HomeMy WebLinkAboutCRC-2011-4 TIF Revenue/Payment of EDA BondsRESOLUTION NO. 26II- y
A 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
created the Integrated 126th Street Corridor Economic Development Area, has designated a
portion of such area as the 116th Street Centre Allocation Area (the "Allocation Area ") for
purposes of the allocation and distribution of property taxes under IC 36- 7- 14 -39, and has
created the 116th Street Centre Allocation Area Fund (the "Allocation Fund ") pursuant to IC 36-
7-14-39; and
WHEREAS, One One Six College Apartments, LLC (the "Company ") intends to finance
all or a portion of the costs of the design and construction of the projects listed in Exhibit A
hereto (collectively, the "Project "), which will be located in or physically connected to the
Allocation Area; and
WHEREAS, the City of Carmel Economic Development Commission has approved the
issuance of the City of Carmel, Indiana, Taxable Economic Development Revenue Bonds (116th
Street Centre Project), in one or more series (the "Bonds "), the proceeds of which will be lent to
the Company and applied to costs of the Project; and
WHEREAS, as an inducement to the Company to locate the Project in the City of
Carmel, the Commission has agreed to pledge a portion of the tax increment revenues generated
from the real property of the Company in the Allocation Area to the payment of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. All real property tax increment revenues generated from the Allocation Area and
deposited in the Allocation Fund pursuant to IC 36- 7 -14 -39 (the "TIF Revenues ") shall be set
aside and used only as set forth in this Resolution.
2. On each January 15 and July 15, beginning July 15, 2012, all TIF Revenues shall
be immediately transferred to the trustee for the Bonds (the "Trustee ") for deposit into the funds
and accounts and application in accordance with the trust indentures for each series of the Bonds
(collectively, the "Indentures ").
3. 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 Allocation Fund to the Trustee for disposition in
accordance with the Indentures.
4. Upon the defeasance of the Bonds, any moneys remaining in the funds and
accounts under the Indentures shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
5. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 31st day of March, 2011.
CITY OF CARMEL REDEVELOPMENT
COMMIS ION
4./
President
Vice President
Secr ta
ember
EXHIBIT A
DESCRIPTION OF INFRASTRUCTURE IMPROVEMENTS
Proposed Infrastructure Improvements
Infrastructure and hardscape including earthwork, sanitary sewers, storm sewers and
underground detention, water mains, College Avenue reconstruction including demolition, line
stabilization, paving and curbs, and construction of the east/west service drive coming off of
College Avenue, building footings and foundations, concrete slabs, site engineering, general
requirements and contractor overhead.
INDSOI AWILLIAMS 1262223x1