HomeMy WebLinkAboutResolution 2019-05 (Mohawk Landing project terms)RESOLUTION NO.2019-05
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING MOHAWK LANDING PROJECT AGREEMENT
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 those certain parcels of real estate known as Parcel No.16-
10-31-01-12-015.000 at 731 S Rangeline Road, Carmel, Indiana 46032, Parcel No. 16-10-31-01-
12-002.000 at 41 E City Center Drive, Carmel, Indiana 46032, Parcel No. 16-10-31-01-12-
005.000 at 41 E City Center Drive, Carmel, Indiana 46032, and Parcel No. 16-10-31-01-12-
006.000 at 41 E City Center Drive, Carmel, Indiana 46032, a portion of which is commonly
known as the Mohawk Landing shopping center (collectively, the "Mohawk Landing Parcels");
and
WHEREAS, pursuant to Indiana Code 36-7-14-22, the CRC: (a) obtained two
independent appraisals of the Mohawk Landing Parcels; and (b) published a Notice of Sale of
Real Estate for the Mohawk Landing Parcels (the "Notice of Sale"), which Notice of Sale offered
the Mohawk Landing Parcels for the average of the two appraisals and was first published on
October 29, 2018; and
WHEREAS, the Notice of Sale required all interested bidders to respond in writing on or
before November 21, 2018; and
WHEREAS, the CRC received only non -conforming bids in response to the Notice of
Sale; and
WHEREAS, Old Town Companies L.L.C. and/or its affiliates (collectively, "Old
Town") has the right to purchase those certain parcels of real estate adjacent to the Mohawk
Landing Parcels and known as Parcel No. 16-10-31-01-12-007.000 at 726 Pawnee Road, Carmel,
Indiana 46032 and Parcel No. 16-10-31-01-13-001.000 at 730 Pawnee Road, Carmel, Indiana
46032 (the "Pawnee Parcels"); and
WHEREAS, Old Town has proposed redeveloping the Mohawk Landing Parcels with its
redevelopment of the Pawnee Parcels to create one cohesive redevelopment project, which
project would include for -sale luxury condominiums, parking facilities, a center greenspace area,
and townhomes or similar residential concepts and related improvements (the "Project"); 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 the Mohawk Landing Parcels at a price and in the manner the CRC deems
necessary or appropriate for the redevelopment of the Mohawk Landing Parcels; and
WHEREAS, the CRC has determined that it is now in the best interests of the CRC to
enter into an agreement (the "Project Agreement") with Old Town pursuant to which: (a) the
CRC will: (i) approve the site plan, design, scale, and scope of the Project; and (ii) convey to Old
Town the Mohawk Landing Parcels; and (b) Old Town will: (i) contribute the Pawnee Parcels to
the Project; and (ii) construct and complete the Project over and on the Mohawk Landing Parcels
and the Pawnee Parcels; all as authorized by Indiana Code 36-7-14-12.2 and -22 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 Project Agreement, which Project
Agreement shall: (a) provide for: (i) the CRC's contribution of the Mohawk
Landing Parcels; (ii) Old Town's purchase and contribution of the Pawnee
Parcels; (iii) Old Town's construction and completion of the Project; (iv) a
prohibition against the termination any existing leases of the Mohawk Landing
Parcels within the first 12 months after execution of the Project Agreement,
except in connection with a tenant default; and (v) subject to force majeure and
unavoidable delays, commencement of construction no later than December 31,
2020; and (b) include such other terms, and be otherwise 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 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
Project Agreement and/or the CRC's conveyance of the Mohawk Landing
Parcels.
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 any or 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 Project Agreement and the other
matters contemplated by this Resolution.
Adopted this igfh day of May, 2019.
CITY OF CARMEL
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President