HomeMy WebLinkAboutCRC-2010-01 Installment Purchase Agreement/Carmel Theater Dev. CRC RESOLUTION NO. 2 d 10 1
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF A PROPOSED
INSTALLMENT PURCHASE AGREEMENT BETWEEN THE CARMEL THEATER
DEVELOPMENT COMPANY, LLC, AND T E CITY OF CARMEL
REDEVELOPMENT COMMISSION, AND AUTHORIZING CERTAIN MATTERS
RELATED THERETO
WHEREAS, Indiana Code Sections 36 -7 -14 -12.2 and 36- 7 -14 -19 authorize the City of
Carmel Redevelopment Commission, a redevelopment commission organized under Indiana
Code Section 36- 7- 14 -3(a) (the "Commission to contract for the acquisition of property; and
WHEREAS, the Commission desires to contract for the acquisition of the "Project as
defined in the Installment Purchase Agreement between the Commission and the Carmel Theater
Development Company, LLC (the "Company"), dated as of December 1, 2009 (the "Installment
Purchase Agreement the form of which has been presented to the Commission (such Project,
the "Property"); and
WHEREAS, the Commission has procured two independent appraisals of the fair market
value of the Property (the "Appraisals and
WHEREAS, the Commission has prepared the following list of the real property and
interests in real property to be acquired and the price to be offered to the owner of each parcel of
interest:
real property price
Property average of Appraisals
(the "List"); and
WHEREAS, the price set forth in the Installment Purchase Agreement may exceed the
price indicated on the List;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby finds and determines that the acquisition of the Property
is needed for the redevelopment or economic development of (a) the City Center Redevelopment
Area (91604 and 91604E), (b) the 126 Street Corridor Economic Development Area (91603
and 91603E), (c) the Old Town Economic Development Area (91610), (d) the Carmel Drive
Allocation Area (91616), (e) the Lauth- Walker Allocation Area (91617), (f) the Old Town
Shoppes Allocation Area (91618), (g) the Old Methodist Allocation Area (91620), (h) the Lurie
Allocation Area (91621), (i) the National City Allocation Area (91627), (j) the Village of West
Clay Economic Development Area (91629), (k) the Old Meridian Expansion Economic
Development Area (91609 and 91609E), (1) the Illinois Street Economic Development Area and
Expansion Areas (91608, 91608E and 91625), (m) the Hazel Dell North Economic Development
Area (91612) and (n) the Hazel Dell South Economic Development Area (91611). The
Commission hereby further finds and determines that the Property will be located in the City
Center Redevelopment Area, and that it will directly serve and benefit each of the economic
development areas and allocation areas identified in (b) through (n) above.
2. The Commission hereby approves and adopts the List.
3. The Commission hereby specifically authorizes the price set forth in the
Installment Purchase Agreement.
4. The Commission hereby approves and accepts the Installment Purchase
Agreement.
5. The Commission hereby directs that payment for the Property be made when and
as set forth in the Installment Purchase Agreement, but only on delivery of proper instruments
conveying the title or interest of the owner to the "City of Carmel for the use and benefit of its
department of redevelopment
6. The President or Vice President of this Commission is hereby authorized and
directed, for and on behalf of the Commission, to execute and deliver the Installment Purchase
Agreement in substantially the form presented at the meeting, with such changes in form or
substance as the President or Vice President of this Commission shall approve, such approval to
be conclusively evidenced by the execution thereof.
7. The President, Vice President or Secretary of this Commission is hereby
authorized and directed, for and on behalf of the Commission, to execute and deliver any
instruments (including without limitation any certificate purchase agreements, limited offering
memoranda and continuing disclosure agreements) and take any other actions as are desirable to
carry out the transactions contemplated by this Resolution, such desirability to be conclusively
evidenced by the execution of such instruments or the taking of such other actions, and any and
all such instruments heretofore executed and delivered and any and all such other actions
heretofore taken, including without limitation the publication of the notice of the public hearing
held in connection with such transactions, be, and hereby are, ratified and approved.
8. This Resolution shall be in full force and effect upon adoption by the
Commission.
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ADOPTED AND APPROVED at a meeting of the Carmel Redevelopment Commission
held on the 17th day of March, 2010.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
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Vice President
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Secretary
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Commissioner
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