HomeMy WebLinkAboutCRC-2011-9 Development of 4 Grants to 4CDCCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. __ -2011
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, pursuant to IC § 36- 7- 14- 12.2(26), CRC may provide financial assistance
(including grants and loans) to community development corporations to permit such community development
corporations to construct, rehabilitate, or repair commercial property within the district;
WHEREAS, CRC desires to make a grant to 4CDC in an amount not to exceed
$5,200,000.00, which grant shall be for purposes consistent with IC § 36- 7- 14- 12.2(26) (the "Star Grant ");
WHEREAS, CRC desires to make a grant to 4CDC in an amount not to exceed
$2,700,000.00, which grant shall be for purposes consistent with IC § 36- 7- 14- 12.2(26) (the "CIBM Grant ");
WHEREAS, CRC desires to make a grant to 4CDC in an amount not to exceed
$2,700,000.00, which grant shall be for purposes consistent with IC § 36 -7 -14- 12.2(26) (the "Fowler Grant ");
WHEREAS, CRC desires to make a grant to 4CDC in an amount not to exceed
$2,700,000.00, which grant shall be for purposes consistent with IC § 36 -7 -14- 12.2(26) (the "M &I Grant ");
WHEREAS, the Star Grant, the CIBM Grant, the Fowler Grant, and the M &I Grant,
collectively, are the "Grants ";
WHEREAS, the Grants will be made and administered pursuant to grant agreements
executed by and between CRC and 4CDC, each of which will give CRC oversight of the use of the proceeds
of the applicable Grant (including, without limitation, the right of CRC to approve any draws made by 4CDC
on the lines -of- credit secured by the assignment of the applicable grant agreement) (the "Grant Agreements ");
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby authorizes the making of the Grants.
2. The President of CRC (the "President ") hereby is authorized to execute the Grant Agreements and
any and all other documents relating to the making, administration, pledge, and /or assignment of the Grants,
including, without limitation, documents facilitating line -of- credit loans to 4CDC (collectively, the "Grant
Documents "), which Grant 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. The Vice President of CRC
hereby is authorized to execute any of the CRC Documents in the President's absence.
Z: IDocuments\Shoup, Jenny\City of Carmel \Resolutions \4CDC- Grants 310c111
etctApprcvat of Grant by CRC to 4000 (Star - Fowler -Mt- Marine).wpd
Passed by the City of Carmel Redevelopment Commission this 1St day November, 2011, by
a vote of ") ayes and 0 nays.
CITY OF CARMEL REDEVELOPMENT COMMISSION
By:
Meyer
By:
David C. Bowers r
2:1Documents \Shoup, Jenny \City of Carmel\Resolutlons \4COC- Grants 31 Oct11
etc\Approva, of Grant by CRC to 400C (Star - Fowler -MI- Marine).wpa
CRC
Lines of Credit
1(16Vt ��
Bank Comparison
(Mercantile dank Star Financial Bank Fowler State Bank Marine Bank a f t
Amount 52,500.000 55,000,000 52.500,000 $2,500,000 $Z °ar coJ O
Term 1 Year 1 Year I Year 1 Year x•cesit'-•
Type Revolving LOC Revolving LOC Revolving LOC 'Revolving LOC Ca 46W 1.441 ('CC
Fee 0.50% 0.50% 1% 3S0/O 4
Interest Rate for Usage Prime+1% 30 Day LIBOR+3.5% Prime 41% Mme -4- 170 30oo.i Lte.0 24
4115 8e
Non•Usage Fee None 0.125%annually None None N3 Orse,
Minimum Interest Rate 4.50% None 4.50% 4 ■=1•'0,0 lvO r1'e
Payments Interest Monthly Interest Monthly Interest Monthly in ter est Monthly um. ru.abtcdhk`(
Collateral Assignment of Grants Assignment of Grants Assignment of Grants 'Assignment of Grants ise.4%G 4
Covenant �"`�
Minimum Clean-Up 30 Days 30 Days 30 Days '30 Days E
Other Parity with all other Parity with all other Parity with all other 'Parity v,ith all other similar �5�.{�5 .
similar bank loans and similar bank loans similar bank loans bank loans bO�,QJ�!/'�0
Minimum of 1.25 DSCR Minimum of 1.25 DSCit Minimum of 1.25 OSCR Minimum of 1-25 DSCR 0C/' —
Date Closed Nov-10 To Be Set To Be Set To tie Set r�
Attorney Used Hall,Render Hall,Render Hall,Render 'hall,Render 1.O U_, ,'
Preferred Usage Not required Yes yes 'Yes
Deposit Relationship Expectation No No 'Yes Yes
Repayment - Must be paid in lull one yeara(kclosing Must be paid in full one year aher closing Musl be paid in full one year after closing
Acceptance Expiration In Place 10/20/2011 10/31/2011
Closing Expiration In Place 11/30/2011 12/15/2011
'As communicated verbally.Commitment letter not received yet.
Carmel Redevelopment Commission
Meeting Agenda Item
Action Item#2
PRESENTER ACTION REQUESTED
Karl Haas Approval
ITEM/SUBJECT
Motion to approve Grant Agreements to Support Additional Back-up Lines of Credit and
Related Line of Credit Documents
BUDGET APPROPRIATION MEETING DATE
$13,300,000 November 1,2011
•
SUMMARY:
Approval of Grant Agreements to Support Additional Back-up Lines of Credit and Related Line
of Credit Documents.
See Resolution 9-2011 and attached document for further detail.
MOTION:
Move to approve Resolution 9-2011.
•