HomeMy WebLinkAboutCRC-2011-10 Authorization of Star,Fowler and M&I GrantsCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 10 -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 has authorized 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 has authorized 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 has authorized a grantto 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, CRC requires that all draws made by 4CDC on the lines -of- credit secured by the
assignment of the Star Grant (the "Star Loan "), the Fowler Grant (the "Fowler Loan "), and the M &I Grant (the
"M &I Loan ") receive prior written approval by CRC; and
WHEREAS, 4CDC seeks to make a draw on each of the Star Loan, the Fowler Loan, and
the M &I Loan in order to pay ordinary loan closing costs associated with the Star Loan, the Fowler Loan, and
the M &I Loan, respectively, including, without limitation, attorneys' fees and lender's fees (the "Loan Draws ");
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby authorizes and approves the Loan Draws by 4CDC.
Passed by the City of Carmel Redevelopment Commission this 16th day of November, 2011,
by a vote of 14 ayes and 0 nays.
CITY OF CARMEL REDEVELOPMENT COMMISSION
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etc'Approval of Grant by 4CDC (Star- M&I- Fowler).wpd
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By:
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L/
r E. Anker, Vice Pr -side
eat/S .etary
By:
David C. Bowers
15Novll