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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