HomeMy WebLinkAboutCRC-2011-12 Authorizing $5,200,000 Start Grant to 4CDC/Line of CreditCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 12 -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 requires that all draws made by 4CDC on the Tine -of- credit secured by the
assignment of the Star Grant (the "Star Loan ") receive prior written approval by CRC;
WHEREAS, 4CDC has authorized a grant to The Center for the Performing Arts, Inc.
( "CFPA ") in the amount of $1,500,000.00 (the "CFPA Grant "), which grant shall be for purposes consistent
with IC § 36 -7 -14- 12.2(26); and
WHEREAS, 4CDC seeks to make a draw on the Star Loan in order to make the CFPA Grant
(the "Star Draw ");
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby authorizes and approves the Star Draw by 4CDC.
Passed by the City of Carmel Redevelopment Commission this 16"' day of November, 2011,
by a vote of Li ayes and D nays.
CITY OF CARMEL REDEVELOPMENT COMMISSION
Z:\DoamentslShoup, Jenny\Clty of Carmel \Resolutionsl4CDC - Grants
etdApproval of Grant by 4CDC to CFPA (Star).wpd
By:
David C. Bowers
15Nov11