HomeMy WebLinkAboutResolution 2020-18 (Lot One project terms)RESOLUTION NO.2020-18
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
REGARDING LOT 1 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 Nos. 16-
10-30-09-05-001.000 and 16-10-30-09-05-025.000 at 21 North Rangeline Road, Carmel, Indiana
46032; Parcel No. 16-10-30-09-05-024.000 at 21 Jefferson Square, Carmel, Indiana 46032;
Parcel Nos. 16-10-30-09-05-022.000, 16-10-30-09-05-023.000, and 16-10-30-09-05-023.001 at
0 East Main Street, Carmel, Indiana 46032; Parcel No. 16-10-30-09-05-002.000 at 40 1' Avenue
NE, Carmel, Indiana 46032; Parcel No. 16-10-30-09-05-003.000 at 20 1" Avenue NE, Carmel,
Indiana 46032; Parcel No. 16-10-30-09-05-021.000 at 30 East Main Street, Carmel, Indiana
46032; Alley 1" Street Avenue NE (vacated); and Alley I` Street NE (partially vacated); all
generally located at the northeast corner of Main Street and Rangeline Road (collectively, the
"Lot 1 Parcels"); and
WHEREAS, pursuant to Indiana Code 36-7-14-22, the CRC has: (a) obtained two
independent appraisals of the Lot 1 Parcels; and (b) published a Notice of Sale of Real Estate for
the Lot I Parcels (the "Notice of Sale"), which Notice of Sale offered the Lot 1 Parcels for the
average of the two appraisals and was first published on March 15th, 2019; and
WHEREAS, the Notice of Sale required all interested bidders to respond in writing on or
before April 30', 2019; and
WHEREAS, the CRC received only non -conforming bids in response to the Notice of
Sale; and
WHEREAS, Lauth Group, Inc., and/or affiliates thereof (collectively, "Lauth"), has
proposed redeveloping the Lot 1 Parcels as part of a mixed -use project, which project would
include a parking garage, luxury apartments, luxury, for -sale, condominiums, office and/or retail
space, 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 Lot 1 Parcels at a price and in the manner the CRC deems necessary or
appropriate for the redevelopment of the Lot 1 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 Lauth pursuant to which: (a) the CRC
will: (i) approve the site plan, design, scale, and scope of the Project; (ii) convey to Lauth the Lot
1 Parcels; and (iii) pledge to Lauth certain tax increment from the Lot 1 Parcels, as more
particularly set forth in CRC Resolution No. 2020-17; and (b) Lauth will construct and complete
the Project over and on the Lot 1 Parcels, in one or more phases, as may be necessary or
desirable; 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:
1. 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 Lot 1 Parcels,
or a portions thereof, as may be necessary or desirable to accommodate the
Project phasing; (ii) Lauth's construction and completion of the Project; and (iii)
subject to force majeure and unavoidable delays completion of the Project, or
discreet phases or components thereof, within a construction schedule approved
by the CRC; 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 Lot 1 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 day of July, 2020.
CITY OF CARMEL
REDEVELOPMENT dOMMISSION
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