HomeMy Public PortalAbout3082-1976 - AUTHORIZING THE CONVEYANCE OF A PORTION OF UNIMPROVED LEASEORDINANCE No. 3GBZ- 1976
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE CONVEYANCE OF A
PORTION OF UNIMPROVED LEASE LAND PURSUANT TO AN OPTION GRANTED TO LESSEE
UNDER LEASE AGREEMENT.
WHEREAS, pursuant to Ordinance No. 2881-1974, the City of Richmond
authorized the acquisition and financing of Economic Development Facil-
ities, the issuance and sale of revenue bonds to pay the cost thereof,
and the leasing of such facilities to Dana Corporation, and
WHEREAS, John G. Graf Realty, Inc. conveyed to the City of Richmond,
Indiana, for the use and benefit of its Department of Development, a
tract of real estate consisting of 27.344 acres to the City of Richmond,
and
WHEREAS, pursuant to said Ordinance No. 2881-1974, the Mayor and
Clerk were authorized and directed to execute on behalf of the City of
Richmond all documents approved by said Ordinance, and
WHEREAS, a Lease Agreement between the City of Richmond, Indiana,
as Lessor, and Dana Corporation, as Lessee, approved by said Ordinance
No. 2881-1974, was executed by the parties on May 31, 1974, and recorded
May 31, 1974, in Mortgage Record 114, page 465 of the records in the
office of the Recorder of Wayne County, Indiana, leasing said 27.344
acres of real estate to Dana Corporation, and
WHEREAS, pursuant to Section 11.3, the Lessee was granted an option
to purchase any unimproved part of the leased land at any time, and
WHEREAS, pursuant to Section 11.3, Lessee gave to the City of
Richmond a notice in writing of its intent to exercise its option to
purchase a portion of the leased land to be used as an engineering test
center, together with a legal description thereof, and
WHEREAS, Lessee has provided the City with a certificate of an
Independent Engineer, acceptable to the Trustee that the land to be
purchased under the option (i) is not needed for the operation of the
office facility project, and, (ii) that the purchase will not impair the
usefulness of the office facility project and will not destroy the means
of ingress thereto and egress therefrom, and
WHEREAS, Lessee has agreed to pay to the City an amount equal to
the cost per acre, or fraction thereof, of the original tract for each
acre or fraction thereof to be purchased.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Richmond, Indiana, that:
SECTION 1: It is hereby found that the Lessee has the option and
the right to exercise the option pursuant to Section 11.3 of the Lease
Agreement between the City and Dana Corporation, to purchase the unim-
proved land described in Schedule "A" attached hereto and made a part
hereof.
SECTION 2: it is further hereby found that the Lessee has furnished
the City with (i) a notice in writing of its intent to exercise the
option to purchase the real estate described in Schedule "A", which
schedule contains a certification that there are no transportation,
parking or utility facilities located thereon, and (ii) a certificate of
an Independent Engineer; that Dana has agreed to pay to City an amount
equal to the cost per acre or fraction thereof for each acre or fraction
thereof to be purchased, all in accordance with Section 11.3 of the
Lease Agreement. The City hereby waives any requirement of the time of
the giving of said notice.
SECTION 3: The form of the notice to exercise the option, together
with a description of the unimproved land to be purchased prepared by a
licensed surveyor; and the Certificate of an Independent Engineer are
incorporated herein by reference and shall be inserted in the minutes of
the Common Council and kept on file by the Clerk.
SECTION 4:. The Mayor and Clerk are authorized and directed to
execute on behalf of the City of Richmond its Warranty Deed conveying
the real estate described to Dana Corporation, subject to 1975 taxes,
due and payable in 1976, easements of record, public roads and highways
and all liens and encumbrances thereon, other than the Indenture of
Trust and the Lease Agreement.
SECTION 5: Upon receipt of the purchase price by the City, the
City will deliver such money to the Second National Bank of Richmond,
Trustee, under the Mortgage and Indenture of Trust, executed by the City
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of Richmond, for deposit in the Bond Fund provided for in the Mortgage
and Indenture of Trust; and will secure from the Trustee a release from
said lien of the Mortgage and Indenture of Trust, dated May 31, 1974,
and recorded May 31, 1974, in Mortgage Record 440, page 151 of the
records of the Recorder of Wayne County; Indiana.
SECTION 6: Thereafter, City shall deliver to Dana Corporation its
executed Warranty Deed and a release from the Second National Bank of
Richmond, Trustee, from the said Mortgage and Indenture of Trust with
respect to the real estate described in Schedule "A"; that thereafter
the real estate described in Schedule "A" shall be free and clear of the
Lease Agreement between the City of Richmond, Indiana, Lessor, dated May
31, 1974, and recorded May 31, 1974, in Miscellaneous Record 119, page
465 of the records of the Recorder of Wayne County, Indiana, and the
Mortgage and Indenture of Trust by and between the City of Richmond,
Indiana, dated May 31 1974, and recorded*May 31, 1974,. in Mortgage
Record 440, page 151 of the records of the Recorder of Wayne County,
Indiana.
SECTION 7: The ordinance shall be in full force and effect from
and after its passage and signing by the Mayor.
ADOPTED by the Common Council of the City of Richmond, Indiana,
this �� day of 1976,
J
President of Common Council
ATTEST: �t
-ty' Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana,. this
day of 1976.
4Citerk
APPROVED by me; Mayor of the City of Richmond,
Indiana, this day of , 1976.
May
ATTEST,
ity Clerk