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HomeMy WebLinkAboutCRC-2010-17 CRC/4CDC Agreement/$8,000,000 LoanCITY OF CARMEL REDEVELOPMENT COMMISSION RESOLUTION NO. Ii-2010 WHEREAS, Carmel City Center Community Development Corporation ( "4CDC ") is a community development corporation formed for the purpose of constructing, rehabilitating, and /or repairing commercial property within the district; WHEREAS, CRC desires to enter into an assignment agreement with 4CDC (the "Assignment ") pursuant to which CRC will assign revenues from surcharges from ticket sales at the Performing Arts Center (the "Surcharges "); WHEREAS, 4CDC seeks to use the Assignment to obtain a loan in an amount not to exceed $8,000,000.00 (the "Loan "); WHEREAS, the primary source of repayment of the Loan will be the Surcharges; and WHEREAS, CRC desires to enter into a grant agreement with 4CDC (the "Grant Agreement ") to the extent necessary or appropriate to facilitate the Loan; NOW, THEREFORE, BE IT RESOLVED THAT: 1. The President of CRC (the "President ") hereby is authorized to execute the Assignment, the Grant Agreement, and any and all other documents relating to the making, administration, pledge, and /or assignment of the Surcharges, the Assignment, and /or the Grant Agreement, including, without limitation, documents facilitating the Loan to 4CDC (collectively, the "CRC Documents "), which CRC Documents shall be on terms and conditions: (a) consistent with this Resolution; and (b) otherwise as determined by the President to be necessary or appropriate. 3. The Vice President of CRC hereby is authorized to execute any of the foregoing in the President's absence. Passed by the City of Carmel Redevelopment Commission this 15th day of December, 2010, by a vote of `/ ayes and 0 nays. CITY OF CARMEL REDEVELOPMENT COMMISSION Z:1Documents\Shoup, Jenny \City of CarmeMesolutiona \Grants to 4CDCIApproval of Assignment of Revenues end Grant Agreement (LC8).wpd 15Dec10