HomeMy WebLinkAboutFirst Amendment to Taxpayer Agreement - South Commercial Component2022041153 AMEN $25.00 CDH
08/18/2022 03:55:17PM 5 PGS
Jennifer Hayden
Hamilton County Recorder IN
Recorded as Presented
II II II II II I I III III I I I I II
Dross-Keterence: insirumeni ivo. zu 16 �6
FIRST AMENDMENT
TO
TAXPAYER AGREEMENT
South Commercial Component
This First Amendment to Taxpayer Agreement (South Commercial Component) (the
"Amendment"), executed as of this 1st day of July, 2019, by The City of Carmel Redevelopment Commission
("CRC"), and Midtown East Block 3, L.L.C. ("Owner'), Witnesses:
Recitals
WHEREAS, CRC and Owner have entered into that certain Taxpayer Agreement (South
Commercial Component) dated July 20, 2016, and recorded in the Office of the Hamilton County Recorder
as Instrument Number 2016 Q3 6� (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)(i):
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.]
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IN WITNESS WHEREOF, CRC and Owner have executed this Amendment as of the date
set forth above.
ACKNOWLEDGMENT
STATE OF INDIANA )
COUNTY OF A/P/ 11®h � SS:
j/
CRC:
THE PITY OF CIA RMEL
REDEYE O NT COMTll�ON
illia am r sident
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 (South Commercial Component) for and on behalf
of such entity.
Witness my hand and Notarial Seal this 1st day of July, 2019.
My commission expires:
I am a resident of
County, Indiana.
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By:
Notary Public
Printed Name:
MICHAEL LEE
Notary Public - Seal
Hamilton County - State of Indiana
Commission Number NP0719893
My Commission Expires Apr 22, 2027
ACKNOWLEDGMENT
STATE OF INDIANA )
''JJ
,L )
COUNTY OF Y4 01e // o/) SS: )
THE CITY OF CARMEL
REDDEVFLOPMENT COMMISSION
Printed:
Title:
e, a Notary p�ubli in and for the State of Indiana, personally appeared
Vehr`/ pest ��/`yffore me , the Fy"I AAeC7o,1- of The City of Carmel Redevelopment Commission, who
acknowledged the a cecution of the foregoing First Amendment to Taxpayer Agreement (South Commercial
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
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ACKNOWLEDGMENT
STATE OF INDIANA
COUNTY OFMII-,-TON � SS:
OWNER:
MIDT WN EA T BLOCK 3, L.L.C.
By: :
Print
Title:
r A ` me, a Notary Public in and for the State of Indiana, personally appeared
J iA si1Y1 Ivy fore , the y; of Midtown East Block 3, L.L.C., who acknowledged
the execution of the foregoing First Amendment to Taxpayer Agreement (South Commercial Component) for
and on behalf of such entity.
Witness my hand and Notarial Seal this is' day of July, 2019.
By:
My commission expires: P n
W.
I am a resident of County, Indiana.
Notar<F)ublic
Printed Name:
���"'''�.:iCASEY J SHINAVER-
o. !otary
Public, State of Indianax
Hamllton
SEAL;"
County
*Commisslon
�,M
uniN`���
A 718975"
y Commission Expires
July 23, 202ti
This instrument was prepared by, and return after recording to, Ryan R. Wilmering, Attorney -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
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