HomeMy WebLinkAboutD-2091-12 Amend 2006 Road Bond/$7,400,000 - Fourth AddendumORDINANCE D- 2091 -12
AS AMENDED
SPONSOR(S): Councilor Snyder
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, AUTHORIZING AN AMENDMENT
TO A LEASE BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY
AND THE CARMEL REDEVELOPMENT COMMISSION MODIFYING
THE PUBLIC IMPROVEMENT PROJECT AUTHORIZED THEREUNDER
WHEREAS, the Carmel Redevelopment Authority, as lessor (the "Authority and the
Carmel Redevelopment Commission, as lessee (the "Commission previously entered into a
Lease dated as of July 1, 2006, as previously amended (as so amended, the "Lease and
WHEREAS, pursuant to Indiana Code 36 -7 -14 -25.2, the Commission, following public
hearing, has adopted a resolution approving a Fourth Addendum to the Lease (the "Fourth
Addendum that modifies the 2006 Bond Projects, substituting the public improvement project
known as the Illinois Street Road Improvement Fund #212) in the amount of $7,400,000, (the
"New Project for all or a portion of the project called Shelbourne Road Improvements north of
116 Street in Exhibit C referenced in the original Lease and authorizing any or all of the New
Project to be added to the Leased Premises (as defined in the Lease); and
WHEREAS, pursuant to Indiana Code 36 7 -14 -25.2, the Common Council of the City of
Carmel, Indiana (the "City desires to approve the execution and delivery of the Fourth
Addendum;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, THAT:
SECTION 1. 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 finds 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 Common Council hereby approves the
Fourth Addendum, as approved by the Commission, pursuant to Indiana Code 36 -7 -14-
25.2.
SECTION 2. This Ordinance shall be effective upon its passage by the Council and
approval by the Mayor of the City, in accordance with Indiana Code 36 -4 -6 et seq.
VERSION A Finance, Administration and Rules Committee 5/17/12
ATT
ADOPTED by the Common Council of the City of Carmel, Indiana this `i day of
Pr iding Off�.r
onald E. Carter
COMMON COUNCIL FOR THE CITY OCARMEL�
Richard L. Sharp, President Pro Tempore
Diana L. Cordray, IAMC, C1er reasurer
Presented by me to the Mayor of the City of Carmel, Indiana this 5 day of C)j..i/y...,9._
2012, at la: 33 .M.
Approved by me, Mayor of the City of Carmel, Indiana, this day of
2012, at %l: OS� A.M.
ATTEST:
Diana L. Cordray, IAMC, Clerk asurer
Prepared by: Diana L. Cordray
Clerk- Treasurer
City of Carmel
2012, by a vote of 1 ayes and c> nays.
vin D. Ridder��,,
Carol Schleif
4._.
W. Eric
uci
u
yder
Diana L. Cordray, IAMC, Cle reasurer
J m I�ra inar Mayor
�.O
2006 BOND
Project Description
2006 Bond
Project Cost
Funding
Anticipated From
Other Sources
Total Estimated
Project Cost
Notes
Towne Road Improvements north of 116th Street (4 lane)
10,000,000
2,000,000
12,000,000
Complete Partially
Funded by Michigan Rd
TIF
Shelbourne Road improvements north of 116th Street (3 lane
Section)
9,000,000
300,000
9,300,000
Complete Partially
Funded by Michigan Rd
TIF
131st Street from Spring Mill to Towne (3 -lane Section)
9,000,000
9,000,000
Complete
131st Street from Towne to Shelbourne (3 -lane Section)
4,500,000
4,500,000
Complete
136th Street from Oak Ridge to Ditch (3 -Lane Section)
5,000,000
1,550,000
6,550,000
Complete
East Grande Boulevard (Guilford to Old Meridian)
1,900,000
1,900,000
Complete
West Grande Boulevard (RAB Old Meridian)
1,800,000
1,800,000
Not Yet Complete
Pennsylvania Street 106th to 103rd (3 -lane Section)
3,000,000
3,000,000
Complete
S 4. .Ii i ou se
2,500,000
2,500,000
Deleted in 2009
Cool Creek North Trail
2,800,000
250,000
3,050,000
Complete
N. Rangeline 136th north to US 31 (3 lane Section)
3,000,000
3,000,000
Complete
Monon Bridge Over Carmel Drive
600,000
2,400,000
3,000,000
Complete
East Side Salt Barn /Shed Shop
1,800,000
1,800,000
Complete
River Road Alignment Medalist Drive to Golf Course Curve (3
Lane Section, intersection improvements at Medalist)
2,500,000
2,500,000
Removed Entirely or In
Part 2010
Police Maintenance Building
1,000,000
1,000,000
Complete
750,000
760,000
Deleted 2010
(C g)
2,500,000
250,000
2,
Deleted 2010
126th Street Shelborne Rd. to Towne Rd. (3 -Lane Section)
3,300,000
3,300,000
Complete Partially
Funded by Michigan Rd
TIF
Clay Center Rd. 116th Street Intersection Improvements
(Including Replacement of Clay Ctr. Bridge over Will Creek)
1,150,000
1,150,000
Complete
TOTAL
66,100,000
6,750,000
72,850,000
Projects Added to 2006 COIT Bond
Keystone Avenue 116th St. Improvement Project
2,500,000
2,500,000
Added in 2009
Keystone Avenue Improvement Project
5,000,000
5,000,000
Added in 2010
Illinois Street Project From its intersection with Spring Mill
Rd just north of 1 -465 north to 116th Street and including the
reconstruction of the Roundabout at 116th Street Spring Mill
Rd
7,400,000
7,000,000
14,400,000
Added June 4, 2012
2006 Bond Projects
Revised 06/04/2012
FOURTH ADDENDUM TO LEASE BETWEEN
THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR,
AND THE CARMEL REDEVELOPMENT COMMISSION, AS LESSEE
THIS FOURTH ADDENDUM TO LEASE, made and entered into as of this 1st day of
June, 2012, by and between the Carmel Redevelopment Authority, a body corporate and politic
organized and existing under Indiana Code 36 -7 -14.5, and the Carmel Redevelopment
Commission, the governing body of the City of Carmel Depai tment of Redevelopment and the
Redevelopment District of the City of Cannel, Indiana,
WITNESSETH:
In consideration of the mutual covenants herein contained, it is agreed that the Lease
previously entered into between said parties as of July 1, 2006, as amended by an Addendum to
Lease made and entered into as of August 1, 2006, a Second Addendum to Lease made and
entered into as of November 1, 2009, and a Third Addendum to Lease made and entered into as
April 1,2010 (as so amended, the "Lease shall be amended as follows:
1. The list of projects eligible to be funded as listed in Exhibit C to the Lease is
hereby amended by deleting the project referenced in Exhibit C of the Lease as "Shelbourne
Road Improvements north of 116th (3 -Lane Project)" and substituting in lieu thereof the
following project:
"Illinois Street Road Improvement Fund #212) Project ($7,400,000)."
2. Exhibit B of the Lease is hereby amended by adding the following to the Leased
Premises: "Illinois Street Road Improvement Fund #212) Project and all improvements to
be made thereto ($7,400,000)."
3. The parties hereto acknowledge that all remaining terms, covenants and
conditions as set forth in the Lease shall remain in full force and effect.
ATTEST:
Secretary
BDDB01 9273685v1
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Addendum to
Lease to be executed for and on their behalf on the day and year first hereinabove written.
CARMEL REDEVELOPMENT AUTHORITY
By: 2o ?7c/A -txt
President
CARMEL REDEVELOPMENT
COMMISSION
(Signature page to Fourth Addendum to Lease)
By:
Vice President
Lease to be executed for and on their behalf on the day and year first hereinabove written.
ATTEST:
Secretary- Treasurer
ATTEST:
BDDB01 9273685v1
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Addendum to
CARMEL REDEVELOPMENT AUTHORITY
By:
President
CARMEL REDEVELOPMENT
COMMISSION
By:
Vice President
c
(Signature page to Fourth Addendum to Lease)
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Bef re me, the undersigned, a Notary Public in and for said State, personally appeared
)be-f% Ott..0 irk and personally known by me to be the President
and Secretary- Treasurer, respectively, of the Carmel Redevelopment Authority, and
acknowledged the execution of the foregoing Fourth Addendum to Lease for and on behalf of
said Authority.
(SEAL)
My commissio
Resident of
BDDB01 9273685v1
expires:
Cam}
WITNESS my hand and Notarial Seal this ``7 day of j 2012.
County, Indiana.
(Written Signature)
/s/1 »i.
(Printed Signature)
(Notary page to Fourth Addendum to Lease)
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Before me, the undersigned a Notary Public in and for said State, personally appeared
NQVt tVvZr and r �B� @r personally known by me to be the
Vice President and Secretary, respectively, of the Carmel Redevelopment Commission, and
acknowledged the execution of the foregoing Fourth Addendum to Lease for and on behalf of
said Commission.
(SEAL)
WITNESS my hand and Notarial Seal this 7 14 day of a V 2012.
BDDBOI 9273685v1
My commission expires: I
Resident of m 1 1.1 County, Indiana.
(Written Signature)
'Jut/ Le-c
(Printed Signature)
(Notary page to Fourth Addendum to Lease)
I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security
number in this document, unless required by law: Michael P. Allen.
This instrument prepared by Michael P. Allen, Faegre Baker Daniels LLP, 300 North Meridian Street,
Suite 2700, Indianapolis, Indiana 46204.
RESOLUTION NO. 020/:,
RESOLUTION OF THE CARMEL REDEVELOPMENT AUTHORITY
APPROVING THE EXECUTION OF A FOURTH ADDENDUM TO
LEASE BETWEEN THE CARMEL REDEVELOPMENT AUTHORITY
AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION AND
REGARDING CERTAIN OTHER MATTERS
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 of Carmel, Indiana (the "City"), to finance local public improvements for lease to the
Commission (as hereinafter defined); and
WHEREAS, the Carmel Redevelopment Commission (the "Commission governing
body of the Department of Redevelopment of the City and the Redevelopment District of the
City (the "Redevelopment District exists and operates under the provisions of Indiana Code
36 -7 -14, as amended from time to time (the "Act 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
amended (the "Lease through the issuance of lease rental revenue bonds of the Authority,
payable from lease rental payments from the Commission, in turn payable from a pledge of the
City's distributive share of Hamilton County Option Income Tax revenues; and
WHEREAS, the Authority and the Commission now desire to amend the Lease by
substituting a portion of the public improvement project known as the Illinois Street Road
Improvement Fund #212) project (the "New Project for all or a portion of the project
referenced in Exhibit C of the Lease as "Shelbourne Road Improvements north of 116th Street
(3 -lane section)" and authorizing any or all of the New Project to be added to the Leased
Premises; 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 1, 2006, between the
Authority and Regions Bank, as trustee; and
WHEREAS, the Authority 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
AUTHORITY AS FOLLOWS:
1. The Authority hereby approves the Fourth Addendum to Lease in the form
presented at this meeting and as attached hereto as Exhibit A. The President and Secretary
Treasurer are hereby authorized and directed to execute and attest, respectively, the Fourth
Addendum to Lease in substantially the form presented at this meeting with such changes in
form or substance as the President and Secretary Treasurer shall approve, such approval to be
conclusively evidenced by the execution and attestation thereof. The President and Secretary
Treasurer are further hereby authorized and directed to execute and attest any other documents or
instruments necessary to accomplish the modification of the Lease.
2. The Secretary- Treasurer of the Authority is hereby directed to file a copy of the
Fourth Addendum to Lease, as approved, with the Commission.
3. This resolution shall be in full force and effect after its adoption by the Authority.
BDDB01 9273662v1
2
2012.
ADOPTED at a meeting of the Carmel Redevelopment Authority held on 1 .,�t..e,,
BDDB01 9273662v1
CARMEL REDEVELOPMENT AUTHORITY
By: P.0 VAAA -tA.1l
3
President
EXHIBIT A
FOURTH ADDENDUM TO LEASE BETWEEN
THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR,
AND THE CARMEL REDEVELOPMENT COMMISSION, AS LESSEE
THIS FOURTH ADDENDUM TO LEASE, made and entered into as of this 1st day of
June, 2012, by and between the Carmel Redevelopment Authority, a body corporate and politic
organized and existing under Indiana Code 36 -7 -14.5, and the Carmel Redevelopment
Commission, the governing body of the City of Carmel Department of Redevelopment and the
Redevelopment District of the City of Carmel, Indiana,
WITNESSETH:
In consideration of the mutual covenants herein contained, it is agreed that the Lease
previously entered into between said parties as of July 1, 2006, as amended by an Addendum to
Lease made and entered into as of August 1, 2006, a Second Addendum to Lease made and
entered into as of November 1, 2009, and a Third Addendum to Lease made and entered into as
April 1, 2010 (as so amended, the "Lease shall be amended as follows:
1. The list of projects eligible to be funded as listed in Exhibit C to the Lease is
hereby amended by deleting the project referenced in Exhibit C of the Lease as "Shelbourne
Road Improvements north of 116th (3 -Lane Project)" and substituting in lieu thereof the
following project:
"Illinois Street Road Improvement Fund #212) Project ($7,400,000)."
2. Exhibit B of the Lease is hereby amended by adding the following to the Leased
Premises: "Illinois Street Road Improvement Fund #212) Project and all improvements to
be made thereto ($7,400,000)."
3. The parties hereto acknowledge that all remaining terms, covenants and
conditions as set forth in the Lease shall remain in full force and effect.
BDDBO I 9273662v t
A -2
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Addendum to
Lease to be executed for and on their behalf on the day and year first hereinabove written.
ATTEST:
Secretary- Treasurer
ATTEST:
Secretary
BDDBOI 9273662v1
(Signature page to Fourth Addendum to Lease)
CARMEL REDEVELOPMENT AUTHORITY
By:
President
CARMEL REDEVELOPMENT
COMMISSION
By:
Vice President
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and personally known by me to be the President
and Secretary- Treasurer, respectively, of the Carmel Redevelopment Authority, and
acknowledged the execution of the foregoing Fourth Addendum to Lease for and on behalf of
said Authority.
(SEAL)
WITNESS my hand and Notarial Seal this day of 2012.
My commission expires:
Resident of County, Indiana.
B DDB01 9273662v1
(Written Signature)
(Printed Signature)
(Notary page to Fourth Addendum to Lease)
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and personally known by me to be the
Vice President and Secretary, respectively, of the Carmel Redevelopment Commission, and
acknowledged the execution of the foregoing Fourth Addendum to Lease for and on behalf of
said Commission.
(SEAL)
WITNESS my hand and Notarial Seal this day of 2012.
My commission expires:
Resident of County, Indiana.
BDDBOI 9273662v I
(Written Signature)
(Printed Signature)
I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security
number in this document, unless required by law: Michael P. Allen.
This instrument prepared by Michael P. Allen, Faegre Baker Daniels LLP, 300 North Meridian Street,
Suite 2700, Indianapolis, Indiana 46204.
(Notary page to Fourth Addendum to Lease)
RESOLUTION NO. 20 I Z
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 Illinois Street Road
Improvement Fund #212) (the "New Project for the project referenced in Exhibit C of the
Lease as "Shelbome Road Improvements north of 116th Street (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 1, 2006, between the
Authority and Regions Bank, as trustee; and
WHEREAS, after a public hearing concerning the New Project on June 4, 2012, 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:
1. 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 or the Vice
President of the Commission to execute, and the Secretary or the Recording 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 or the Vice President of the Commission shall approve, such approval to be
conclusively evidenced by the execution thereof.
BDDBO 19273643v I
-2-
Commission.
BDDB01 9273643v1
3. This Resolution shall be in full force and effect after its adoption by the
-3
ADOPTED AND APPROVED at a meeting of the Carmel Redevelopment Commission
held on the 4th day of June, 2012.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
President
OJ Vt
Vice President
EXHIBIT A
FOURTH ADDENDUM TO LEASE BETWEEN
THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR,
AND THE CARMEL REDEVELOPMENT COMMISSION, AS LESSEE
THIS FOURTH ADDENDUM TO LEASE, made and entered into as of this 1st day of
June, 2012, by and between the Carmel Redevelopment Authority, a body corporate and politic
organized and existing under Indiana Code 36 -7 -14.5, and the Carmel Redevelopment
Commission,. the governing body of the City of Carmel Department of Redevelopment and the
Redevelopment District of the City of Carmel, Indiana,
WITNES SETH:
In consideration of the mutual covenants herein contained, it is agreed that the Lease
previously entered into between said parties as of July 1, 2006, as amended by an Addendum to
Lease made and entered into as of August 1, 2006, a Second Addendum to Lease made and
entered into as of November 1, 2009, and a Third Addendum to Lease made and entered into as
April 1, 2010 (as so amended, the "Lease shall be amended as follows:
1. The list of projects eligible to be funded as listed in Exhibit C to the Lease is
hereby amended by deleting the project referenced in Exhibit C of the Lease as "Shelbourne
Road Improvements north of 116th (3 -Lane Project)" and substituting in lieu thereof the
following project:
"Illinois Street Road Improvement Fund #212) Project ($7,400,000)."
2. Exhibit B of the Lease is hereby amended by adding the following to the Leased
Premises: "Illinois Street Road Improvement Fund #212) Project and all improvements to
be made thereto ($7,400,000)."
3. The parties hereto acknowledge that all remaining terms, covenants and
conditions as set forth in the Lease shall remain in full force and effect.
BDDBO 19273643v 1
A -2
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Addendum to
Lease to be executed for and on their behalf on the day and year first hereinabove written.
ATTEST:
S ecretary- Treasurer
ATTEST:
Secretary
BDDB01 9273643v1
CARMEL REDEVELOPMENT AUTHORITY
By:
President
CARMEL REDEVELOPMENT
COMMISSION
(Signature page to Fourth Addendum to Lease)
By:
Vice President
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Before me, the undersigned, a Notary
and
and Secretary- Treasurer, respectively, of
acknowledged the execution of the foregoing
said Authority.
(SEAL)
WITNESS my hand and Notarial Seal this
My commission expires:
Resident of County, Indiana.
BDDBOI 9273643v1
Public in and for said State, personally appeared
personally known by me to be the President
the Carmel Redevelopment Authority, and
Fourth Addendum to Lease for and on behalf of
day of 2012.
(Written Signature)
(Printed Signature)
(Notary page to Fourth Addendum to Lease)
STATE OF INDIANA
SS:
COUNTY OF HAMILTON
Before me, the undersigned, a Notary Public in and for said State, personally appeared
and personally known by me to be the
Vice President and Secretary, respectively, of the Carmel Redevelopment Commission, and
acknowledged the execution of the foregoing Fourth Addendum to Lease for and on behalf of
said Commission.
(SEAL)
WITNESS my hand and Notarial Seal this day of 2012.
My commission expires:
Resident of County, Indiana.
BDDBOI 9273643v1
(Written Signature)
(Printed Signature)
I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security
number in this document, unless required by law: Michael P. Allen.
This instrument prepared by Michael P. Allen, Faegre Baker Daniels LLP, 300 North Meridian Street,
Suite 2700, Indianapolis, Indiana 46204.
(Notary page to Fourth Addendum to Lease)