HomeMy WebLinkAboutCRC-14-2000 Old Town ProjectCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 14-2000
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 is more particularly described on Exhibit A, attached hereto;
WHEREAS, CRC desires to offer the Project Site for disposition on the following terms and
conditions (the "Disposition Conditions"):
1. The winning bidder would be required to satisfy the design requirements of
the Old Town Project set forth on Exhibit A, including construction of at least:
(a) 80 apartment units; (b) 25,000 square feet of retail space; and (c) 90 on-site parking
spaces (the "Project Requirements")
2. The winning bidder would be required to construct the Old Town. Project on
the Project Site in accordance with architectural standards established by CRC, plans-and
specifications approved by CRC, and a construction schedule approved by CRC;
3. CRC would deliver to the winning bidder possession of the Project Site:
(a) free of tenants and other occupants; and (b) in a condition ready for the winning bidder
to commence construction of the Old Town Project;
4. The winning bidder would be required to repay CRC; as a purchase price or
in lease payments, the full $1,200,000 investment by CRC in the Project Site; and
5. The winning bidder and CRC would negotiate and execute a project
agreement that: (a) incorporates the foregoing Disposition Conditions; and (b) includes
customary provisions and other terms and conditions agreed by the winning.bidder and CRC;
and
WHEREAS, CRC desires to authorize the offering of the Project Site for disposition on the
Disposition Conditions, with bid submission and opening scheduled for September 13, 2000.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. CRC hereby authorizes: (a) offering of the Project Site for disposition on the Disposition Conditions;
and (b) all other actions necessary to complete such offering.
2. The President of CRC hereby is authorized to execute any and all documents required in connection
with: (a) offering of the Project Site for disposition on the Disposition Conditions; and (b) all other actions
necessary to complete such offering (the "Offering Documents").
3. The President of CRC hereby is authorized to delegate the execution of the Offering Documents to
another member of CRC in his/her absence.
Passed by the edevelopmer?t Commission of the City of Carmel, Indiana, this ? day of August, 2000, by
a vote of ayes and CJ nays.
B /? CITLOCARMEL REDEVELOPMENT COMMISSION
Y I? (,
ck R. Smith Richard A. Roesch
By:
By:
John R. Koven
Prepared by Wallack Somers & Haas, Special Counsel to CRC
By:
Ronald E. Carter
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