HomeMy WebLinkAboutFirst Amendment to Taxpayer Agreement - Retail Space Component2022041162 AMEN $25.00
08/18/2022 04:16:11PM 6 PGS
Jennifer Hayden
Hamilton County Recorder IN
Recorded as Presented
AMM
Cross -Reference: Instrument No. 2016039022
FIRST AMENDMENT
TO
TAXPAYER AGREEMENT
Retail Space Component
This First Amendment to Taxpayer Agreement (Retail Space Component) (the
"Amendment"), executed as of this 1 st day of July, 2019, by The City of Carmel Redevelopment Commission
("CRC'), and 1SO Midtown Carmel LLC ("Owner"), Witnesses:
Recitals
WHEREAS, CRC and Owner, as successor in interest to Midtown East Block 1, L.L.C., have
entered into that certain Taxpayer Agreement (Retail Space Component) dated July 20, 2016, and recorded
in the Office of the Hamilton County Recorder as Instrument Number 2016039022 (the "Taxpayer
Agreement');
WHEREAS, all capitalized terms used here but not defined herein shall have the meanings
ascribed to them in the Taxpayer Agreement;
WHEREAS, due to delays and/or inconsistencies with respect to the Assessed Value for the
Real Estate Taxes assessed in 2018 and payable in 2019, the Increment for 2019 is less than the Project
Increment for 2019;
WHEREAS, CRC and Owner reasonably anticipate that the Assessed Value for the Real
Estate Taxes assessed in 2019 and payable in 2020 will be generate Increment in 2020 that, together with
the Increment in 2019, will cover the aggregate Increment Projections for 2019 and 2020;
WHEREAS, rather require Owner to make a Supplemental Payment in 2019, CRC has
agreed to wait until the first semi-annual payment due in 2020 to compare the aggregate Increment generated
in 2019 and 2020 with the aggregate Increment Projections for 2019 and 2020 to determine the amount of
the Supplemental Payment, if any, subject to the terms and conditions of this Amendment; and
WHEREAS, Owner and CRC have agreed to execute this Amendment;
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged hereby, CRC and Owner agree as follows:
1. Supplemental Payments.
(a) The following language hereby is inserted into the Taxpayer Agreement at the end
of Subsection 3(a)(1):
Notwithstanding anything to the contrary in this Subsection, Owner shall
have no obligation to make a Supplemental Payment until at least July 1,
2020. With respect only to the semi-annual periods in 2019 and 2020,
Owner shall be required to make a Supplemental Payment on or before
July 1, 2020, or January 1, 2021, as the case may be, if the Property does
not generate, in the aggregate, the amount of Increment during either the
first semi-annual period of 2019 and 2020 or the second semi-annual period
of 2019 and 2020 projected by the Increment Projections to be generated,
in the aggregate, during the first semi-annual period of 2019 and 2020 or the
second semi-annual period of 2019 and 2020, as the case may be.
(b) The following language hereby is inserted into the Taxpayer Agreement after the first
sentence of Subsection 3(a)(ii):
Notwithstanding anything to the contrary in this Subsection, if Owner is
obligated to make a Supplemental Payment pursuant to Subsection 3(a)(i)
on account of the aggregate Increment generated during the semi-annual
periods of 2019 and 2020, then the amount of such Supplemental Payment
shall be equal to the difference between: (A) the aggregate amount of the
Increment projected by the Increment Projections to be generated for the
first semi-annual period or the second semi-annual period, as applicable;
minus (B) the aggregate Increment actually generated for such semi-annual
period.
2. Low Value. For the avoidance of doubt, Owner shall have no obligation under Subsection 4(c) of the
Taxpayer Agreement with respect to the Assessed Value in 2018 or 2019.
3. Miscellaneous. In the event of any conflict between the Taxpayer 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 Taxpayer Agreement shall remain in full force and effect. This
Amendment may be signed in one or more counterparts, each of which shall be an original but all of which
together shall constitute a single instrument.
[Signature page to follow.]
-2-
IN WITNESS WHEREOF, CRC and Owner have executed this Amendment as of the date
set forth above.
ACKNOWLEDGMENT
STATE OF INDIANA )
SS:
j )
COUNTY OF . trn I/ fm )
CRC:
THE CITY n OF C;ARMEL
By:
William Ham
Before me, a Notary Public in and for the State of Indiana, personally appeared William
Hammer, the President of The City of Carmel Redevelopment Commission, who acknowledged the execution
of the foregoing First Amendment to Taxpayer Agreement (Retail Space Component) for and on behalf of
such entity.
Witness my hand and Notarial Seal this 1" day of July, 2019.
By:
Notary Public
Printed Name:
My commission expires:
am a resident of County, Indiana. MICHAEL LEE
Notary Public - Seal
Hamilton County - State of Indiana
Commission Number NP0719893
My Commission Expires Apr 22, 2027
-3-
ACKNOWLEDGMENT
STATE OF INDIANA )
/ COUNTY OF Jy11 i�h ) SS:
THE
CITY
OF CARMEL
REDEVELOPMENT COMMISSION
By:
—
Printed:
nb' i
%M 0)kt(C-i
Title:
pf'rGc/Ui-
+ j B fen
a me, a Notary Public in and for the State of Indiana, personally appeared
t7 eh r 8� � �%y , the t ya e L-4clov of The City of Carmel Redevelopment Commission, who
acknowledged the exe ution of the foregoing First Amendment to Taxpayer Agreement (Retail Space
Component) for and on behalf of such entity.
Witness my hand and Notarial Seal this 1s' day of July, 2019.
By:
Notary Public
Printed Name:
My commission expires:
I am a resident of County, Indiana. MICHAEL LEE
Notary Public - Seal
Hamilton County - State of Indiana
Commission Number NP0719893
My Commission Expires Apr 22, 2027
lI
ACKNOWLEDGMENT
STATE OF CALIFORNIA )
SS:
COUNTY OF )
OWNER:
1SO MIDTOWN CARMEL LLC
By:
Printed: dQl
Title: MOK131a l�
Before me, a Notary Public in and for the State of California, personally appeared
the &Dk&A &WAgy of 1 SO Midtown Carmel LLC, who acknowledged the
execution of the foregoing First Amendment tolTaxpdyer Agreement (Retail Space Component) for and on
behalf of such entity.
Witness my hand and Notarial Seal this 1' day of July, 2019.
My commission expires: ct 1 20'Z
I am a resident of
County, Indiana.
By:
Aot& fy6blic Printed Name: I 40—
r DALLAS LUGH STAG
Notary Public • Californi
! = Los Angeles County
= g Commission k 2292245
My Comm. Expires Jun 9, 2023
This instrumentwas prepared by, and return after recording to, Ryan R. Wilmering, Attomey-At-Law, Wallack
Somers & Haas, One Indiana Square, Suite 2300, Indianapolis, Indiana, 46204.
I 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-
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of /
On 0 ® before me,
Date r I e w Here Ins FNameqA Title of th Officer
personally appeared V I v "% ►
Name(s) of Signer(s)
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person(s) acted, executed the instrument.
a , ^ DALLAS LEIGH STACK
= Notary Public . California
Los Angeles County >
Commission S 2292245
My Comm. Expires Jun 9, 2023
Place Notary Seal and/or Stamp Above
I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature — �i � J
S' n ture of Notary Public
L-1 M0Lw1YI-V-
Completing this information can deter alteration of the document or
fraudulent reattachment of this form to an unintended document.
Description of Attached Document
Title or Type of Document:
Document Date:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Partner — ❑ Limited ❑ General
❑ Individual ❑ Attorney in Fact
❑ Trustee ❑ Guardian of Conservator
❑ Other:
Signer is Representing:
Number of Pages:
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Partner — ❑ Limited ❑ General
❑ Individual ❑ Attorney in Fact
❑ Trustee ❑ Guardian of Conservator
❑ Other:
Signer is Representing:
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National(02017 • Association