HomeMy WebLinkAboutCRC-2010-16 TIF Payment/EDA Bonds RESOLUTION NO. 2oio I Co
AMENDED AND RESTATED RESOLUTION OF THE CITY OF CARMEL
REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES
TO THE PAYMENT OF ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF
CARMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission has previously
created the Old Town Economic Development Area (the "Economic Development Area has designated
a portion of the Economic Development Area as the Arts District Lofts and Shoppes Tax Allocation Area
"the Allocation Area for purposes of the allocation and distribution of property taxes under IC 36 -7 -14-
39, and has created an allocation fund (the "Allocation Fund for the Allocation Area pursuant to IC 36-
7-14-39; and
WHEREAS, Keystone Group, LLC, or an affiliate thereof (the "Company intends to construct a
mixed use development in the Allocation Area that will create an estimated 275 full time equivalent new
jobs in the City of Carmel (the "Project and
WHEREAS, the City of Carmel Economic Development Commission has approved the issuance
of the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds (Arts District Lofts
Shoppes Project), in one or more series (the `Bonds the proceeds of which will be lent to the Company
and applied to certain costs of the Project, pursuant to a trust indenture (the "Indenture between the City
of Carmel and a trustee to be selected (the "Trustee and
WHEREAS, as an inducement to the Company to locate the Project in the City of Carmel, the
Commission has agreed to pledge the tax increment revenues generated from the Allocation Area to the
payment of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, as
follows:
1. There are hereby created within the Allocation Fund the following accounts (1) a Bond
Account (the "Bond Account and (2) a General Account (the "General Account All real property tax
increment revenues generated from the Allocation Area and deposited in Allocation Fund pursuant to IC
36- 7 -14 -39 (the "TIF Revenues shall be set aside and used as follows: on each January 15 and July 15,
beginning July 15, 2011, TIF Revenues in an amount sufficient to meet all requirements set forth in the
Indenture shall be deposited into the Bond Account and immediately transferred to the Trustee for deposit
and application in accordance with the Indenture. On each February 1 and August 1 during the years
2011- 2016, any TIF Revenues remaining in Allocation Fund after making the required deposits under the
second sentence of this section shall be deposited in the General Account and may be used by the
Commission for any purposed permitted by law. On each February 1 and August 1 beginning on
February 1, 2017, any TIF Revenues remaining in Allocation Fund after making the required deposits
under the second sentence of this section shall be deposited in the General Account and shall be used by
the Commission as follows: (a) fifty percent (50 of such TIF Revenues shall be deposited into a Bond
Redemption Subaccount of the General Account, transferred to the Trustee and used to pay debt service
on or redeem Bonds, and (b) the remaining fifty percent (50 of -such TIF Revenues may be used by the
Commission for any purpose permitted by law. Upon the defeasance of the Bonds, -the Bond Account and
the General Account of Allocation Fund shall be dissolved, and any moneys remaining in such accounts
shall remain in Allocation Fund and may be used by the Commission for any purpose permitted by law.
2. Pursuant to IC 36- 7- 14- 39(b)(2)(D) and IC 5 -1 -14-4, the Commission hereby pledges the
TIF Revenues deposited into the Bond Account of the Allocation Fund and the Bond Redemption
Subaccount of the General Fund to the payment of the Bonds.
3. The officers of the Commission are hereby authorized to take such further actions and
execute such further documents as they deem necessary or appropriate to effectuate the pledge of the TIF
Revenues set forth in this resolution.
4. In the event that the TIF Revenues are ever insufficient to pay debt service on the Bonds
when due, the Commission covenants and agrees to transfer to the Trustee an amount required to fund the
deficiency from legally available funds of the Commission. Any officer of the Commission is authorized,
on behalf of the Commission, to take such actions, enter into such agreements and execute such
documents as such officer deems necessary or appropriate to effectuate the Commission's obligations
under this Section 4.
5. This resolution shall take effect immediately upon adoption by the Commission. This
resolution supercedes and replaces Resolution No. 2008 -10 adopted by the Commission on October 15,
2008, which prior resolution is hereby repealed and rescinded.
Adopted the 17 day of November, 2010.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
resident
Vice President
Secretary
/1
Mem,, f
Member
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