HomeMy Public PortalAbout002-2001RICHMOND BOARD OF PUBLIC WORKS & SAFETY
RESOLUTION 2 -2001
A RESOLUTION AUTHORIZING THE CITY OF RICHMOND TO ENTER
INTO A CONDITIONAL AGREEMENT TO SELL CERTAIN REAL ESTATE
WHEREAS, in conjunction with its foreclosure of a mortgage upon certain ro ert
currently belonging to Carpenter Industries, Inc., located at 1100 p y
Industries Road, Richmond, Indian, (hereinafter referred to as
"Premises "), it is anticipated that the City will bid the total amount of its
judgement, plus costs and taxes, at the Sheriff's Sale and become the
owner of the Premises; and
WHEREAS, in anticipation of such City ownership, a conditional offer to purchase the
Premises has been delivered to the City from the Economic Development
Corporation of Wayne County, Indiana (hereinafter referred to as "EDC "),
a copy of which Agreement is attached hereto as Exhibit A; and
WHEREAS, pursuant to the terms of the above Agreement, subject only to an
inspection period of forty five (45) days after the Agreement and the City
Providing good title, EDC will be obligated to purchase the Premises for
the sum of Three Million Two Hundred Sixty -two Thousand Dollars
($ in the event the City becomes the owner as result of the
Sheriff's Sale; and
WHEREAS, further pursuant to the terms of the Agreement, it provides that EDC as
buyer, will pay all costs of title insurance and closing costs, and that the
Purchase Agreement will be increased by the sum of Three Hundred
Thirty -one Dollars ($331.00) per day to cover additional interest due and
owing to the City if closing occurs past June 1, 2001; and
WHEREAS, the only other significant condition of the proposed Agreement is that t he
buyer be allowed to "assume" and/or continue the terms of the City's
current Promissory Note in the sum of Two Million Six Hundred Eighty -
four Thousand Eight Hundred Four Dollars and Twenty -six Cents
( and be allowed to make the monthly interest only
payments until November 12, 2006, which is the current due date of the
existing Promissory Note; and
WHEREAS, pursuant to I.C. 36- 1 -11 -1 (b) (7), the City may dispose of real estate to
Indiana Nonprofit Corporation, such as EDC, without the normal an
Procedure and appraisal requirements; and
WHEREAS, in conjunction with its current foreclosure suit upon the Premises, it is in
the best interest of the City to sell the Premises for a sum which pays the
City in full for its entire principal and interest due and owing, plus all real
estate taxes and costs, and to sell the Premises to a party which intends to
use the property to promote significant economic development for existing
local businesses.
NOW, THEREFORE BE IT RESOLVED that the City of Richmond, Indiana, be
authorized to enter into the conditional Purchase Agreement attached hereto as Exhibit A
and to execute any and all other documents associated with such ultimate sale, and that
Robert B. Goodwin, as President of the Board of Works, be authorized to execute any
and all such documents as necessary on behalf of the City of Richmond.
This Resolution is passed and adopted this -14� day of
Board of Public Works and Safety of the City of Richmond, Indian 2001, by the
THE CITY OF RICHMOND,
INDIANA by and through its
Board of Public Works and Safety
By: "Goodwin
.
B
Robin Henry
i
By:
B e Metzger
Date:
APPROVED: "�&
Shelley D. Mil ,Mayor
Date: