HomeMy WebLinkAboutCRC-2013-6 Legacy Project Allocation Area Fund RESOLUTION NO. 2013-6
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF
ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") has
previously created the Legacy Project Economic Development Area (the "Economic
Development Area"), has designated a portion of the Economic Development Area as the Legacy
Project Allocation Area (the "Allocation Area") for purposes of the allocation and distribution of
property taxes under IC 36-7-14-39, and has created the Legacy Project Allocation Area
Allocation Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and
WHEREAS, Falcon Nest II LLC (the "Company") intends to construct a mixed use
development in the Economic Development Area that will create an estimated 325 full time
equivalent new jobs in the City of Carmel, Indiana (the "Project"); and
WHEREAS, the City of Carmel Economic Development Commission has recommended
the approval of the issuance of the City of Carmel, Indiana, Taxable Economic Development
Revenue Bonds, Series 2013 (Legacy Project) (the "2013 Bonds"), the proceeds of which will be
lent to the Company and applied to certain infrastructure costs to support the Project; and
WHEREAS, as an inducement to the Company to locate the Project in the City of
Carmel, Indiana, the Commission has agreed to pledge the tax increment revenues generated
from the Allocation Area to the payment of the 2013 Bonds.
NOW; THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, as follows:
1. There is hereby created within the Allocation Fund the"2013 Bond Account."All
real property tax increment revenues generated from the Allocation Area, as such Allocation
Area may he expanded from time to time, and deposited in Allocation Fund pursuant to IC 36-7-
14-39 (the "TIF Revenues") shall he set aside and used only as set forth in this Resolution.
2. On each January 15 and July 15, beginning January 15, 2014, all TIF Revenues
shall be immediately transferred to the trustee for the 2013 Bonds (the "Trustee") for deposit into
the funds and accounts and application in accordance with the trust indenture for the 2013 Bonds
(the "Indenture").
3. Pursuant to IC 36-7-14-39(b)(2)(D) and IC 5-1-14-4, the Commission hereby
pledges the TIF Revenues deposited into the 2013 Bond Account of the Allocation Fund to the
Trustee for disposition in accordance with the Indenture.
4. Upon the defeasance of the 2013 Bonds, any moneys remaining in the funds and
accounts under the Indenture shall be returned to the Commission for deposit into the Allocation
Fund and may be used by the Commission for any purpose permitted by law.
5. The officers of the Commission are hereby authorized to take such further actions
and execute such further documents as they deem necessary or appropriate to effectuate the
pledge of the TIF Revenues set forth in this resolution.
6. This resolution shall take effect immediately upon adoption by the Commission.
Adopted the 4th day of December, 2013.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
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President
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Vice President
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Member
INDS01 RCS 14282570