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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 Z:1Documents\Shoup, JennyCity of CarrnaI ResolutIonst4CDC- Grants etc'Approval of Grant by 4CDC (Star- M&I- Fowler).wpd Bv: • B By: illi r, Pr= Id nt L/ r E. Anker, Vice Pr -side eat/S .etary By: David C. Bowers 15Novll