HomeMy WebLinkAboutCRC-11-2000 Nicholas Kestner PropertyCITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 11-A000
WHEREAS, the City of Carmel Redevelopment Commission ("CRC') is in the process of
creating a City Center that will provide a balanced mixture of retail facilities, dining options, a corporate office
campus, a performing arts center, a museum/exhibit hall, and an amphitheater (the "City Center");
WHEREAS, CRC has acquired certain real estate, and is in the process of acquiring other
real estate, that will be incorporated into the City Center;
WHEREAS, E. Nicholas Kestner (Kestner") is fee simple owner of certain improved real
estate that is located within the City Center, as depicted on Exhibit A, attached hereto and incorporated herein
by reference (the "Kestner Site');
WHEREAS, CRC desires to acquire the Kestner Site for incorporation into the City Center;
WHEREAS, Kestner currently: (a) operates a bicycle shop (the "Existing Bicycle Shop") on
the Kestner Site; and (b) leases portions of the Kestner Site to various retail and restaurant tenants;
WHEREAS, after the creation by CRC of the City Center, the Kestner Site will not be suitable
for the operation of the Existing Bicycle Shop;
WHEREAS, there is, within the City Center,a parcel of unimproved real estate suitable for
construction of a bicycle shop, which parcel of real estate is depicted on Exhibit B, attached hereto and
incorporated herein by reference (the "City Center Site");
WHEREAS, the City Center Site is smaller than the Kestner Site, and there will be only a
minimal amount of space available for lease to retail and restaurant tenants;
WHEREAS, CRC desires to: (a) tender to Kestner the City Center Site, together with a cash
payment of $1,200,000 (the "Cash Payment'), in exchange for title to the Kestner Site; (b) perform certain site
work on the City Center Site; and (c) enter into a lease with Kestner pursuant to which Kestner has the right
to operate the Existing Bicycle Shop on the Kestner Site while Kestner constructs a bicycle shop on the City
Center Site (collectively, the "CRC Exchange");
WHEREAS, the Cash Payment reflects the difference in value between: (a) the larger,
improved Kestner Site, which includes space available for lease to retail and restaurant tenants; and (b) the
smaller, unimproved City Center Site: (i) which includes only a minimal amount of space available for lease
to retail and restaurant tenants; and (ii) on which Kestner will be obligated to construct a new bicycle shop (the
"New Bicycle Shop");
WHEREAS, as a condition of the CRC Exchange, Kestner would be required.to construct the
New Bicycle Shop on the City Center Site (the "Construction Condition");
WHEREAS, Kestner has agreed to the CRC Exchange, including the Construction Condition;
and
WHEREAS, CRC desires to approve the CRC Exchange, subject to receipt by CRC of the
Adjusted Purchase Price from Hamilton Title Security, LLC ("Hamilton Title'), as escrow agent under the
Escrow Agreement entered into by and among Hamilton Title, CRC, and AMLI Residential Properties, L.P.
(the "Escrow Agreement");
NOW, THEREFORE, BE IT RESOLVED that CRC hereby approves the CRC Exchange,
subject to receipt by CRC of the Adjusted Purchase Price from Hamilton Title, as escrow agent under the
Escrow Agreement.
Passed by fhe Red
vote of ? ayes
By:
By:
John R. Koven
zwh, 4-k
Prepared by Wallack Somers &.Haas, Special Counsel to CRC
Commission of the City of Carmel, Indiana, this day of June, 2000, by a
nays.
CITY OF,60MEL REDEVELOPMENT COMM
ZAPMORRISSEMEDEV COMMIAPPROVAL OF KESINER 291=0
TRANSACTION:DOC
Attest:
Diana L. Cordray,
Clerk-Treasurer