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Home My WebLink AboutPRIF credit agreement BPW Resolution 07-03-1301RESOLUTION NO. BPW- 07 -03 -1301 A RESOLUTION REQUESTING THE FINANCING, CONSTRUCTION. AND DEDICATION OF CERTAIN INFRASTRUCTURE OR OTHER E"ACT ZONE IMPROVEMENTS IN LIEU OF AND AS A CREDIT AGAINST THE PAYMENT OF PARKS AND RECREATION IMPACT FEES ("PRIF") AND APPROVING A PRIF CREDIT AGREEMENT WHEREAS, Indiana Code 36 -74-1335 permits the application of a credit against the payment of impact fees for persons who construct or provide certain infrastructure or other improvements of a type for which a unit imposes an impact fee in an impact zone; and, WHEREAS, City of Carmel Zoning Ordinance 29.07.05 permits the City of Carmel Board of Public Works and Safety ( "Board ") to request that any person otherwise required to pay PRIF to instead finance, construct, and dedicate certain infrastructure or improvements in the Parks and Recreation Infrastructure Impact Zone ( "Impact Zone ") located in Clay Township, Indiana and over which the City of Carmel, Indiana ( "City ") exercises planning and zoning jurisdiction; and, WHEREAS, City of Carmel Zoning Ordinance 29.07.05 also permits the Board to determine the amount of PRIF credit any person requested to finance, construct, and dedicate certain infrastructure or improvements in the Impact Zone in lieu of PRIF payment shall receive, and to memorialize this determination in a credit agreement ("Credit Agreement"); and, WHEREAS, the Board now desires to request that Anderson Birkla Investment Partners, LLC, an Indiana limited liability company ("Anderson Birkla'), finance, construct, and dedicate to the City, later than two (2) years from the date on which this Resolution is approved by the Board (the "End Date "), those certain infrastructure or improvements set forth on attached Exhibit A, the same being incorporated herein by this reference, in exchange for a PRIF credit the Board has determined should be in the amount of exactly Seventy Three Thousand Eight Hundred Seventy Six Dollars ($73,876.00); and, WHEREAS, Anderson Birkla shall execute and return to the Board, by and through the Carmel City Attorney, the Credit Agreement set forth on attached Exhibit B, the same being incorporated herein by this reference, prior to the issuance of the improvement location fee for that certain improvement identified on attached Exhibit C, the same being incorporated herein by this reference; and, WHEREAS, PRIF in the amount of $73,876.00 is due and owing by Anderson Birkla to the City by virtue of that certain improvement identified on attached Exhibit C (the "Targeted PRIF "); and, WHEREAS, Anderson Birkla's obligation to pay the Targeted PRIF to the City shall be held in abeyance until the earlier of the acceptance by the Board, in its sole discretion, of the infrastructure or improvements set forth on attached Exhibit A ( "Board Acceptance ") or the End Date. Upon Board Acceptance, the City shall promptly enter the credit identified herein against Anderson Birkla's Targeted PRIF obligations. If Board Acceptance does not occur by the End Date, no credit shall be entered against the Targeted PRIF and the same shall thereafter become immediately due and owing to the City. BPW Resolution No. 07 -03 -1301 Page One of Two Pages NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City of Carmel, Indiana, as follows: 1. The foregoing Recitals are incorporated herein by this reference. 2. The Board hereby requests that Anderson Birkla finance, construct, and dedicate to the City those certain infrastructure or improvements set forth on attached Exhibit A. in exchange for a PRIF credit of exactly $73,876.00, pursuant to the terms and conditions set forth hereinabove. 3. The Board hereby approves the Credit Agreement in the form as set forth in attached Exhibit B. 4. That Michael Hollibaugh, on behalf of the City and the Board, is hereby authorized and directed to take such actions as are lawful, necessary, and proper to effectuate the transaction approved by this Resolution. SO RESOLVED. Approved and adopted this 3r'4 day of 2013. CARMEL BOARD OF PUBLIC WORKS AND SAFETY LIM James Brainard, P esid' g Officer Date: ''7 /� 1 ''N Mary Anyturke,J lembcr- Date• # Lori S. W601Ci, em er Date: 7 3A3 ATTEST: QZA"X�� -m924�Lo -15iana L. Cordray, IAM , lerk- Treasurer Date: BPW Resolution No. 07 -03 -1301 Page Two of Two Pages taZv u�iavm a� ay�a�mru fr I$u PV %t 2- IM'13 ttE.laumescam atyafCermel, Ind, endAndemenBIrNabre* gmundan$ sntlhonIrcaeteparhmiprajedbPdnt - 1111E7ournals corn - h",.//Www.r4dournale.com - City of Carme4 Ind., and Anderson Birkla break ground on $6 milbn iuxurV- apartment project Posted By Staff Writer On May 9, 2013 0 6:28 pm I NLS:oEnments mtl A�.,enm:, The Mezz on 3rd a Acymb : s V) lrchu r The City of Carmel, Ind., and Anderson Birkia Investment Partners LLC broke ground on a $6 million construction project that will Include 44 luxury'apartments and Anderson Birkla's corporate headquarters. This boutique development wM be called "The Mezz." The bulldings will be located on both the east and west end of the James Building (The Tarkington Theater building) in Carmel's City Center. "The Mezz" on the Monon, on the east side of the James Building overloolgng the Monon Trail, will be more than 25,000 square feet, including residential amenity space on the first floor. The upper four floors will be luxury apartments. In addition to the luxury apartments along the Monon Trail, Anderson Blrkla will build Its corporate headquarters and luxury apartments on 40,000 square feet along the west side of the building on 3rd Avenue SW, tailed "The Mezz" on 3M. The current plan calls for a five -story building with the first floor occupied by Anderson Blrkla, with luxury apartments on the remaining four floors. Copyright ® 2010 Moumals.com. All rights reserved. C. wtwcrejaArrelecon�ll0f3i0sla l9va�o�cenr�ai�indeno-e„ dereao-blriaa• breeirgroiudortaninio�ri�auyaparbrw3 .prgecUpr;nN _ � �7 ` - -- - - - - - -- -- .. �_ ��-- - -- -- -- -- _ to PRIF CREDIT AGREEMENT COMES NOW Carmel Development I, LLC, an Indiana limited liability company ( "Carmel Development I "), by its undersigned duly authorized agent, and states as follows: Carmel Development I hereby agrees to finance, construct, and dedicate to the City of Carmel, Indiana, by and through its Board of Public Works and Safety, those certain infrastructure or improvements set forth in attached Exhibit A, the same being incorporated herein by this reference, in exchange for a PRIF credit of exactly Seventy -Three Thousand Eight Hundred Seventy -Six Dollars ($73,876.00), pursuant to the terms and conditions set forth in said Exhibit A. SO AGREED this day of , 2013. M: