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Redevelopment staff authorized to close Monon and Main office sale pending guarantor vetting
Summary
The commission authorized the executive director and CRC officers to sign closing documents for the private sale of the office portion of the Monon and Main building (about 35,000 sq ft), contingent on staff and outside reviewers confirming creditworthiness of the replacement guarantor.
The Carmel Redevelopment Commission voted to authorize the executive director and CRC officers to sign closing documents for the private sale of the office portion of the Monon and Main building (211 W. Main St.), subject to staff completion of credit and guarantor vetting.
Redevelopment Director Henry Mostetsky told commissioners the office portion of the Anthony's Chop House project is about 35,000 square feet and that the proposed sale is standard practice when the commission has provided taxpayer-backed financing for a project. He said staff — with the assistance of former banker Dave Bowers and the finance director — reviews the creditworthiness of replacement guarantors when ownership changes to ensure the CRC remains protected if market events affect tax-receipt coverage for garage financing.
Mostetsky emphasized the authorization covers only the office building and related retail under that office structure; restaurant, residential and other components are not part of the approval. The vote authorizes staff to proceed and complete the transaction once the internal and external credit reviews find the replacement guarantor acceptable. Commissioners moved, seconded and approved the authorization by voice vote with no opposition.
The commission did not provide final buyer or guarantor names during the meeting and staff said the credit review remains in progress.
