HomeMy WebLinkAboutCRC-2011-7 Amend Lease Rental Bond/Shelborne-126th PavingRESOLUTION NO. 26H H - 7-
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, exists and operates under the provisions of
Indiana Code 36 -7 -14, as amended from time to time; and
WHEREAS, the Carmel 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, to finance local public improvements for lease to the Commission; and
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 between the Authority and the Commission dated as of July 1, 2006, as
heretofore amended (as so amended, the "Lease "), through the issuance of lease rental revenue
bonds of the Authority, payable from lease rental payments from the Commission, which lease
rental payments are payable from a pledge of the City's distributive share of Hamilton County
Option Income Tax revenues; and
WHEREAS, the Commission and the Authority now desire to amend the Lease by
substituting a portion of the public improvement project known as the 2011 Paving Project (the
"New Project ") for the project referenced in Exhibit C of the Lease as "126th Street — Shelborne
Rd. to Towne Rd. (3 -Lane Section)" 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 Fourth Addendum to Lease (the "Fourth Addendum
to Lease "), amending the 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 October 3, 2011, the
Commission now desires to approve the form of the Fourth Addendum to Lease and authorize its
execution and delivery;
NOW, THEREFORE, BE IT RESOLVED BY THE CARMEL REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. It is hereby found that the substitution of the New Project will not adversely affect
the value of the Leased Premises, that the rental payments under the Lease remain fair and
reasonable, and further that the use of the New Project throughout the term of the Lease will
serve the public purpose of the City and is in the best interest of its residents.
2. The Commission hereby approves the form of the Fourth 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 Fourth Addendum to
Lease, and to deliver the Fourth 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.
3. This Resolution shall be in full force and effect after its adoption by the
Commission.
ADOPTED AND APPROVED at a meeting of the Carmel Redevelopment Commission
held on the 3rd day of October, 2011.
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CITY OF CARMEL
REDEVELOPMENT COMMISSION
../(1
President
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Vice President
Commissioner
Commissioner
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