HomeMy WebLinkAboutResolution 2018-15 (PNC acquisition)RESOLUTION NO. 2018-15
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING ACQUISITION OF 21 N. RANGLINE ROAD
WHEREAS, the City of Carmel, Indiana (the "City") is an Indiana municipal
corporation; and
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, pursuant to Indiana Code 36-7-14-12.2(a)(1), the CRC may purchase real
property for redevelopment within the corporate boundaries of the City; and
WHEREAS, 21 N. Rangeline Road (the "Property") is real property within the corporate
boundaries of the City;
WHEREAS, pursuant to Indiana Code 36-7-14-19, the CRC initially offered to purchase
the Property for $2,550,000.00, which amount represented the average of two independent
appraisals of the Property; and
WHEREAS, the owner of the Property, PNC Bank, National Association ("PNC"),
accepted the CRC's initial offer to sell the Property to CRC for the average of the two appraisals,
subject to all existing encumbrances, including a lease with Land Holding, LLC, an affiliate of
PNC (the "PNC Lease"); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
enter into an agreement of sale (the "Purchase Agreement") with PNC, pursuant to which the
CRC will acquire the Property from, PNC for $2,550,000.00 subject to all existing encumbrances,
including the PNC Lease, as authorized by Indiana Code 36-7-14 and other applicable law.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel
Redevelopment Commission that:
The foregoing Recitals are fully incorporated herein by this reference.
2. The CRC will execute and deliver the Purchase Agreement that will provide for a
purchase price for the Property of $2,550,000.00, subject to prorations and closing
costs and fees as set forth in the Purchase Agreement, which shall be in a form
approved by, and satisfactory to, the President and Executive Director of the
CRC, which approval and satisfaction shall be conclusively evidenced by the
execution and delivery thereof by the President, Vice President, Secretary, and/or
Executive Director of the CRC.
3. The CRC will execute and delivery such other agreements, instruments,
certificates, and other documents, and perform and observe such other actions,
covenants, and obligations, as necessary or desirable in connection with the
Purchase Agreement and/or the CRC's acquisition of the Property.
4. Each agreement, instrument, certificate, and other document contemplated by this
Resolution to be executed and delivered by the CRC shall be in a form approved
by, and satisfactory to, the President and Executive Director of the CRC, which
approval and satisfaction shall be conclusively evidenced by the execution and
delivery thereof by the President, Vice President, Secretary, and/or Executive
Director of the CRC.
5. The President and Executive Director of the CRC are authorized to execute and
deliver all of the agreements, instruments, certificates, and other documents
contemplated by this Resolution to be executed and delivered by the CRC. In the
absence of the President and/or Executive Director, the Vice President and/or
Secretary of the CRC shall be authorized to execute and deliver all of the
agreements, instruments, certificates, and other documents contemplated by this
Resolution to be executed and delivered by the CRC. The President, Executive
Director, Vice President, and/or Secretary are further authorized take all other
lawful actions necessary in connection with the Purchase Agreement and the other
matters contemplated by this Resolution.
Adopted this 19th day of December, 2018.
CITV OF CAR -MEL
REDEVELOPMENT COMMISSION
Member