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HomeMy WebLinkAboutResolution 2017-01 (purchase of Drics property)RESOLUTION NO.2017-01 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION EXPRESSING INTEREST IN THE PURCHASE OF CERTAIN REAL ESTATE AND APPROVING THE PURCHASE OF CERTAIN REAL ESTATE AND THE FORM AND AUTHORIZING THE EXECUTION OF A PROPOSED REAL ESTATE PURCHASE AGREEMENT BETWEEN FIRST AVENUE PROPERTY, LLC, AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION, AND AUTHORIZING CERTAIN MATTERS RELATED THERETO WHEREAS, Indiana Code Sections 36-7-14-12.2 and 36-7-14-19 authorize the City of Carmel Redevelopment Commission, a redevelopment commission organized under Indiana Code Section 36-7-14-3(a) (the "Commission"), to contract for the acquisition of property; and WHEREAS, the Commission desires to contract for the acquisition of the "Property" located at 20 1" Avenue NE, Carmel, Indiana, and more particularly described in the Real Estate Purchase Agreement between the Commission and First Avenue Property, L.L.C. (the "Real Estate Purchase Agreement"), the form of which has been presented to the Commission; and WHEREAS, the Commission has procured two independent appraisals of the fair market value of the Property (the "Appraisals"); and WHEREAS, the Commission has prepared the following list of the real property and interests in real property to be acquired and the price to be offered to the owner of each parcel of interest: Real Pro, Average of Appraisals I Purchase Price 20 1ST Avenue NE 1 $510,000 1 $800,000 (the "List"); and WHEREAS, the price set forth in the Real Estate Purchase Agreement may exceed the price indicated on the List; NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds and determines that the acquisition of the Property is needed for the redevelopment or economic development of the Old Town Economic Development Area. The Commission hereby further finds and determines that the Property is located in the Old Town Economic Development Area, and that it will directly serve and benefit the Old Town Economic Development Area and other economic development areas and allocation areas located within the City of Carmel. 2. The Commission hereby approves and adopts the List. 3. The Commission hereby specifically authorizes the purchase price set forth in the Real Estate Purchase Agreement. 4. The Commission hereby approves and accepts the Real Estate Purchase Agreement. 5. The Commission hereby directs that payment for the Property be made when and as set forth in the Real Estate Purchase Agreement, but only on delivery of proper instruments conveying the title or interest of the owner to the "City of Carmel for the use and benefit of its Department of Redevelopment." 6. The President, Vice President and Secretary of this Commission are hereby authorized and directed, for and on behalf of the Commission, to execute and deliver the Real Estate Purchase Agreement in substantially the form presented at the meeting, with such changes in form or substance as the President, Vice President and Secretary of this Commission shall approve, such approval to be conclusively evidenced by the execution thereof. The Real Estate Purchase Agreement and any revisions or amendments thereto must be executed by at least two (2) of the following officers: President, Vice President and Secretary. 7. The President, Vice President and Secretary of this Commission are hereby authorized and directed, for and on behalf of the Commission, to execute and deliver any instruments (including without limitation any certificate purchase agreements, limited offering memoranda and continuing disclosure agreements) and take any other actions as are desirable to carry out the transactions contemplated by this Resolution, such desirability to be conclusively evidenced by the execution of such instruments or the taking of such other actions, and any and all such instruments heretofore executed and delivered and any and all such other actions heretofore taken, including without limitation the publication of the notice of the public hearing held in connection with such transactions, be, and hereby are, ratified and approved. Any such instruments must be executed by and any such actions must be approved by at least two (2) of the following officers: President, Vice President and Secretary. 8. This Resolution shall be in full force and effect upon adoption by the Commission and upon receipt by the Commission of any other necessary municipal approvals. [Signature page follows] 2 ADOPTED AND APPROVED at a meeting of the Carmel Redevelopment Commission held on the day of war , 2017. CITY OF CARMEL REDEVELOPMENT COMMISSION LI I - M0 K �Ufip� � �J, WW�A �Aj in, �Af '�, i Poll ai IN) C, LO,_� , k ice President Secretary Co , "ioner Commissione,V u4-kcjae