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HomeMy WebLinkAboutD-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 -2- 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. -2- B DDB O 1 6877402v1 CITY OF CARMEL REDEVELOPMENT COMMISSION Vice President Commissioner -3-