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HomeMy WebLinkAboutD-1766-05 Perelman Park LandSPONSOR(S): Councilor(s) Carter, Mayo and Sharp ORDINANCE D-1766-05 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, IN SUPPORT OF THE PARK BOARD LEASE-PURCHASE OF REAL ESTATE WHEREAS, the City of Carmel, Indiana (the "City") and Clay Township of Hamilton County, Indiana (the "Township") have entered into an Interlocal Cooperation Agreement dated July 26, 2002 (the "lnterlocal Agreement") providing for the delivery of joint park and recreation services to the citizens of the City and the Township by the Carmel-Clay Board of Parks and Recreation (the "Park Board"); and WHEREAS, the lnterlocal Agreement requires that prior to the issuance of indebtedness by the Park Board for improvements intended for joint park and recreation purposes ("Joint Facilities") the Park Board m, ust first hold a public hearing and determine the public utility and benefit of the proposed project, and the proposed indebtedness must thereafter be approved by an Ordmance of the Common Councd of the City and a Resolution of the Township Board of the Township; and ~ WHEREAS, the City has been advised by the Park Board that it has made a final determination on the public utility and benefit of certain improvements to be acquired and operated as Joint Facilities consisting of approximately forty (40) acres located at 3030 West 116th Street (the "Property") adjacent to West Park; and WHEREAS, five (5) acres of the Property is to be transferred to the Park Board by gift, and the remaining approximate thirty-five (35) acres of the Property (the "Leased Property") i~ to be acquired by the Park Board through a Lease Agreement and Option to Purchase (the "Lease Agreement") between the Park Board and Jill Louise Perelman pursuant to I.C. 36-1-10 et seq. with total principal payments under the Lease Agreement not to exceed $2,142,282.5 l along with interest thereon at a rate of four percent (4%) per annum over a period of forty-eight (48) months; and WHEREAS, the Park Board held a public hearing onthe utility and benefit of the acquisition of the Property and the necessity of the Lease Agreement and the fairness and reasonableness of the rental and other terms thereof, and approved all of the foregoing; and WHEREAS, the Common Council now finds that the Park Board's findings are appropriate, and it desires to approve the Lease Agreement and the transactions contemplated thereby. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carmel, Indiana, as follows: Section I: The above recitals are incorporated herein as if set out in full. Section H: The Common Council, as the fiscal body of the City, finds that the Property, including the portion to be acquired and operated as a Joint Facility under the terms of the Lease Agreement is needed as required by I.C. 36-1-10-7. Section III: Pursuant to Section 8.3 of the Interlocal Agreement, the Common Council hereby approves the acquisition by the ?ark Board of the Leased Property pursuant 1.C. 36-1-10 et seq. and the terms of the Lease Agreement, with principal payments under the Lease Agreement not to exceed $2,142,282.51 along with applicable interest thereon, over a term not to exceed forty-eight (48) months. This approval includes any approval required of the fiscal body of the City pursuant to 1.C. 36-1-10-8. Prepared by Debra M. Grisham, Attorney SPONSOR(S): Councilor(s) Carter, Mayo and Sharp Section IV: That the payments due under the Lease Agreement shall be made exclusively from impact fees, gifts and bequests, rental income and fees from the Property and County Option Income Taxes made available to the Park Board and from no other sources. Section V: The appropriate officials of the Park Board are hereby authorized, empowered and directed to take all requisite action, and to execute all necessary documents, to enter into the Lease Agreement and the transactions contemplated thereby, including any amendments thereto, provided the same do not increase or extend the lease-purchase payments provided for therein, without further action of the Council. Section VI: All prior Ordinances or parts thereof inconsistent with any provision of this Ordinance are hereby repealed. Section VII: This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. I~ASSED by the Common Council of the City of Carmel, Indiana, this / day of ~ ~ 2005, by a vote of ~ aye-~and- (-~ nays. Prepared by Debra M. Gdsham, Attorney SPONSOR(S): Councilor(s) Carter, Mayo and Sharp  r.~' COMMON C~OUNCIL F~OR THE CITY OF CARME~, INDIANA Prepi~ing Officer .,~ ~d E. Ca~e~- - ' Kevin ~i~nt~ro Tempore ~. ~ re~ickrG~~~ ~ M atB ~ann ~ Diana L. Cordray, IAMC, Clerk-~asurer Presented by me to the Mayor of the City of Ca~el, Indi~a this m ~*day of ~~ 2005, at 7,'tO ~.M. 2005, at '~: tO ~__.M. Ja~nard, Mayor / ATTEST: Diana L. Cordray, IA~r Council Ordinance D-1766-05 Page Three of Three Pages Prepared by Debra M. Gfisham, Attorney