HomeMy WebLinkAboutCRC-03-2000 WLB Assoc/Davis Homes Agreement0 CITY OF CARMEL REDEVELOPMENT COMMISSION
RESOLUTION NO. 3-,,q&00
WHEREAS, the City of Carmel Redevelopment Commission ("CRC") desires to cause the
redevelopment of that portion of downtown Carmel, Indiana, that commonly is referred to as "Old Town";
WHEREAS, WLB Associates, Inc. ("WLB', is fee simple owner of certain real estate located
in Old Town that is described and/or depicted on Exhibit A, attached hereto and incorporated herein by
reference (the "WLB Real Estate");
WHEREAS, Davis Homes, LLC ("Davis', and WLB have entered into that certain Grant of
Option to Purchase Real Estate, dated as of November , 1999 (the "Option Agreement"), pursuant to which
Davis Homes has the option to purchase the WLB Real Estate;
WHEREAS, pursuant to the Option Agreement, the purchase price for the WLB Real Estate
is $600,000.00 (the "Purchase Price");
WHEREAS, CRC expressed to Davis its desire to acquire the WLB Real Estate if Davis
decides not to acquire-the WLB Real Estate;
WHEREAS,, Davis-has: (a) decided not to acquire the WLB Real Estate; and (b) agreed to
assign to CRC its right, title, and interest in the Option Agreement;
WHEREAS, pursuant to that certain Redevelopment Agreement entered into by and between
CRC and Davis, Davis has assigned its right, title, and interest.in the Option Agreement to CRC;
WHEREAS, CRC desires to: (a) exercise the option to purchase the WLB Real Estate (the
"Option"); and (b) close the purchase and sale of the WLB Real Estate in accordance with the terms and
® conditions of the Option Agreement; and
WHEREAS, CRC hereby shall authorize: (a) the acceptance by CRC of the assignment from
Davis of its right, title, and interest in the Option Agreement; (b) the exercise of the Option; and (c) the
acquisition of the WLB Real Estate for the Purchase Price pursuant to the Option Agreement;
NOW, THEREFORE, BE IT RESOLVED:
1. That CRC hereby authorizes: (a) the acceptanceby CRC of the assignment from Davis of its right; title,
and interest in the Option Agreement; (b) the exercise of the Option; and (c) at such time as adequate funds
are available, the acquisition of the WLB Real Estate for the Purchase Price pursuant to the Option Agreement.
2. That the members of CRC hereby are authorized to execute any and all documents required in
connection with: (a) the exercise of the Option; and (b) the acquisition of the WLB Real Estate (collectively, 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 CRC this _ day of February, 2000, by a vote of _ ayes and _ nays
CITY OF CARMEL REDEVELOPM
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By:
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® Printed: 4LQ '/tl Printed: 0
By: I r Attest:
Diana L. Cordray, Clerk-Treasurer
Printed: i a?f
Prepared by Wallack Somers & Haas, Special Counsel to CRC
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