The following is the form of Property Value Guaranty to be used by the County Commissioners and the Local Economic Development Organization (LEDO) in the Economic Development Agreement provided for in § 153.127(G) if a property value guaranty is a part of the agreement.
The following form of Property Value Guaranty shall be used by the County Commissioners as part of the Economic Development Agreement, if a Property Value Guaranty is included in the Agreement. The County Commissioners shall determine and complete the matters which are left blank in the following form:
PROPERTY VALUE GUARANTEE
Legal Name of Owner and Operator of the (Legal Name of WECS or SECS Project) and their assigns and successors in interest (hereinafter jointly and severally referred to as "Guarantor") agree to guarantee (the "Guarantee") the value of all owner-occupied residential dwellings owned by all Non-Participating Landowners owners of record (hereinafter referred to individually as "Owner" and collectively as "Owners") as of the date of the granting of secondary approval of the Development Plan for the [Legal Name] for properties which are located within one mile of a WECS tower or SECS solar panel as shown on the approved Site Plan contained within the Development Plan in all directions and to guarantee the value of all residential dwellings owned by Owners whose ownership is of record in the office of the Posey County Recorder on the date of the granting of secondary approval of the Development Plan.
The location of each Owner of a residential dwelling within one mile of a WECS tower or solar panel shall be noted on the Development Plan. Within thirty (30) days of the granting of secondary approval of the Development Plan, the Guarantor shall provide each eligible Owner with written notice by certified mail to the Owner's address as set forth in the property tax records of Posey County describing the terms of the Guarantee. To qualify for the Guarantee each Owner must notify the Guarantor within ninety (90) days of the mailing of the notice of his or her intent to participate, and Guarantor shall thereafter obtain and submit to Owner an M.A.I, appraisal of Owner's property within sixty (60) days following the date of the Guarantor's receipt of Owner's notice. Owner may accept the value of the property based on the appraisal or may obtain his or her own M.A.I, appraisal. If the Owner's appraisal is less than or within 5% above the Guarantor's appraisal, the guaranteed value ("Guaranteed Value") shall be the average of the two appraisals. If the Owner's appraisal is more than 5% above the Guarantor's appraisal and the Owner is not willing to accept the Guarantor's appraisal, the two appraisers shall agree upon a third M.A.I, appraiser, to be paid for 50% by Guarantor and 50% by the Owner, who shall appraise the property and whose appraised value shall become the Guaranteed Value for that property.
The period of the Guarantee shall be for a period of years following the issuance of a Certificate of Occupancy for the operation of the [Legal Name]WECS or SECS system. The Guarantee shall extend only to Owners of record as of the date of the approval of the Secondary Development Plan for the WECS or SECS system and not to the assignees or subsequent owners or purchasers. In the event any property covered by this Guarantee is listed for sale by a licensed real estate broker for a period of not less than and during such period, and Owner either does not receive an offer or receives an offer below the Guaranteed Value, Owner, subject to the restrictions below, shall notify Guarantor of the intent to exercise Owner's right under this Guarantee and within thirty (30) days of the receipt of this notice Guarantor shall do one of the following:
A. Authorize Owner to accept the pending bona fide offer and to pay the Owner at closing of the sale the difference between the purchase price set forth in the offer and the guaranteed value.
B. Immediately take steps to purchase the dwelling from Owner at the guaranteed value with such purchase to be completed within sixty (60) days of receipt by Guarantor of notice by Owner of Owner's failure to receive a bona fide offer for the guaranteed value after having listed the property for a period of with a licensed real estate broker.
In any case in which there is a purchase offer pending for which Owner expects to make a claim under this Guarantee, Owner shall provide a copy of such offer to Guarantor. In the event Guarantor is required to purchase Owner's dwelling, Owner shall convey fee simple title to the property, free and clear of all liens and encumbrances by delivery of a Warranty Deed at closing. At closing Guarantor shall pay for preparation of the warranty deed, vendor's affidavit, and all title insurance fees, closing fees, and all survey expenses if it is necessary to subdivide the dwelling from other real estate of the Owner. Guarantor's obligations hereunder are hereby expressly made contingent upon Owner: performing routine maintenance and repairs on the dwelling; the dwelling or property being in the same condition on the date of sale as it was on the date first appraised hereunder; the delivery of the property free and clear of all liens and subject only to such easements and other encumbrances commonly accepted in residential real estate transactions; and Owner conveying fee simple title to the dwelling or property to Guarantor by recordable Warranty Deed at closing. All notices to Owner and Guarantor shall be to the address of Owner and Guarantor as listed on the property tax records of Posey County.
(Ord. 20-07, passed 3-4-20)