HomeMy Public PortalAbout001-2001RICHMOND BOARD OF PUBLIC WORKS & SAFETY
RESOLUTION 1 -2001
A RESOLUTION AUTHORIZING THE RE PURCHASE OF CERTAIN
REAL ESTATE IN CONJUNCTION WITH THE FORECLOSURE OF
A CITY MORTGAGE
WHEREAS, on or about November 12, 1996, the City of Richmond conveyed certain
real estate to Carpenter Industries, LLC (n/k/a Carpenter Industries, Inc.)
located at 1100 Industries Road, Richmond, Indiana (hereinafter referred
to as "Premises" and more particularly described on Exhibit A attached
hereto) ; and
WHEREAS, in conjunction with the above sale, the City accepted a Promissory Note
from Carpenter in the sum of Two Million Five Hundred Thousand
Dollars ($ and to secure the payment of such sum was
granted a first mortgage by Carpenter upon the Premises; and
WHEREAS, by agreement of the parties, in order to include delinquent interest at the
time, on or about August 19, 1999, the amount due under the note and
mortgage was clarified by Addendum to the sum of Two Million Six
Hundred Eighty -four Thousand Eight Hundred Four Dollars and Twenty -
six Cents ($ and
WHEREAS, by reason of failing to pay the installments of interest when due beginnin g
October 12, 2000, Carpenter is now in default on the note, and for reason
thereof, the City has filed a complaint upon its note and to foreclose its
mortgage upon the Premises; and
WHEREAS, as a result of the foreclosure suit, it is likely that the City will be required
to purchase the Premises at a Sheriff's Sale, and in order to best protect its
total amount owing, will be required to bid a sum equal to the total amount
owing, plus any costs and delinquent real estate taxes which must be paid
from the sale proceeds before application upon the City's judgement; and
WHEREAS, the total amount owing to the City as of January 12, 2001, is the sum of
Two Million Six Hundred Eighty -four Thousand Eight Hundred Four
Dollars and Twenty -six Cents ($2,684,804.26) principal, plus Forty
Thousand Four Hundred Ninety -one Dollars and Thirty -seven Cents
($40,491.37) interest, plus Three Thousand Eight Hundred Twenty -five
Dollars ($3,825.00) cost, for a total amount through said date of Two
Million Seven Hundred Twenty -nine Thousand One Hundred Twenty
Dollars and Sixty -three Cents ($2,729.120.63), plus interest accruing
thereafter at the rate of approximately Three Hundred Thirty -one Dollars
($331.00) per day; and
WHEREAS, the total amount of real estate taxes currently due and owing is
approximately Three Hundred Sixty -nine Thousand Nine Hundred Ninety -
six Dollars and Eighty -three Cents ($369,996.83) plus another One
Hundred Fourteen Thousand Six Hundred Seventeen Dollars and Fifty -
five Cents ($114,617.55), which will be due and owing May 10, 2001; and
WHEREAS, it is in the best interest of the City to be allowed to purchase the Premises
at the Sheriff's sale for the above total amount owing, plus interest and
taxes hereafter; and
WHEREAS, pursuant to Indiana Statute, a City may re- purchase real estate to protect
its security in the same.
NOW, THEREFORE BE IT RESOLVED that the City of Richmond, Indiana, through its
Law Department, be authorized to purchase the Premises at the Sale for a sum equal to
the total sum then due and owing upon the above Promissory Note to the City, plus cost
of litigation, plus any delinquent taxes upon the Premises, including taxes due and owing
as of May 10, 2001, all of which sum is anticipated to be in the approximate amount of
Three Million Two Hundred Sixty -two Thousand Dollars ($3,262,000.00).
This Resolution is passed and adopted this day of 2001, by the
Board of Public Works and Safety of the City of Richmond, Indiana.
THE CITY OF RICHMOND,
INDIANA by and through its
Board of Public Works and Safety
W Robrt �_ By: Goodwin
Robin Henry
By:�
Bruce Metzger
Date: 2 - 1-s -
• /S D /
APPROVED: — 'Ole 1 7�
Shelley D. Milffr, Mayor
Date: