HomeMy WebLinkAboutCRC-2009 01 Lease between CRA/CRC RESOLUTION NO. 200
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF A PROPOSED
LEASE BETWEEN THE CITY OF CARMEL REDEVELOPMENT AUTHORITY AND
THE CITY OF CARMEL REDEVELOPMENT COMMISSION, AND AUTHORIZING
CERTAIN MATTERS RELATED THERETO
WHEREAS, the City of Carmel Redevelopment Authority (the "Authority has been
created pursuant to IC 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 City of Carmel Redevelopment Commission (the "Commission and
WHEREAS, the Authority has been presented with a resolution (a) indicating its intent to
issue its lease rental revenue bonds (the "Bonds for the purpose of providing funds for (i) the
acquisition of certain real property interests and the construction and renovation of certain
improvements thereon, including (A) the construction of a new public parking garage facility and
related drainage improvements in the City Center Redevelopment Area, (B) the construction and
renovation of improvements to the existing Veterans' Way corridor including certain streetscape
and plaza improvements thereto, (C) the construction of certain roundabouts, drainage
improvements and bike paths in the southwest Clay Township portion of the City; and (D) the
acquisition of the existing Brookshire Golf Course and the construction and equipping of certain
improvements thereto (clause (a)(i), collectively, the "Project (ii) funding' a debt service
reserve fund, (iii) paying capitalized interest on the Bonds, if any, and (iv) paying the costs of
issuance of the Bonds, and (b) approving a proposed lease (the "Lease between the Authority
and the Commission for the lease of the Project (the "Leased Premises and
WHEREAS, the form of proposed Lease has been presented to the Commission at this
meeting; and
WHEREAS, the Commission scheduled a public hearing regarding the Lease to be held
on February 19, 2009, at 6:30 p.m. (local time), in the Council Chambers at City Hall, located at
One Civic Square, Carmel, Indiana, and published notice of such public hearing on the Lease;
and
WHEREAS, on such date said public hearing was held and all interested parties were
provided the opportunity to be heard at the hearing; and
WHEREAS, the Commission intends to pay rent to the Authority (the "Rental
Payments pursuant to the terms of the Lease, at a maximum annual rate of $7,740,000 in semi-
annual installments with a term no longer than twenty -five (25) years beginning on the date on
which the Commission begins to make lease rental payments under the Lease, and ending on the
day prior to a date not later than twenty -five (25) years thereafter; and
WHEREAS, the Commission desires to execute the Lease and authorize the publication,
in accordance with IC 36 -7 -14 -25.2, of a Notice of Execution and Approval of Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby finds and determines that the terms of the Lease are
based upon the value of the Leased Premises, that the Rental Payments to be paid by the
Commission, pursuant to the terms of the Lease, at a maximum annual rate of $7,740,000 in
semi annual installments with a term no longer than twenty -five (25) years beginning on the date
on which the Commission begins to make lease rental payments under the Lease and ending on
the day prior to a date not later than twenty -five (25) years thereafter, are fair and reasonable,
and that the use of the Leased Premises throughout the term of the Lease will serve the public
purpose of the City and is in the best interests of its residents.
2. The Rental Payments shall be payable solely from a portion of the City's
distributive share of the county option income tax "COIT imposed on the adjusted gross
income of taxpayers in Hamilton County, Indiana, and received by the City under Indiana Code
6- 3.5 -6, as amended, and pledged to the Commission for the payment of such Rental Payments
(such pledged portion, the "COIT Revenues
3. The President or Vice President and the Secretary of this Commission are hereby
authorized and directed, on behalf of the City, and subject to obtaining approval from the
Common Council of the City (the "Common Council by the ordinance referred to in paragraph
4 hereof, to execute and deliver the Lease in substantially the form presented at this meeting with
such changes in form or substance as the President or Vice President of this Commission shall
approve, such approval to be conclusively evidenced by the execution thereof; provided that the
Rental Payments shall not exceed the amounts set forth in paragraph 1 hereof.
4. The Secretary of the Commission is hereby directed to transmit to the Common
Council a copy of this Resolution and to request from the Common Council an ordinance
approving the Lease and pledging the COIT Revenues to the payment of the rentals due
thereunder.
5. The Commission hereby authorizes the publication, in accordance with IC 36 -7-
14 -25.2, of the Notice of Execution and Approval of Lease.
6. The Commission hereby declares its official intent to facilitate the issuance of the
Bonds, in a maximum principal amount of $27,750,000, in one or more series or issues for the
purpose of financing the Project. The Commission hereby declares its intent, pursuant to Treas.
Reg. §1.150 -2 and IC 5- 1- 14 -6(c), that costs incurred by or on behalf of the Authority, the
Commission or the City in financing the Project, be reimbursed from the proceeds of the Bonds.
7. The President, Vice President and Secretary of this Commission, and each of
them, is hereby authorized and directed to take all such further actions and to execute all such
instruments as are desirable to carry out the transactions contemplated by this Resolution, in such
forms as the President, Vice President or Secretary executing the same shall deem proper, such
desirability to be conclusively evidenced by the execution thereof, and any and all actions
previously taken by any member of the Commission or representatives of the Commission in
connection with the foregoing resolutions, including, but not limited to, publication of the notice
2
of the public hearing held in connection with such resolutions, be, and hereby are, ratified and
approved.
8. This Resolution shall be in full force and effect after adoption by the Commission.
ADOPTED this 19 day of February, 2009.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
114,0 JIALOAt
Vice President
Secretary
•;ice.
0
Mem7Y
Member
INDSOI BBINGHAM 1098866v3
3