HomeMy WebLinkAboutCRC-13-1997 Creation of Center City Mix
CITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 13-1997
® WHEREAS, the Carmel Redevelopment Commission ("CRC") intends to create a City
Center that will provide a mixture of retail facilities, an amphitheater, a movie theater, dining
options, a corporate office campus, a performing arts center, and a museum/exhibit hall, (the
"City Center");
WHEREAS, CRC is in the process of acquiring real estate that will be incorporated into
the City Center;
WHEREAS, American United Life Insurance Company ("AUL") is fee simple owner of
certain real estate that is located within the City Center (the "AUL Site");
WHEREAS, CRC desires to acquire the AUL Site for, incorporation into the City Center;
WHEREAS, CRC has caused there to be two independent appraisals of the fair market
value of the AUL Site;
WHEREAS, the average of the two independent appraisals of the AUL Site is
$2,462,500.00 (the "Average");
WHEREAS, the price for which AUL is willing to sell the AUL Site is 52,550,000.00
(the `Purchase Price"), which amount exceeds the Average by $87,500.00, (3.5%);
® WHEREAS, the appraisals were made in August, 1997 and CRC believes the fair market
value of the AUL Site has increased since that time;
WHEREAS, pursuant to IC §36-7-14-19(b), CRC may not acquire the AUL Site for an
amount that exceeds the Average, unless the payment of such amount specifically is authorized
by CRC;
WHEREAS, if CRC was forced to condemn the AUL Site, the legal cost of said
condemnation would be expected to exceed the difference between the. Purchase Price and the
Average Price;
WHEREAS, AUL is willing to pay approximately 550,000.00 in real estate taxes due and
payable on the AUL Site in 1998;
WHEREAS, AUL has indicated that prior to August 27, 1997, AUL was in the final
stages of negotiations with a private entity fora contract to purchase the AUL Site for a price of
$2,550,000.00 (the "Offer");
WHEREAS, it is expected that a court-would find that the Offer is better evidence of fair
market value than any appraisal;
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WHEREAS, it is also expected that a court would require CRC to pay additional monies
to AUL to compensate them for interest not earned between the time of the above-referenced
® private sector offer and December, 1997; and
WHEREAS, CRC hereby shall authorize the acquisition of the AUL Site for the Purchase
Price.
NOW, THEREFORE, BE IT RESOLVED:
That CRC hereby authorizes the acquisition of the AUL Site for the Purchase
Price.
2. That the members of CRC hereby are authorized to execute any and all documents
required in connection with the acquisition of the AUL Site (the "Acquisition Documents").
3. That the members of CRC hereby are authorized to delegate the execution of the
Acquisition Documents to appropriate representatives of CRC.
Passed by the Redevelopment Commission of the City of Carmel, Indiana, this 1 5th day
of December, 1997, by a vote of 4 ayes and 0 nays.
CITY OF CARMEL REDEVELOPMENT COMMISSION
Susan Westermeier
Amy Bol
__(?! YYI?/ l N???C?.t
ATTEST:
Date: 6u.QAY1Wft I5??-1?7/
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