HomeMy WebLinkAboutZ-526-09 Park Place PUDSponsors: Goluncilor'Stiarp
Couneiior Rider
ORDINANCE NO. Z-526-09
.AS AMENDED
AN ORDINANCE OF THE COMMON_COUNCIL OF THE
CITYOF-CARMEL, INDIANA
AMENDItNG•.ORDINANCE Z-500-06 AS AMENDED BY ORDINANCE Z-521=08
WHEREAS, puisuant to I.C. § 36-7- -1500, et_°'seg;, the Coihinon,Council of the City of
Carmel', Indiana (the `Council"') adopted Ordinance Z-500-06 estahlish'ing, the -POk Place
Planned Unit Development District (the "Park.Place Ordinance",): and
WHEREAS; the Council /adopted Ordinance Z-521-08,,*mending.O dinance Z-500-06 by
adding Parcels 2; and,") to the Park Place Ordinance;,and
W14ERW, Mayflower Coniniunities. Inc (?'Maytlower"),. owner Of the real estate
described in Exhibit A attached hereto; has petitioned the Council to amend Ordinance.Z-500-06
as amended by Ordinance Z-521-08, modifying the unit.mix contained in,Secfion 5.1(e) of the
Park,Place Ordinance.
NOW., THEREFORE; BE IT ORDAINED by the Common C_ouncii of the City of
Carmel; Ind iana,.as46llows:
Section I : Ordinance Z-500=06, Section 5.1(e) is amendcd.as follows:
`5;1(e) Thereshall'be a.maximum of 1'71.1ndependent residential
`living onifs, 44 assisted living units, 18 assisted living, memory,
support'units and 30 nursing care units,"
Section 2. All. prior Ordinances or parts thereof-inconsistent -with ally provisionlof
this Ordinance are hefebyrepealed.
Section 3. This•Ordinallce shall.be_in full fotce,and effect from and after its passage
and sigriing by (be'Mayor:z
r1
Z-526-09 PASSED by the Common Council of°the City of Carmel, Indiana, this ?-
ay of rr-) 00'_C_- , 20 09 ,,b.y a'vote of 6 ayes%aM a. nays.
COMMON COUN FOR
1
CGfi?
Presiding 00cer
zl'Z-?
W. Eric Seid sticker, resi pro Tempore
In V ACeettllrn
THE CITY OF
/oser-A 7 Griffiths
K vin D. Rider
L Z'
Richard L. Sharp
tvoT P2Es?
Ronald E. Carter nyder
ATTEST`.
Diana L. Cordray,-IAMC, Clerk-
by me io "
Z-526-09 Presented to me bg the Mayor of the City of Carmel, Indiana, this
w., c.A, 20 0?_, at I of ?3 . M.
3h4 day of
Diana L. Cordray, IAMC,.Clerk-'
Z-526-09 Approved by me, Mayor of the City of Carmel, Indiana, this 4-'U day of
?y\a ncSL. 20 09 , at 10'•?o A.M.
es Brainard. Mayor
ATTEST: C?
Diana L. Cordray,IAMC, Clerk-Tres, er
Prepared by: E: Davis Coots, Coots I-lenke & Wheeler,P.C., 255 E. Carmel Drive, Carmel,
Indiana 46032 (317) 844-4693
MdEDOGREY STONFORDINANCE."TO17940
Final proposal for The Barrington of Carmel PILOT agreement (Mod-1)
1. Prior terms related to payment guarantees shall be as previously discussed. Payment will be
secured by a mortgage on the Real Estate subordinated only to the construction financing.
2. The PILOT agreement shall be recorded and run with the land, binding successors and
assigns.
2. Mayflower shall receive a 50% discount on the annual tax load as previously discussed.
3. There will be a $350,000 floor on the annual tax load as previously discussed.
4. There will be no ceiling to the annual tax load.
5. The tax load shall be phased in on a year by year basis based on cash flows of the project.
-During the first year of construction the tax load remains at the current amount (approx $40,000)
-During the second year of construction the tax load will be $100,000.
-Upon issuance of a Certificate of Substantial Completion by the architect, thru the period until
Stabilized Occupancy is achieved, or 24 months whichever is sooner (Fill Up Period), Mayflower
would pay 50% of the floor amount or $175,000.
-Upon reaching Stabilized Occupancy or 24 months from issuance of the Certificate of Substan-
tial Completion, whichever occurs sooner, Mayflower would pay an amount based on items 2.
and 3 above (the previously agreed to 50% discount of the fitll assessed value).
6. Mayflower retains its right to appeal the assessed value throughout the life of the project.
8. Below is an example of how the above terms would look when applied to an annual timeline.
Year I - Construction starts ($40;000)
Year 2 - Construction is under way $10( 0.000)
Year 3 -Construction is complete and Certificate of Substantial Completion is issued ($175,000)
Year 4 - Fill up ($175,000)
Year 5 - Fill up ($175,000)
Year 6 - Fill up ($350,000 or 50% of assessed value whichever is greater)
Year 7 - Stabilized Occupancy ($350,000 or 50% of assessed value whichever is greater)
Year 8 and Beyond - Normal Operations ($350,000 or 50% of assessed value whichever is
greater)
EXHIBIT B
AGREEMENT ATTENDANT TO ORDINANCE Z-526-09
(Park Place PUD Ordinance Amendment)
Mayflower Communities, Inc. (AMayflower@), successor in interest to Guilford Partners,
'LLC (AGuilford@) owns real estate in Cannel, Hamilton County, Indiana, the legal description of
which is attached hereto as Exhibit AA@ (the AReal Estate@) and has petitioned the Common
Council of the City of Cannel, Indiana (the ACouncil@) to amend Ordinance Z-500-06 (the Park
Place Planted Unit Development District - APark Place PUD@) by the adoption of Ordinance Z-526-
09 modifying the unit mix contained in Section 5.1(e) of the Park Place-PUD.
Mayflower=s status as a 501(c)(3) charitable corporation may entitle Mayflower to tax
exempt status as to the Real Estate described in Exhibit AA@ and in the event' tax exempt status is
obtained by Mayflower, the City of Cannel and Mayflower agree to enter a APaytnent in Lieu.of
Taxes@ agreement (APTLOT agreement@) requiring Mayflower to pay an amount equal to Fifty
Percent (50%0) of the real estate taxes, adjusted annually as the property value is trended and the tax
rate changes; however, except during construction and achieving stabilized occupancy, thepayment
under the PILOT agreement shall never be less than the sum of Three Hundred Fiffy Thousand
Dollars and NoA 00 (S350,000.00) per year. The PILOT payment will be phased in over a five (5)
year period as follows:
Year I Constriction Starts
Year 2 Construction
Year 3 Construction complete and certificate of
substantial completion
Year 4 Occupancy fill-up
Year 5 Occupancy fill-up
Year 6 Occupancy till-up
Year 7 Stabilized occupancy
Year 8 and. Normal operation
beyond
$40,000.00
S100,000.00
$175,000.00
$175,000.00
$175,000.00
(50% of applicable tax based.
on assessed value or $350,000
whichever is greater
$350,000.00 or 50% of the
applicable tax based, on
assessed value, whichever is
greater
$350,000.00 or 50% of the
applicable tax based on
assessed value whichever is
greater
The PILOT agreement shall ,be recorded to run with the land and bind Mayflower=s
successors and assigns. Mayflower=s payment obligation created by the PILOT agreement shall be
secured bya mortgage on the Real Estate subordinated only to the construction -financing in the
original amount of the initial cost of the project.
Mayflower agrees to cooperate with the City of Cannel to allocate the Real Estate described
in Exhibit AA@ to the amended 126th Street expansion tax increment financing district as maybe
necessary.
Date:
MAYFLOWER COMMUNITIES, INC.
By:
(Printed)
Its:
(Title)
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
Before me, a Notary Public in and for said County and State, personally appeared Mayflower
Communities, hic: by , who acknowledged the execution of the
foregoing Agreement and who, having been duly sworn, stated that any representations therein
contained are true.
My Commission Expires:
Notary Public
My County of Residence:
Printed Name
H:\EDCGRE•YSTONE\Agreenent Altcndam m Ordimixe Z-526-09 withjmat 2.18.09.,Td
2
Sponsors: Councilor Sharp
Councilor Rider
Cross References:
(last deed of record)
AMENDED COMMITMENTS CONCERNING THE USE
AND DEVELOPMENT OF REAL ESTATE
In accordance with I.C. 36-7-4-1512(a)(3) and 36-7-4-615, Mayflower Communities, Inc.,
successor in interest to Guilford Partners, LLC, an Indiana limited liability company, (hereafter
"Mayflower"), is the owner of real estate located in Carmel, Hamilton County, Indiana, which real
estate is described on Exhibit A attached hereto and made a part hereof (hereafter referred to as the
"Real Estate"), and makes the following commitments (hereafter referred to as the "Commitments")
concerning the use and development of the Real Estate as the Park Place retirement community to
the City of Carmel Common Council (hereafter referred to as the "Council") for Park Place Planned
Unit Development Ordinance.
Section 1. Cross Reference. These Commitments are made in connection with approvals
obtained under Ordinance No. Z-500-06, the Park Place Planned Unit Development Ordinance,
approved by the Council on February 19, 2007 (hereafter referred to as the "Park Place PUD").
Section 2. Exhibits. The following exhibits are attached hereto and incorporated herein
by reference:
Exhibit "A". Attached hereto and incorporated herein by reference as
Exhibit"A".is the legal description of the Real Estate; and,
Section 3. Definitions. Different words and terms are defined throughout these
Commitments and the definitions below shall apply throughout these Commitments.
1. Owner. The term "Owner" shall mean and refer to Mayflower and its successors and
assigns.
2. Story or Stories. The term "Story or Stories" shall mean and refer to that.part of the
building comprised between the level of one finished floor and the level of the next higher finished
floor.
Section 4. Commitments. The Owner agrees and commits to the following:
That the building to be constructed upon the Real Estate shall not exceed three (3)
Stories in height.
2. That the maximum number of independent living units to.be constructed upon the
Real Estate shall not exceed 171 independent residential living units, 44 assisted
living units, 18 assisted living memory support units and 30 nursing care units.
Section 5. Binding on Successors. These Commitments are binding on the Owner of
the Real Estate and each subsequent owner of the Real Estate, and each other person acquiring an
interest in the Real Estate, unless modified or terminated by the Council. These Commitments may
be modified or terminated only by a decision of the Council after a public hearing wherein notice as
provided by the rules of the Council has been made. The provisions of this paragraph 5
notwithstanding, these Commitments shall terminate as to any part or parts of the Real Estate
hereafter reclassified (rezoned) from the Park Place Planned Unit Development District pursuant to
Ordinance No. Z-500-06, to another zoning classification.
Section 6. Effective Date. The Commitments contained herein shall be effective upon
the occurrence of all of the following events:
The adoption of the Park Place PUD Ordinance, Ordinance No. Z-5 -08, by the
Council; and
2. The commencement of the development of the Real Estate in accordance with the
assignment of the requested Park Place PUD classification pursuant to Ordinance No.
Z-5 -08, as evidenced by the issuance of a building permit and improvement
location permit, or their equivalent, for such development.
Section 7. Recordinfl. The undersigned hereby authorizes the Clerk Treasurer of the
City of Carmel to record these Commitments in the Office of the Recorder of Hamilton County,
Indiana.
Section 8. Enforcement. "these Commitments may be enforced by the Council and any
property owner within or immediately adjacent to the Real Estate.
IN WITNESS WHEREOF, the Owner has caused these Commitments to be executed as of
the date written below.
MAYFLOWER COMM UNITIES,. INC.,
successor in interest to Guilford Partners, LLC,
an Indiana limited liability company
By:
(Name)
(Title)
STATE OF INDIANA )
) SS:
COUNTY OF 1
Before me the undersigned, a Notary Public in and for said County and State, personally
appeared (name) (title) on behalf of Mayflower
Communities, Inc., successor in interest to Guilford Partners, LLC, an Indiana limited liability
company, who acknowledged the execution of the foregoing Declaration for and on behalf of said
limited liability company.
Witness my hand and Notarial Seal this day of
My Commission Expires:
Residing in County
2008.
Notary Public
Printed Name
Prepared By: E. Davis Coots, Coots Henke & Wheeler, P.C.,
255 E. Carmel Drive, Carmel, IN 46032
I affirm, under the penalties of perjury, that I have taken reasonable care to redact each Social
Security number in this document, unless required by law. E. Davis Coots
M.\EDC\GREYSTONMCommitments.rev.xpd
3
EXHIBIT "A"
LEGAL DESCRIPTION: Parcel I
Situate in the State of Indiana. County of Hamilton and being a part of the Southwest quarter of
Section 36, Township 18 North, Range 3 East of the Second Principal Meridian, more particularly
described to wit:
Commencing at a 5/8 inch rebar marking the Northeast comer of the West half of the Southwest
quarter of Section 36: Township 18 North, Range 3 East; thence South 89 degrees 15 minutes 14
seconds West 66.00 feet with the North line of said West half quarter; thence South 00 degrees 10
minutes 31 seconds East 771.40 feet to a magnaiI and the true point of beginning of the real estate
herein described; thence North 89 degrees 39 minutes 43 seconds East 727.76 feet to a 5/8 inch
rebar on the East line of the West half of the East half of said Southwest quaver; thence South 00
degrees 14 minutes 34 seconds East 1182.55 feet with said East line to a_ 5/8 inch rebar; thence
South 89 degrees 22 minutes 51 seconds West 504.50 feet to a 5/8 inch rebar; thence North 67
degrees 02 minutes 29 seconds West 244.32 feet to, a mag nail; thence North 00 degrees 10 minutes
31 seconds West 1088.40 feet to the point of beginning, containing 19.55 acres, more or less.
Subject to all rights-of-way and pertinent easements of record.
PETITION TO AMEND ORDINANCE Z-500-06
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA
ESTABLISHING THE PARK PLACE PLANNED UNIT DEVELOPMENT DISTRICT
AS AMENDED BY ORDINANCE Z-521-08
WHEREAS, Section 3) 1.6.4 of the Carmel/Clay Zoning Ordinance Z-289 (the "Carmel/Clay
Zoning Ordinance") provides for the establishment of a planned unit development district in
accordance with the requirements of I.C. § 36-7-4-15, et. seq.; and
WHEREAS, the Common Council of the City of Carmel, Indiana (the "Council') adopted
Ordinance Z-500-06 on February 19, 2007 (Z-500-06"), establishing the Park Place Planned Unit
Development District (the "Park Place Ordinance") for the Real Estate legally described in Exhibit
"A" attached hereto; and
WHEREAS, the Council is in the process of amending,Z-500-06 by Ordinance Z-521-08,
which Ordinance adds Parcels 2 and.3 to the Park Place Ordinance, the legal descriptions of which
are attached hereto as Exhibit "A-1" (Exhibit "A" and "A-1" together, the "Real Estate"); and
WHEREAS, Mayflower Communities, Inc. (`Mayflower"), the owner of the Real Estate
described in Exhibit A and commonly known as the 19.55 acres located along the east side of
Guilford Avenue, approximately 636.72 feet north of its intersection with 116th Street, Carmel,
Hamilton County, Indiana, and referred to as Parcel I in Z-500-06; and
WHEREAS, Mayflower desires to amend Z-500-06 as amended by Ordinance Z-521-08 to
modify the unit mix contained in Section 5.1(e) of the Park Place Ordinance.
NOW, THEREFORE, Mayflower Communities, Inc., by counsel, requests of the Common
Council of the City of Carmel, Indiana, as follows:
Section 1. Ordinance Z-500-06, Section 5.1(e) is amended as follows:
"51(e) There shall be a maximum of 171 independent residential
living units, 44 assisted living units, 18 assisted living memory
support units and 30 nursing care units."
Section 2. All prior Ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed.
Section 3. This Ordinance shall be in full force and effect from and after its passage and
signing by the Mayor.
Respectfully submitted,
MAYFLOWER COMMUNITIES, INC.
By:
E. Davis Coots, 43367-29
Its Attorneys
E. Davis Coots
Coots Henke & Wheeler, P.C.
255 E. Carmel Drive
Carmel, IN 46032
(317) 844-4693
dcootslachwlaw.com
MAEDOGREYSTONFTETITION TO AMEND ORDINANCE.wpd\17930
EXHIBIT "A"
LEGAL DESCRIPTION: Parcel I
Situate in the State of Indiana, County of Hamilton and being a part of the Southwest quarter of
Section 36, Township 18 North, Range 3 East of the Second Principal Meridian; more particularly
described to wit:
Commencing at a 518 inch rebar marking the Northeast corner of the West half of the Southwest
quarter of Section 36, Township 18 North, Range 3 East; thence South 89 degrees 15 minutes 14
seconds West 66.00 feet with the North line of said West half quarter; thence South 00 degrees 10
minutes 31 seconds East 771.40 feet to a mag nail and the true point of beginning of the real estate
herein described; thence North 89 degrees 39 minutes 43 seconds East 727.76 feet to a 5/8 inch
rebar on the East line of the West half of the East half of said Southwest quarter; thence South 00
degrees 14 minutes 34 seconds East 1182.55 feet with said East line to a 5/8 inch rebar; thence
South 89 degrees 22 minutes 51 seconds West 504.50 feet to a 5/8 inch rebar;-thence North 67
degrees 02 minutes 29 seconds West 244.32 feet to a mag nail; thence North 00 degrees 10 minutes
31 seconds West 1088.40 feet to the point of beginning, containing 19.55 acres, more or less.
Subject to all rights-of-way and pertinent easements of record.
EXHIBIT "A-1"
LEGAL DESCRIPTION: Parcels 2 and 3
Plot 5
Partof the Southwest Quarter of Section 36, Township 18 North, Range 3 East in Hamilton County,
Indiana, described as follows:
Beginning at the Northeast corner of the West Half of the Southwest Quarter of Section 36,
Township 18 North, Range 3 East; thence South 89 degrees 14 minutes 12 seconds West on and
along the North line thereof 66.00 feet; thence South 00 degrees 10 minutes 31 seconds East
(assumed bearing) parallel with the East line of the West half of said Southwest Quarter 1988.70 feet
to the True Beginning Point of the real estate herein described; thence.North 89 degrees 40 minutes
42 seconds East 729.14 feet to a point on the East line of the West half of the East Half of said
Southwest Quarter that is 1994.30 feet south 00 degrees 14 minutes 51 seconds east of the North line
of said southwest quarter; thence South 00 degrees 14 minutes 51 seconds East on and along the East
line of said half Half Quarter Section 632.71 feet to the South line of said Southwest Quarter; thence
South 89 degrees 21 minutes 50 seconds West on and along said South line 729.96 feet to a point
that is 66 feet West of the East line of the West half of said Southwest Quarter; thence north 00
degrees 10 minutes 31 seconds West parallel with said East line 636.72 feet to the True Beginning
Point; containing 10.630 acres, more or less.
Subject to an Indiana Bell Telephone Company Utility Easement recorded June 6, 1969, in Deed
Record 229, page 30; subject to the rights of way for College Avenue (Guilford Road) and 116"
Street; subject to all other legal easement and rights of way.
Sp6nsorsi Councilor Sharp
Councilor Rider
PETITION TO MODIFY COMMITMENTS CONCERNING.THE USE AND
DEVELOPMENT OF REAL ESTATE
Mayllower?Communities, Inc. (hereinafter. "Mayflower" ),successor in interest to Guilford
Partners, LLC (hereinafter "Guilford?'), owns real estate in Carmel, Hamilton,County; Indiana, the
legal description,of which,is attached hereto as Exhibit' A" (the "`Real-Estate") and petitions the
Common Council of the City of Carmel,,Iiidiana (the "Council" )'to amend certain Commitments
Concerning the Use and Developmentof Real Estate attached hereto as Exhibit "B" executed:on or
about March 9, 2007.
Section -4(2) establishes' the maximum number arid unit mix of units to be constructed as
fol lows:
"-That the makimurn number of independent living, units to be
constructed uponthereal 'estate shall not exceed 191-, the maximum
number.of'assisied living units to be constructed upon, the, reaFestate
shall. not exceed 20 and the maxime rn'numberof nursing care units
to be constructed upon the-real estate'shall:not exceed 28."
The.totai ntiniber of units;contained in ;the Commitments is"239.
Mavflower seeks;to amend the Commitments to modify Section 4(2 to provide a maximum
number of 171 independent residential living units, 44 assisted living units, 1.8 assisted living
memory support units and 30 nursing, care units for a total number of units 'contained iii the
Commitments to be 263,
All other terms and, conditionsrofthe Commitments.Conderningthe`Use?and'Developnnent
of Real l state,notamended by this.Pefition shall remain in full force and effect and unmodified.
Respectfully `submitted,
MAYFLOWER COMMUNITIES„INC.
By:
E. Davis. Coots, 43367-29
Its Attorneys
I:,. Davis Coots
Coots IIenke & Whecler, P.C.
255 E. CarmelDrive
Carmel, IN 46032.
(31.7) 844-.4693
dcootsnchwlaw.com
M; TD0GREYSTONElP2Tu10N To MODIFY C0MI41TM2r7T5.»p&17940
EX-RIBIT "A"
LEGAL DESCRIPTION: Parcel 1
Situate in the State of Indiana. County of 1--lamilton and being a part of the'gouthwest quarter of
Section 36. Township 18 North. Range 3 East of the Seeohd'Principal;Metidian, more particularly.
described-to w t:
Commencing at a 518 inch rebar marking the Northeast corner of the West half of,
the Southwest
quarter of Section 36, Township, 18 North. Range 3 East;'thence South 89 degrees 15 minutes 14
seconds West 66.00-feet with the North lint of said West half quarter; thence'South 00 degrees 10
minutes 31 seconds East 771.40 feet to a,mag.nail.and the true,point,ofbeginning 'of the real estate
herein described:°thence North 89 degrees 39 minutes 43 ,seconds East 727.76 feet to a.5/8_inch
rebar on the East line of the;Westhalf of the East-half of said;Southtivest,quan6r;,thence South 00
degrees 14 minutes, 34 seconds'Fast 1182.5i feet with sald,East'line to -a 5l8 inch rebar: thence
South 89 degrees 22 minutes 51 seconds West 504,50 feet to a, 578 inch rebar; thence North 67
degrees 02 minutes 29 seconds West 214.32 feetto a,maa nai];.thence'North 00 degrees l 0 minutes
31 seconds West 1.088.40 feet to the point of beginning, containing 39.55 acres; Marc- or less.
Subject to all rights-of-way and pertinenveasetnents of record.
Cross References: (last deed.of record)
COMhIITmw4TS CONCERNINGtTHE USE,'
AND DEVELOPMENYOP REAL ESTATE
In accordance,with LC. 36=7-4-1512(a)(3);and 3577-4-615, Guilford Partners, LLC, ap
Indiana 4im ted liability cctnpariy, (berdufler.refcrred`to,as,"Guilford"), is; the,owncrof real estate
Iocated in. Carmel, Hamilton CoLmy, `Indiana, which real estate is described on Exbibit A
attached hereto,and made w part hereof(hereafter referred to as'the "Real Estate"); and makes the
following commitments (hereafter referred to=as the "Coins iiitrnents") concerning the use and
development of the Real Estate as:the Park Place retirement community to the City of Carmel
Common Council, (hereafter referred to as the "Council") for Park Place Planned Unit
Development Ordinance.
Section 1. Cross Reference. These,Commitments are made in connection with approviis
obtained under Ordinance No. Z-500-05, the Park Place Planned Unit-Development Ordinance,
approved by the Councii.on 2907 (hereafter referred to.as the "Park.Place PUD").
Section 2. Eihihits.1b_q following, exhibits are attachcd hereto'and incorporated herein by
reference:
Exhibit "A".' Attaehed, hereto and incorporated'.herein by reference as Exhibit "A" is the
legal description of the Real Estate; and,
Section 3. Definitions. Diff'erent' words and terms are defined throughout these
Commitments and the definitions b6low sball apply througbout these Commitments.
1. Owner The term"'Owner"fshall mean and referto Guilford and its successors and
assigns.
2. StoacrStories. The term "Story or Stories" shall mean.and refer to that part cf the
building comprised between the level; of one fio4ed-floor and the,level_of the next
higher finished floor:
'EXHIBIT
Section-4. Commitments. The Owner agrees and commits to the following:
1. That. the building to be constricted upon tlie'Rea1 Estate shall not eiceed.'three (3)
Stories in height.
2. That-the maximumtnumoer of independent living units to be constructed upon the
Real Estate shall novexceed one;hundred arid ninety one (191), the maKUnum hurnber
of assisted living units to be consmrated' upon the Re4Esrate shalt not exceed;tweaty
(20) and the maximum number of.nursing-care units to be?constructed upon the Real
.Estate shall not exceed twentyeigiit,(28).
Section 5. itiading on Successors. These Commitments are binding;on the Owner of the.
Real Estate andeach subsequent ownenof the Real Estate; and each other person: acquiring. an
interest in the Real-Estate, unless'modi5ed.cr.terminated by the Council. These Commitments
may be modified or terminated only by a, decision of-the Council after a ppblic.hearing wherein
notice, as provided by'the rtes of {be Council has.been made. The provisions of this paragraph 5
notwithstanding, these Commitments* &A termiaatc.as to any part or parts of ft Rcal.Estate
hereafter reclassified (rezoned) from the Park. Place Piwmed'Unif Developmem-Districi pursuant
to Ordinance N6.2-500=05, to another zoning,classification.
Section b. Effective Date. The Commitments contained herein shall'be "effective upon the.
oceurrenee of all of the.following events:
,The adoption of the Park Place:PUD Ordinance, Ordinance No. Z-300-06, by the
Council;
2. The commencement o'the dcvelepment of the"Real Estate h accordance with the
assignment of the requested Park?Place'ftJD classification pursuani'to Ordinance N02-
500-06, as evidenced by the issuance of a..huilding permit and improvement location:
permit, or:their equivalent, for such development:
Section 7. Recording. The undersigned-hereby authorizes the Clerk Treasurer of-the City
of Caimel.to record these Commitments in the Office of the Recorder of Hamilton-County,
indiana.
Section a. Enforcement. `These-Commitments may he enforced by-the Council and ;any
property ownet.within or immediately adjaceni.to the Real Estate.
TN W TNESS' WHEREOF; the.Ovsner has caused these Commitmcras:to be executed as of the
dale written below,
By: Guilford Partners, LLC, an Indiana limited liability -company
Bv;
(flame) (title)
STATE OF INDIAWA )
SS:
COUNTY OF )
Before Inc the undersigned, a Votary., Public in and for said County and State, personally
appeared (name) (# le) on 'behalf of
Guilford Parmers, LLC; an Indiana l mired liability company, who acknowledged, the execution
of the foregoing Deelaration for and on 'behalf of said limited liability company,
Witness my hand and Notarial Sea] iliis daycf
My Commission Expires:
Residing in
2007.
Notary Public
County
PrintedName
Prepared, By:.James E..Shinaver, Nelson &;Frankenberger; 3105 East,98`s street; Suite 170,
Indianapolis, IN. 46280.
I af5rm, ulderthe.penaltiesofpeijury; that I have taken reasonable.care to?redact each Social
Security number in this document; iullesS required by law. James E: Shinaver
arddlmnmgiwlb-Vilfeidlrnnnclln ihic6u(4262a7