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HomeMy WebLinkAboutCRC-15-2000 Old Town Redevelopment/AMLI ProposalCITY OF CARMEL REDEVELOPMENT COMMISSION RESOLUTION 15-2000 WHEREAS, the City of Carmel Redevelopment Commission ("CRC') has acquired a redevelopment project site in downtown, Carmel, Indiana, bounded by West Main Street, First Street SW, First Avenue SW, and the Monon Trail (the "Project Site"); WHEREAS, CRC desires to promote and facilitate redevelopment of the Project Site as a complex of mixed-use residential and retail buildings with on-site parking (the "Old Town Project'), which complex was described more particularly in adopted CRC Resolution No. 14-2000 ("R14-2000"); WHEREAS, CRC offered the Project Site for disposition on the basic terms and conditions set forth in the R14-2000 and the more specific terms and conditions (the "Conditions for Redevelopment") set forth in the Notice of Purchase or Lease of Property for the Carmel Old Town Redevelopment Project (Parcel No. 8) (the "RFP"); WHEREAS, AMLI Residential Properties, L.P. ("AMLI"), submitted a Proposal for Private Redevelopment of Parcel No. 8 Carmel Old Town Redevelopment Project (the "AMLI Proposal'), and the AMLI Proposal was the sole proposal submitted with respect to the redevelopment of the Project Site; WHEREAS, the AMLI Proposal: (a) satisfied in full the requirements set forth in the RFP for proposals submitted with respect to the redevelopment of the Project. Site ('Proposal Requirements"); and (b) satisfied in full certain of the Conditions for Redevelopment and satisfied in part the remainder of the Conditions for Redevelopment; WHEREAS, in R14-2000, CRC reserved the right to: (a) consider or reject without consideration any redevelopment proposals that do not satisfy the Proposal Requirements; (b) reject any or all redevelopment proposals; and (c) make an award to the highest and best bidder, even if the redevelopment proposal submitted by the highest and best bidder does not satisfy all of the Conditions for Redevelopment; WHEREAS, in accordance with the standards set forth in the RFP, CRC has determined that: (a) AMLI is the highest and best bidder for redevelopment of the Project Site; and (b) the redevelopment of the Project Site, as proposed in the AMLI Proposal, is in the interests of The City of Carmel, Indiana, and its residents, from the standpoint of both human and economic welfare; WHEREAS, CRC desires to accept the AMLI Proposal for redevelopment of the Project Site, if AMLI agrees to the following conditions (the "Conditional Acceptance"): 1. Upon execution of a project agreement, as contemplated by the RFP and the AMLI Proposal, AMLI will deposit in escrow $600,000 of cash (the "Cash Payment'); 2. Upon execution of a lease, as contemplated by the RFP and the AMLI Proposal, the Cash Payment will be released to CRC as payment for execution of the Lease; 3. Rent payments will be equal to 20% of net operating income after debt service and reserves (the "Adjusted NOI"). A preference of $500;000 will be paid to AMLI from that 20% of Adjusted NOI before the first rent payment; 4. After CRC receives rent payments with a net present value of $600,000, as calculated pursuant to the AMLI Proposal, the rent payments will be equal to 10% of net operating income after debt service and reserves; 5. AMLI will not seek: (a) to cancel or terminate the Project Agreement by and between AMLI and CRC, dated as of November 2, 1999, as amended to date (the "Project Agreement") as the result of any delay to date in: (i) the satisfaction of any conditions to the obligations of AMLI under the Project Agreement; or (ii) the performance by CRC of any of its obligations under the Project Agreement (collectively, the "Project Delays"); or (b) to recover from CRC: (i) any damages, losses, costs or expenses incurred by CRC in connection with the Project Delays (the "Delay Expenses"); or (ii) any compensation for the Delay Damages; I 6. AMLI will agree to such other reasonable and customary terms and conditions as CRC or its. counsel may require 'in the 'project agreement:and the lease contemplated by the RFR and the AMLI Proposal (the "Transaction 6ocuments" ). NOW, THEREFORE, BE IT RESOLVED THAT; I. CRC hereby: (a) approves the Conditional Acceptance •of the AMLI Proposal on,he conditions set forth, above; and (b) authorizes the preparation and negotiation of the Transaction Documents and any other documents- require-d inconnection with the' ansactidnDocuments;providedthattheTransactionDo_cuments shall oe.subject4o approval by CRC'priar to execution., 2. The President of.CRChereby is authorized to direct and delegate 'the preparation and negotiation, of the Transaction Documents' Passed by the Redevelopmelt Commission of the City of Carmel. Indiana, this day of October, 2000; by a vote of ayes and, C) nays OF CARMEL REDEVELOPMENT ?- Vn k By: Wallack Somers &.'Haas Special Counsel to CRC Z:lno",me Shoup. hnuylnjly of CurmrilResolmians\AaYptancv O'_Oti00 of 4M1(r ald'To,co-Fnpasol'.ergd "'