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Home My WebLink AboutCRC-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 /1/ President O9c . \Wce President I Mt' 'pr sev,:4-- Secretary iI ii4Y \Dt pY?cart' 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. 5 d � : r m . i R4::a.9..fe h,c l 1. '%�ti tiottatate 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 E-4(ini.bit eel l of 5, "'"'" - �' ""'' _+ ' --mss ct 5'4 s`4 Y€ a ', z z ( w;1 5u"� t„ -. �`�. u� c`aa. HR,#ak�y; �—e� `°{„ e ; x. , u '��k F '41:7-r 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 Eltht t 6 .y � Z �� ter't -- `` ° 4444, �� z shy $, 4 0 Oid Town Doveta d,LLC 8ourta s end Wes( r CRC Pctcei of 7th Wool to en d Au¢a tJcot .,mtton PA ( o 1cado lkretgnCaEittf) Liaysy iattiod=war dD r0/J trvirtacrino (tkr a t1 aahtg fast tor cermfttEon asi3MSan 01701/kera tom) MAO Dsvotapasad Parmgttsce J<&PIS O $2..11)0 (m1=4:2%d7®&tea ME) CloaW,g salvo NoClrorten dills erect ME) 0rasion Cannot &1.040 (aoe:r td 70t ova WE) Mena%Maw-tatleJdEdS soil 46$A00 Ohm dg slam+tteurihrtugh citab Dpma ) Earbilkattars SUM IssEsaskat ad arest ME) Curbs alstaccEm SUE= (fit ad)Th Strsat M$ Pawing 436869 (wand=cd tta Vinci WE) Pcrl d Pat =pa 7rad Hard Ccto: ;Isamu Ciao Ottan 685.000 TOTAL BIB VALUE: tanstto 3 a 3�a�'. � A 44,A,