HomeMy WebLinkAboutCRC-9-2003 Omalia Investment Co blighted AreaCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. f- ?1W3
WHEREAS, the City of Carmel Redevelopment Commission ("CRC") is in the process of
redeveloping blighted areas in the City of Carmel, Indiana;
WHEREAS, in accordance with IND. CODE §36-7-14-19(b), and as evidenced by minutes of
previous CRC meetings, CRC has approved and adopted a list (the "Property List") of the real property that
may be acquired for redevelopment (the "Acquisition Properties");
WHEREAS, certain property currently owned by O'Malia Investment Company ("O'Malia")
and located at 200 South Rangeline Road (the "O'Malia Property") is one of the Acquisition Properties;
WHEREAS, CRC has caused there to be completed two independent appraisals of the fair
market value of the O'Malia Property;
WHEREAS, the average of the two independent appraisals of the fair market value of the
O'Malia Property is $822,500.00 (the "Average Value");
WHEREAS, the Property List sets forth, or shall set forth, prices for acquisition of the
Acquisition Properties (the "Acquisition Amounts");
Value;
WHEREAS, the Acquisition Amount for the O'Malia Property is, or shall be, the Average
WHEREAS, CRC desires to acquire the O'Malia Property for redevelopment;
WHEREAS, CRC intends to attempt to negotiate an agreement with O'Malia.for the
acquisition of the O'Malia Property for an amount not greater than the Average Value;
WHEREAS, in the event that CRC is unable to negotiate an agreement with O'Malia for the
acquisition of the O'Malia Property, CRC intends to acquire the O'Malia Property by the exercise of the power
of eminent domain;
WHEREAS, CRC desires to confirm that: (a) the Property List includes the O'Malia Property;
and (b) the Acquisition Amount for the O'Malia Property is the Average Value; and
WHEREAS, CRC desires to adopt a resolution that: (a) permits it to negotiate an agreement
with O'Malia for the acquisition of the O'Malia Property for an amount not greater than the Average Value; and
(b) in the event that it is not able to negotiate an agreement with O'Malia for the acquisition of the O'Malia
Property, sets out its determination to exercise the power of eminent domain with respect to the acquisition
of the O'Malia Property;
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby confirms that: (a) the Property List includes the O'Malia Property; and (b) the Acquisition
Amount for the O'Malia Property is the Average Value;
2. CRC is permitted to negotiate an agreement with O'Malia for the acquisition of the O'Malia Property
for an amount not greater than the Average Value; and
3. In the event that CRC is not able to negotiate an agreement with O'Malia for the acquisition of the
O'Malia Property for an amount not greater than the Average Value, CRC is permitted to exercise its power
of eminent domain with respect to the acquisition of the O'Malia Property.
Passed by the Redevelopment Commission of the City of Carmel, Indiana, this dday of November, 2003,
by a vote of I ayes and 0 nays.
CITY OF CARMFI. RFDFVFLOPMENT COMMISSION
By:
chard rp
By:
Robert Battreal
By:
John Koven
Prepared by Wallack Somers & Haas, Counsel to CRC