D-2059-11-FAILED 2011 Paving Projects ($3,000,000)ORDINANCE D- 2059 -11
AN ORDINANCE OF THE COMMON COUNCIL
OF THE CITY OF CARMEL, INDIANA,
AUTHORIZING AN AMENDMENT TO A LEASE
BETWEEN THE CARMEL REDEVELOPMENT AUTHORI'
AND THE CARMEL REDEVELOPMENT COMMISSI
MODIFYING THE PUBLIC IMPROVEMENT PROJECTS UTHORIZED
THEREUNDER AND TAKING OTHER ACTIONS IN RES u� T THERETO
WHEREAS, the Carmel Redevelopment Authority, a lea •r (the "Authority and the
Carmel Redevelopment Commission, as lessee (the "Comrlijs ivn previously entered into a
Lease dated as of July 1, 2006, as previously amended (as soya *ended, the "Lease and
WHEREAS, pursuant to Indiana Code 3
hearing, has adopted a resolution approving
Addendum that modifies the project list atta
improvement project known as the 2011 ,Pavi
referenced in Exhibit C of the Lease as "1
Section)" and authorizing any or all of tP1N
defined in the Lease); and
WHEREAS, pursuant t
Carmel, Indiana (the "City"
Addendum;
SPONSOR(S): Councilor Seidenstick
25 the Commission, following public
Addendum to the Lease (the "Fourth
xhibit C thereto, substituting the public
oject (the "New Project for the project
reet Shelborne Rd. to Towne Rd. (3 -Lane
roject to be added to the Leased Premises (as
Ind a .de 36 -7 -14 -25.2, the Common Council of the City of
desires
o approve the execution and delivery of the Fourth
NOW, THEREFORE, B IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIAN THAT:
SECTION 1. I is hereby found that the substitution of the New Project will not
adversely affect the val of the Leased. Premises, that the rental payments under the Lease
remain fair and reason le, 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 interests of its residents.
Accordingly, the •mmon Council hereby approves the Fourth Addendum, as approved by the
Commission, p suant to Indiana Code 36 -7 -14 -25.2, in substantially the form provided at this
meeting.
S TION 2. This Ordinance shall be effective upon its passage by the Council and
approva •y the Mayor of the City, in accordance with Indiana Code 36 -4 -6 et seq.
PR 1LED
E-B by the Common Council of the City of Carmel, Indiana this
Ova mbe( 2011, by a vote of O ayes and (o nays.
siding Officer
6 Peas
John V. Accetturo
PcoseD
Ronald E. Carter
ATTEST:
ATTEST:
BDDBO] 6867225v2
COMMO;1 CO Q► IL FOR THE CITY OF CARMEL
W. Eric Seidensticker, President Pro Tempore
CAL) Q �u'r Fo
iana L. Cordray, IAMC, Clerk Treasurer
Presented by me to the Mayor of the City of Carmel, Indiana this day of
Iv 6ve+mbf 2011, at .M.
Approved by me, Mayor of the City of Carmel, Indiana, this
2011, at .M.
Diana L. Cordray, IAMC, Clerk- Treasurer
Prepared by: Scott Peck
Baker Daniels LLP
300 North Meridian Street, Suite 2700
Indianapolis, Indiana 46204
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p P Qose
Joseph C. Griffiths
Kevin Rider
NOT P tZ4F-S. cN
Richard. L. Sharp
GPPC�SE
Luci Snyder
Diana L. Cordray, IAMC, Clerk Treasurer
es Brainard, Mayor
day of
day of
RESOLUTION NO. 261
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 20H 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 I, 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:
l 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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B DDB O 1 6877402v1
CITY OF CARMEL
REDEVELOPMENT COMMISSION
Vice President
Commissioner
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