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HomeMy WebLinkAboutCRC-6-2003/Amli Apartments RESOLUTION NO. 6- .%Z 00 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A LEASE BETWEEN THE CITY OF CARMEL REDEVELOPMENT AUTHORITY AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION AND RELATED MATTERS WHEREAS, the City of Carmel Redevelopment Authority (the "Authority") has been created pursuant to IC 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 City of Carmel Redevelopment Commission (the "Commission"); and WHEREAS, the Authority on August 11, 2003, adopted a resolution indicating its intent to issue its Lease Rental Revenue Bonds of 2003, in the estimated principal amount of $35,000,000 (the "Bonds"), to finance improvements which are located in or directly serve or benefit certain economic development areas which have been established by the Commission; and WHEREAS, on August 11, 2003, the Authority adopted a resolution approving a proposed lease (the "Lease") between the Authority and the Commission for the lease of all or a portion of certain existing roads and other improvements currently located thereon (such real estate, the "Existing Property"), and certain additional improvements to be constructed thereon (such additional improvements, the "Projects") (the Existing Property and the Projects, collectively,the "Leased Premises"); and WHEREAS, on August 13, 2003, the Commission approved the Lease, and the Commission scheduled a public hearing regarding the Lease to be held on September 15, 2003, at 6:00 p.m. (local time), in the City Hall Caucus Rooms, located at One Civic Square Drive, Carmel, Indiana, and published notice of such public hearing on the Lease; and WHEREAS, on this date said public hearing has been held and all interested parties have been provided the opportunity to be heard at the hearing; and WHEREAS, the Commission intends to pay rent to the Authority (the "Rental Payments") pursuant to the terms of the Lease, at a rate not to exceed Three Million Two Hundred Ninety-Three Thousand Dollars ($3,293,000.00) per year in semiannual installments beginning on July 15 of the year in which the Indiana Department of Local Government Finance approves a property tax levy for such rental payments,through the expiration of the Lease; and WHEREAS, the Commission desires to execute the Lease and authorize the publication, in accordance with IC 36-7-14-25.2, a Notice of Execution and Approval of Lease. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds and determines that the terms of the Lease are based upon the value of the Leased Premises, that the Rental Payments to be paid by the Commission, pursuant to the terms of the Lease, at a rate not to exceed Three Million Two Hundred Ninety- Three Thousand Dollars ($3,293,000.00) per year in semiannual installments beginning on July 15 of the year in which the Indiana Department of Local Government Finance approves a property tax levy for such rental payments through the expiration of the Lease, are fair and reasonable, and that the use of the Leased Premises throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. 2. An annual special benefits tax shall be levied by the Commission pursuant to Indiana Code 36-7-14-27 during the term of the Lease to provide necessary funds from which to pay the rent under the Lease. The President, Vice President and Secretary of this Commission, and each of them is hereby authorized and directed to take such further actions as is necessary to obtain the approval of such levy by the Indiana Department of Local Government Finance. 3. The President or Vice President and the Secretary of this Commission are hereby authorized and directed, on behalf of the City, and subject to obtaining from the Common Council of the City by the ordinance referred to in paragraph 5 hereof, to execute and deliver the Lease in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of this Commission shall approve, such approval to be conclusively evidenced by the execution thereof; provided that the Rental Payments shall not exceed the amounts set forth in paragraph 1 hereof 4. The Commission hereby authorizes the publication, in accordance with IC 36-7-14- 25.2, of the Notice of Execution and Approval of Lease. 5. The President, Vice President and Secretary of this Commission, and each of them, is hereby authorized and directed to take all such further actions and to execute all such instruments as are desirable to carry out the transactions contemplated by this Resolution, in such forms as the President, Vice President or Secretary executing the same shall deem proper, such desirability to be conclusively evidenced by the execution thereof 6. This Resolution shall be in full force and effect after adoption by the Commission. -2- DULY PASSED on this 15th day of September, 2003, by the City of Carmel Redevelopment Commission. CITY OF CARMEL REDEVELOPMENT COMMISSION 12N-4 • President IM ✓Vice President Secretary Member Member INDS01 KWB 609394v1 -3-