HomeMy WebLinkAboutCRC-2014-09 Sale of Property on 7th and 2mdl RESOLUTION No. 2.0//-
A RESOLUTION OF THE.
CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING THE SALE OF REAL PROPERTY
WHEREAS, the City of Carmel Redevelopment Commission (the "CRC") is a governmental entity
created and authorized to administer certain redevelopment activities within the City; and
WHEREAS, the Common Council of the City of Carmel, Indiana (the "Council") is the fiscal body
for the City of Carmel,Indiana(the "City"); and
WHEREAS, Resolution CC-04-21-14-04, passed by the Council on April 21, 2014, authorized
transfer of certain property located at 7th Street NE and 2' Avenue NE, further described in Exhibit A
attached hereto and incorporated herein(the "Property") from the City to the CRC; and
WHEREAS, on May 27, 2014, the CRC received a bid for the purchase of the Property, the details
of which are further described on Exhibit B, attached hereto and incorporated herein; and
WHEREAS, Resolution CC-08-04-14-01, passed by the Council on August 4, 2014, approved Old
Town Development L.L.C.'s offer of Sixty Five Thousand Dollars ($65,000) as the purchase price of the
Property.
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to effectuate the
sale of the Property as proposed in Exhibit 13.
NOV , THEREFORE, BE IT HEREBY RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLO WS:
Section 1. The foregoing Recitals are fully incorporated herein by this reference.
Section 2. Pursuant to Resolution CC-08-04-14-01, the CRC hereby accepts Old Town Development
L.L.C.'s offer of Sixty Five Thousand Dollars ($65,000)as the purchase price for the Property.
Section 3. Old Town Development L.L.C.'s proposed site improvements, as outlined in Exhibit B,
have a minimum value of One Hundred Sixty Eight Thousand Dollars ($168,000), which creates a total offer
package valued at Two Hundred Thirty Three Thousand Dollars ($233,000).
Section 4. The CRC staff shall take all steps necessary to effect the sale of the Property between the
CRC and Old Town Development, L.L.C.
This Resolution was prepared by Ashley M. Ulbricht,Carmel Assistant City Attorney,on August 5,2014 at 5:13 p.m.
No subsequent revision to this Resolution has been reviewed by Mr.Haney for legal sufficiency or otherwise.
V tE paomy lhwunowAREDEVELOP COMMISSi()MR,,o utirolVtItARESOLU17UN Regarding Sale of Real Property by CRCdoc,873/2014 c:36 PM
Adopted this .° day of Au 94t _, 2014
CITY OF CARMEL
REDEVEL•PMENT I MISSION
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President
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Member
CRC Resolution 2014-9
T"Street
EXHIBIT A
Legal Description
Land situated in the County of Hamilton, State of Indiana, is described as follows:
Lot 61 in C. W. Weidler's Subdivision, an Addition to the City of Cannel, in
Hamilton County, Indiana, as per plat thereof recorded in.Deed Record 113, page
37,in the Office of the Recorder of Hamilton County, Indiana.
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May 27th 2014
The City of Carmel Redevelopment Commission:
Please find enclosed Old Town Development LLC.'s("OTD")bid for the purchase"as
is"of the 7u'Street NW parcel for Sixty-Five Thousand Doll ars($65,000). OTD is the
development company for Old Town Design Group;LLC("OTDO')which has developed,
designed and built many homes in Old Town Cannel since 2009..
OTD is owned and managed by Justin W.Moffett(34%).Andrew S. Greenwood(33%)
and Jeffrey C.Langston(33%). Mr:Moffett is co-owner of OTDG and Old Town Development,
LL.C.based in Cannel,IN. Mr.Moffett got his start in the land development and home
building business in 2004.Mr.Moffett formed OTDG with Mr.Langston at the beginning of the
recent U.S recession with a vision of capturing a large market share of the custom and semi-
custom home market in Hamilton County,IN.While many other builders were going out of
business,OTDG emerged from the recession as a clear front runner in the local market.Mr.
Moffett leads the site acquisition &development,new borne design,and sales&marketing for
the home building group.
Mr.Greenwood recently started Old Town Development L.L.C.,based in Camel,IN,
with Justin Moffett and Jeff Langston after working the previous eight years as associate general
counsel and lead real estate developer for a leading senior healthcare and living provider in the
State of Indiana. During that time Mr.Greenwood also held various executive,operational and
management positions within various related party real estate and development entities.
Mr. Langston is a co-owner of ODTG,Heartwood Custom Homes,Inc.,and OTD based
in Cannel,IN.. In 1997,Mr. Langston founded Heartwood Custom Homes,and for the past 17
years Heartwood has thrived as one of central Indiana's premier luxury custom home builders.
Mr.Langston leads the construction management team along with serving as the CFO of OTD
Mr.Langston currently serves on the board of directors for the Builders Association of Greater
Indianapolis.
Most recently OTDG developed and successfully sold 17 lots and custom cottage homes
in Blackwell Park Phase 1,which is just south of this parcel. Furthermore,OTD has the financial
resources,erpenise and ability to utilize this ground for its best and highest use and to close on
or before July 31,2014. Pursuant to the purchase agreement,OTD shall commit to a)extend 7th
Street NE to provide access to the west to 2nd Avenue.NE;(b)work with the City Department of
Engineering to provide Storrnwater Management for existing City infrastructure corning from
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properties to the west;(c)develop apocket park;and(d)provide for future north-south right-of-
way access to and from extended 7th Street NE. While the minimum offering price was
$203,750,OTD has valued the property at$233,000 but subsequently reduced its purchase price
to$65,000(please see attached statement of sources and uses)to incorporate the commitments
and work that is required to be completed with the purchase of the parcel. 011)shall comply
with all of the conditions for the acquisition,except for the purchase price.Please also find
attached the following exhibits: 1)related party entity list;2)breakdown of OTD ownership;3)
evidence of OTD's financial resources;and 4)statement of sources and uses of funds. Thank
you for your time and if you have any additional questions or need any other information please
feel free to email andrew@oldtowndcignxroup.com and/or call Andrew Greenwood at 317-341-
5909.
Yours Truly,
•
ndrew S. Greenwood
Old Town Development L.L.C.
Member
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