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HomeMy WebLinkAboutResolution 2019-03 (Playfair Holland land swap)RESOLUTION NO.2019-'62,Oj A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMNUSSION REGARDING PLAYFAIR-HOLLAND LAND SWAP 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, the CRC owns that certain parcel of real estate known as Parcel Number 29-09-36-000-005.101-018 near the northwest corner of Veterans Way and Monon Green Boulevard and is a portion of the southwest corner of what is commonly known as Parcel 5 ("Parcel 5 SW"); and WHEREAS, pursuant to Indiana Code 36-7-14-22, the CRC: (a) obtained two independent appraisals of Parcel 5 SW; and (b) published a Notice of Sale of Real Estate for Parcel 5 SW (the "Notice of Sale"), which Notice of Sale offered Parcel 5 SW for the average of the two appraisals and was first published on January 2, 2019; and WHEREAS, the Notice of Sale required all interested bidders to respond in writing on or before January 16, 2019; and WHEREAS, the CRC received no bids in response to the Notice of Sale; and WHEREAS, Pedcor Investments-1988-III, L.P. and/or its affiliates (collectively, "Pedcor") own the parcels of real estate that surround Parcel 5 SW north of Monon Green Boulevard (the "Pedcor Parcels"); and WHEREAS, pursuant to certain Project Agreements with the CRC, Pedcor intends to develop the so-called Playfair-Holland project on or about the Pedcor Parcels; and WHEREAS, in connection and furtherance of Pedcor's development of the Playfair- Holland project, Pedcor desires to acquire Parcel 5 SW; and WHEREAS, Pedcor owns that certain real estate owned that comprises a portion of Parcel Numbers 29-09-25-405-008.000-018, 29-09-25-405-009.000-018, and 29-09-25-405- 010.000-018 and located at 511-599 3rd Avenue S.W., comprising a total approximately 1.026 acres (the "3rd Avenue Parcels"); and WHEREAS, the CRC desires to acquire the 3rd Avenue Parcels for right-of-way and related redevelopment purposes; and WHEREAS, pursuant to Indiana Code 36-7-14-19, the CRC obtained two independent appraisals of the 3rd Avenue Parcels; and WHEREAS, the average of the two appraisals of the 3rd Avenue Parcels far exceeds the average of the two appraisals of Parcel 5 SW; and WHEREAS, as of the date hereof, more than 30 days has passed since the deadline for responding to the Notice of Sale; and WHEREAS, pursuant to Indiana Code 36-7-14-22(h), the CRC may contract with a third party to dispose of Parcel 5 SW at a price and in the manner the CRC deems necessary or appropriate for the redevelopment of Parcel 5 SW; and WHEREAS, Pedcor has offered to swap with the CRC the 3rd Avenue Parcels for Parcel 5 SW, without any additional consideration; and WHEREAS, the CRC has determined that it is now in the best interests of the CRC to: (a) acquire from Pedcor the 3rd Avenue Parcels; (b) convey to Pedcor Parcel 5 SW; and (c) enter into an agreement (the "Land Swap Agreement") with Pedcor pursuant to which: (i) Pedcor will : (A) initially grant to the CRC easement rights on and over the 3rd Avenue Parcels for right-of- way purposes; and (B) on or before December 31, 2023, convey to the CRC the 3rd Avenue Parcels; and (ii) the CRC will convey to Pedcor, and Pedcor will acquire from the CRC, Parcel 5 SW; all as authorized by Indiana Code 36-7-14-12.2, -19, and -22 and other applicable law. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel Redevelopment Commission that: 1. The foregoing Recitals are fully incorporated herein by this reference. 2. The CRC will execute and deliver the Land Swap Agreement, the terms of 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 deeds, instruments, certificates, and other agreements and documents, and perform and observe such other actions, covenants, and obligations, as necessary or desirable in connection with the Land Swap Agreement, the CRC's acquisition of the 3rd Avenue Parcels, and/or the CRC's conveyance of Parcel 5 SW. 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, with guidance from the CRC Finance Committee, 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 Grant Agreement and the other matters contemplated by this Resolution. 2D II Adopted this day of &, (/,Wd , 2019. CITY OF CARMEL REDEVELOPMENT C C. �0-0 Vice President