Loading...
HomeMy WebLinkAboutD-1118 Sale of 40 E. Main St.AN ORDINANCE PROVIDING APPROVAL AND AUTHORIZATION FOR THE 8ALE OF REAL PROPERTY AND IMPROVEMENT8 LOCATED AT 40 EAST MAIN STREET, CARMEL, INDIANA WHEREAS, The Carmel Board of Public Works and Safety was designated by the Executive to conduct a public hearing on the disposal of real property known as 40 East Main Street; and WHEREAS, the Carmel Board of Public Works and Safety has complied with all statutory requirements and conducted a public hearing to adopt the appropriate resolution for the "as is" sale; and WHEREAS, the Carmel Board of Public Works and Safety has recommended and accepted a proposed bid in the amount of $105,000 from the potential purchaser, Stamp-Altman Associates, Inc. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, as follows: 1. The sale of the property known as 40 East Main Street, legally described on Exhibit A, incorporated herein and made a part hereof, is hereby approved; and 2. The Carmel City Council determines that the Carmel Board of Public Works and Safety has accepted the highest responsible and responsive bid; and 3. The proposed purchaser has presented a viable plan for use of the property; and 4. Be it resolved that the Common Council hereby authorizes the Mayor and the Clerk-Treasurer to execute any and all documents necessary to complete this sale transaction pursuant to terms and conditions of sale. 5. If any section, sentence, or provision of this ordinance or application to any person or circumstance shall be declared invalid, such invalidity shall not affect any or the other parts of this ordinance which can be given effect without the invalid part, and to this, and the provisions of this ordinance are declared to be severable. 6. This ordinance shall take effect and be in full force and effect after its date of passage. Passed by the Common Council of the City of Carmel, Indiana, this ~ O day of ~CIF)~?~- , 1994. Prficer ATTEST: the Presented by me to the Mayor of the City of Carmel, Indiana on ~Z~ day of 0 05F73E~P-- , 19 9 4, at the hour of '7 o' clock ~2_.m. Ted Johnso RX~IBIT A TO WARRANTY DEED Grantor's RiGht of Repurchase By accepting this deed, Grantee and those taking title to real estate commonly known as 40 East Main Street, ca~mel, Indiana (the "Property") through Grantee, agree that prior to demolishing and destroying the Building located on the Property at the time of this deed, Grantee shall first submit to Grantor a written offer to sell the Property to Grantor at Grantee's good faith estimate of the Property's fair market value (the "Offer"). Grantor shall have ten (lo) days to in writing either (1) accept Grantee's Offer, issue to Grantee a notice of intent to purchase the Property and to commence negotiating an acceptable purchase price, or (3) decline the Offer. In the event that Grantor declines the Offer or fails to respond to the offer within said ten (10) days, Grantee and those claiming title through Grantee shall be released from this restriction and title to the Property shall be cleared by Grantee recording a verified affidavit attaching thereto the Offer, Grantor's response to the Offer or Grantee's statement that Grantor failed to respond to the Offer. Determination of the Purchase Price In the event Grantor has submitted to Grantee its intent to purchase and has commenced negotiations, the parties shall either reach a written agreement as to the purchase price within fifteen (15) days of the Offer or within said fifteen (15) days of the Offer each shall have retained a qualified real estate appraiser with an MAI designation (or, a designation which is nationally accepted and recognized certifying the appraiser as qualified to appraise commercial real estate) who will provide a written appraisal of the Property's fair market value within forty (40) days of the Offer. Upon receipt of the appraisals, Grantor and Grantee shall each exchange appraisals. If the appraisals' determination of the fair market value are within ten (10) per cent of the same value, the two appraisal values shall be averaged with the averaged value being the purchase price for the Property. If the appraisals' determination of fair market value of the Property vary more than ten (10) per cent, Grantor and Grantee's appraisers shall jointly select a third appraiser (qualified as above) to review the two appraisals and, within sixty (60) days of the Offer, determine the Property's fair market value within the ranges established by Grantor and Grantee's appraisers, which value shall be the purchase price for the Property. Closing Grantor shall close on the purchase of the Property the earlier ten (10) days of the establishment of the purchase price of the Property or seventy (70) days of the Offer. Grantor shall accept the Property "as is". Transfer shall be made by written warranty deed. WithdraWal o~ 0ffer...or ~ntent to Purchase add Appraisa~ .Costs At any time prior to the parties reaching a voluntary acceptance of a purchase price, Grantee may withdraw its Offer to sell and/or Grantor may withdraw its notice of intent to purchase provided that the withdrawing party pays, within twenty (20) days, the reasonable out-of-pocket expenses incurred by the non- withdrawing party, including but not limited to, all reasonable appraisal costs. If the city withdraws its notice of intent to purchase, it shall operate as a release of these restrictions in the same manner as a written declination of the Offer. Unless Grantee has withdrawn the Offer or Grantor has withdrawn its notice of intent to purchase, each party shall be responsible for its ownout-of-pocket expenses and appraisal costs, as well as one-half of the appraisal costs of the third review appraiser, if any. Notices All notices directed to Grantor shall be directed to the executive officer of Grantor who shall be responsible for obtaining all necessary governmental approval of actions taken pursuant to Grantor's participation in this agreement within the time frames specified above. Notices shall be hand delivered and shall be effective upon delivery of the same. All notices shall bear the street address of Grantor/Grantee as the case may be for purposes of response. Time Is of the Essence All time notices set forth above shall be strictly construed and shall control unless both Grantor and Grantee have agreed to an extension or enlargement of time in writing prior to the expiration of the time limitz set forth.