HomeMy WebLinkAboutCRC-13-1998 Kroger Property® CITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. J ?- l 99g
WHEREAS, the City of Carmel Redevelopment Commission ("CRC') intends to create a City
Center that will provide a balanced mixture of retail facilities, a movie theater, dining options, a corporate office
campus, a performing arts center, a museum/exhibit hall, and an amphitheater (the "City Center");
WHEREAS, CRC is in the process of acquiring real estate that will be incorporated into the
City Center;
WHEREAS, CRC acquired from American United Life Insurance Company certain real estate
that is located within the City Center (the 'Real Estate') for incorporation into the City Center;
WHEREAS, the Real Estate is subject to a lease under which The Kroger Company
("Kroger") is the tenant (the "Kroger Lease');
WHEREAS, the Kroger Lease expires August 31, 2000;
WHEREAS, Kroger has claimed that CRC effectively condemned its leasehold interest when
it announced its intent to incorporate the Real Estate into the City Center, and that, as a result, Kroger no
longer is obligated to pay the rent due pursuant to the Kroger Lease;
WHEREAS, CRC desires to terminate the Kroger Lease so that CRC immediately can begin
construction of the City Center on the Real Estate; and.
WHEREAS, CRC and Kroger desire to terminate the Kroger Lease, effective as of March 31,
1998, upon payment by Kroger of an amount equal to the rent due under the Kroger Lease for the period
®. commencing on January 1, 1998, and ending on March 31, 1998;
NOW, THEREFORE, BE IT RESOLVED:
1. That the Kroger Lease shall be terminated, effective as of March 31, 1998, upon payment by Kroger
of an amount equal to the rent due under the Kroger Lease for the period commencing on January 1, 1998,
and ending on March 31, 1998.
2. That the members of CRC hereby are authorized to execute any and all documents required in
connection with the termination of the Kroger Lease.(the "Termination Documents").
3. That the members of CRC hereby are authorized to delegate the execution of the Termination
Documents to appropriate representatives of CRC.
Passed by the Redevelopment Commission of the City of Carmel, Indiana; thiAL day of May, 1998, by a
vote of .3 ayes and o nays.
CITY OF CARMEL REDEVELOPMI
s n West z7frr
Amy Boldt
LisanneTevya
® ATTEST:
Diana L. Cordray, Clerk-Treasur
DATE: `fir/ S? c1 S
Prepared by Baker & Daniels, Special Counsel to CRC