HomeMy WebLinkAboutCRC-2010-3 Lease Addendum/CRA/CRC RESOLUTION NO. 2010-3
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 Carmel, Indiana (the "City the 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 Cannel Redevelopment Authority (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;
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 Authority and the Commission dated as
of July 1, 2006 through the issuance of lease rental revenue bonds (the "Bonds of the
Authority, 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 Authority now desire to amend the Lease by
substituting a portion of the public improvement project known as the Keystone Avenue road
improvement project (the "New Project for or a portion of the project referenced in Exhibit C
of the Lease as "River Road Alignment" and for the projects referenced in Exhibit C of the Lease
as "Guilford Road -City Center to Main Street Enhancements" and "Guilford Road 116 Street to
Carmel Drive" and authorizing any or all of the New Project to be added to the Leased Premises
(as defined in the Lease); and
WHEREAS, in connection with the financing of a portion of the cost of the New
Project, there has been prepared a form of proposed Third Addendum to Lease (the "Third
Addendum to Lease amending the Original Lease by including the New Project as a project
authorized 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, after a public hearing concerning the New Project on March 17,
2010, the Commission now desires to approve the form of the Third Addendum to Lease and
authorize its execution and delivery;
NOW, THEREFORE, BE IT RESOLVED BY THE CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby approves the form of the Third Addendum to
Lease attached hereto as Exhibit A and made a part hereof and authorizes the President of the
Commission to execute, and the Secretary of the Commission to attest, the Third Addendum to
Lease, and to deliver the Third 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.
-2-
ADOPTED this 20 day of January, 2010.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
/I
ic Plesident
J iVL
Secretary
i 4
Me tir
Member
INDS01 NWS 1175277v3
3