HomeMy WebLinkAboutCRC-23-2004CITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 23-2004
WHEREAS, The City of Carmel Redevelopment Commission ("CRC') has acquired a
redevelopment project site in Carmel, Indiana, that is: (a) depicted on Exhibit A, attached hereto; and
(b) identified as City Center Parcel No. 5A (the "Project Site");
WHEREAS, CRC desires to promote and facilitate redevelopment of the Project Site as a
complex of residential, retail, and hotel buildings with on-site parking garages (the "Redevelopment Project');
WHEREAS, by resolution made and approved by CRC in accordance with all requirements
of Indiana law, CRC offered the Project Site for disposition on the terms and conditions set forth in the Notice
of Sale of Real Estate for Private Redevelopment of Parcel No. 5 in the Carmel City Center (the "RFP"), and
such offering of the Project Site complied with all requirements of Indiana law;
WHEREAS, Pedcor Office, LLC ("Pedcor"), has made a proposal with respect to the
redevelopment of the Project Site (the "Proposal"), the Redevelopment Project proposed by Pedcor exceeds
the Conditions for Redevelopment set forth in the RFP., and the conditions of the Proposal are more favorable
to CRC and the City of Carmel, Indiana (the "City'), than such Conditions for Redevelopment;
WHEREAS, no other proposal with respect to the redevelopment of the Project Site, whether
made formally or informally, has approached satisfying the Conditions for Redevelopment, and, certainly:
(a) no other proposal has exceeded the Conditions for Redevelopment; and (b) the conditions of no other
proposal have been more favorable to CRC and the City than the Conditions for Redevelopment;
WHEREAS, in accordance with the standards set forth in the RFP, CRC has determined that:
(a) Pedcor is the highest and best bidder for redevelopment of the Project Site; and (b) the redevelopment
of the Project Site, as proposed by Pedcor, is in the interests of the City, and its residents, from the standpoint
of both human and economic welfare; and
WHEREAS, CRC desires to accept Pedcor's Proposal for redevelopment of the Project Site
on the following conditions:
1. The design of the other buildings comprising the Redevelopment Project:
(a) is consistent with the site plans and Georgian/Federal elevations presented to CRC; and
(b) maintains the same high standards of design demonstrated by those site plans and
elevations;
2. CRC and Pedcor, confirm that: (a) the budget presented to CRC for
Veterans Way and the parking garages is realistic; and (b) the funding plan presented to
CRC is feasible (or a feasible funding alternative is found and approved by both CRC and
Pedcor; and
3. CRC approves: (a) the form ofa final Project Agreement between CRC and
Pedcor; and (b) the site plans, elevations, and other exhibits to be attached to the executed
Project Agreement.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby: (a) accepts Pedcor's Proposal on the conditions set forth above; and (b) authorizes:
(i) the preparation and negotiation of the Project Agreement and any other documents required for execution
of the Project Agreement; and (ii) the engineering and design work and services required for the execution
of the Project Agreement and the satisfaction by CRC of its obligations under the Project Agreement; provided
that the Project Agreement shall be subject to approval by CRC prior to execution.
2. The Executive Director of CRC hereby is authorized to: (a) direct and delegate: (i) the preparation and
negotiation of the Project Agreement and any other documents required for execution of the Project
Agreement; and (ii) the engineering and design work and services required for the execution of the Project
Agreement and the satisfaction by CRC of its obligations under the Project Agreement; and (b) make
expenditures as required to carry out such authorization; provided that such expenditures are within the
amounts previously budgeted by CRC for the preparation and negotiation of agreements and documents and
for engineering and design work and services.
Passed by the Redevelopment Commission of the City of Carmel, Indiana, this day of July, 2004, by a vote
of 3 ayes and Jf nays.
CARMEL REDEVELOPMENT COMMIS I
By:
Ronald Carter
By
Richard Sharp
Prepared by Wallack Somers & Haas, Special Counsel to CRC
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