HomeMy WebLinkAboutResolution 2019-11 (Grant of James Building office space to 4CDC)RESOLUTION NO.2019-11
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING GRANT OF JAMES BUILDING OFFICE PREMISES
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(25), CRC may provide financial
assistance (including grants and loans) to neighborhood development corporations to permit
them to "construct, rehabilitate, or repair commercial property within the district"; and
WHEREAS, Carmel City Center Community Development Corporation ("4CDC") is a
neighborhood development corporation for purposes of Indiana Code 36-7-14; and
WHEREAS, 4CDC owns certain premises within the James Building as generally
depicted on Exhibit A, attached hereto and incorporated herein by reference (the "4CDC Office
Premises"); and
WHEREAS, the CRC owns certain premises within the James Building currently leased
or subleased to 4CDC's office tenants as generally depicted on Exhibit A (the "CRC Office
Premises"); and
WHEREAS, the CKU has considered conveying the CRC Ottice Premises to 4CDC so
that 4CDC, as a single owner of the 4CDC Office Premises and the CRC Office Premises (the
"Office Premises"), may make more efficient use of the Office Premises in terms of rentals,
loans, and/or sales; and
WHEREAS, if so conveyed, 4CDC has committed to using the proceeds of any loan or
sale of the Office Premises, and any rents from the CRC Office Premises, to construct,
rehabilitate, and/or repair commercial property within or near the Carmel City Center; and
WHEREAS, the areas within or near the Carmel City Center are within the "district" for
purposes of Indiana Code 37-7-14-12.2(25); and
WHEREAS, the CRC is empowered to transfer property to another "public agency"
pursuant to Ind. Code 36-7-14-22(a), including 4CDC; and
WHEREAS, the CRC has obtain at least two independent appraisals of the CRC Office
Premises pursuant to Ind. Code 36-7-14-22(b); and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to:
(a) enter into a grant agreement (the "Grant Agreement") with 4CDC, pursuant to which the
CRC will agree to grant to 4CDC the CRC Office Premises and all of the CRC's right, title, and
interest in and to the existing leases of the CRC Office Premises; and (b) provide administrative
and other support to 4CDC in creating a new tax parcel for the CRC Office Premises and/or
combining the CRC Office Premises with the existing tax parcel for the 4CDC Office Premises;
all as authorized by Indiana Code 36-7-14-12.2 and -22(a) 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. Upon obtaining two independent appraisals of the CRC Office Premises, the CRC
will execute and deliver the Grant Agreement, the terms of which 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.
3. The CRC will execute and deliver 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 Grant
Agreement, including, without limitation, a limited warranty deed to the CRC
Office Premises, an assignment and assumption of leases, and commercially
reasonable and prudent declarations and easements, and/or amendments of
existing declarations and/or easements, for the benefit and convenience of the
owner of the CRC Office Premises and the 4CDC Office Premises.
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.
Adopted this day of July, 2019.
CITY OF CARMEL
REDEVELOPMENT COMNIISSION
EXHIBIT A
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