 (Other Business Conducted) Upon motion and vote the meeting was adjourned The foregomg excerpts of minutes are hereby certified to be true and correct CITY OF CARMEL REDEVELOPMENT AUTHORITY gnenneft L t J Secretary -1 reasurtr 2 BDDBDI 5739132v1