HomeMy WebLinkAboutCRC-2012-04 Shelborne & 116th ImprovementsRESOLUTION NO. 20 1Z -
RESOLUTION OF THE CARMEL REDEVELOPMENT COMMISSION
APPROVING A PROPOSED LEASE ADDEN UM 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 "Shelborne 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.
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3. This Resolution shall be in full force and effect after its adoption by the
Commission.
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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
Vice President
Commissione
EXHIBIT A
FOURTH ADDENDUM TO LEASE BETWEEN
THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR,
AND THE CARMEL RE I EVELOPMENT 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.
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BDDBOI 9273643v1
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:
President
ATTEST:
Secretary - Treasurer
CARMEL REDEVELOPMENT
COMMISSION
By:
Vice President
ATTEST:
Secretary
(Signature page to Fourth Addendum to Lease)
BDDB01 9273643v1
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.
WITNESS my hand and Notarial Seal this day of , 2012.
(SEAL)
(Written Signature)
(Printed Signature)
My commission expires:
Resident of County, Indiana.
(Notary page to Fourth Addendum to Lease)
BDDBO 19273643v I
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.
WITNESS my hand and Notarial Seal this day of , 2012.
(SEAL)
(Written Signature)
(Printed Signature)
My commission expires:
Resident of County, Indiana.
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)
BDDB01 9273643v 1
FOURTH ADDENDUM TO LEASE BETWEEN
THE CARMEL REDEVELOPMENT AUTHORITY, AS LESSOR,
AND THE CARMEL RE I EVELOPMENT 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.
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:
President
ATTEST:
Secretary- Treasurer
CARMEL REDEVELOPMENT
COMMISSION
Bv:
ATTEST:
c.
Vice President
(Signature page to Fourth Addendum to Lease)
BDDBOI 9273685v1
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.
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
WITNESS my hand and Notarial Seal this
(SEAL)
day of , 2012.
(Written Signature)
(Printed Signature)
My commission expires:
Resident of County, Indiana.
(Notary page to Fourth Addendum to Lease)
BDDBOI 9273685v1
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
v & j 1�ovic6 and B rA AR ( I-- , 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.
WITNESS my hand and Notarial Seal this I'll day of tJ Ut i\�
(SEAL)
, 2012.
(Written Signature)
JfI(Jh( L Ec
(Printed Signature)
My commission expires: I— )7-19
Resident of 14 m'a I k h, County, Indiana.
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.
BDDBOI 9273685v1
(Notary page to Fourth Addendum to Lease)