HomeMy WebLinkAboutFirst Amendment to PILOT Agreement (Garage Property) - 6-30-222022035472 AMEN $25.00
07/18/2022 09:29:27AM 7 PGS
Jennifer Hayden
Hamilton County Recorder IN
Recorded as Presented
11111111111111111111111111111111111111111111111111111111111111 II II
Cross Reference
The Agreement for Payments in Lieu of Taxes (Garage Property) referenced herein is recorded in the Office
of the Hamilton County Recorder as Instrument No. 2017028290.
FIRST AMENDMENT
TO
AGREEMENT FOR PAYMENTS IN LIEU OF TAXES
Garage Property
This First Amendment to Agreement for Payments in Lieu of Taxes (Garage Property) (the
"Amendment") is executed this 30th day of June, 2022, by and between The City of Carmel Redevelopment
Commission ("CRC:) and Monon and Main, LLC ("M&M").
Recitals
WHEREAS, CRC and M&M have executed that certain Agreement for Payments in Lieu of
Taxes (Garage Property) dated as of May 16, 2017 (the "Agreement');
WHEREAS, all capitalized terms used but not defined herein shall have the meanings
ascribed to such term in the Agreement; provided that, to the extent that terms used and defined in the
Agreement also are defined herein, the original definitions shall be deemed to be amended and restated with
the definitions set forth herein;
WHEREAS, CRC and M&M have executed: (a) that certain Installment Contract (Garage Air
Parcel/Component) dated June 16, 2017 (the "Original Installment Contract'); as amended by (b) that certain
First Amendment to Installment Purchase Contract (Garage Air Parcel/Component) dated as of November
30, 2021 (the "First IC Amendment');
WHEREAS, the Original Installment Contract and the First IC Amendment, collectively, are
the "Installment Contract;
WHEREAS, M&M has requested, and the Payment Rights Purchaser has agreed to, a
modification of the payments as reflected in the existing IC Payment Exhibit to the Installment Contract;
WHEREAS, accordingly, pursuantto the First IC Amendment, the parties have replaced the
IC Payment Exhibit with a'Replacement IC Payment Exhibit;
WHEREAS, Subsection 3(c) of the Agreement provides that, in connection with an addendum
to, or a replacement of, the IC Payment Exhibit, the Installment Payments Schedule shall be amended or
restated so that the amounts set forth on the Installment Payments Schedule are identical to the amounts set
forth on the replacement to the IC Payment Exhibit;
WHEREAS, M&M has requested, and CRC has agreed to, a modification of the Garage
Property Percentage; and
WHEREAS, CRC and Association desire to enter into this Amendment.
Amendment
Accordingly, for good and valuable consideration, the receipt and sufficiency of which are
acknowledged hereby, CRC and M&M agree to the terms and conditions of this Amendment.
1. Amendment. Exhibit B attached to the Agreement is replaced and superseded in its entirety by the
Installment Payments Schedule attached hereto as "Replacement Exhibit B". From and after the date
hereof, all references in the Agreement to "Exhibit B" shall be deemed instead to be references to the
attached Replacement Exhibit B.
2. Garage Property Percentage. The term "Garage Property Percentage" as defined in Section 1 of
the Agreement, is hereby amended and restated, in its entirety, as follows:
Garage Property Percentage shall mean: (a) through and including calendar year 2021,
25%; (b) during calendar 2022, 18%; and (c) from and after calendar year 2023, 19%.
3. Miscellaneous. In the event of any conflict between the Agreement and this Amendment, the terms
and conditions of this Amendment shall control. Except as expressly provided in this Amendment, all of the
terms and conditions of the Agreement shall remain in full force and effect.
[Signature pages to follow.]
-2-
IN WITNESS WHEREOF, CRC and M&M have executed this Amendment as of the date set
forth above.
ACKNOWLEDGMENT
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
CRC:
THE CITY OF CARMEL
REDEVELOPMENT CO IS 'ON
By.
it iam H resident
Before me, a Notary Public in and for the State of Indiana, personally appeared William
Hammer, the Presidentof The Cityof Carmel Redevelopment Commission, who acknowledged the execution
of the foregoing First Amendment to Agreement for Payments in Lieu of Taxes (Garage Property) for and on
behalf of such entity.
Witness my hand and Notarial Seal this 2 / Thday of 2022.
MICHAEL LEE By. / r�
Notary Public - Seal Notary PUbIIC
Hamilton County - State of Indiana
Commission Number NP0719893
My Commission Expires Apr 22, 2027 Printed Name:
My commission expires:
I am a resident of County,
-3-
ACKNOWLEDGMENT
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
THE CITY OF CARMEL
RE T OM SION
B
David C. Bowers, Vice President
Before me, a Notary Public in and for the State of Indiana, personally appeared
David C. Bowers, the Vice President of The City of Carmel Redevelopment Commission, who acknowledged
the execution of the foregoing First Amendment to Agreement for Payments in Lieu of Taxes (Garage
Property) for and on behalf of such entity.
Witness my hand and Notarial Seal this 2hday of 2022.
MICHAEL LEE
Not Public - Seal By:
Hamilton County - State of Indiana Notary Public
Commission Number NP0719893
My Commission Expires Apr 22, 2027 Printed Name:
My commission expires:
I am a resident of County,
-4-
ACKNOWLEDGMENT
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
M&M:
N 6NA A/1#1N, LLC
Managing Member
Before me, a Notary Public in and for the State of Indiana, personally appeared Charles
Lazzara, the Managing Member of Monon and Main, LLC, who acknowledged the execution of the foregoing
First Amendment to Agreement for Payment in Lieu of Taxes (Garage Property) for and on behalf of such
entity.
Witness my hand and Notarial Seal this 01 day of June 2022.
LZOZ 'ZZ idy saj!dx3 uolsslwwo:) AW
f686LLOdN jagwnN uolss}wwo:) By;
eup,pul;o ale1S - AlunoD uoll1WeH Notary Public
leas - xlgnd tieloN
331 13VHJIW
Printed Name:
My commission expires:
I am a resident of
County, — — — — — —
MICHAEL LEE
Notary Public - Seal
Hamilton County - State of Indiana
Commission Number NP0719893
My Commission Expires Apr 22, 2027
Return after recording to CRC at One Civic Square, Carmel, Indiana 46032, Attn: Executive Director.
This instrument was prepared by Ryan R. Wilmering, Attorney -At -Law, Wallack Somers & Haas, One Indiana
Square, Suite 2300, Indianapolis, Indiana, 46204. 1 affirm, under the penalties for perjury, that I have taken
reasonable care to redact each Social Security number in this document, unless required by law.
Ryan R. Wilmering
-5-
REPLACEMENT EXHIBIT B
Installment Payments Schedule
Exhibit B
Replacement Installment Purchase Schedule
Payment Due
Principal
IP
Interest
IP
Total Installment Annual Installment
Dates
Outstanding
Principal
Rate
Interest
Payment
Payments
8/1/2019
3,964,000.00
0.00
4.35%
84,107.95
84,107.95
2/1/2020
3,964,000.00
72,014.74
4.35%
87,402.83
159,417.57
243,525.52
8/1/2020
3,891,985.26
0.00
4.35%
85,581.78
85,581.78
2/1/2021
3,891,985.26
72,885.77
4.35%
86,531.80
159,417.57
244,999.35
8/1/2021
3,819,099.49
75,925.91
4.35%
83,491.66
159,417.57
2/1/2022
3,743,173.55
78,112.94
3.55%
75,450.64
153,563.58
312,981.15
8/1/2022
3,665,060.61
88,147.34
3.55%
65,416.24
153,563.58
02/01/23
3,576,913.27
88,662.48
3.55%
64,901.10
153,563.58
307,127.16
08/01/23
3,488,250.79
91,303.15
3.55%
62,260.43
153,563.58
02/01/24
3,396,947.64
91,927.85
3.55%
61,635.73
153,563.58
307,127.16
08/01/24
3,305,019.79
94,247.66
3.55%
59,315.92
153,563.58
02/01/25
3,210,772.13
95,305.90
3.55%
58.257.68
153,563.58
307,127.16
08/01/25
3,115,466.23
97,956.84
3.55%
55,606.74
153,563.58
02/01/26
3,017,509.39
98,812.55
3.55%
54,751.03
153,563.58
307,127.16
08/01/26
2,918,696.84
101,468.90
3.55%
52,094.68
153,563.58
02/01 /27
2,817,227.94
102,446.54
3.55%
51,117.04
153,563.58
307,127.16
O8/01/27
2,714,781.40
105,108.50
3.55%
48,455.08
153,563.58
02/01/28
2,609,672.90
106,212.52
3.55%
47,351.06
153,563.58
307,127.16
08/01/28
2,503,460.38
108,633.42
3.55%
44,930.16
153,563.58
02/01/29
2,394,826.96
110,110.78
3.55%
43,452.80
153,563.58
307,127.16
08/01/29
2,284,716.18
112,784.57
3.55%
40,779.01
153,563.58
02/01/30
2,171,931.61
114,155.09
3.55%
39,408.49
153,563.58
307,127.16
08/01/30
2,057,776.52
116,835.13
3.55%
36,728.45
153,563.58
02/01/31
1,940,941.39
118,346.28
3.55%
35,217.30
153,563.58
307,127.16
08/01/31
1,822,595.11
121,032.79
3.55%
32,530.79
153,563.58
02/01/32
1,701,562.32
122,689.68
3.55%
30,873.90
153,563.58
307,127.16
08/01/32
1,578,872.64
125,227.20
3.55%
28,336.38
153,563.58
02/01/33
1,453,645.44
127,187.99
3.55%
26,375.59
153,563.58
307,127.16
08/01/33
1,326,457.45
129,888.16
3.55%
23,675.42
153,563.58
02/01/34
1,196,569.29
131,852.50
3.55%
21,711.08
153,563.58
307,127.16
08/01/34
1,064,716.79
134,559.86
3.55%
19,003.72
153,563.58
02/01/35
930,156.93
136,686.40
3.55%
16,877.18
153,563.58
307,127.16
08/01/35
793,470.53
139,401.23
3.55%
14,162.35
153,563.58
02/01/36
654,069.30
141,695.86
3.55%
11,867.72
153,563.58
307,127.16
08/01/36
512,373.44
144,367.90
3.55%
9,195.68
153,563.58
02/01/37
368,005.54
146,886.32
3.55%
6,677.26
153,563.58
307,127.16
08/01 /37
221,119.22
221,119.22
3.55%
3,946.67
225,065.89
225,065.89
Totals
$3,963,999.97
1.669.479.3
15.633,479.31
$5,633,479.31