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CCM-03-01-10
Office of the Clerk Treasurer City of Carmel COMMON COUNCIL MEETING AGENDA MONDAY, MARCH 1, 2010 6:00 P.M. COUNCIL CHAMBERS /CITY HALL /ONE CIVIC SQUARE MEETING CALLED TO ORDER 1. INVOCATION 2. PLEDGE OF ALLEGIANCE 3. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS 4. APPROVAL OF MINUTES a. February 15, 2010 Regular Meeting 5. RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL 6. COUNCIL, MAYORAL AND CLERK- TREASURER COMMENTS /OBSERVATIONS 7 ACTION ON MAYORAL VETOES 8. CLAIMS a. Payroll b. General Claims c. Retirement 9. COMMITTEE REPORTS a. Finance, Administration and Rules Committee b. Land. Use, Annexation and Economic .Development Committee c. Parks, Recreation and Arts Committee d. Utilities, Transportation and Public Safety Committee e. Report from the Council Appointee to the Redevelopment Commission Presentation by Loren Matthes, Umbaugh ONE CIVIC SQUARE CARMEL, INDIANA 46032 317/571 -2414 1 10. OLD BUSINESS a. Third Reading of Ordinance Z- 539 -10; An Ordinance of the Common Council of the City of Cannel, Indiana, Adopting Article 3: CARMEL SMARTCODE as part of the Carmel City Code, Chapter 10: Zoning and Subdivisions; Sponsor: Councilor Rider. b. Resolution CC- 02- 15- 10 -04; A Resolution of the Common Council of the City of Carmel, Indiana, Ensuring Parks Compliance With Interlocal Agreement: Sponsor: Councilor Snyder. REMAINS IN THE FINANCE, ADMINISTRATION AND RULES COMMITTEE 11. PUBLIC HEARINGS 12. NEW BUSINESS 13. OTHER BUSINESS 14. ANNOUNCEMENTS 15. EXECUTION OF DOCUMENTS 16. ADJOURNMENT 03/01 /10 CC Meeting Agenda a. Resolution CC- 03- O1- 10 -01; A Resolution of the Common Council of the City of Carmel, Indiana, Approving a Ten -Year (10) Personal Property Tax Abatement for Young at Heart located at 12800 North. Meridian Street, Suite 175, Carmel, Indiana 46032; Sponsor(s): Councilor(s) Carter, Rider, Sharp and. Snyder. 2 COMMON COUNCIL MEETING MINUTES MONDAY, MARCH 1, 2010 6:00 P.M. COUNCIL CHAMBERS /CITY HALL /ONE CIVIC SQUARE MEMBERS PRESENT: Mayor James Brainard, Council President Richard L. Sharp, Council Members W. Eric Seidensticker, John V. Accetturo, Joseph C. Griffiths, Luci Snyder, Ronald E. Carter, Kevin Rider, Clerk Treasurer Diana L. Cordray and Deputy Clerk- Treasurer Lois Fine. Mayor Brainard called the meeting to order at 6:01 p.m. Tavio Henson, Every Nation Church, pronounced the Invocation. Mayor Brainard led the Pledge of Allegiance. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS: There were none. APPROVAL OF MINUTES: Councilor Seidensticker made a motion to approve Minutes from the February 15, 2010 Regular Meeting. Councilor Griffiths seconded. There was no Council discussion Council President Sharp called for the vote. The Minutes were approved 7 -0. RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL: Mary Eckard, 136 Lantern Lane, Carmel, IN addressed the Council regarding Ordinance Z- 539 -10 (SmartCode). Laura Corry, 347 2 Avenue N.E., Cannel, IN addressed the Council in opposition to Ordinance Z- 539 -10 (SmartCode). COUNCIL, MAYORAL AND CLERK- TREASURER COMMENTS /OBSERVATIONS: Clerk Treasurer Diana L. Cordray addressed the Council and thanked the Cannel High School students who participated in the recent dance marathon. The students raised almost $175,000 for Riley Children's Hospital. Councilor Snyder recognized the Cannel High School girls swim `:earn. They have extended their National record for 24 consecutive State Championships. Councilor Snyder referred to Coach Chris Plum to address the Council. Also present were four seniors from the swim team. Councilor Snyder also addressed the Council regarding a fund raiser for the Hamilton C Humane Society to be held on Friday, March 5, 2010 at the Oak Hill Mansion. 1 1 1 Councilor Rider announced that the City of Carmel Utilities received the Hoosier Water Guardian Award from the Indiana Department of Environmental Management. Council President Sharp stated that the meeting scheduled for Monday, April 5, 2010 would be cancelled. Carmel Clay Schools will be on Spring break the week of April 5` A Special Meeting may be scheduled for Claims approval. Council President Sharp also discussed the Carmel Swim team's accomplishments. Council President Sharp addressed the public on behalf of the Council regarding the recent alleged incident at Carmel High School. ACTION ON MAYORAL VETOES: There were none. CLAIMS: Councilor Seidensticker made a motion to approve Claims in the amount of $2,832,163.95. Councilor Griffiths seconded. There was no Council discussion. Council President Sharp called for the vote. Claims were approved 7 -0. COMMITTEE REPORTS: Councilor Snyder reported that the Finance, Administration and Rules Committee had not met. The next meeting will be held on Wednesday, March 3, 2010 at 3:30 p.m. Councilor Seidensticker reported that the Land Use, Annexation and Economic Development Committee met and discussed Ordinance Z- 539 -10. Councilor Seidensticker will present the committee report when this item appears on the Agenda. Councilor Carter reported that the Parks, Recreation and Arts Committee had not met. Councilor Griffiths reported that the Utilities, Transportation and Public Safety Committee had not met. A report was given by Council Appointee to the Carmel Redevelopment Commission Bill Hammer. A report on the Carmel Redevelopment Finances was given by Loren Matthes, Umbaugh (attachment). There was extensive Council discussion. Mayor Brainard addressed the Council. Councilor Seidensticker addressed Mr. Hammer. OLD BUSINESS Council President Sharp announced the Third Reading of Ordinance Z- 539 -10; An. Ordinance of the Common Council of the City of Carmel, Indiana, Adopting Article 3: CARMEL SMARTCODE as part of the Carmel City Code, Chapter 10: Zoning and Subdivisions. Councilor Seidensticker presented the Land Use, Annexation and Economic Development Committee report to the Council. This item was returned to the Council with no recommendation. Council President Sharp referred to City Attorney, Doug Haney for clarification. Mayor Brainard addressed the Council. John Molitor, Plan Commission Attorney addressed the Council. There was brief Council discussion. Council. President Sharp set this item aside and informed the Council that it would be discussed again at 8:00 p.m. 2 1 Council President Sharp announced Resolution CC- 02- 15- 10 -04; A Resolution of the Common Council of the City of Carmel, Indiana, Ensuring Parks Compliance With Interlocal Agreement: Sponsor: Councilor Snyder (Remains in the Finance, Administration and Rules Committee). This item was not discussed. PUBLIC HEARINGS Council President Sharp announced Resolution CC- 03- 01- 10 -01; A Resolution of the Common Council of the City of Carmel, Indiana, Approving a Ten -Year (10) Personal Property Tax Abatement for Young at Heart located at 12800 North Meridian Street, Suite 175, Cannel, Indiana 46032. Councilor Seidensticker made a motion to move this item into business. Councilor Rider seconded. Councilor Snyder presented this item to the Council. There was no Council discussion. Council President Sharp opened the Public Hearing at 7:46 p.m. Karen Carter, 918 E. Auman Drive, Carmel, IN addressed the Council. Seeing no one else who wished to speak, Council President Sharp closed the Public Hearing at 7:47 p.m. There was brief Council discussion. Council President Sharp referred to Larry Gigerich, Managing Director of GINOVUS, 8888 Keystone Crossing, Indianapolis, IN, representing the petitioner, to address the Council. There was brief Council discussion. Councilor Griffiths made a motion to approve Resolution CC- 03- 01- 10 -01. Councilor Rider seconded. There was no Council discussion. Council President Sharp called for the vote. Resolution CC- 03- O1 -10 -01 was adopted 7 -0. NEW BUSINESS There was none. OTHER BUSINESS There was none. ANNOUNCEMENTS Council President Sharp provided web site www.indyauditions.com for the public to view the reviews that were posted for the Cannel Community Players production of "All Shook Up Council President Sharp reminded the Council and the public that Carmel would be making adjustments to the City's Council districts in preparation for Southwest Clay's incorporation into the City in July. Council President Sharp stated that without objection from the Council, he would be entering into a contract with Wabash Scientific to provide the Council with the proposed redistricting area. There was no objection from the Council. Councilor Carter suggested the Council should consider redistricting to be a 2 Class City within the next 1 'A years. There was brief Council discussion. Council President Sharp stated that the Council would again consider Ordinance Z- 539 -10 (7:58 p.m.). John Molitor, Plan Commission Attorney, addressed the Council and read from the 2009 Edition of the Indiana Planning and Zoning Laws (IC 36 -7 -4 -607 (e)(4)(a)(b)). There was brief Council discussion. Council President Sharp called for the vote. Ordinance Z- 539 -10 FAILED 0 -7. EXECUTION OF DOCUMENTS 3 1 1 ADJOURNMENT Mayor Brainard adjourned the meeting at 8:28 p.m. ATTEST: Clerk- Treasurer Diana. L. Cordray, 03101/10 CC Meeting Minutes Respectfully submitted, Clerk Treasurer Diana L. Cordray Approved, ayor James Brainard Carmel Redevelopment Commission February 17, 2010 Tax Increment Report: Economic Development Areas Related to PAC and Downtown Improvements Ifs.Jl.Jxxttexperience. What is TIF? Tax increment financing (or "TIF is a tool which captures the increases in assessed value from new commercial development within a designated area. 0 TIF can be used to expand and improve infrastructure or provide other incentives to induce private investment and spur economic development. What is TIF? The new businesses in a TIF Area still pay property taxes on their new private investment. The incremental taxes are captured to repay bonds or to pay directly for projects. The other taxing units forgo the increase in assessed value during the term of the TIF Area. After the TIF Area is ended, the increased assessed value becomes part of the tax base for all the taxing units. Ways that TIF is used: Economic Development To offer incentives to induce new private investment Infrastructure Development and local improvements To encourage growth in a specific area such as a potential industrial, office or commercial area To alleviate congestion and to facilitate additional growth in a developing area To fund improvements to enhance area. Examples: fire stations, police stations Redevelopment of blighted areas Examples: Rehab sewers, construct parking facilities or rehabilitate buildings in a downtown area Downtown Redevelopment II M?SR E 4N iii ...We a et grime Economic Development 6 Economic Development Encourage new business investment Encourage job creation or retention Increase local and state tax base Improve local economic conditions Target: specific industries or market segments, geographic areas, minorities or low income Competition among alternative sites Tax Increment Financing (TIF) Area sc000 °o 0o (©pt©O To oc000n eo Town, City or County Redevelopment District 8 Existing property assessed value is part of tax base for all overlapping taxing units Tax Allocation Area Before New Construction County Base Tax School NAV x Rate Taxes Library City TIF: Capture real and (sometimes) personal property assessed value growth Tax Allocation Area After New Construction Incremental Tax TIF Assessed Value x Rate Taxes Redevelopment Commission Allocation Fund Base Tax County Assessed Value x Rate Taxes -ta School Library City /Town 10 TIF Area: Sample TIF Calculation Current Assessed Value (AV) Base Assessed Value Incremental AV x Property tax rate (per $100 AV) $400,000,000 (100,000,000) 300,000,000 $1.5000 Annual Tax Increment $4,500,000 Carmel's TIF Areas SINGLE DEVELOPER TIF AREAS Paid from TIF and Developer payments only Examples: Parkwood, Clarian Illinois Street, Merchants Square, City Center Pedcor TIF AREAS downtown improvements Many CRC obligations paid from TIF only PAC Lease Bond paid from TIF with COIT /property tax back -up 12 Year Payable 2005 2006 2007 2008 2009 Estimated vs. Actual TIF (in millions) 2005 TIF Estimate Actual Collections $4.6 $4.6 4.2 4.1 5.7 8.4 6.5 10.8 7.2 13.8 13 2010 Incremental AV 2010 Tax Increment 2005 Estimate 2010 Estimate $46,000,000 $700,000 Pedcor office buildings Retail /office (235,000 sq. ft.) Parcel 12 separated for design center City Center RDA $49,000,000 $855,000 Old Town Shoppes 14 2010 Incremental AV 2010 Tax Increment Hilton Garden Hamilton Crossing Equicor 2005 Estimate $228,000,000 $3,500,000 126t" Street EDA 2010 Estimate $445,000,000 $7,700,000 Opus office buildings Nightingale HQ Lauth- Walker offices Capital Group Fineberg Building Panda Express Providence Shoppes First Financial Staybridge Suites Hotel Renaissance Hotel Eh Street Allied Solution-s---- Street ,ra Midwest ISO KLISIV ifirxo 3 jrj Lr -OM 1 111,71.ii Sunrise Senior Living Center E3A New Center ct\on.. BUCA6ng,113111 4011_-_1 J1) T 2010 Incremental AV 2010 Tax Increment Other TIF Areas Old Town, Old Meridian, Illinois Street, Hazel Dell North, Hazel Dell South 2005 Estimate 2010 Estimate $107,000,000 $253,000,000 $1,600,000 $4,400,000 New Developments not anticipated several office and medical buildings, and car dealerships Value was greater than estimates Village of West Clay commercial area 18 Amended 126th Street Estimated Tax Increment from the 126t" Street Allocation Area 2010 Square Amount First Tax Year Payable Footage Abated Year 2008 2009 2010 2011 2012 Existing incremental assessed value: $330.822,958 $364,327.138 $384,697.633 $384.697,633 $384.697.633 Existing abatements: 303 Group LLC $4,169,600 2007 598,440 1.372,138 2,084,800 2,751,936 3,460,768 Allele Automotive Services (Duke Realty) 12,895,900 2005 4,609.388 6,477,850 7,737,540 9,027,130 10,316,720 Altete Automotive Services (Duke Realty) 7,793,800 2006 1,443,364 2,740.500 3,896.900 4,676,280 5.455.660 Carmel Office 1031 LLC (MISO bldg.) 8,594,500 2009 0 429,725 1,718,900 3,008.075 Capita] Bank Trust Company (Opus bldg. I) 10,125,400 2009 0 506,270 2,025,080 3.543.890 New Development: Opus Landmark Phase II 180,000 2011 16,200,000 16,200.000 Opus Landmark Phase III 32,000 2011 2,800,000 2.800.000 Providence Shoppes 15,123 2011 1,000,000 1.000.000 Providence Shoppes 30.246 2011 2.100,000 2.100.000 Carmel Office Park Bldg. 4 (William Sollenberger) 8,364 2012 700,000 Anticipated developments Total incremental assessed value 337.474,150 374,917.626 399,352.868 426,996,959 433,282.746 Less estimated 2009 appealed assessed value (1) (18,000,000) 19,000,000) (19,000,000) Change in assessed value due to change in market value (2) 4.100.000 Net Incremental assessed value 381.352.868 407.996.959 418,382.746 Times: net tax rate $1.6043 $1.7319 $1.7319 $1.7319 $1.7319 Estimated Tax Increment $5.414,090 $6,493,200 $6,604,650 $7,066,100 $7.245.970 (1) Reduced for pending appeals: 10% in 2009 and 2010, and 3% in 2011. 19 (2) Assumes an annual 1 increase in assessed value due to increase in market value. Additional TIF/ Potential Appeals Clarian Surplus $1,800,000 through 2023 $3,000,000 through 2032 Midwest ISO personal property $58,000 beginning in 2011 $197,000 2017 -2028 Barrington PILOT Payments $40,000 beginning in 2012 Up to $350,000 2018 and thereafter Estimated tax appeals reduce the AV by: 10% in 2009 and 2010 3% in 2011, then, held constant Historical TIF First 10 years...TIF grew from $0 in 1998 to: $770 million AV $13.3 million TIF in 2009, and database shows $850 million AV $14.7 million TIF in 2010 (adjusted for appeals) TIF from Future Development Based on building permits and developable sites per DOCS Assume NO new development growth 2010 2015 (other then buildings already constructed or under construction) Estimated growth $316 million AV $5.5 million TIF Spread over time from 2016 2025 ...over 14 years We allow 25 years for the new development to occur 21 Comparison of 2005 and 2010 TIF Estimates (in millions) Year Payable 2005 TIF Estimate 2010 TIF Estimate 2005 $4.6 $4.6 2010 2015 2020 2028 2029 -2032 7.4 14.7 (No new devt.) 8.7 18.1 10 21.1 12.2 24.9 5.1 13.8 $30,000,000 $25.000,000 $20,000.000 $1.5,000,000 $10,000,000 $5,000,000 $o COMPARISON OF 2005 AND 2010 ESTIMATED TAX INCREMENT* C:5 N ti N N. 1 1 1 ti ry r n t ti r h ti ti ti Cs r•V v° r o �o �o �o ti o d o �o �o v° d o �o r V (%0 fo ^v° rvJ o rV V v *The estimated TIP revenue is based on numerous assumptions that may not occur as estimated. YEAR 02010 Total Estimated Tax Increment 02005 Total Estimated Tax Increment 23 $30,000,000 $25.000,000 $20,000,000 $15,000,000 $5,000.000 $0 COMPARISON OF ESTIMATED TAX INCREMENT* AND OUTSTANDING OBLIGATIONS 2005 Estimate YEAR ❑2005 Total Estimated Tax Increment 0Outstanding BANs *The estimated TIF revenue is based on numerous assumptions that may not occur as estimated. 0 1998 COIT Bonds 02005 PAC Lease Rental 24 $30,000,000 $25,000.000 $20,000,000 $15,000.000 $10,000,000 $5,000.000 $0 COMPARISON OF ESTIMATED TAX INCREMENT* AND OUTSTANDING OBLIGATIONS 2010 Estimate a a a NM Oc;) t" b 1 oo `l 0 „C1, ri3) ti Q 1 ti 1, y 0 ti 1, ti r y r YEAR 2010 Total Estimated Tax Increment 2005 PAC Lease Rental 2006 COIT Refunding Bonds 02008 Taxable TIE Bonds 0 $17.5 mm Regions Install. Contract 0$7.5mm Regions Install. Contract t7$10mm Mercantile Install. Contract 02010A COPs ❑Taxable 2010B COPs *The estimated TIF revenue is based on numerous assumptions that may not occur as estimated. 25 Carmel, Indiana, Redevelopment Commission Tax Increment Special Purpose Report December 29, 2009 Its all about expc.nc ncc. Umbaugh Indianapolis, Indiana It's all about experience. H. J. Umbaugh Associates Certified Public Accountants, LLP 8365 Keystone Crossing Suite 300 P.O. Box 40458 Indianapolis, IN 46240 -0458 Phone: 317- 465 -1500 Fax: 317 465 -1550 www.umbaugh.com Members of the City of Carmel Redevelopment Commission One Civic Square Carmel, IN 46032 Dear Members of the Commission: December 29, 2009 Re: Tax Increment Report in connection with the issuance of City of Carmel, Indiana, Redevelopment District $2,510,000 Taxable Certificates of Participation, Series 2010B In connection with the proposed issuance of the City of Carmel Redevelopment District Taxable Certificates of Participation, Series 2010B (the '`Certificates we have, at your request, prepared this special purpose report and the attached schedules and appendices for inclusion in the Limited Offering Memorandum dated December 29, 2009. These schedules are intended for use by the City of Carmel Redevelopment Commission (the "Commission''), its advisors, and Oppenheimer Co. Inc. (the "Underwriter for use in connection with its limited offering of the Certificates. The use of these schedules should be restricted to this purpose. Forward looking statements. This Report contains forward- looking statements. The schedules and underlying assumptions are based upon information currently available from the Hamilton County Auditor's and Assessor's offices and information provided to us by City of Carmel officials, the Commission and their representatives, attorneys and advisors. Such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the developers and the Tax Increment (as herein defined) to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Refer also to '`Risks of Tax Increment" contained in Appendix A. In the preparation of these schedules, certain assumptions were made as noted regarding certain future events. As in the case with such assumptions regarding future events and transactions, some or all may not occur as expected and the resulting differences could be material. We have not examined the underlying assumptions nor have we audited or reviewed the historical data. Consequently, we express no opinion thereon nor do we have a responsibility to prepare subsequent reports. N�Cc del a a TABLE OF CONTENTS Page(s) General Comments 1 8 Combined Tax Increment Revenues 9 Comparison of Estimated Tax Increment and Debt Obligations 10 Estimated Tax Increment from the 126` Street Economic Development Area 11 12 Estimated Tax Increment from the City Center Redevelopment Area 13 Estimated Tax Increment from Other Economic Development Areas 14 16 Estimated Future Developments in the Economic Development Areas 17 Historical Tax Increment Collections 18 APPENDIX A Tax Increment, Property Taxes and Recent Legislation Risks of Tax Increment Al —A3 A4 —A6 APPENDIX B Amortization of $14,000,000 of Taxable Tax Increment Revenue Bonds of 2008 B1 $17,500,000 Installment Purchase Contract (Regions) B2 $7,.500,000 Installment Purchase Contract (Regions) B3 $10,000,000 Installment Purchase Contract (Mercantile) B4 Amortization of $37,905,000 of Certificates of Participation, Series 2010A B5 Amortization of $2,510,000 of Taxable Certificates of Participation, Series 2010B B6 Lease Rental Revenue Bonds of 2005 (Performing Arts Center) B7 Amortization of $8,010,000 Principal Amount of Taxable County Option Income Tax Revenue Refunding Bonds, Series 2006 B8 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS This Special Purpose Report (the "Report is being prepared in connection with the issuance of the City of Carmel Redevelopment District (the "District $2,510,000 Taxable Certificates of Participation, Series 2010B (the "Certificates" or the "2010B Certificates This Report includes schedules of historical and estimated Tax Increment (defined below) and comparisons of estimated Tax Increment with outstanding and proposed obligations. The schedules and underlying assumptions are based upon information currently available from the Hamilton County Auditor's and Assessor's offices and information provided by City of Carmel officials, the City of Carmel Redevelopment Commission (the "Commission and their professional staff, representatives, attorneys and advisors. This Report contains forward- looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the developers and the Tax Increment to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Refer also to "Risks of Tax Increment" contained in Appendix A. The Certificates will provide funds (i) for the development and construction of a portion of a regional performing arts center including a theater building and mixed use office building with a black box theater, a four -story parking garage and certain related improvements (the "Arts Center (ii) to fund a reserve, (iii) to pay a portion of the interest to accrue on the Certificates and (iv) to pay costs of delivery of the Certificates and certain costs of delivery of the Series 2010A Certificates (as hereinafter defined)(all together, the "Project The Certificates are being delivered pursuant to the Trust Agreement (the "Trust Agreement dated as of December 1, 2009, by and between Carmel Theater Development Company, LLC (the "Company and Wells Fargo Bank, N.A., as trustee (the "Trustee The Certificates evidence undivided interests in the Installment Payments (the "Installment Payments to be made by the District to the Company pursuant to an Installment Purchase Agreement, dated December 1, 2009, by and between the District and the Company (the "Installment Purchase Agreement The Installment Purchase Agreement and the obligations of the District thereunder, including the obligation to make the Installment Payments, are special and limited obligations of the District payable solely from Tax Increment (defined herein) and certain other revenues of the District. The Installment Payments will also be secured by certain security interests in and collateral assignments relating to the Arts Center as more fully described in the Limited Offering Memorandum dated December 29, 2009. The District has other outstanding obligations payable on a senior basis to or on parity with the Installment Payments, and may incur additional obligations payable on a parity with the Installment Payments, subject to the terms and conditions of the Installment Purchase Agreement as more fully described in the Limited Offering Memorandum. See "SOURCES OF PAYMENT AND SECURITY FOR THE CERTIFICATES" in the Limited Offering Memorandum dated December 29, 2009. 1 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT Tax Increment and Designated Areas GENERAL COMMENTS (Cont'd.) Definition of Tax Increment: Tax Increment consists of all real property tax proceeds attributable to the assessed valuation in a tax allocation area as of the assessment date in excess of the base assessed valuation described in IC 36- 7- 14- 39(b)(1) multiplied by the current property tax rate and collected in the Allocation Fund of the Redevelopment District. The base assessed value means the net assessed value of all the property in the allocation areas as finally determined for the assessment date immediately preceding the effective date of a declaratory resolution pursuant to IC 36- 7 -14 -39 establishing an allocation area. After property taxes are paid to the County Treasurer, on or before each June 30 and December 31, such taxes are paid over to the Auditor who, based on the previous year's certification, pays the portion of property tax receipts that represent Tax Increment into the District's Allocation Fund. See "Tax Increment, Property Taxes and Recent Legislation" in Appendix A hereto. On January 15, 1998, the Commission adopted two Declaratory Resolutions to establish: (1) the City Center Redevelopment Area (the "City Center Area"), and (2) the 126th Street Corridor Economic Development Area (the "126 St. Area (The City Center Area, the 126 St. Area and expansions are together referred to herein as the "1998 Areas The 1998 Areas were also designated as tax allocation areas for the purpose of capturing all incremental real property tax revenues from new commercial developments in the 1998 Areas. The City Center Area occupies 112 acres and was created to encourage new private investment and the redevelopment of downtown Carmel. The 126 Street Area occupies 928 acres and was also created to facilitate downtown redevelopment. The base date for the 1998 Areas is March 1, 1997. The base date for the expanded 1998 Areas is March 1, 2003. The boundaries and the plans for the 1998 Areas have been amended from time to time. The 1998 Areas expire 30 years from the base date. The Commission has subsequently established the following Economic Development Areas and tax allocation areas for purposes of capturing real property tax increment: Old Town Area, Carmel Drive Area, Lauth Walker Area, Old Town Shoppes Area, Old Methodist Area, Lurie Area, National City Area, Village of West Clay Area, Old Meridian Expansion Area, Illinois Street Area and Expansion Areas, Hazel Dell North Area and Hazel Dell South Area. (These Economic Development Areas together with the 1998 Areas and expansions, are referred to throughout this Report as the "Designated Areas The Commission has also designated Midwest ISO as a "designated taxpayer" for purposes of capturing increases in depreciable personal property from new investment at the facility located within the 126 Street Area (the "MISO TIF (The tax increment from the Designated Areas and the MISO TIF is referred to throughout this Report as the "Tax Increment The Designated Areas and the MISO TIF support the development of the regional performing arts center and the Project. There are numerous risks associated with Tax Increment, as further described in Appendix A of this Report. Tax Increment is affected by changes to property tax laws by the Indiana General Assembly and regulatory changes by various State agencies. Please refer to Appendix A of this Report for additional information on "Tax Increment, Property Taxes and Recent Legislation" and "Risks of Tax Increment. 2 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS Outstanding and Proposed Obligations: Sources of Repayment and Security (Cont'd.) The District issued $14,000,000 of Taxable Tax Increment Revenue Bonds of 2008 (the "2008 Bonds to redeem four outstanding Taxable Tax Increment Revenue Bond Anticipation Notes that were issued to finance certain property acquisition and redevelopment projects located in, serving or benefiting the City Center Area and 126 Street Area. Debt service on the 2008 Bonds is payable solely from and secured by tax increment from the 1998 Areas. Such tax increment has been pledged to pay debt service on the 2008 Bonds. The 2008 Bonds are further secured with a debt service reserve. The District also has entered into additional installment purchase agreements (the "Other Installment Purchase Agreements with various developers (the "Developers $35,000,000 aggregate principal amount of which remain outstanding, which obligate the District to purchase certain property on an installment basis. The Other Installment Purchase Agreements have been assigned to various commercial banks as collateral securing commercial loans made to the Developers. A facility for $17.5 million of loans to Developers secured by assigned Other Installment Purchase Agreements was closed on January 7, 2009 with Regions Bank and another such facility for $7.5 million of loans was closed on May 22, 2009 with Regions Bank (collectively, the Other Installment Purchase Agreements assigned to Regions Bank are the "Regions Installment Contracts A facility for $10 million of loans to Developers secured by assigned Other Installment Purchase Agreements was closed on August 31, 2009 with Mercantile Bank (the Other Installment Purchase Agreements assigned to Mercantile Bank is the "Mercantile Installment Contract (collectively, the Regions installment Contracts and the Mercantile Installment Contract are the "Installment Contracts The Installment Contracts have terms of seven years at either a fixed interest rate (in the case of the Regions Installment Contracts) or an interest rate floating with 30 -day LIBOR but subject to the option of the District to fix the interest rate for five years based on the comparable "swap" rate at the time the interest rate is fixed (in the case of the Mercantile Installment Contract), and, in each case, the Installment Contracts are amortized over 20 years, with the first two years of interest -only payments. These contract obligations either will be extended or refinanced within seven years. The Commission will use Tax Increment from the Designated Areas and other funds of the District to pay the Installment Contracts. The District's obligation to make installment payments under the Other Installment Purchase Agreements is on parity with the District's obligations to make Installment Payments under the Installment Purchase Agreement. The District has also entered into a grant agreement with the Carmel City Center Community Development Corporation (the "CDC to back -up a commercial bank loan made by Key Bank to the CDC, which loan is primarily secured with revenues unrelated to the Tax Increment from the Designated Areas. The contingent grant obligation is on parity with the District's obligations to make Installment Payments under the Installment Purchase Agreement and the Other Installment Purchase Agreements. 3 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS Outstanding and Proposed Obligations: Sources of Repayment and Security (Cont'd) (Cont'd.) The District will issue its City of Carmel, Indiana, Redevelopment District. Certificates of Participation, Series 2010A, in an aggregate principal amount equal to $37,905,000 (the "Series 2010A Certificates on or about January 21, 2010. The net proceeds of the Series 2010A Certificates will be utilized to fund certain portions of the Project. The Series 2010A and the Series 2010B Certificates will evidence undivided interests in the Installment Payments to be made by the District pursuant to the Installment Purchase Agreement. The obligations of the District under the Installment Purchase Agreement, including the obligation to make the Installment Payments, will be special and limited obligations of the District payable solely from the Tax Increment from the Designated Areas and certain other revenues of the District on a junior basis to the 2008 Bonds and on a parity with the installment payments due under the Other Installment Purchase Agreements. The Carmel Redevelopment Authority (the "Authority issued $79,998,227.1.5 of Lease Rental Revenue Bonds of 2005 (the "2005 Bonds to finance the design and construction of the new performing arts center complex located in the City Center Redevelopment Area. The 2005 Bonds were issued as $52,200,000 of Current Interest Bonds and $27,798,227.15 original issued amount of Capital Appreciation Bonds. The Commission intends to pay the lease rental on the 2005 Bonds from Tax Increment collected from the Designated Areas. To the extent that the Tax Increment is not sufficient, the Commission would have the option to pay lease rentals from other available revenues such as the City's share of the County Option Income Tax "COIT The Tax Increment is not pledged to the payment of the lease rental. To the extent that these other revenues are not anticipated to be available, the Commission is required to levy a Special Benefits Tax on all of the property within the District in an amount sufficient to pay the lease rental as it becomes due and payable. The boundaries of the District are coterminous with the boundaries of the City. The District issued Redevelopment District Taxable County Option Income Tax (COIT) Revenue Bonds of 1998 (the "1998 COIT Bonds to finance the acquisition and redevelopment of certain property within the City Center Area. The 1998 COIT Bonds were refunded December 6, 2006 (the "2006 COIT Refunding Bonds Tax Increment is not pledged to the payment of debt service. However, Tax Increment from the Designated Areas has been used, and is intended to continue to be used, to pay the debt service on the 2006 COIT Refunding Bonds. 4 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT Combined Tax Increment Revenues Page 9 GENERAL COMMENTS 5 (Cont'd.) This schedule shows the combined real and personal property Tax Increment anticipated to be generated in the Designated Areas. The estimated Tax increment is based on actual developments within the Designated Areas per the Tax Increment database provided by the Hamilton County Auditor's office and is based on anticipated new developments per approved building permits and developable sites provided by the Carmel Department of Community Services. The estimated Tax Increment shown in the columns entitled "126`" Street TIF Area," "City Center TIF Area" and "Other TIF Areas" flows from the schedules of "Estimated Tax Increment" for the Designated Areas and the schedule of "Estimated. Future Developments in the Economic Development Areas" on pages 11 through 16 as further described herein. The schedule shows three additional revenue streams: MISO TIF, Clarian Surplus, and Barrington PILOT Payments. As mentioned previously, the depreciable personal property tax increment from the Midwest ISO facility (MISO TIF) is also included in the Tax Increment. This estimated revenue stream is based on the Midwest ISO's investment as shown on the Midwest ISO's Business Tangible Personal Property Tax Returns (103 form) filed with the State of Indiana, plus future investment, which consists of new equipment and the replacement of old equipment. The Tax Increment from the Illinois Street Economic Development Area is generated primarily from the new Clarian Hospital, for which the annual taxes are approximately $3 million. The annual Tax Increment is pledged to the payment of outstanding Carmel Redevelopment District Tax. Increment Revenue Bonds, Series 2004A issued for the construction of Illinois Street (the "Illinois Street Bonds The annual debt service is approximately $900,000. Approximately $2.1 million of annual surplus Tax Increment is available until the Illinois Street Bonds are paid -off in 2023, and, then, all of the annual Tax Increment from the Illinois Street Economic Development Area would be available to pay the obligations of the Commission until the Area expires in 2032. The estimated Tax Increment shown in this schedule is based on the surplus Tax Increment from the Illinois Street Economic Development Area (net of the Illinois Street Bond payments) (referred to herein as the Clarian Surplus The estimated Clarian Surplus is also reduced by $300,000 annually to provide for a pending property assessment appeal by Clarian. This schedule also includes a revenue stream from the "Barrington PILOT Payments." A developer is constructing an assisted living facility, called "The Barrington," within the 126 Street Economic Development Area. Because the facility is anticipated to be exempt from property taxes, the City required the developer to enter into an Agreement with the City of Carmel to make payments in lieu of taxes "PILOT Payments Because of it's location within the 126 Street Area, the PILOT payments are anticipated to be distributed to the Commission to be used in the same manner as Tax Increment to pay obligations of the Commission. CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS Combined Tax Increment Revenues Page 9 (Cont'd) (Cont'd.) The total annual Tax Increment from the Designated Areas, the MISO TIF, the Clarian Surplus and The Barrington PILOT Payments is estimated at $13,303,021 in tax collection year 2009 and is estimated to increase to a peak of $24,996,930 in 2026. The annual Tax Increment is estimated to decrease significantly in 2029 and in 2033 due to the expiration of the 1998 Areas and some of the Designated Areas respectively. Comparison of Estimated Tax Increment and Debt Obligations Page 10 This schedule compares the estimated Tax Increment with the outstanding and proposed obligations. The columns under the title "Outstanding and Proposed TIF Obligations" shown in this schedule include the debt service due on the 2008 Bonds, the outstanding installment payments due under the Other Installment Purchase Agreements, the Installment Payments due under the Installment Purchase Agreement (referred to in this schedule as the "2010A COPs" and the "Taxable 2010B COPs which are anticipated to be issued on or about January 21, 2010. The first coverage column, which provides an annual comparison of the estimated Tax Increment with these obligations, varies from 210% to 356 Although Tax Increment is not pledged to the lease rental due on the 2005 Bonds nor to the debt service on the 2006 COIT Refunding Bonds, the Commission has also publicly committed that the District will pay these obligations from Tax Increment from the Designated Areas. When these obligations are included, the annual coverage of estimated Tax Increment compared to obligations, varies from 116% to 240 with annual Tax Increment surplus varying from approximately $2.3 to $5.4 million, averaging approximately $4.1 million. Estimated Tax Increment from the 126` Street Economic Development Area Pages 11 and 12 For 2009 tax year payable 2010, the County Auditor's office reported the incremental assessed value at $399,352,868 for the Amended 126` Street Area and $70,619,818 for the Amended 126 Street Expansion Area, which is, then, reduced by 10% for pending appeals in 2009 and 2010, and 3% in 2011, and increased annually by 1% beginning in 2012 for anticipated increases in market value due to trending, to estimate total net incremental assessed value. The net incremental assessed value was multiplied by the 2009 tax rate of $1.7319 per $100 of assessed value for City of Carmel taxing district to calculate the estimated Tax Increment. The estimated net Tax Increment for 2010 is approximately $7,706,480. The estimated 2011 net Tax Increment is estimated to be $8,576,680. The future Tax Increment is anticipated to grow to $11,823,170 due to anticipated developments over the next 10 years beginning in taxes payable 2016 and from scheduled reductions in existing tax abatements. No adjustment was made for future statewide reassessments. 6 CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS Estimated Tax Increment from the City Center Economic Development Area Page 13 Estimated Tax Increment from Other Economic Development Areas Pages 14 and 16 Estimated Future Developments in the Economic Development Areas Page 17 7 (Cont'd.) For 2009 tax year payable 2010, the County Auditor's office reported the incremental assessed value at $43,938,618 for the Carmel City Center Area and $8,451,914 for the Carmel City Center Expansion Area, which was then reduced by 10% for pending appeals in 2009 and 2010 and increased by 1% in 2012 due to the anticipated increase in market value, to estimate total net incremental assessed value. The net incremental assessed value was multiplied by the 2009 tax rate of $1.7319 per $100 of assessed value for City of Carmel taxing district to calculate the estimated Tax Increment. The estimated Tax Increment for 2010 is $855,400. No adjustment was made for future statewide reassessments. For 2009 tax year payable 2010, the County Auditor's office reported the incremental assessed value for the Other Areas at $271,523,151, which was then reduced by 10% for pending appeals in 2009 and 2010, and 3% in 2011, and increased annually by 1% beginning in 2012 for anticipated increases in market value due to trending, to estimate total net incremental assessed value. The incremental assessed value was multiplied by the 2009 tax rate of $1.7319 per $100 of assessed value for City of Carmel taxing district to calculate the estimated Tax Increment. The estimated Tax Increment for 2010 is approximately $4,373,450. The estimated 2011 Tax Increment is estimated to be $4,356,160. Due to anticipated developments over the next 10 years beginning in taxes payable 2016, the future Tax Increment is anticipated to grow to $8,761,880 until 2032 when the expiration of the Designated Areas begins to occur. No adjustment was made for future statewide reassessments. This schedule provides an estimate of the Tax Increment from the future build -out of available sites in the Designated Areas from tax year payable 2016 through 2025. This schedule was prepared based on information provided by the Carmel. Department of Community Services as to available sites and the estimated square footage of potential commercial /office buildings to be constructed on those sites. The estimated assessed value is based on comparable buildings located in the surrounding area. The estimated assessed value of the future developments in the 126 Street Area totals approximately $156.3 million, spread -out over the ten -year period at approximately $15.63 million of additional assessed value per year beginning in 2016. The estimated assessed value of the future developments in the Illinois Street Area totals approximately $72.4 million, spread -out over the ten -year period at approximately $7.2 million of additional assessed value per year beginning in 2016. The estimated assessed value of the future developments in the Hazel Dell North Area totals approximately $600,000, beginning in 2016. CITY OF CARMEL (INDIANA) REDEVELOPMENT DISTRICT GENERAL COMMENTS Estimated Future Developments in the Economic Development Areas Page 17 Cont'd) (Cont'd.) The estimated assessed value of the future developments in the Hazel Dell South Area totals approximately $6.1 million, spread -out over the ten -year period at approximately $610,000 of additional assessed value per year beginning in 2016. The estimated assessed value of the future developments in the Old Meridian Area totals approximately $75.3 million, spread -out over the ten year period at approximately $7.53 million of additional assessed value per year beginning in 2016. The estimated assessed value of the future developments in the National City Area totals approximately $400,000 beginning in 2016. The estimated assessed value of the future developments in the Village of West Clay Area totals approximately $4.6 million beginning in 2016. It should be further noted that the City of Carmel has engaged consultants to assist the City and the Plan Commission in studying and planning the future development along the Meridian Corridor area (which area is included within the 126 Street Area and the Illinois Street Area). The plan calls for increased density, taller buildings and more structured parking. However, it is likely that some of the tax increment generated from such new developments would be needed to fund a portion of the structured parking. With that in mind, only 25% of the incremental assessed value from the future Valinet and Pitman mixed -use developments is assumed to be used to pay the obligations, and 75% is assumed to be needed to fund the parking structures related to the proposed developments. Historical Tax increment Collections Page 18 This schedule shows the historical. Tax Increment distributions for the Designated Areas for years 2003 through 2009 (partial year). 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 t 1 1 1 CARMEL (INDIANA) REDEVELOPMENT DISTRICT COMBINED TAY INCREMENT REVENUES Tax Other Total Collection 126th Street City Center TIF MISO Clarian Barrington Estimated Year TIF Area TIF Area Areas TIF Surplus PILOT Payments Tax Increment (I) (3) (5) (6) 2008 $5,675,527 (7) $731,219 (7) $2,597,120 (7) $1,760,000 $10,763,865 2009 6,738,711 847,800 3,916,510 1,800,000 13,303,021 2010 7,706,480 855,400 4,373,450 1,800,000 14,735,330 2011 8,576,680 855,400 4,356,130 $58,690 1,800,000 15,646,900 2012 8,772,140 864,050 4,405,970 202,390 1,800,000 $40,000 16,084,550 2013 8,870,610 864,050 4,929,790 279,460 1,800,000 100,000 16,843,910 2014 8,932,420 864,050 5,966,590 297,170 1,800,000 175,000 18,035,230 2015 8,984,490 864,050 5,976,980 271,980 1,800,000 175,000 18,072,500 2016 9,294,350 864,050 6,342,240 219,970 1,800,000 175,000 18,695,610 2017 9,600,940 864,050 6,611,810 197,830 1,800,000 350,000 19,424,630 2018 9,891,310 864,050 6,879,650 197,830 1,800,000 350,000 19,982,840 2019 10,179,940 864,050 7,148,780 197,830 1,800,000 350,000 20,540,600 2020 10,454,100 864,050 7,416,190 197,830 1,800,000 350,000 21,082,170 2021 10,728,260 864,050 7,685,330 197,830 1,800,000 350,000 21,625,470 2022 11,000,690 864,050 7,952,730 197,830 1,800,000 350,000 22,165,300 2023 11,274,850 864,050 8,221,870 197,830 1,800,000 350,000 22,708,600 2024 11,547,280 864,050 8,489,270 197,830 3,000,000 350,000 24,448,430 2025 11,821,440 864,050 8,758,410 197,830 3,000,000 350,000 24,991,730 2026 11,823,170 864,050 8,761,880 197,830 3,000,000 350,000 24,996,930 2027 11,823,170 864,050 8,761,880 197,830 3,000,000 350,000 24,996,930 2028 11,823,170 864,050 8,761,880 197,830 3,000,000 350,000 24,996,930 2029 1,530,890 (8) 148,110 (10) 8,761,880 3,000,000 350,000 13,790,880 2030 1,530,890 148,110 8,761,880 3,000,000 350,000 13,790,880 2031 1,530,890 148,110 8,761,880 3,000,000 350,000 13,790,880 2032 1,530,890 148,110 8,761,880 3,000,000 350,000 13,790,880 2033 1,530,890 148,110 7,289,030 (12) 350,000 9,318,030 2034 1,530,890 (9) 148,110 (11) 7,273,440 350,000 9,302,440 Totals $214,705,068 $18,867,329 $187,924,450 $3,703,620 $55,760,000 $6,965,000 $487,925,467 (1) See pages 11 -12. (2) See page 13. (3) See pages 14 -16. (4) Based on Midwest ISO's 103 Forms plus future investment. (5) Amount of available TIF after Illinois Street Bond payments. (6) Assumes Redevelopment Commission receives PILOT payments from The Barrington. (7) Based on actual values. (8) Assumes 30 -year life of Amended 126th TIF Area has expired. (9) Assumes 30 -year life of Amended 126th Expansion TIF Area has expired. (10) Assumes 30 -year life of City Center TIF Area has expired. (11) Assumes 30 -year life of City Center Expansion TIF Area has expired. (12) Assumes 30 -year life of North Illinois Street and Old Meridian TIF Areas have expired. (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 9 MI MI M MN M r O OM MI NU CARMEL (INDIANA) REDEVELOPMENT DISTRICT COMPARISON OF ESTIMATED TAX INCREMENT AND DEBT OBLIGATIONS Outstanding Obligations Outstanding and Proposed TIE Obligations TIF /Other Security Tax Total 2008 $17.5 mm $7.5mm 6I0mm Estimated 2006 COIT Estimated Estimated Collection Estimated Taxable Regions Regions Mercantile 2010A Taxable 201513 Total 2005 PAC Refunding Total Surplus Year Tax Increment TIP Bonds Install. Contract Install. Contract Install_ Contract COPS COPs Obligations Coverage Lease Rental Bonds Obligations TEE Coverage (1) (4) (5) (6) (7) (8) (9) (10) (11) (12) 2000 $10,763,865 (2) $668,204 $668,204 1611% $967,829 51,636 033 $9,127,832 658% 2009 13,303,021 1,336,783 6801,500 6226,300 $159,653 2,524,235 527% 973,702 3,497,938 9,805,084 380% 2010 14,735,330 1,336,308 801,500 372,000 475,000 $1,485,426 $115,774 4,586,307 321% 56,900000 967,915 12,453,921 2,281,409 118% 2011 15,646,900 1,334,663 1,340,759 593,399 667,850 2,970,852 231,548 7,139,069 219% 4,920,000 970,849 13,029,919 2,616,901 120% 2012 16,084,550 1,336,848 1,340,759 593,399 859,595 2,970,852 231,548 7,332,999 219% 5,200,000 966,996 13,499,995 2,584,555 119% 2013 16,843 910 1,335,201 1,340,759 593,399 860,610 3,605,852 266,548 8,002,368 210% 5,490,000 966,373 14,450,741 2,385,169 116% 2014 18,035,230 1,336,218 1,340,759 593,399 859,570 3,606,639 268,310 0,004 894 225% 5,775,000 963,761 14,743,656 3,291,574 122% 2015 18,072,500 1,335,269 1,355,009 600,765 859,440 3,608,552 264,610 8,023,645 225% 6,055,000 959,243 15037 887 3,034,613 120% 2016 18,695,610 1,337,355 1,611,625 697,425 859,180 3,606,202 265,910 8,377,697 223% 6,325,000 962,352 15,665,049 3,030,562 119% 2017 19,424,630 1,339,320 1,610,050 697,175 859,635 3,609,589 266,748 8,382,517 232% 6580,000 958,134 15,920,651 3,503,979 122% 2018 19,982,840 1,337,560 1,615,475 695,725 859,755 3,607,939 267,123 8,383,577 238% 6,835,003 956 ,363 16,174,940 3,807,901 124% 2019 20,540,650 1,332,920 1,607,900 693,075 859,455 3,606,252 267,035 8,366,637 246% 8,065,000 16,431,637 4,108,964 125% 2020 21,082.170 1,335,220 1,612,250 694,075 859,665 3,609,139 266,485 8,376,834 252% 8310,000 16,686,834 4,395,336 126% 2021 21,625,470 1,333,920 1,613 000 698,500 859,285 3,605 827 265,473 3,376,004 258% 8,560,000 16,936,004 4,689,466 128% 2022 22,165,300 1,333,009 1615,150 696,275 860,200 3606,314 260,998 8,379946 265% 8,855,000 17,234,946 4,930,354 129% 2023 22,708600 1,332,534 1,608.400 692,475 858,360 3,609,827 266,598 8,368,193 271% 10,365,000 18,733,193 3,975,407 121% 2024 24,448,430 1,337,450 1,617,600 697,025 859,630 3,605,589 263,735 0,381,029 292% 11,405,000 19,786,029 4,662,401 124% 2025 24,991,730 1,337,203 1,607,225 694,625 060,800 3,608,602 265,410 8,373,865 298% 11,465,000 19,838,065 5,152,865 126% 2026 24,996,930 1,333,500 1,602,950 690,275 859,810 3,607,702 266,160 8,360,397 299% 11,557,000 19,917,397 5.079,534 126% 2027 24,996,930 1,337,505 1618,500 693,975 860,595 3,607,502 265,985 8,384,062 290% 11,654,000 20,038,062 4,958,869 125% 2020 24,996,930 1,339,490 1,608,500 695,275 858,935 3,607,227 264,885 8,374 312 298% 11,747,000 20,121,312 4,875,619 124% 2029 13,790,880 (3) 860,730 3,606,102 267,860 4,734,692 291% 4,647,000 9,381,692 4,459,189 147% 2030 13,790,880 857,820 3,608,352 264,448 4,730,619 292% 4.680,000 9,410,619 4,380,261 147% 2031 13,790,880 430,425 3,607,152 265,110 4,302,687 321% 4,703,000 9.005,687 4,785,194 153% 2032 13,790,880 3,606,552 264,385 3,870,937 356% 4,705 000 8,575,937 5,214,944 161% 2033 9,310,030 3,610,352 267,273 3,877,624 240% 3,877,624 5,440,406 240% 2034 9,302,440 3,607,552 267,310 3,874,362 240% 3,874862 5,427,579 240% Totals $487,925,467 527,386,478 $29,269,669 612,608,562 618,065,996 $86,791,937 66,435264 6180,557,907 6174,798000 510,613,517 5365969,424 $121,956,043 (1) See page 9. (2) Based on actual value. (3) Assumes 30 -year lives of the TIP Areas begins to expire. (4) Annual principal and interest payments due on the Carmel Redevelopment District outstanding 614,000,000 of Taxable. Tax Increment Revenue Bonds of 2008. (5) Annual installment payments due on District Installment Purchase Contracts with Regions Bank. Assumes a 20 year term with 2 years interest only at 4.58% until January 1, 2016 and 6.00% thereafter, (6) Annual installment payments due on District Installment Purchase Contracts with Regions Bank. Assumes 20 year term with 2 years interest only at 4.96% until January 1, 2016 and 6.00% thereafter. (7) Annual installment payments due on District Installment Purchase Contract with Mercantile Bank. Assumes 22 year term with 2 years interest only at 4.75% until July 1, 2011 and 6.00% thereafter_ (8) Series 2010A Certificates of Participation (COPS) per information from Oppenheimer. See page B -5. (9) Series 2010D Taxable Certificates of Participation (COPS) per information from Oppenheimer. See page 13-6. (10) The District has entered a grant agreement with the CDC to back -up a commercial bank loan made by Key Bank to the CDC, which is primarily secured with revenues unrelated to the Tax Increment. If the full amount of the liability were included, the annual coverage would still exceed 125 (11) Lease Rental due on the Carmel Redevelopment Authority outstanding $79,998,227.15 of Lease Rental Revenue Bonds of 2005 related to the Performing Arts Center (PAC), which are intended to be paid from Tax Increment (although Tax Increment is not legally pledged to the Lease Rental or repayment of the Bonds). (12) Annual principal and interest payments due on the Carmel Redevelopment District outstanding $7,450,000 of COLT Revenue Refunding Bonds, Series 2006, which have been and are intended to be paid from Tax Increment (although the Tax Increment is not pledged to the repayment of the Bonds). (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) MS NM En I r- MO w all NS 1 r OM MI Amcndc 126th 5trccl (916031 Existing incremental assessed value: Existing abatements: 303 Group LLC Allele Automotive Services (Duke Realty) Allem Automotive Services (Duke Realty) Carmel 011icc 1031 LLC (MISO bldg.) Capital Bank Trust Company (Opus bldg 1) New Development: Opus Landmark Phase D Opus Landmark Phase 111 Providence Shoppcs Providence Shoppcs Cannel Office Park Bldg. 4 (William Sal1cnberger) Anticipated developments (I) Total incremental assessed value Less estimated 2909 appealed assessed value (2) Change in assessed value due to change in market value (5) Net Ineremenlal assessed value Times: ncl tan raft Amended 126th Street Eaunns(n (91603 Existing Incremental assessed value New Development: MctSun Two Carmel IN (Sunrise Senior Living)(8333 Complete for Pay 10) Staybridge Suites Duke Energy Building addition Incremental assessed value Less estimated 2(109 appealed assessed value (2) Change in assessed value due to change in market value (5) Grand Total Estimated Tax Increment Less 2008 refunds Lens 21109 refunds (I) Sec page 17. (2) Reduced for pending appeals: 1 R% In 2009 and 2010. and 3% in 2011. (3) Assumes the following reductions: Amended 126th Street 3104,057.57 Amended 126th Street Expansion 59,191, 25 (4) Assumes the following reductions: Amended 1260h Street 9215,086_57 Amended 12610 Street Expansion 510,983.96 (5) Assumes an amoral 1% increase in assessed value due to increase in market value. 201(1 Square Amount first Tax Year Payable Faotagc Abated Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1811110!1 72,000 15.123 30,240 8,364 80.940 3,909 201! 2011 2011 2011 2012 20111 2011 2(114 ESTIMATED TAX INCREMENT FROM THE 126TH STREET ECONOMIC DEVELOPMENT AREA 5330.822,958 5364327,138 3384697,073 5384,697633 5384,097.633 9384.097 633 5384,697,633 5384,697,633 9384,097,673 9384,697,632 94,169,000 2007 598,440 1,372,136 2,084800 2,751,936 7,464.769 4,169,000 4.1655/.000 4.109,600 4369.400 4- 169,600 12.895,900 2005 4,609,388 6,477,850 7,777,540 9,027130 10,316,720 11.606,310 12,251,105 12,895,900 12,895.900 12,895,900 7.7978011 2006 1,443704 2,740.5110 3,890,900 4,070.280 5,455,060 6.235,049 7,914,420 7,404,110 7,793.800 7,793,800 8.594,500 2009 0 429.725 1,718,900 3,008.075 4.297,250 5,156700 6,010,150 0.875.600 7,735,050 10,125.4110 2009 0 506,270 2,925.080 3,543,890 5,062700 6,475,240 7087,780 8,100320 9,112,809 337 474,150 Estimated Tax Increment 95 414090 Actual collections 55.675.527 (4) CARMEL (INDIANA) REDEVELOPMENT DISTRICT SI G243 51.7319 30.934 30.934.915 47,321.187 Net Estimated Tax Increment $0.738,711 374917,620 399,352,868 426.996,959 433,282,746 438,808,533 442,1124,0,98 445,071,173 (18.000,000) (19,000,000) (19,000,000) (19,000,000) (19,000,000) (19,000.000) 4.100,000 4,200,000 4.2119,01111 4,3011.000 90 493 2011 96,604,050 Net incremental assessed value 67,619,818 87,220940 88,120,940 Times, net tax rate 51.6043 91.7719 91,7319 51.7319 51.7319 Estimated Tax. Mermen( 5490.280 5812500 51.103830 91.510589 51,520.170 95,910,370 57,312.700 57,706480 58576.1280 98772,140 (174,049) (3) (400,000) (2) (C'nnrinued on 11101 page.) (Subject to the comments in t attached Report dated December 29, 2009 of Umbaugl.) 16,200.000 2.800,000 1,000.000 2,100 000 16,200,040 2,800,000 1,000,000 2,100,000 700.000 16,200 000 2,800,000 1 000 2 700 10,200.000 2.800.000 1,900.000 2.100,000 700,000 10.200.000 2,800,000 1,000,000 2,100,000 700,000 381,352,860 407.990,959 418,382,740 424,068,533 427,364.698 4311,371.173 31.7319 51.7319 51.7319 51.7319 51.7319 51.7319 16, 20(1,000 16,290,000 2,800.000 2,800,000 1,000,000 1,000,000 2,100,000 2,100,000 700,000 700,000 15030000 31.260000 462,002,853 400,464,043 (19.000.000) (19,000,000) 4.300,000 4,500,090 441,262,853 465,904,843 SI.7319 51.7319 97.000,100 97 245.9711 97,344,4411 57,4111,530 37 453.000 97,763 400 91 070,050 930,934,315 347.321,187 $55,921.018 555,921,1118 555923010 955.021018 955!921.018 955 921,018 555 921.218 555,921.018 14,690,000 17,299!922 17299922 12299,922 17,299,522 17,209 022 17,299,922 17,299,922 22,000 000 22,1100 1100 22.1190 000 22,000,000 22,000.090 22 000.909 22.000 000 273.000 273,050 273,000 273,090 70 019,618 95,220.940 95.220.940 (7,000 000) (8,000,900) 03000,020) 990,900 05 220,9411 95,493,040 05,493.940 95,493,940 05,493,940 (8,000.000) (8,000.090) (8,000 009) (8.000,000) (8,000,000) 9003100 900.000 900. 000 900.000 900,000 80,120,9411 80,393,940 88,393,940 80 393,949 88,393,940 11.7319 017309 51.73 10 51.7319 51.7319 51,520.170 58.870.010 31.530.890 51,530,890 $1,530.890 51.530899 58,932,4211 50.944.490 99.294.350 99.600,940 r• OM 1 MN MI I E• ■M M I•• I NM Year Payable 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Amended 126th Street (91603) Existing incremental assessed value: 5384 697 633 5384,697,633 $384,697,633 5384,697,633 5384,697,633 5384,697,633 5384,697,633 5384,697,633 5384,697,633 5384,697,633 Existing abatements: 303 Group LLC 4.169,600 4,169,600 4,160,600 4,169600 4,169,600 4,169,600 4,169,600 4,160,600 4,169,600 4,169,600 Allele Automotive Services (Duke Really) 12,895,900 12,895,900 12,095.900 12,895,900 12,895,900 12.895,900 12,895,900 12,895,900 12.895,900 12, 895,900 Allele Automotive Services (Duke Realty) 7,793,800 7,793,800 7,793,800 7,793.800 7,793, 800 7.793,800 7,793,80(1 7,793,800 7.793,800 7,793,800 Carmel Office 1031 LLC (MISO bldg.) 8,164,775 8,594,500 8,594,500 8,594,500 8,594,500 8,594,500 0.594,500 8,594,500 8,594,500 8,594,500 Capital Bank Trust Company (Opus bldg. I) 9,619,130 10.125.400 10.125 400 10,125,400 10,125,400 1(1,125,400 10,125 400 10,125,40(1 10,125.400 10,125,400 New Development: Opus Landmark Phase 11 16,200,000 16,200,000 16,200.000 16,200,000 10,200 000 16,200000 16,200,000 16,200,000 1!,,200,000 1 (,,200,(100 Opus Landmark Phase 111 2, 800,000 2,800 000 2,800 000 2,800,000 2, %00,0(10 2,X00,000 2,800.000 2,800 000 2,000,000 2. %00,000 Providence Shoppes 1 000,000 1,000,000 1,00 2,800,000 1,000,000 1 000 000 1000,000 1 000000 1 000,000 1 000.000 Providence Shoppes 2.100.000 2,100 000 2,100,000 2,100000 2,100,000 2,100000 2,100.00(1 2,100,000 2,100.000 2.100,000 Carmel Office Park Bldg. 4 (William Sollenberger) 700,000 700.000 700,000 700000 700,000 700,00(1 700,000 700,000 700,000 700,000 Anticipated developments (1) 46, 090,000 62.520.000 78.150,000 93,7 80000 109.410.000 125 140.670,000 140.670,000 156.300.000 15(,300.000 156.300 000 Total incremental assessed value Less estimated 2009 appealed assessed value (2) Change in assessed value due to change in market value (3) Net Incremental assessed value Times: net lax rate Estimated Tax Increment Amended 126th Street Expansion (91603E) Existing incremental assessed value: New Development: MetSun Two Carmel IN (Sunrise Senior Living)( 03 %Complete for Pay 10) Staybridge Suites Duke Energy Building addition Incremental assessed value Less estimated 2009 appealed assessed value (2) Change in assessed value due to change in market value (3) Net incremental assessed value Times. net tax rate Estimated Tax Increment Grand Total Estimated Tax Increment (1) See page 17_ (2) Reduced for pending appeals: 10% in 2009 and 2010. and 3% in 2011 (3) Assumes an annual I% increase in assessed value due to change in market value. CARMEL (INDIANA) REDEVELOPMENT DISTRICT ESTIMATED TAX INCREMENT FROM THE 126TH STREET ECONOMIC DEVELOPMENT AREA (CONT'D) 497,030,838 513,596,833 529.226.033 544,856,833 5604 86,833 576.116,833 591. 746. 833 607.376,833 607,376.833 607,376,033 (19,000,000) (19,000.000) (19,000,000) (19,000.000) (19000,000) (19.000.000) (19000.000) (19000000) (19,000,000) (19000 4,700,000 4.800.000 5.000,000 5.200.000 5.300.000 5500.000 5600.000 5.800.000 5.9)01.000 5.900.000 4 82,730,838 499.396,833 515.226.833 531056,033 540,786,833 562.616, 833 578.346.833 594.176,833 594,276.833 594,276, 833 51.7319 51.7319 51.7319 51.7319 51.7319 41.7319 51.7319 51.7319 51.7319 51.7319 5 8,360,420 50,649,050 58.923,210 09.197370 59,469,800 59,743,960 510.016390 510.290.550 510.292,280 510.292,280 555,921,018 555,921,018 555.921,018 555.921.018 555,921.018 555.921,018 055.921018 555,921.018 555,921010 555,921,018 17,299,922 17.299,922 17,299,922 17.299.922 17,299,922 17,299,922 17,299.922 17,299.922 17.299.922 17.299,922 22,000 000 22 000000 22,000 000 22,000 000 22.000,000 22 000.000 22.000 000 22,000,000 22,000,000 22,000,000 273,000 273.000 273.000 273.000 273.000 273.000 273.000 273.000 273.000 273.000 95, 493, 940 95 ,493,940 95,493,940 95.493,940 9S 493,94(1 95.493 040 95,493,940 95,493,940 95,493,940 95 493,940 (8,000,000) (8,000,000) (8,000,000) (8.000,000) (8.000,000) (8,000,000) (8,000,000) (8.000.000) (8,000000) (21,000.000) 900.000 900.000 900.000 900.000 900,000 900.000 900,000 900.000 900.000 900.000 88,393,940 88,393,940 88,393,940 88,393,940 88,393,940 88,393,940 8 8.393,940 80,393.940 88,393,940 88,393.940 51.7319 51.7319 51.7319 51.7319 51.7319 51.7319 51.7319 51.7319 51.7319 51.7319 51.530.890 51.530,090 51.530.890 01,530.890 51.530,090 51.530,890 51.530,890 51.530. 090 51.530.090 51,530.890 59,091.310 510.179.940 510,454,100 510.72 0.260 011,00)1,691) 511,274,850 511.547.280 511,821440 $11.823,170 511.023.170 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 2 MI r M- I I MI ■N I MI I®- O■ r= MI MI CARMEL (INDIANA) REDEVELOPMENT DISTRICT ESTIMATED TAX INCREMENT FROM THE CITY CENTER ECONOMIC REDEVELOPMENT AREA 2008 Caramel City Center (91604) Incremental assessed value: $41,937,201 Less estimated 2009 appealed assessed value (1) Change in assessed value due to change in market value (2) Net incremental assessed value 41,937,201 Times: net tax rate $1.6043 Estimated Tax Increment 672,800 Less 2009 refunds Net Estimated Tax Increment $672,800 Carmel City Center Expansion (91604E) Incremental assessed value: Change in assessed value due to change in market value (2) Net incremental assessed value Times: net tax rate Estimated Tax Increment Grand Total Estimated Tax Increment Actual collections (I) Reduced for pending appeals: 10% in 2009 and 2010. (2) Assumes a 1% increase in assessed value in 2012 due to change in market value. $7,198,300 $8,848,427 7,198,300 $1.6043 $115,480 $788,280 $731,219 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 13 8,848,427 $1.7319 $153,250 $847,800 Year Payable 2009 2010 $43,105,621 $43,938,618 (3,000,000) 43,105,621 40,938,618 $L7319 $1.7319 746,550 709,020 (52,000) $694,550 $709,020 $8,451,914 8,451,914 $1.7319 $146,380 $855,400 2011 $43,938,618 (3,000,000) 40,938,618 $1.7319 709,020 $709,020 $8,451,914 8,451,914 $1.7319 $146,380 $855,400 2012 $43,938,618 (3,000,000) 400,000 41,338,618 $1.7319 715,940 $715,940 $8,451,914 100,000 8,551,914 $1.7319 $148,110 $864,050 MN MIN MN MO M OM NM MN 1 2182e611111 0491511916121 Existing irercmiimol assessed value 914637,700 914370,254 516050003 516050003 916050.003 516.050.003 516.050,003 616.050003 116050001 116.050.000 Anliaipalcd devalo7,nmis(1) 600000 60005n heel -hell 916 4515 19 16 1112 Exining ira:mmmsa1 assessed value 45.360,100 46311410 45.135721 45,135,721 45.135.721 45,115,721 45.135,721 45.135,721 45.133121 43135.735 Mlicipaled duvulnpmmlx (1) 610.000 5320.000 Illinois 31. (91609)) Existing ineremenlnl assessed value 8,646,709 10,034.725 10,266 049 10.256.349 M.256.349 10,256,349 10 256,349 10,256,349 10.256349 111 -.256 349 Anliei7.l04 deve1pmmlts (1) 7.200,000 14.400,000 Illinois St. Expansion 1916118E1: Existing im:minm6e5 assessed value 6,414, Clarim,) 39.569000 49,238,679 53.187721 53,107721 52,111,721 51397721 53.1117,/21 53,187.721 53,187,721 53.107721 Clerian 03..805 165.000 2014 39600000 39,600,000 30,600000 39,600,000 944416m Crossing, Building 5 39.319 2014 3.500000 i 500000 3,500,000 1,500.000 Amended Illinois St 09162414 Existing imnmmlai assessed value 6614,000 8603,953 9 221,397 4,227.747 9227.397 9,227,397 9.227697 9,227,197 9.227,197 9.227.397 Old Meridian 1916991: 0 2045400 2785,900 2785800 2,185,800 2:7115300 2,735300 2,785.900 2.735000 2,7853011 Ohl Aeridia,, Expansion (9160961: 0971198 Mermellnl assessed value 14,030!924 28667.561 30,410,102 10430,102 10.400,402 30,460,102 10400,102 30480,502 30480.102 30,480,102 Old Meddian ('ba41VFW 5,400 2012 178.000 378 000 378,000 373000 371.000 3760011 Halal Indigo 95.810 2013 11,175000 26,150000 26,350000 26350.000 20150,000 Meridian Maus Medical Clara Bldg. 52.280 2013 4,710,000 4,710000 4,710,000 4,710,000 4,710000 05. Vinard sports gerfonnwee Center 131,565 2013 11300,000 11300000 14.600,000 11,800,010 47.600.000 E66004 camera 8000 2013 560,000 560,004 500.000 560,000 560,000 Parcel 092: Lin- work anils 47,000 2014 3290000 7.290,000 3.190.000 3.290000 Bmnmiug 011ie Bldg.- 71E Sum.. 2010 50,000 75.000 Andeipmcd du :Meanie. (1) 7.530,000 13060.000 3012 roan 1916101' Exiling inmemenlol assessed calu Carmel Drive (916161: Existing in remenl01 assessed value Lanlh- Walker 5915171) Existing imremmlal assessed value 111d Town Shun., (91611): Existing im.rei mtal assessed eulae 9)1,1 glethodisl (916201: Existing incremental assessed vuhm Lurie 1916219' Existing Lcrenienlal assessed wlur 0'.0en41 C140591027): Exialing Mcrer90614 assessed 15134 Mlieip0ld I7cvclnpmcnla I) 9'(11. 46189011l"0 0(91429). Existing incremanlal ass0+xel value Anticipated ISevdapmcnls I) Lem cnlel ns esuxi value Less cslinuted 2009 appealed assessed vuiue (2) Change X assessed wlue doe an change in market value (5) Net im.mnsmtnl assessed vahlr Times. nu tax ens 40914, 04 Tax Imminent Less 2009 reli,nds Less 2009 refunds Ncl Estirnmud Tax Inrremw■ Annul nlllaclinns 59uare first Tax 11) 5 3 4 4 17- (2) hole.:.. lie pending primal.: 108. in 2009 mid 2010. and 7% in 21111. (0) Assumes Ike following Fed undo North Minis Slmei Expansion• 6102.656 17 Haac1!0655 110758.54 0IJ Mcndimm Expansion 521.91234 Amended lIlimils Slreat 62,812 68 (4) Assume, the fallowing reductions' Illinois Simel 52,154.05 H02411fell Soups 64,63136 Illinois .501.0! Expansion 513616.69 61.el (0611 North 62,082 34 Amended Illinois %reel 54,820.86 (5) Assumes an annual 1!: increase in assessed va5ac due In uhengc market whir. 1 5 CAILSIEL (INI)IA71A) H111EVELOF 1 MES'f 1114TR1C1' E11011,p76 Year 2000 2009 2010 2011 2012 2013 2014 2015 2010 2017 11,023,100 17369.100 12 966.900 12.966,900 12!966600 12,966.900 12,966,900 12,965670 12666 900 12,966900 5. 237,600 6,393,575 6.111,905 6,512,905 6.112.905 6,512,905 6,512,905 5.512,905 0,512.905 6,512.905 11.719.695 25,045.701 34.194.1 66 74 194,1110 34,194,106 34.194,186 34,194,186 54,194.146 74,194110 ,34,104,166 6179400 0975,500 6,661,700 6.00!7110 6.661,700 6.661700 6,001,700 4601.700 6061,700 6,661,7110 59.500 61,874 63.109 63.109 63,105 63,109 63,104 63109 63.109 03.109 1.507,300 2,805415 2,805435 7,805,435 2,805,415 2,805435 2,605. 415 2.605.435 2.805.435 40.600 12,305 107,410 167413 167,413 167417 107,413 167 413 167.413 167,417 400.000 400,000 505,700 30.821012 41.023310 41,026,410 41 026410 41,029,410 41.028410 41025,410 41029410 41 020,410 4,600000 4.000.000 171X41,149 253169,929 271,523.151 271.527 151 271,901,151 302,144.151 00i1.711,151 361 711.151 182,701.151 398066,151 (19,000000) (20000,100) (20,000,000) (200011,000) (20,000 000) (20000,0011) (20,000,000) (20000000) 2.500.000 2,500000 2,100,000 1 400.000 3.500000 1700,000 171.841,118 253,159,929 251.513.151 251.523,031 254.401151 284640,151 044,511.151 345,111,151 166,301.151 311 765.151 51 6043 651019 61.7319 51.7319 S1.7716 017319 51.7319 51.7314 517319 01.7319 12,756350 64381650 94.375450 51355.130 94402,070 91,029 790 65.965,500 55,976!990 66,042,240 56.611,910 12397 116 041 (130,140) (3) (330000) (2) 53 916.510 (Co6lo.oeal new page (Subjee(lo the comrlwnu in the unaehel l0416.d dated 1)60.09606 29, 2009 uO Umbo,gh.) 54 Year 1',0054 r IIIII I I NM NM M I MN OM Hanel -Dell North (91612): Existing incremental asscsscd value Anticipated developments (1) Hazel -Dell South 1916111/ Existing incremental asscsscd value Anticipated developments (1) Illinois St. (7I608): Existing incremental asscsscd value (Los Cl rian) Anticipated developments (1) Illinois St, Expansion (91608E)' Existing incremental assessed value Clarion Expansion Hamilton Crossing. Building 5 Amended Illinois St. (91625): Existing incremental assessed value Old Meridian (916091: Old Meridian Expansion (91609E) Existing incremental assessed value Old Meridian Plaza/VFW Hotel Indigo Meridian Main Medical Office Bldg. St. Vincent Spons Performance Center Robcns Camera Parcel 892: Live -work units Browning Office Bldgs. TIF Surplus Anticipated developments (I) Old Town (91610) Existing incremental assessed value Carmel Drive (91616): Existing incremental assessed value Louth Walker (91617): Existing incremental assessed value Old Town Shonucs (91618E Existing incremental assessed value Old Methodist (91628): Existing incremental asscsscd value Lurie (91621): Existing incremental asscsscd Value National Citw (91627): Existing incremental assessed value Anticipated Developments (I) Villarc of Wet Clar (91629), Existing incremental asscsscd value Anticipated Developments (1) Incremental assessed value Less estimated 2009 appealed assessed value (2) Change in assessed value due to change in market value (3) Net incremental asscsscd value Times: nct lax rate Estimated Tax Increment (1) Sec page 17. (2) Reduced for pending appeals: 1054 in 2009 and 2010, and 3% in 2011. (3) Assumes an annual increase in asscsscd value due t0 change in market value. CARMEL (INDIANA) REDEVELOPMENT DISTRICT ESTIMATED TAX INCREMENT FROM OTHER ECONOMIC DEVELOPMENT AREAS (CONT'D) Year Pavablc 2018 2019 202(1 2021 2022 2023 2024 2025 2026 2027 516050,003 016,050,003 516,050,003 $16,050,003 516.050,003 516,050,003 516050,003 516050,009 516,05(1,003 516,050,003 600,000 600,000 600,000 600,000 600,000 600,00(1 600.000 600,000 600,000 61711,()00 45,135,721 45,135 721 45,133,721 45,135 721 45,135 721 45,135.721 45,135,721 45,135,721 45,135,721 45,135,721 1,830,000 2,440000 3,050,000 3660,000 4,2711,000 4,880,000 5,490,000 6,100,000 6,100,000 6,100,000 10,256,349 10,256,349 10,256,349 10,256,349 10,256 340 1(1,256,319 10,256,349 10,256,349 10,256,349 10,256,349 21600,000 20,800,000 36,000.000 43,200.000 50,400,000 57,600.00(7 64,800000 72.000,0(10 72,000,000 72000,000 53.187,721 53,187,721 53,187,721 53,187,721 53,187,721 53,187,721 53,187,721 53.167,721 53.187.721 53.187,721 39,600,000 39,600,000 39,600,000 39,600000 39600.0011 39,600,1700 39.6017,000 39.600,000 39.600,000 39,600,000 3.50)1.000 3,500,000 3.500.000 3.500.000 3.500.000 3.500.000 3,500.000 3,500,000 3.500,000 3,500,000 9,227.397 9, 227 ,397 9,227.397 9,227.307 9,227,397 9,227,397 9.227 ,397 9.227,397 9,227.397 0,227,397 2,785,800 2,785 800 2,785 800 2,785,800 2,785,800 2,785,800 2,785.800 2,765,800 2,785,800 2,785,600 30,480,102 30,480,102 30.480.102 30,480,102 30.480,102 30,400, 102 30,460,102 30,400,102 311,480,102 30,160,102 378,000 37 8,000 378,000 378,000 378,000 37/1000 378,000 378.000 378,000 378,000 26.351(000 26,350,000 26,350,000 26,350,000 26.350,000 26,350000 26.350,0(70 26,3511,000 26.3511,00(7 26,350,000 4,710,000 4,710,000 4,710.000 4,710,000 4,710,000 4,710,000 4.7I0,000 4.710,000 4,710,000 4.710,000 11.800,000 11,800,000 11800,000 11.000,000 11,800,000 11,800,00(7 11.800.000 11.800000 11,800,00)) 11,800,000 560.000 560,000 560,000 560,000 560,000 560,000 560.000 560,000 560,000 560,000 3,290.000 3,290.000 3,290.00() 3.290.000 3,290,000 3,290,000 3.290,000 3,290,000 3.290,000 3,290,000 100,000 100.000 100.000 100.000 100,000 100,000 100,000 100,000 109,000 100,000 22,590.000 30,120,000 37,650,000 45,180000 52,710.000 60,240,000 67 770.000 75,300,000 75300,000 75.300.000 12,966,900 12 966,900 12,966.900 12.966,900 12,966,900 12,966,900 (2,90fi 900 12,966,900 12.966,900 12 966.900 6,512.905 6,512,905 6,512,905 6.512.905 6.512.905 6512,905 6,512,905 6,512,905 6.512.905 6,512905 34,194,186 34,194,186 34.191.186 34191,186 34.194.186 34,191,166 31,194.186 34.194.186 34,194,186 31,194,186 6,661 700 6,661,700 6,661,700 6.661,700 6.661.700 6661,7110 6.661 700 6,661,70() 6,661.700 6.661.700 63,109 63.109 63,109 63.109 63,109 63,109 69,109 63,109 63109 63109 2,805.435 2,805,435 2805,135 2,805,435 2.805135 2.805135 2,605135 2805,135 2,805,435 2,805.435 167,413 167,413 167.413 167.113 167,413 167.419 167,413 167.113 167,413 167,413 400,0170 400,000 400,000 400.000 400.000 400,000 400.000 400,000 400,000 400,090 41,028,419 41028,410 41026.410 41,02 8,410 41,028.410 41,028,410 41.028,410 411126,410 41028,410 41,02 %110 4.600.000 4600,()00 4.600.000 4.609.000 4600.000 4,600.000 4.600/700 4.6003000 4.690 000 4.000.900 413,431151 428.771151 444,111,151 459,451,151 474.791,151 490.131,151 505,471,151 520,811151 520.811151 520,811,151 (20,000,000) (20,500,000) (20,000,000) (20.000,0003 (20,0001100) (20.000,009) (20,000.000) (20,000,000) (20,000,000) (20,000,000) 3,800.000 4.000.000 4100000 4,300,000 4400.000 4.600.000 1700,000 4,900.000 5,100000 5100.000 397,231,151 412,771,151 128,211,151 443,751,151 459,191,151 474,731,151 490,171.151 505,711.151 505,911,151 505,911151 01.7319 01.7319 017319 51,7919 51.7319 51.7319 81.7319 51.7319 217319 81.7319 26.879.650 07,148,780 57.416.190 57,665.3317 57,952,730 00,22(870 58.489.270 58.75 8,410 50.761800 28.761880 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 15 Hazel -Dell North (91612): Existing incremental assessed value Anticipated developments (I Hazel -Dell South (91611), Existing incremental assessed value Anticipated developments (1) Illinn'x St. (91611X)• Existing incremental assessed value (Less Clarian) Anticipated developments (I) Illinois Si. Exna nsion (91608E); Existing incremental assesed value Clarian Expansion Hamilton Crossing. Building 5 Amended Illinois St. (91625)• Existing incremental assessed value Old Meridian (91609): Old Meridian Expansion (91609E1• Existing incremental assessed value Old Meridian Plara/VFW Hotel Indigo Meridian Main Medical Office Bldg. SI. Vincent Sports Performance Center Roberts Camera Parcel 192: Live -work units Browning Office Bldgs. TIF Surplus Anticipated developments (1) Old Town (91610)• Existing incremental assessed value Carmel Drive (91616)• Existing incremental assessed value Louth Walker (91617) Existing incremental assessed value 014 Town Shonpes (916181 Existing incremental assessed value Old Methodist (916211; Existing incremental assessed value Lurie (916211: Existing incremental assessed value National Cily (91627) Existing incremental assessed value Anticipated Developments (1) VillaL'S of West CIav (91629): Existing incremental assessed value Anticipated Developments (1) Incremental assessed value Lcss estimated 2009 appealed assessed value (2) Change in assessod value duc to change in market value (3) Net incremental assessed value Times: net lax rate Estimated Tax Increment (I) Sec page 17. (2) Reduced fot pending appeals: 10% in 2009 and 2010. and 3% in 2011. (3) Assumes an annual I% increase in assessed value duc to change in market value. CARMEL (INDIANA) REDEVELOPMENT DISTRICT ESTIMATED TAX INCREMENT FROM OTHER ECONOMIC DEVELOPMENT AREAS (CONT'D) Ycar Payable 2020 2029 2030 2031 2032 2033 2(131 2035 2036 2037 516050,003 $16050,003 $10050,003 516050,003 $16,050,003 516,050003 616,050,003 50 50 50 600,000 600,000 600,000 600,000 600,000 600,000 600.000 0 0 0 45,135,721 15,135,721 45,135,721 15,135,721 45.135.721 45,135,721 45.175.721 0 0 6,100,000 6,100,000 0.100.000 6,100,000 6,100.000 6,100,0110 6,100,000 0 0 10,256.340 10,256,349 10.256,349 10.256,349 10,256,349 0 0 Il U 0 72,000,000 72.000,000 72,000,000 72,000,000 72,000,000 0 0 0 0 53.107,721 53.187.721 53.187,721 53,187,721 53,107,721 53,187.721 53,187.721 0 0 30,600000 39,600,000 39,600,000 39,600,000 39,600,000 3/600000 39,600,000 0 0 3,500,000 3,500,000 3.500,000 3,500.000 3.500.000 3.500,000 3.50 0011 0 1227,397 9,227,397 9.227,397 9,227,397 9,227,397 9, 227 ,397 9,227,397 9,227.397 9.227,397 0 2,785,8011 2,705,000 2,785,800 2,785.800 2,785 ,600 0 0 0 0 30.480,102 30,480.102 30,180.102 30.480.102 30,480.102 30,180,102 30.480,102 0 0 378,000 378.000 378,000 378,000 378,000 378,000 378.110(1 0 0 20,350,000 26,350,000 26,350000 26,350,000 26.350.000 26,350.000 26,350,000 (1 0 4.710.000 4,710,000 4.710.000 4,710,000 4,710,000 4,710,000 4.710.000 0 11 11800,000 11.800.000 11.800.000 11.800.000 15600000 11,800000 11,800.000 0 0 560,000 560.000 560,000 560.000 560,000 560.000 560,000 0 0 I7 3.290.000 3,290.000 3,290,000 3,290.000 3,290,000 3,290.000 3,290,000 1) 0 0 100.000 1110.000 100,000 100.000 100,000 100.000 100.0110 (1 11 0 75.300,000 75.300,000 75.300.000 75,300000 75,300,000 75,300000 75,300.000 0 0 12.960,900 12 966.900 12,966.900 12.966.900 12.966.900 12.966.9110 12.966.900 0 0 6,512.905 6,512,905 6.512.905 6.512,905 6,512,91(5 6,512,905 6.512.905 0,512,905 6,512.905 0 34.194,186 34,191.186 34,194,186 34,194,186 34,194,186 34,191,186 34.194,186 34,194,186 34.194.166 0 6+661,700 6,661 700 6,661.700 6.661,700 6.661,700 6,661.700 6.601.700 6,661,700 6,061,700 0 63,119 63,109 63.109 03,109 63.109 63,109 63.10'0 63.109 63,109 0 2,805435 2,805.435 2,805435 2.005135 2,605.435 2.805,435 2.805435 2,805 435 2,005135 0 167,413 167.413 167,413 167.113 107,413 107,413 167,413 167,413 167,413 167,413 400.000 400.000 400.000 400.000 400,000 400,000 400,000 400.000 100.000 400.000 41,028110 41028,410 41020.410 11,028,110 41,028110 41028,110 41020,110 41028,410 11.028,410 11028.410 4600.0(1(1 4.600.000 4,600,000 4.600,0(10 4,600.000 1,6085000 1600.000 4,600.0060 4.600.000 1600,000 520,811.151 520,811,151 520,811,151 520,811,151 520,811,151 435,769,002 435,769 002 105660.555 105.660,555 46,195823 (20,000,000) (20,000,000) (20.000.000) (20.000.000) (20,000000) (2(5000,000) (20,000,000) (20.000.1100) (20.000,000) (20,000,000) 5.100.000 5,100,)00( 5.100.000 5.100.000 5,100000 5,100.000 4.200.000 4.200.000 900.000 900,000 505,911.151 905.911.131 505.911,151 505.911,151 505.911.151 420,869,002 419.969.002 89,860,555 06,560.535 27.095.823 S1.73(9 51.7319 51.7319 51.7319 51.7319 51.7319 SI 7319 $57319 51,7319 51.7319 58,761,880 58.701,000 58.761.880 58,761,880 59,761880 57.209.0311 07.273.44(1 01,556.290 $1499.140 5409.270 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 16 126th Street EDA Property Owner /Project Name Cosmos- Carmel Drive Executive Office Park (Sun Cannel) Cosmos (Park Place Center) Reifeis (WRC Real Estate Development LLC) Corvasc (Washington National) NRC Corp Meyer Family (2 parcels) Masco Spannon Spannon 122 Penn Development Panattoni Building 2 122 Penn Development Panattoni Building 3 116th Street PUD Phase 2 Commercial 5 Bldg, 116th Street PUD Phase 2 Apartments Penmvood Professional Office Park 2 Bldgs. Carmel Executive Suites (REI Real Estate Services) Primrose School Illinois Street EDA Property Owner/Project Name Regan DePauw Kaiser. Ermina H Pittman (part East of Illinois)' Pittman (part West of Illinois)' Valinet• Valinet• •Assumes 25% of AV captured as TIF. Hazel Dell North WA Property Owner/Project Name Hazel Dell Comer, Lots 2 3 (Plum Creek Puns, LLC) Hazel Dell South EDA Property Owner /Project Name Red Hawk Trust North Haven Wood Land LLC Old Meridian (9/609) Property Owner /Project Name Old Meridian Village/Place National City (91627): Property Owner/Project Name National City Village of {Vest Clay EDA Property Owner/Project Name Brenwick Communities CARMEL (INDIANA) REDEVELOPMENT DISTRICT ESTIMATED FUTURE DEVELOPMENTS IN TIIE ECONOMIC DEVELOPMENT AREAS Location Cannel Drive East of Hancock Adams Street SW corner Perm/Old Meridian College East of Perm NW comer 111d/Penn NE comer II Ith/Penn Penn St South of 111th NE comer Old Meridian/Penn NE comer Old Meridian/Penn NE comer of Cty Ctr and Penn NE comer of Cty Ctr and Penn NE comer of 116th and College NE comer of 116th and College 11720 N. College Ave. SE comer Cannel Dr /Adams Location SW comer 136th/Oak Ridge Rd Meridian Comers North of 131st South of Ritz Charles NE comer I 1 Ith/Illinois and NW comer I I lth/US 31 Illinois North of 11 I th Illinois South of 11 1th Total Approved 86,860 117,880 49,136 31.010 143,748 468,096 84,942 12,000 202,000 140.000 140,000 83,215 117.600 39,820 31.050 11.218 Total Approved 478,812 108,464 30,056 365,000 260.000 330.000 720.000 ppro als/Pro fota) Built 30,722 26,476 _u Appre ls/Projccuons.(Squ`are Fpn) Location Total Approved Total Built Unbuilt Type NW comer 131st/Hazel Dell 23.697 14,620 9.077 retail/office 0.17 70 Location NW comer of 9601/Randall Dr Gray Road SE comer Bauer /Marie Location On Old Meridian south of Parcel 92 Location NE comer of Rangeline and Main Sr. Location Village of West Clay Total Approved 31,642 18.077 39,295 App ovtris /PPr02 cttbns (Sgnar rat) Total Approved Total Built Unbuilt Type 1,075,932 1,075,932 Apts/Mixed use Total Approved Total Built Unbuilt Type 6,000 6,000 bank Total Approved Total Built Unbuilt Type 66,000 66.000 retail (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 17 Unbuilt 56,138 91,404 49,136 31.010 143.748 468.096 84,942 12,000 202.000 140.000 140,000 83,215 117,600 39,820 31,(150 11.218 are,Feet) Type office office commercial office commercial grocery /retail commercial office Apartments office office office Apartments office office pre- school Approvals`/Pro /extorts (Square Feet); Total Built Unbuilt 478.812 108,464 30,056 365,000 260,000 330,000 720,000 r)po commercial commercial commercial retail/opts/office retail /apts /office retaiVapts /office retaiVapts /office Appiovals/Projections (Square Fect) J'? Total Built Unbuilt Type 31,642 commercial 18,077 commercial 39,295 commercial Apprmals/Pr03 cuons (Square Fcei)` APproialsfProdauons`(S,qu�re Fat), s> F ':a FAR AV /SF 0.75 90 0.37 90 ((.3 70 0.18 90 0.3 70 0.3 70 0.3 70 0.3 90 0.3 150 0.3 90 0.3 90 0.3 90 0.3 150 0.3 90 0.3 90 (1.3 70 FAR AV /SF 0.3 70 0.3 70 0.3 70 70 0.55 70 70 0.3 70 FAR AV /SF FAR AV /SF ((.04 70 0.10 70 0,31 70 FAR AV /SF 70 FAR AV /SF 70 FAR AV /SF 70 Est. AV $5,000,000 8.200.000 3.400,000 2,700,000 10,000.000 32,700.000 5,900,000 1000,000 30.300,000 12,600.000 12 600,000 7.400 .000 17.600.000 3.500.000 2.700.000 700,000 0156,300,000 015,630,000 033,500,000 7,500,000 2,100,000 6,375,000 4,550,000 5,775,000 12,600,000 Year Payable 2016 -2025 $72.400.000 07,200,000 $600,000 0600,000 0600.000 $600,000 52,200,000 1.200,000 2,700,000 $6,100,000 5610,000 $75,300,000 $75.300,000 07,530,000 $400,000 $400,000 0400,000 $400.000 $4.600,000 $4,600,000 54,600,000 54,600,000 CARMEL (INDIANA) REDEVELOPMENT DISTRICT HISTORICAL TAX INCREMENT COLLECTIONS (Per Auditor's Office) TIF District 2003 2004 2005 2006 2007 2008 2009 Old Town EDA I Old Town $0 80 898,062 8130,344 8199,702 8186,760 965 $110,701 Old Methodist 0 0 0 0 484 304 Total $0 $0 $98,062 $130,344 $200,186 $187,725 $111,005 t Old Meridian EDA Old Meridian $0 $0 $9,470 $6,396 $10,879 $0 $17,721 Old Meridian Expansion 0 0 0 81,411 203,623 182,625 252,099 I Total SO $0 $9,470 $87,807 $214,502 $182,625 $269,820 Hazel Dell South $0 $0 $281,054 $325,176 $570,112 $674,633 $462,724 I Hazel Dell North $0 $0 $24,425 $33,482 $189,700 $225,747 $130,030 Illinois Street EDA (excludes Clarian debt portion) I Illinois Street Clarian surplus $0 $0 $0 $0 $1,913,066 $2,385,005 $1,490,350 Illinois Street 0 103,609 757,712 391,619 104,463 125,193 97,658 Amended Illinois Street 0 0 0 0 86,216 106,094 75,199 Total $0 $103,609 $757,712 $391,619 $2,103,746 $2,616,292 $1,663,207 1 26th Street EDA Amended 126th Street $2,559,398 $3,570,703 $3,078,243 (I) $2,604,221 (2) $4,012,903 $5,262,071 $3,296,824 Amended 126th Street expansion 0 0 0 31,079 319,004 413,456 462,678 Cannel Drive 0 0 0 0 44,873 84,027 50,473 Lauth Walker 0 0 0 0 148,913 188,018 216,884 Total $2,559,398 $3,570,703 $3,078,243 $2,635,300 $4,525,693 $5,947,572 $4,026,859 I City Center Redevelopment Area City Center $61,226 $430,213 $355,138 (3) $395,492 $520,740 $616,042 $374,340 City Center expansion 0 0 0 88,888 80,934 115,176 77,461 I Old Town Shoppes 0 0 0 0 16,382 93,538 70,091 Total $61,226 $430,213 $355,138 $484,380 $618,057 $824,757 $521,892 I National City $0 $0 $0 $0 $0 $668 $366 Villages of West Clay $0 $0 $0 $0 $0 $94,063 $319,214 Grand Total $2,620,624 $4,104,525 $4,604,104 $4,088,108 $8,421,996 $10,754,081 $7,505,117 (1) Settlement was reduced by $144,810.86 for appeals that occurred in 2002 taxes payable 2003 and 2003 taxes payable 2004. (2) Settlement was reduced by $305,000 for appeals that occurred in 2005 taxes payable 2006. (3) Settlement was reduced by $75,028.97 for appeals that occurred in 2003 taxes payable 2004. (4) Includes only the spring settlement. 1 1 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 18 INIII I i MN ME MI NM MID E WO NM MN OM I N MN S MO APPENDIX A TAX INCREMENT, PROPERTY TAXES, AND RECENT LEGISLATION Tax Increment consists of all property tax proceeds from the assessed valuation of real and designated depreciable personal property in the Areas as of the assessment date in excess of the base assessed valuation described in IC 36- 7- 14- 39(b)(1) multiplied by the current property tax rate. The base assessed value means the net assessed value of all the property in an allocation area as finally determined for the assessment date immediately preceding the effective date of a declaratory resolution pursuant to IC 36- 7 -14 -39 establishing the allocation area. The next statewide reassessment of real property is scheduled for March 1, 2012 for taxes payable in 2013. Statewide reassessments are scheduled to occur every four years thereafter. Beginning in 2006 tax year payable 2007, all real property assessments are revalued annually to reflect market value based on comparable sales data "Trending The Department of Local Government Finance (the "DLGF is required to adjust the base net assessed value after a general reassessment of property and annually after Trending. The purpose of these adjustments is to neutralize the effects of the general reassessment and Trending on property within allocation areas. In making such an adjustment, the DLGF is required to exclude any appealed assessed values until such appeals are resolved. Delays in the reassessment or the trending process, the inability to neutralize the effect of reassessment, trending or appeals, could adversely affect the Tax Increment. (No adjustment has been made for future general reassessments or for the annual trending of assessed values to the Tax Increment estimates contained in this Report.) The incremental assessed values are determined by subtracting the base net assessed values from the current net assessed values as of the assessment dates. The incremental assessed values are then multiplied by the current property tax rate to determine the Tax Increment. After property taxes are paid to the County Treasurer, on or before June 30 and December 31, such taxes are paid over to the County Auditor who, based on the previous year's certification, pays the portion of property tax receipts that represent Tax Increment into the District's Allocation Fund. NOTE: THE TAX INCREMENT, AS DEFINED IN THE REPORT, IS LIMITED TO THE TAX INCREMENT COLLECTED FROM THE DESIGNATED AREAS AND THE MISO TIF AS DESCRIBED AND DEFINED IN THE REPORT. Recent Legislation: In 2008, the Indiana General Assembly enacted HEA 1001 (the "2008 Legislation Per the 2008 Legislation, beginning with property taxes payable in 2009, the state of Indiana (the "State assumed 100% of the cost of the school general and pre school education funds of local schools, the full cost of child welfare, incarceration of juveniles in State correctional facilities, hospital care for the indigent, the state fair and forestry funding, and pre -1977 local police and fire pension payments, eliminating all property tax levies associated with these costs. To fund a portion of these newly assumed levies, the State eliminated all State Property Tax Replacement Credit "SPTRC payments currently paid to local taxing units, beginning in 2009. A -1 TAX INCREMENT, PROPERTY TAXES, AND RECENT LEGISLATION (CONT'D) Recent Legislation: (Cont'd) The 2008 Legislation also increased the standard deduction for homesteads to the lesser of $45,000 or 60% of assessed value and created a supplemental homestead deduction equal to 35% of the next $600,000 of assessed value remaining after the standard deduction and 25% of the remaining assessed value over $600,000. Other factors that will affect the future tax rate include changes in assessed value and budgets of the overlapping taxing units, additional debt issuance, unanticipated changes and events such as the loss of major taxpayers, and additional changes in assessment methods, regulations, or changes to property tax laws by the Indiana General Assembly. The 2008 Legislation further allows for several methods of replacing lost Tax Increment caused by the new legislative changes or DLGF administrative changes (to the extent it causes Tax Increment to be inadequate to pay debt service and contractual obligations), including a property tax levy imposed on the District (the "TIF Replacement Levy It is not currently anticipated that such a shortfall will occur. Furthermore, the Carmel City Council and the Carmel Redevelopment Commission have made public statements that they would never impose the TIF Replacement Levy on taxpayers in the City of Carmel (or the District). Therefore, no TIF Replacement Levy is assumed in Tax Increment estimates contained in this Report. CIRCUIT BREAKER: The Indiana General Assembly previously has enacted, and most recently amended, legislation (IC 6 -1.1 -20.6) which provides taxpayers with a tax credit for all property taxes in an amount that exceeds the gross assessed value of real and personal property eligible for the credit "Circuit Breaker Tax Credit For property assessed as a homestead (as defined in IC 6- 1.1-12-37), the Circuit Breaker Tax Credit is equal to the amount by which the property taxes attributable to the homestead exceed 2% of the gross assessed value of the homestead, beginning with property taxes first due and payable in 2008. The 2008 Legislation expanded these tax credits as follows. Beginning with property taxes payable in 2009, property taxes for homesteads will be limited to 1.5% of the gross assessed value; property taxes for other residential property, agricultural property and long term care facilities will be limited to 2.5% of gross assessed value; and property taxes for all other real and personal property will be limited to 3.5% of gross assessed value. Beginning with property taxes payable in 2010, property taxes will be limited to 1.0% of the gross assessed value of homesteads; 2.0% of the gross assessed value of other residential property, agricultural property, and long -term care facilities; and 3.0% of the gross assessed value for other non residential real property and personal property. Additional property tax limits have been made available to certain senior citizens. If applicable, the Circuit Breaker Tax Credit will result in a reduction of property tax collections for each political subdivision in which the Circuit Breaker Tax Credit is applied. A political subdivision may not increase its property tax levy or borrow money to make up for any property tax revenue shortfall due to the application of the Circuit Breaker Tax Credit. TAX INCREMENT, PROPERTY TAXES, AND RECENT LEGISLATION (CONT'D) CIRCUIT BREAKER: (Cont' d) Indiana Code Title 6, Article 1.1, Chapter 20.6, Section 10, as added by P.L. 1 -2008, requires taxing units to fully fund any levies for the payment of outstanding debt service or lease rental obligations regardless of any reduction in property tax collections due to the application of the Circuit Breaker Tax Credit. If property tax collections are insufficient to fully fund debt service or lease rental levies due to the Circuit Breaker Tax Credit, taxing units must use non- property tax revenues or revenues from property tax levies for other funds (including operating) to offset revenue loss to the debt service fund. For school corporations, any shortfall could also be funded through the State Intercept Program (herein defined); however, application of the State Intercept Program will result in a shortfall in distributions to the school corporation's general fund so schools are encouraged by the DLGF to fund any shortfall directly from the school corporation's general fund and avoid the application of the State Intercept Program. Indiana Code Title 6, Article 1.1, Chapter 20.6, Section 10 a provides that if property tax revenues are not sufficient to pay debt service on bonds or leases payable from property taxes, the State must intercept local option income tax distributions and available distributions of State monies for the benefit of bondholders. This application of property tax revenues may impact the ability of political subdivisions to provide existing levels of service and, in extreme cases, the ability to make debt service or lease rental payments. Estimated Circuit Breaker Tax Credit for the City of Carmel: Legislative Services Agency "LSA prepared a report, which estimates the impact of P.L. 1 -2008 for all taxing units in the State of Indiana. Pursuant to LSA data dated October 5, 2009, the estimated Circuit Breaker Tax Credit allocable to the City of Carmel for budget year 2009 is estimated to be $149. In budget years 2010 and 2011, when P.L. 1 -2008 is fully implemented, LSA estimates the Circuit Breaker Tax Credit will be $184,610 and $368,547 respectively. The LSA Circuit Breaker Tax Credit analysis described above does not reflect the potential effect of any further changes in the property tax system or methods of funding local government that may be enacted by the Indiana General Assembly before 2010. The effects of these changes could affect LSA's estimate of the Circuit Breaker Tax Credit and the impact could be material. Other future events, such as the loss of a major taxpayer, reductions in assessed value or increases in property tax rates of overlapping taxing units could increase effective property tax rates and the amount of the lost revenue due to the Circuit Breaker Tax Credit, and the resulting increase could be material. In this Report, the Circuit Breaker Tax Credit is not estimated to reduce the Tax Increment, due to the fact that the current Tax Increment estimates, based on the 2009 tax rate, fall below the maximum threshold of 3% of the gross assessed value for commercial property. There has been no judicial interpretation of this legislation. In addition, there can be no assurance as to future events or legislation that may affect the Circuit Breaker Tax Credit or the collection of property taxes. RISKS OF TAX INCREMENT (Note: In this section the previously defined Designated Areas are referred to as "the Areas General Risks of Tax Increment. There are certain risks associated with the Tax Increment estimates such as, but not limited to, the following: (i) destruction of property in the Areas caused by natural disaster; (ii) delinquent taxes or adjustments of or appeals on assessments by property owners in the Areas; (iii) a decrease in the assessed value of properties in the Areas due to increases in depreciation, obsolescence or other factors by the assessor; (iv) acquisition of property in the Areas by a tax- exempt entity; (v) removal or demolition of real property improvements by property owners in the Areas; (vi) delayed billing, collection, or distribution of Tax Increment by the county auditor; (vii) a decrease in property tax rates or reinstatement of the SPTRC, which would increase the Additional Credit applied to Tax Increment; (viii) an inability to correctly neutralize the effect of reassessment or trending on Tax Increment, or appeals of reassessments; (ix) the General Assembly, the courts, the DLGF or other administrative agencies with jurisdiction in the matter could enact new laws or regulations or interpret, amend, alter, change or modify the laws or regulations governing the calculation, collection, definition or distribution of Tax Increment including laws or regulations relating to reassessment, the Additional Credit or a revision in the property tax system; or (x) a change in any of the civil unit's funding mechanisms (i.e., no longer funding it with property taxes) could adversely affect Tax Increment. Any such changes could cause the Tax Increment to fall below the estimates provided in this Report and be material. Reduction of Tax Rates or Tax Collection. The Tax Increment estimates assume that the gross property tax rates will remain at approximately the same level in future years. Any substantial increase in State funding, federal aid or other sources of local revenues, which would reduce local required fiscal support for certain public programs or any substantial increase in assessments outside the Areas could reduce the rates of taxation by the taxing bodies levying taxes upon property with the Areas and have an adverse effect on the amount of Tax Increment received by the District. Economic conditions or administrative action could reduce the collection rate achieved by the City within its jurisdiction, including the Areas. Circuit Breaker. The 2008 Legislation expands the Circuit Breaker Tax Credit to provide different levels of tax caps for various classes of property taxpayers. (See "Tax Increment, Property Taxes, and Recent Legislation" herein.) The Circuit Breaker could not cause the Tax Increment to fall below the estimates shown in this Report because the Tax Increment estimates do not assume any growth in property tax rates above the 2009 tax rate, which, according to current estimates, falls below the maximum threshold (on commercial property) of 3% of gross assessed value. There can be no assurance as to future events or legislation that may affect the Circuit Breaker Tax Credit or the collection of property taxes, Tax Increment, and other revenues. RISKS OF TAX INCREMENT (CONT'D) Reassessment and Trending. The next general reassessment of property in the State is scheduled to be effective for property assessed March 1, 2012, for taxes payable in 2013. Reassessments are scheduled to occur every four years thereafter. Trending is scheduled to occur on an annual basis. The DLGF is required by law to make a one -time adjustment to neutralize the effect of reassessment and trending on property within tax increment allocation areas, including the Areas, so that owners of obligations secured by tax increment revenues will not be adversely affected. Delays in the reassessment and trending process, the inability to neutralize the effect of reassessment, or appeals of assessments and reassessments could adversely affect the Tax Increment. It is possible that reductions in market value and assessed value could occur due to the current economic conditions and these reductions may not be fully offset through the neutralization process. Reliance on Tax Increment from New Developments not yet Constructed. The total estimated Tax Increment for collection year 2010 is $14,735,330 based on the actual incremental values of properties within the Areas per the property tax records and tax increment database of the Hamilton County Auditor's office. The Tax Increment is estimated to increase gradually to a maximum of $24,996,930 by 2026. The growth beginning in 2016 through 2026 is based on information provided by the Carmel Department of Community Services as to available sites in the Areas and the estimated square footage of potential commercial /office buildings to be constructed on those sites. The estimated assessed value is based on comparable buildings located in the surrounding area. The estimated assessed value of these future developments is spread -out over the ten -year period beginning in 2016. Some or all of this future development may not occur as anticipated. The assessed value from future development within the Areas could be delayed or could be assessed less than is estimated. Any delay in development or reduction in assessed value compared to the estimates in this Report would reduce the amount of estimated Tax Increment. Any such changes could cause the Tax Increment to fall below the estimates provided in this Report and be material. It was further noted that for the future Valinet and Pittman developments in the Illinois Street Area, that 25% of the estimated incremental value would be captured to allow 75% of the Tax Increment to be used to finance structured parking as a developer incentive. More Tax Increment may be needed to fund the parking structures and less than 25% of the estimated Tax Increment may be available to fund the obligations shown in this Report. PILOT Payments. The estimated Tax Increment includes payments in lieu of taxes (PILOT) payments of approximately $350,000 per year from the Barrington senior living facility to be constructed in the 126 Street Area. The agreement between the developer and the City of Carmel does not specify that the PILOT payments will be paid to the Commission to be used as Tax Increment to pay obligations of the Commission. RISKS OF TAX INCREMENT (CONT'D) PILOT Payments. (cont'd) The estimated Tax Increment also includes surplus Tax Increment from the Illinois Street Area, net of the Illinois Street Bond payments (referred to as the "Clarian Surplus Clarian has entered into an agreement not to appeal their assessed value below the amount needed to pay the Illinois Street Bonds, and an agreement to make PILOT payments if the hospital were to become a tax exempt not-for-profit. The annual debt service is approximately $900,000. However, the minimum tax value and the minimum PILOT payments are not guaranteed to provide the annual level of surplus that is relied upon in this Tax Increment estimate: approximately $2.1 million of annual surplus Tax Increment until the Illinois Street Bonds are paid off in 2023, and, then, all of the annual Tax Increment from the Illinois Street Economic Development Area. Interest rate risk. The terms of the Other Installment Purchase Agreements and the applicable interest rates are described in the General Comments to this Report under "Outstanding Obligations: Sources of Repayment and Security It is possible that, due to the floating or fixed (as applicable) interest rate on the Mercantile Installment Contract exceeding the estimated interest rate, the installment payments thereunder might be greater than shown in the schedules to this Report. It also is possible that the contract obligations will need to be refinanced after seven years, allowing for the possibility of higher interest rates and, therefore, the possibility of higher payments than shown in the schedules to this Report. Potential Change in Law regarding Use of Tax Increment for Improvements located Outside an Area. The current redevelopment statutes allow for the Tax Increment to be used for projects that are located in, serving or benefitting the Areas. The 2008 legislation added certain restrictions on uses of the Tax Increment, in some cases requiring the projects to be located inside the Area or physically connected to the Areas. If further restrictions are made to these laws without "grandfathering," the Commission might be restricted from using Tax Increment from the all Areas to repay the all the obligations shown in this Report including the Certificates. MN r— MI ■M NM 1 In i NM I i NM I r NB MI MI INS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Payment Principal Interest Date Outstanding Principal Rate CARMEL (INDIANA) REDEVELOPMENT DISTRICT AMORTIZATION OF $14,000,000 PRINCIPAL AMOUNT OF TAXABLE TAX INCREMENT REVENUE BONDS OF 2008 Bonds dated July 15, 2008 Interest Total Debt Bond Year Service Debt Service 07/15/08 $14,000,000 01/15/09 14,000,000 $165,000 5.850 $503,203.75 $668,203.75 $668,203.75 07/15/09 13,835,000 170,000 5.850 498,377.50 668,377.50 01/15/10 13,665,000 175,000 5.850 493,405.00 668,405.00 1,336,782.50 07/15/10 13,490,000 180,000 5.850 488,286.25 668,286.25 01/15/11 13,310,000 185,000 5.850 483,021.25 668,021.25 1,336,307.50 07/15/11 13,125,000 190,000 5.850 477,610.00 667,610.00 01/15/12 12,935,000 195,000 5.850 472,052.50 667,052.50 1,334,662.50 07/15/12 12,740,000 200,000 5.850 466,348.75 666,348.75 01/15/13 12,540,000 210,000 6.550 460,498.75 670,498.75 1,336,847.50 07/15/13 12,330,000 215,000 6.550 453,621.25 668,621.25 01/15/14 12,115,000 220,000 6.550 446,580.00 666,580.00 1,335,201,25 07/15/14 11,895,000 230,000 6.550 439,375.00 669,375.00 01/15/15 11,665,000 235,000 6.550 431,842.50 666,842.50 1,336,217.50 07/15/15 11,430,000 245,000 6.550 424,146.25 669,146.25 01/15/16 11,185,000 250,000 6.550 416,122.50 666,122.50 1,335,268.75 07/15/16 10,935,000 260,000 6.550 407,935.00 667,935.00 01/15/17 10,675,000 270,000 7.200 399,420.00 669,420.00 1,337,355.00 07/15/17 10,405,000 280,000 7.200 389,700.00 669,700.00 01/15/18 10,125,000 290,000 7.200 379,620.00 669,620.00 1,339,320.00 07/15/18 9,835,000 300,000 7.200 369,180.00 669,180.00 01/15/19 9,535,000 310,000 7.200 358,380.00 668,380.00 1,337,560.00 07/15/19 9,225,000 320,000 7.200 347,220.00 667,220.00 01/15/20 8,905,000 330,000 7.200 335,700.00 665,700.00 1,332,920.00 07/15/20 8,575,000 345,000 7.200 323,820.00 668,820.00 01/15/21 8,230,000 355,000 7.200 311,400.00 666,400.00 1,335,220.00 07/15/21 7,875,000 370,000 7.200 298,620.00 668,620.00 01/15/22 7,505,000 380,000 7.375 285,300.00 665,300.00 1,333,920.00 07/15/22 7,125,000 395,000 7.375 271,287.50 666,287.50 01/15/23 6,730,000 410,000 7.375 256,721.88 666,721.88 1,333,009.38 07/15/23 6,320,000 425,000 7.375 241,603.13 666,603.13 01/15/24 5,895,000 440,000 7.375 225,931.25 665,931.25 1,332,534.38 07/15/24 5,455,000 460,000 7.375 209,706.25 669,706.25 01/15/25 4,995,000 475,000 7.375 192,743.75 667,743.75 1,337,450.00 07/15/25 4,520,000 495,000 7.375 175,228.13 670,228.13 01/15/26 4,025,000 510,000 7.800 156,975.00 666,975.00 1,337,203.13 07/15/26 3,515,000 530,000 7.800 137,085.00 667,085.00 01/15/27 2,985,000 550,000 7.800 116,415.00 666,415.00 1,333,500.00 07/15/27 2,435,000 575,000 7.800 94,965.00 669,965.00 01/15/28 1,860,000 595,000 7.800 72,540.00 667,540.00 1,337,505.00 07/15/28 1,265,000 620,000 7.800 49,335.00 669,335.00 01/15/29 645,000 645,000 7.800 25,155.00 670,155.00 1,339,490.00 Totals $14,000,000 $13,386,478.14 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) B -1 $27,386,478.14 $27,386,478.14 Payment Principal Dates Outstanding Totals CARMEL (INDIANA) REDEVELOPMENT DISTRICT 7C/PAC $17 900,000 INSTALLMENT PURCHASE CONTRACT (REGIONS) Contract dated January 7, 2009 Principal Assumed Interest Rates Interest Estimated Installment Payments Semi annual Annual 01/07/09 017,500000 04/01/09 17,500,000 3200,374.99 07/01/09 17,500,000 200,374.99 $400,749.99 10/01/09 17,500,000 200,374.99 01/01/10 17500900 200,374.99 400,749.99 0801,499 -98 04/01/10 17,500,000 200,374.99 07/01/10 17,500,000 200,374.99 400,749.99 10/01/10 17,509,000 200,374.99 01/01/11 17,509,000 200,374.99 400,749.99 801,499.98 04/01/11 17,500,000 $134,814.66 4.58% 200,374.99 07/01/11 17,365,185 136,358.28 4.58% 198,831.37 670,379.30 10/01/11 17,228,827 137,919.59 4.5816 197,270.06 01/01/12 17,090,907 139,498.77 4.58% 195,690.89 670,379.31 1,340,758.61 04/01/12 16,951,408 141,09693 45816 194,093.62 07/01/12 16,810,312 142,711.58 4,58% 192,478.07 670,379.31 10/01/12 16,667,601 144,345.62 4,58% 190,844.03 01 /01/13 16,523,255 145,998.38 4.58% 189,191.27 670,379.30 1,340,758.61 04/01/13 16,377,257 147,670.06 4,58% 187,519.59 07/01/13 16,229,587 149,360.89 4,58% 185,828.77 670,379.30 10/01/13 16,080,226 151,071.07 4.58% 104,118.58 01/01/14 15,929,155 152,800.83 4,58% 182,388.82 670,379.30 1,340758.61 04/01/14 15,776,354 154,550.40 4.58% 180639.25 07/01/14 15,621,803 156,320.00 4.58% 178,869.65 670,379.30 10/01/14 15,465,483 158,109.87 4.58% 177,079.78 01 /01 /15 15,307,374 159,920.22 4.5816 175,269.43 670,379.30 1,340.758.60 04/01/15 15,147,453 161,751.31 4.56% 173,438.34 07/01/15 14,985,702 163,603.36 4.58% 171,586.29 670,379.30 10/01/15 14,822,099 165,476.62 4.58% 169,713,03 01 /01/16 14,656,622 181,622.00 4.58% 167,818.32 684,629.97 1,355,009.27 04/01/16 14,475,900 185,000.00 6.00% 217,125.00 07/01/16 14,290,000 190,000.00 6.00% 214,350.00 806,475.00 10/01/16 14,100,000 190,000.00 6.00% 211,500.00 01101/17 13,910,000 195,000.00 6.00% 208.650.00 805,150.00 1,611,625.00 04/01/17 13,715,000 195,000.00 6.00% 205,725.00 07/01/17 13,520000 200 000.00 6.00% 202,800.00 803,525.00 10/01/17 13,320,000 205,000.00 6.00% 199,800.00 01/01/18 13,115,000 205,000.00 6.00% 196,725.00 806,525.00 1,610,050.00 04/01/18 12,910,000 710,000.00 6.00% 193,650.00 07/01/18 12,700,000 215000.00 60016 190,500.00 809,150.00 10/01/18 12,485,000 21 6.00% 187,275.00 01/01/19 12,270,000 220,000.00 6.00% 184,050.00 806,325.00 1,615,475.00 04/01/19 12,050,000 220,000.00 6.00% 180,750.00 07/01/19 11,830,000 225,000.00 6.00% 177,450.00 803,20090 10/01/19 11,605,000 230,000.00 6.00% 174,075.00 01/01/20 11,375,000 230,000.00 6.00% 170,625.00 804,700.00 1607,900,00 04/01/20 11,145,000 235,000.00 6.00% 167,175.00 07/01/20 10,910,000 240,000.00 6.00% 163,650.00 805,825.00 10/0120 10,670,000 245,000.00 6.0096 160050.00 01/01/21 10,425,000 245,000,00 6.00% 156,375.00 806,425.00 1,612250.00 04/01/21 10,180,000 250,000.00 6.00% 152,700.00 07/01/21 9,930,000 255,000.00 6.00% 148,950.00 806,650.00 10/01/21 9,675,000 260,009,00 6.00% 145,125.00 01/01/22 9,415,000 260,000.00 6.00% 141,225.00 806,350.00 1,613,000.00 04/01/22 9,155003 265,000.00 6.00% 137,325.00 07/01/22 8,890,000 270,000,00 6.0096 133,350.00 805,675_00 10/01/22 0,620,000 275,000. 6.00% 129,300.00 01/91/23 8,345,000 280,000.00 6.00% 125,175.00 809,475.00 1615,150.00 04/01/23 8,065,000 280,000.00 6.00% 120,975.00 07/01/23 7,785,050 285 000.00 6.00% 116,775.00 802,750.00 10/01/23 7,500,000 290,000.00 6.00% 112,500.00 01/01/24 7,210,000 295,000.00 6.0056 108,150.00 805,650.00 1,608,400.00 04/01/24 6,915,000 300,000.00 6.00% 103,725.00 07/01/24 6,615,000 305,000.00 6.00% 99 225.00 807,950.00 10/01/24 6,310,000 310,000.00 6.00% 94,650,00 01/01/25 6,000,000 315000.00 6.00% 90,000.00 809,650.00 1,617,600.00 04/01/25 5,655 000 320,000.00 6.0016 85 275.00 07/01/25 5,365 000 320,000,00 6.00% 80,475.00 805.750.00 10/01/25 5,045,000 325,000.00 6.00% 75,675.00 01/01/26 4,720,000 330,000.00 6.00% 70,800.00 801,475.00 1,607,225.00 04/01/26 4,390,000 335,000.00 6.00% 65,850.00 07/01/26 4,055,000 340000.00 6.00% 60,825.00 801,675.00 10/01/26 3,715,000 345,000.00 6.00% 55,725.00 01/01/27 3,370,000 350,000.00 6.00% 50,550.00 801,275.00 1,602,950.00 04/01/27 3,020,000 360.000.00 6.07% 45,300,00 07/01/27 2,660,000 365,000.00 6.00% 39,900.00 810 200.00 10/01/27 2,295,000 370,000.00 6.00% 34,425.00 01/01/28 1,925,000 375,000.00 6.00% 28,875.00 808,300.00 1,618,500.00 04/01/28 1,550,000 380,000.00 6.00% 23,250.00 07/01/28 1,170,000 385,000.00 6.00% 17,550.00 805,800.00 10/01/28 785,000 390,000.00 6.00% 11,775.00 01/01/29 395,000 395,000.00 6.00% 5,925.00 802,700.00 1,608,500.00 017,500,000 311,769,669.11 029,269,668.65 $29,269,666.65 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 0 -2 CARMEL (INDIANA) REDEVELOPMENT DISTRICT 7C/PAC 97,500,000 LNSTALLMENT PURCHASE CONTRACT (REGIONS) Contract dated May 22, 2009 Assumed Payment Principal Interest Dales Outstanding Principal Rates Interest Estimated Installment Payments Semi annual Annual 05/22/09 57,500,000 07/01/09 7,500,000 840,300.00 640,300.00 10/01/09 7,500,000 93,000.00 01/01/10 7,500,000 93,000.00 186,000.01 0226,300.01 04/01/10 7,500,000 93,000.00 07/01/10 7,500,000 93,000.00 186,000.01 10/01/10 7,500,000 93,000.00 01 /01 /11 7,500,000 93,000.00 186,000.01 372,000.02 04/01/11 7,500,000 655,349.80 4.96% 93,000.00 07/91/11 7,444,651 56,036.13 4,96% 92,313.67 296,699.60 10/01/11 7,388,614 56,730,99 4.96% 91,618.82 01/01/12 7.331,883 57,434.44 4.96% 90,915.35 296,699.60 593,399.20 04/01/12 7,274,449 58,146.64 4.96% 90203.17 07/01/12 7,216302 58,867.65 4.96% 89,482.15 296,699.61 10/01/12 7,157,435 59,597.62 4.96% 88,752.19 01/01/13 7,097,037 60,336.62 4.96% 88,013.18 296,699.61 593,399.22 04/01/13 7,037,500 61,084.79 4.96% 87,265.01 07/01/13 6,976,416 61,842.25 4.96% 86,507.55 296,699.60 10/01/13 6,914,573 62,609.09 4.9656 85,740.71 01/01/14 6,851,964 63,385.45 4.96% 84,964.36 296,69461 593,399.21 04/01/14 6,780,579 64,171.42 4.96% 84,178.38 07/01/14 6,724,407 64,967.15 4.969', 83,382.65 296,699.60 10/01/14 6,659,440 65,772.75 4.96% 82,577.06 01 /01/15 6,593,668 66,580.32 4.96% 81,761.48 296,699.61 593,399.21 04/01/15 6,527,079 67,414.02 4.96% 80,935.78 07/01/15 6,459,665 68,249.95 4.96% 80,099.85 296,699.60 10/01/15 6,391,415 69,096.26 4.9630 79,253.55 01/01/16 6,322,319 77,319.00 4.96% 78,396.76 304,065.56 600,765.17 04/01/16 6,245,000 80,00000 600% 93,675.00 07/01/16 6,165,000 80,000.00 6.00% 92,475.00 346,150.00 10 /01 /16 6,085,000 85,000.00 6.00% 91,275.00 01/01/17 6,000,000 85,000.03 6.0030 90,000.00 351,275.00 697,425.00 04/01/17 5,915,000 85,000.00 6.00% 88,725.00 07/01/17 5,830,000 85,000.00 6.00% 87,450.00 346,17500 10/01/17 5,745,000 90,000.00 6,00% 86,175.00 01/01/18 5,655,000 90,000.00 6.00% 84,825.00 351,000.00 697,175.00 04/01/18 5,565,000 90,000.00 6.00% 83,475.00 07/01/18 5,475,000 90,000.00 6.00% 82,125.00 345,600.00 10/01/18 5,385,000 95,000.00 6.00% 80,775.00 01/01/19 5,290,000 95,000.00 6,00% 79,350.00 350,125.00 695,725.00 04/01/19 5,195,000 95,000.00 6.00% 77,925.00 07/01/19 5,100,000 95,000.00 6.00% 76,500.00 344,425.00 10 /01 /19 5,005,000 100,000.00 6.00% 75,075.00 01/01/20 4,905,000 100,000.00 6.00% 73,575.00 348,650.00 693,075.00 04/01/20 4,005,000 100,000.00 6.00% 72,075.00 07/01/20 4,705,000 105,000.00 6.00% 70,575.00 347,650.00 10/01/20 4,600,000 105,000.00 6.00% 69,000.00 01/01/21 4,495,000 105,000.00 6.00% 67,425.00 346,425.00 694,075.00 04/01/21 4,390,000 110,000.00 6.00% 65, 850.00 07/01/21 4,280,000 110,000.00 6.00% 64,200.00 350,050.00 10/01/21 4,170,000 110,00000 6.00% 62,550.00 01/01/22 4,060,000 115,000.00 6.00% 60,900.00 348,450.00 698,500.00 04/01/22 3,945,000 115,000.00 6.00% 59,175.00 07/01/22 3,839,090 115,000.00 6.00% 57,450.00 346,625.00 10/01/22 3,715,000 120,000.00 6.00% 55,725.00 01/01/23 3,595,000 120,000.00 6.00% 53,925.00 349,650.00 696,275.00 04/01/23 3,475,000 120,000.00 6.00% 52,125.00 07/01/23 3,355,000 125,000.00 6.00% 50,325.00 347,450.00 10 /01/23 3,230,000 125,000.00 6.00% 48,450,00 01/01/24 3,105,000 125,00000 6.0030 46,575.00 345,025.00 692,475.00 04/01/24 2,980,000 130,000.00 6.00% 44,700.00 07/01/24 2,850,000 130,000.00 6.00% 42,750.00 347,450.00 10/01/24 2,720,000 135,000.00 6.00% 40,800.00 01/01/25 2,585,000 135,000.00 6.0030 38,775.00 349,575.00 697,025.00 04/01/25 2,450,000 135,000.00 6.00% 36,750.00 07/01/25 2,315,000 140,000.00 6.00% 34,725.00 346,475.00 10/01/25 2,175,003 140,000.00 6.00% 32,625.00 01/01/26 2,035,000 145,000.00 6.00% 30,525.00 348,150.00 694,625.00 04/01/26 1,890,000 145,000.00 6.0030 28,350.00 07/01/26 1,745,000 145,000.00 6.00% 26,175.00 344,525.00 10/01/26 1,600,000 150,000.00 5.0006 24,000.00 01/01/27 1,450,000 150,000.00 60030 21,750.00 345,750.00 690,275.00 04/01/27 1,300,000 155,000.00 6.00% 19,500.00 07/01/27 1,145,000 155,000.00 60030 17,175.00 346,67400 10/01/27 990,000 160,000.00 6.00% 14,850.00 01/01/28 030,000 160,000.00 6.00% 12,450,00 347,300.00 693,975.00 04/01/28 670,000 165,000.00 6.00% 10,050.00 07/01/28 505,000 165,00000 6.00 30 7,575.00 347,625.00 10/01/28 340,000 170,000.00 6.00% 5,100.00 01/01/29 170,000 170,000.00 6,00% 2,550.00 347,650.00 695,275.00 Totals 67,500,000 95,108,561.69 $12,608,562.03 $12,608,562.03 (Subject to the comments in the attached Report dated December 29, 2009 ofUmbaugh.) B -3 CARMEL (INDIANA) REDEVELOPMENT DISTRICT (CoS'd) 7C /PAC 810,000,000 INSTALLMENT PURCHASE CONTRACT (MERCANTILE) Contract dated August 31, 2009 Payment Principal Interest Installment Payments Date Outstanding Principal Rate Interest Semi annual Annual 10/01/09 510,000,000 4.75% 540,902.78 11/01/09 10,000,000 4.75% 39,583.33 12/01/09 10,000,000 4.75% 39,583.33 01 /01 /10 10,000,000 4.75% 39,583.33 5159,652.78 0159,652.78 02/01/10 10,000,000 4.75% 39,583.33 03/01/10 10,000,000 4.75% 39,583.33 04/01/10 10,000,000 4.75% 39,583.33 05/01/10 10,000,000 4.75% 39,583.33 06/01/10 10,000,000 4.75% 39,583.33 07/01/10 10,000,000 4.75% 39,583.33 237,500.00 08 /01 /10 10,000,000 4.75% 39,583.33 09/01/10 10,0110,000 4.75% 39,583.33 10 /01 /10 10,000,000 4.75% 39,583.33 11/01/10 10,000,000 4.75% 39,583.33 12/01/10 10,000,000 4.75% 39,583.33 01 /01 /11 10,000,000 4.75% 39,583.33 237,500.00 475,000.00 02/01/11 10,000,000 435% 39,583.33 03/01/11 10,000,000 4.75% 39,583.33 04/01/11 10,000,000 4.75% 39,583.33 05/01/1 10,000,000 4.75% 39,583.33 06/01/11 10,000,000 4.75% 39,58333 07/01/11 10,000,000 4.75% 39,583.33 237,500.00 08 /01 /11 10,000,000 822,000 6.00% 50,000,00 09/01/11 9,978,000 22,000 6.00% 49,890.00 10 /01 /11 9,956,000 22,000 6.00% 49,780.00 11 /01 /11 9,934,000 22,000 6.00% 49,670.00 12/01/11 9,912,000 22,000 6.00% 49,560.00 01/01/12 9,890,000 22,000 600% 49,450.00 430,350.00 667,850.00 02/01/12 9,868,000 22,000 6.00% 49,340.00 03/01/12 9,846,000 22,000 6.00% 49,230.00 04/01/12 9,824,0(10 23,000 6.00% 49,120.00 05/01/12 9,801,000 23,000 6.00% 49,005.00 06/01/12 9,778,000 23,000 6.00% 48,890.00 07/01/12 9,755,000 23,000 6.00% 48,775.00 430,360.00 08/01/12 9,732,000 23,000 6.00% 48,660.00 09/01/12 9,709,000 23,000 600% 48,545.00 10/01/12 9,686,000 23,000 6.00% 48,430.00 11/01/12 9,663,000 23,000 6.00% 48,315.00 12/01/12 9,640,000 23,000 6.00% 48,200.00 01/01/13 9,617,000 24,000 6.00% 48,085.00 429,235.00 859,595.00 02/01/13 9,593,000 24,000 6.00% 47,965.00 03/01/13 9,569,000 24,000 6.00% 47,845.00 04/01/13 9,545,000 24,000 6.00% 47,725.00 05/01/13 9,521,000 24,000 6.00% 47,605.00 06/01/13 9,497,000 24,000 6.00% 47,485.00 07/01/13 9,473,000 24,000 6.00% 47,365.00 429,990.00 08/01/13 9,449,000 24,000 6.00% 47,245.00 09/01/13 9,425,000 25,000 6.00% 47,125.00 10/01/13 9,400,000 25,000 6.00% 47,000.00 11 /01 /13 9,375,000 25,000 6.00% 46,875.00 12/01/13 9,350,000 25,000 6.00% 46,750.00 01/01/14 9,325,000 25,000 6.00% 46,625.00 430,620.00 860,610.00 02/01/14 9,300,000 25,000 6.00% 46,500.00 03/01/14 9,275,000 25,000 6.00% 46,375.00 04/01/14 9,250,000 25,000 6.00% 46,250.00 05/01/14 9,225,000 26,000 6.00% 46,125.00 06/01/14 9,199,000 26,000 6.00% 45,995.00 07/01/14 9,173,000 26,000 6.00% 45,865.00 430,110.00 08/01/14 9,147,000 26,000 6.00% 45,735.00 09/01/14 9,121,000 26,000 6.00% 45,605,00 10/01/14 9,095,000 26,000 6.00% 45,475,00 11/01/14 9,069,000 26,000 6.00% 45,345.00 12/01/14 9,043,000 26,000 6.00% 45,215.00 01/01/15 9,017,000 27,000 6.00% 45,085.00 429,460.00 859,570.00 02/01/15 8,990,000 27,000 6.00% 44,950.00 03/01/15 8,963,000 27,000 6.00% 44,815,00 04/01/15 8,936,000 27,000 6.00% 44,680,00 05/01/15 8,909,000 27,000 6.00% 44,545.00 06/01/15 8,882,000 27,000 6.00% 44,410.00 07/01/15 8,855,000 27,000 6.00% 44,275.00 429,675.00 08/01/15 8,828,000 27,000 6.00% 44,140.00 09/01/15 8,801,000 28,000 6.00% 44,005.00 10/01/15 8,773,000 28,000 6.00% 43,865.00 11/01/15 8,745,000 28,000 6.00% 43,725.00 12/01/15 8,717,000 28,000 6.00% 43,585.00 01/01/16 8,689,000 28,000 6.00% 43,445.00 429,765.00 859,440.00 02/01/16 8,661,000 28,000 6.00% 43,305.00 03/01/16 8,633,000 28,000 6.00% 43,165.00 04 /01/16 8,605,000 29,000 6.00% 43,025.00 05/01/16 8,576,000 29,000 6.00% 42,880.00 06/01/16 8,547,000 29,000 6.00% 42,735.00 07/01/16 8,518,000 29,000 6.00% 42,590.00 429,700.00 08/01/16 8,489,000 29,000 6.00% 42,445.00 09/01/16 8,460,000 29,000 6.00% 42,300.00 10/01/16 8,431,000 29,000 6.00% 42,155.00 11 /01/16 8,402,000 30,000 6.00% 42,010.00 12/01/16 8,372,000 30,000 6.00% 41,860.00 01/01/17 8,342,000 30,000 6.00% 41,710.00 429,480.00 859,180.00 02/01/17 8,312,000 30,000 6.00% 41,560.00 03/01/17 8,282,000 30,000 6.00% 41,410.00 04/01/17 8,252,000 30,000 6.00% 41,260.00 05/01/17 8,222,000 31,000 6.00% 41,110.00 06/01/17 8,191,000 31,000 6.00% 40,955.00 (Snbleq to the 000,0,055 u, the anached Report dated December 19, 2009 of Umbaugh.) CARMEL (INDIANA) REDEVELOPMENT DISTRICT (Coned) 7C/PAC 810,000.000 INSTALLMENT PURCHASE CONTRACT (MERCANTILE) Contract dated August 31, 2009 Payment Principal Interest Installment Payments Dale Outstanding Principal Ram Interest Semi- annual Annual 07/01/17 9,160,000 31,000 6.00% 40,800.00 430095.00 08/01/17 8,129,000 31,000 6.00% 40,645.00 09/01/17 8,098,000 31,000 6.00% 40,490.00 10/01/17 8,067,000 31,000 6.00% 40,335.00 11/01/17 8,036,000 31,000 6.00% 40,185.00 12/01/17 9,605,000 32,000 6.00% 40,025.00 01/01/18 7,973,090 32,000 6,00% 39,865.00 429,540.00 959,635.00 02/01/18 7,941,000 32,000 6.00% 39,705.00 03/01/18 7,909,000 32,000 6.00% 39,545.00 04/01/18 7,877,000 32,000 6.05% 39,385.00 05/01/18 7,845,000 32,000 6.00% 39,225.00 06/01/18 7,813,000 33,000 6.00% 39,065.00 07/01/18 7,780,000 33,000 6.00% 38,900.00 429,825.00 08/51/18 7,747,000 33,000 6.00% 38,775.00 09/01/18 7,714,000 33,000 6.00% 38,570.00 10/01/18 7,681,000 33,000 6.00% 38,405.00 11/01/18 7,648,000 33,000 6.00% 38,240.00 12 /01 /18 7,615,000 34,000 6.00% 38,075.00 01/01/19 7,581,000 34,000 6.00% 37,905.00 429,930.00 859,755.110 02/01/19 7,547,000 34,000 6.00% 37,775.00 07/01/19 7,513,000 34,000 6.00% 77,56500 04/01/19 7,479,000 34,000 6.00% 37,395,00 05/01/19 7,445,000 34,000 6.00% 37,225.00 06/01/19 7,411,000 35,000 6.00% 37,055.00 07/01/19 7,376,000 35,000 6.00% 36,880.00 429,855,00 08/01/19 7,341,000 35,000 6911% 36,705.00 09/01/19 7,706,000 75,000 6.00% 36,530.00 10/01/19 7,271,000 35,000 6.00% 76,755.00 11/01/19 7,236,000 35,000 6.00% 36,180.00 12/01/19 7,201,000 36,000 6.00% 36,005.00 01/01 /20 7,165,000 36,000 600% 75,825.00 429,600.00 859,455.00 //2/61(00 7,129,000 36,000 6.00% 35,645.00 07/01/20 7,093,000 36,000 6.00% 35 465,00 04/01/20 7,057,000 36,000 6.00% 35,285.00 05/01/20 7,021,000 37,000 6.00% 35,105.00 06/01/20 6,984,000 37,000 6.00% 34,920.00 117/01/20 6,947,000 37,000 6.00% 34,735.00 430,155.00 08/01/20 6,910,000 37,000 6.00% 34,550.00 09/01/20 6,873,000 37,000 6.00% 34,365.00 10 /01/20 6,876,000 37,000 6.00% 34,180.00 11/01/20 6,799,000 78,000 fi.00% 37,995.00 12/01/20 6,761,000 38,000 6.00% 33,805.00 01 /0121 6,72300 38,000 6.00% 33,615.00 429,510.00 859,665.00 02/01/21 6,685,000 38 ,000 6.00% 37,425.00 03/01/21 6,647,000 38,000 6.00% 03,235.00 04/01/21 6,609,000 39,000 6.011% 33,045.00 05 /01/21 6,570,000 39,000 6.00% 32,850.00 06/01121 6,531,000 39,000 6.05% 32,655.00 07/01/21 6,492,000 39,000 6.00% 72,460.00 429,670_00 08/01/21 6,453,000 39,000 6.00% 32,265.00 09/01/21 6,414,000 40,000 6.00% 72,070.00 10 /01/21 6,374,000 40,000 6.00% 71,87000 11/01/21 6,334,000 40,000 6.00% 31,670.00 12/01/21 6,294,000 40,000 6.00% 31,470_00 01/01/22 6,254,000 40,000 6.00% 31,270.00 429,615.00 859,285110 02)01/22 6,214,000 41,000 6.00% 31,075.00 03/01/22 6,173,000 41,000 6.00% 30,865.00 04/01/22 6,172,000 41,000 6.00% 30,660.00 05/01/22 6,091,000 41,000 600% 30,455.00 06/01/22 6,050,000 41,000 6.00% 30,250.00 07/01/22 6,009,000 42,000 6.00% 30,045.00 430,345.00 08/0122 5,967,000 42,000 6.00% 29,035.00 09/01/22 5,925,000 42,000 6.00% 29,625.00 10/01/22 5,883,000 42,000 600% 29,415.00 11/01/22 5,841,000 42,000 6.00% 29,205.00 12/01/22 5,799,000 43,000 6.00% 28,995.00 01/01/23 5,756,000 43,000 6.00% 28,78000 429,855.00 860,200.110 02/01/23 5,713,000 43,000 6.00% 28,565.00 03/01/23 5,670,000 43,000 6.00% 28,350.05 04/01/23 5,627,000 43,000 6.00% 28,135,00 05/0123 5,584,000 44,000 600% 27,92000 06/01/23 5,540,000 44,000 6,00% 27,700.00 07/01/23 5,496,000 44,000 6.00% 27,480.00 429,15000 08/01/23 5,452,000 44,000 6.00% 27,260.00 09/0123 5,408,000 45,000 6.00% 27,640.00 10/01(23 5,363,000 45,000 6.00% 26,81500 11/01/23 5,318,000 45,000 6.00% 26,590.00 12/0123 5,273,000 45,000 6.00% 26,365.00 01/01/24 5,228,000 45,000 6.00% 26,140.00 429,210.00 858,360.00 02/01/24 5,183,000 46,000 6.00% 25,915.00 03/01/24 5,137,000 46,000 6.00% 25,685.00 04/01/24 5,091,000 46,000 6.00% 25,455.00 05/0124 5,545,000 46,000 6.00% 25,225.00 06/01/24 4,999,000 47,000 6.00% 24,995.00 07/01/24 4,952,000 47,000 6.00% 24,760.00 430,035.00 08/01/24 4,905,000 47,000 6.00% 24,525.00 09/01/24 4,858,000 47,300 600% 24,290.00 10/01/24 4,811000 48,000 600% 24,055.00 11/01/24 4,763,000 48,000 6.00% 23,815.00 12/01/24 4,715,000 48,000 6_00% 23,575.00 01/01/25 4,667,000 48,000 6.002) 23,37500 429,595.00 859,630.00 02/01/25 4,619,000 49,000 6.00% 23,095.00 07/01/25 4,570,000 49,000 6.00% 22,850.03 (Su9ec, to the comments m the am olrm acpon 4e d Dc 29, 9059 0l Umbaagh} CARMEL (INDIANA) REDEVELOPMENT DISTRICT (Coned) 7C /PAC 510 000 000 INSTALLMENT PURCHASE CONTRACT (MERCANTILE) Contract dated August 31, 2009 Payment Principal Interest Installment Payments Dale Outstanding Principal Rate Interest Semi- annual Annual 04/01/25 4,521,000 49,900 6.00% 22,605.00 05/01/25 4,472,000 49,000 6.001 22,360,00 06/01/25 4,423,000 55,000 6.00% 22,115.00 07/01/25 4,373,000 50,000 6.00% 21,865.00 430,890.00 08/01/25 4,323,000 50,000 6,00% 21,615.00 09/01/25 4,273,000 50,000 6.00% 21,36500 10/01/25 4,223,000 51,000 6.00% 21,115.00 11/01/25 4,172,000 51,000 6_00% 20,860.00 12/01/25 4,121,000 51,000 6.00% 20,605.00 01/01/26 4,070,099 51,000 6.00% 20,350.00 429,910.00 864,800.00 02/01/26 4,019,000 52,000 6.00% 20,095.00 03101/26 3,967,000 52,000 6.00% 19,83500 04101/26 3,915,000 52,000 6.00% 19,575.00 05/01/26 3,863,000 52,000 6.00% 19,315.00 06/01/26 3,811,000 53,000 6.00% 19,055.00 07/01/26 3,758,000 53,000 6.00% 18,790.00 410,665.00 08/01/26 3,705,000 53,000 6.0056 18,525.00 09/01/26 3,652,0110 53,000 6,00% 18,260.00 10/01/26 3,599,000 54,000 6.00% 17,995.00 11/01126 3,545,000 54,000 6.00% 17,725.00 12/01/26 3,491,000 54,000 6.00% 17,455.00 01/01/27 3,437,000 54,000 6.0056 17,185,00 429,145.00 859,810.00 02/01/27 3,383,000 55,000 6.0056 10,91390 03/01/27 3,328,000 55,000 6.00% 16,640.00 04/01/27 3,273,000 55,000 6,00% 16,365.00 45/01/27 3,216,009 56,000 6.00% 16,090.00 06/01127 3,162,000 56,000 6.00% 15,810,50 07/01/27 3,106 000 56,000 6.007, 15,530,011 430,350.00 08/01/27 3,050,400 56,000 6.00% 15,250.00 09/01/27 2,994,000 57,000 6.00% 14,970.00 10/01/27 2,957,000 57,000 6.00% 14,685.00 11101/77 2,880,000 57,000 6.00% 14,400.00 12/01/27 2,823,000 58,000 60056 14,115.011 01/01/28 2,765,000 58,900 6.00% 13,825.00 430,245.00 860,595.00 02/01/28 2,707,000 58,000 60056 13,535.00 03/01/28 2,649,000 58,000 6.00% 13,245.00 04/01/28 2,591,000 59,004 6.00% 12,955.00 05/01/28 2,532,000 59,000 6,00% 12,660.00 06/01/28 2,477,000 59,000 6.0056 12,363.00 07/01/28 2,414,000 60,000 6.00% 12,070.00 429,839.00 08/01/28 2,354,000 60,000 6.00% 11,774,00 09/01/28 2,294,000 60,009 6.00% 11,470.00 16/01/28 2,234,000 60,000 6_0020, 11,170.00 11/91/28 2,174,000 61,000 0,50% 10,870.00 12/01/28 2,113,000 61,000 6.0056 10,565.00 01/01/29 2,052,000 61,000 6.00% 10,269,38 429,105.00 858,935.00 02/0129 1,991,000 62,000 6.00% 9,955.00 03/01/29 1,929,000 62,000 6.00% 9,64590 04/01/29 1,867,000 62,000 6.00% 9,335.00 05/01/29 1,805,000 67,000 6.00% 9,025.00 06/91/29 1,742 000 63,000 6,00% 8,710.00 07/01/29 1,679,000 63,000 60096 8,395.00 430,065,00 08/01/29 1,616,000 64,000 6.00% 8,080.00 09/01/29 1,552,000 64,090 6.00% 7,760.00 10/01/29 1,488,000 64,000 6.00% 7,440.00 11/01/29 1,424,004 65,000 6.00% 7,120.00 12/01/29 1,359,000 65,060 6.00% 6,795.00 01/01/39 1,294,000 65,000 6.90% 6,470.00 430,665.00 860,770.00 02/01/30 1229,000 65,000 6.00% 6,145,00 03/01130 1,164,000 66,000 6.0456 5,820,00 54/01/30 1,098,000 66,000 60056 5,490.00 05/01130 1,032,000 66,000 690% 5,160.00 06/01/30 966,000 67,000 6,2056 4,830.00 07/01/30 899,000 67,000 6.00% 4,495.00 428,940_00 08/01/30 832,000 67,000 6.00% 4,16000 09/01/30 765,000 68,000 6.00% 3,825.90 10/01/30 697,000 68,000 6.00% 3485,00 11/01/30 629,000 68,000 6.00% 3,145.06 12/01/30 561,000 69,000 6.00% 2,80500 01/01/31 492,000 69,000 6.00% 2,460.00 428,880.00 057,820.00 02/01/31 423,000 70,004 6.00% 2,115.00 03/01/31 353,000 70,000 60056 1,765.00 04/01/71 283,000 70,000 6.0070 1,415,00 05/01/31 213,000 71,000 6.00% 1,065,04 06/01/31 142,000 71,000 6.00% 710.00 07/01/31 71,000 71000 6.00% 355.00 430,425.00 430,425.00 510,000,000 56,065,997.78 518,065,997.78 018,065 997.78 (Subjen to the eonre in the anae het) Report deed December 29,1009 nl Umbaugh.) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Payment Principal Interest Dates Outstanding Principal Rates 07/15/10 $37,905,000 01/15/11 37,905,000 07/15/11 37,905,000 01/15/12 37,905,000 07/15/12 37,905,000 01/15/13 37,905,000 07/15/13 37,905,000 01/15/14 37,905,000 07/15/14 37,270,000 01/15/15 37,270,000 07/15/15 36,585,000 01/15/16 36,585,000 07/15/16 35,845,000 01/15/17 35,845,000 07/15/17 35,050,000 01/15/18 35,050,000 07/15/18 34,190,000 01/15/19 34,190,000 07/15/19 33,265,000 01/15/20 33,265,000 07/15/20 32,270,000 01/15/21 32,270,000 07/15/21 31,195,000 01/15/22 31,195,000 07/15/22 30,040,000 01/15/23 30,040,000 07/15/23 28,795,000 01/15/24 28,795,000 07/15/24 27,450,000 01/15/25 27,450,000 07/15/25 26,005,000 01/15/26 26,005,000 07/15/26 24,445,000 01/15/27 24,445,000 07/15/27 22,765,000 01/15/28 22,765,000 07/15/28 20,955,000 01/15/29 20,955,000 07/15/29 19,005,000 01/15/30 19,005,000 07/15/30 16,905,000 01/15/31 16,905,000 07/15/31 14, 640,000 01/15/32 14,640,000 07/15/32 12,195,000 01/15/33 12,195,000 07/15/33 9,555,000 01/15/34 9,555,000 07/15/34 6,700,000 01/15/35 6,700,000 Totals $635,000 (1) 685,000 (1) 740,000 (1) 795,000 (1) 860,000 (1) 925,000 (1) 995,000 (1) 1,075,000 (1) 1,155,000 (1) 1,245,000 (1) 1,345,000 (1) 1,445,000 (1) 1,560,000 (1) 1,680,000 (1) 1,810,000 (1) 1,950,000 (1) 2,100,000 (1) 2,265,000 (2) 2,445,000 (2) 2,640,000 (2) 2,855,000 (2) 6,700,000 (2) $37,905,000 CARMEL (INDIANA) REDEVELOPMENT DISTRICT AMORTIZATION OF 837,905,000 AMOUNT OF CERTIFICATES OF PARTICIPATION, SERIES 2010A Certificates dated January 21, 2010 Interest $1,440,285.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 7.75 1,489,950.00 1,465,343.75 7.75 1,465,343.75 1,438,800.00 7.75 1,438,800.00 1,410,125.00 7.75 1,410,125.00 1,379,318.75 7.75 1,379,318.75 1,345,993.75 7.75 1,345,993.75 1,310,150.00 7.75 1,310,150.00 1,271,593.75 7.75 1,271,593.75 1,229,937.50 7.75 1,229,937.50 1,185,181.25 7.75 1,185,181.25 1,136,937.50 7.75 1,136,937.50 1,084,818.75 7.75 1,084,818.75 1,028,825.00 7.75 1,028,825.00 968,375.00 7.75 968,375.00 903,275.00 7.75 903,275.00 833,137.50 7.75 833,137.50 757,575.00 7.75 757,575.00 676,200.00 8.00 676,200.00 585,600.00 8.00 585,600.00 487,800.00 8.00 487,800.00 382,200.00 8.00 382,200.00 268,000.00 8.00 268,000.00 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) B -5 Total Net Annual Payment Adjustments (3) Payment Payment $1,440,285.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 1,489,950.00 2,1 24,950.00 1,465,343.75 2,150,343.75 1,438,800.00 2,178,800.00 1,410,125.00 2,205,125.00 1,379,318.75 2,239,318.75 1,345,993.75 2,270,993.75 1,310,150.00 2,305,150.00 1,271,593.75 2,346,593.75 1 ,229,937.50 2,384,937.50 1,185,181.25 2,430,181.25 1,136,937.50 2,481,937.50 1,084,818.75 2,529,818.75 1,028,825.00 2,588,825.00 968,375.00 2,648,375.00 903,275.00 2,713,275.00 833,137.50 2,783,137.50 757,575.00 2,857,575.00 676,200.00 2,941,200.00 585,600.00 3,030,600.00 487,800.00 3,127,800.00 382,200.00 3,237,200.00 268,000.00 6,968,000.00 (1,440,285.00) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (4,524.25) (3,623,924.25) $54,168,310.00 $92,073,310.00 ($5,281,373.00) $86,791,936.75 $86,791,936.75 (1) $21,000,000 of Term Certificates due January 15, 2030. (2) $16,905,000 of Term Certificates due January 15, 2035. (3) Payments are reduced by bond proceeds on deposit for capitalized interest through 7/15/10, interest earnings on the Reserve Fund, and use of Reserve Funds to pay final payment due on 1/15/35. $0.00 1,485,425.75 $1,485,425.75 1,485,425.75 1,485,425.75 2,970,851.50 1,485,425.75 1,485,425.75 2,970,851.50 1,485,425.75 2,120,425.75 3,605,851.50 1,460,819.50 2,145,819.50 3,606,639.00 1,434,275.75 2,174,275.75 3,608,551.50 1,405,600.75 2,200,600.75 3,606,201.50 1,374,794.50 2,234,794.50 3,609,589.00 1,341,469.50 2,266,469.50 3,607,939.00 1,305,625.75 2,300,625.75 3,606,251.50 1,2 67,069.50 2,342,069.50 3,609,139.00 1,225,413.25 2,380,413.25 3,605,826.50 1,180,657.00 2,425,657.00 3,606,314.00 1,132,413.25 2,477,413.25 3,609,826.50 1,080,294.50 2,525,294.50 3,605,589.00 1,024,300.75 2,584,300.75 3,608,601.50 963,850.75 2,643,850.75 3,607,701.50 898,750.75 2,708,750.75 3,607,501.50 828,613.25 2,778,613.25 3,607,226.50 753,050.75 2,853,050.75 3,606,101.50 671,675.75 2,936,675.75 3,608,351.50 581,075.75 3,026,075.75 3,607,151.50 483,275.75 3,123,275.75 3,606,551.50 377,675.75 3,232,675.75 3,610,351.50 263,475.75 3,344,075.75 3,607,551.50 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Payment Principal Interest Dates Outstanding Principal Rates 07/15/10 01 /15/11 07 /15 /11 01/15/12 07/15/12 01/15/13 07/15/13 01 /15/14 07/15/14 01/15/15 07/15/15 0]/15/16 07/15/16 01/15/17 07/15/17 01/15/18 07/15/18 01/15/19 07/15/19 01/15/20 07/15/20 01/15/21 07/15/21 01/15/22 07/15/22 01/15/23 07/15/23 01/15/24 07/15/24 01/15/25 07/15/25 01/15/26 07/15/26 01/15/27 07/15/27 01/15/28 07/15/28 01/15/29 07/15/29 01/15/30 07/15/30 01/15/31 07/15/31 01/15/32 07/15/32 01/15/33 07/15/33 01/15/34 07/15/34 01/15/35 Totals $2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 2,475,000 2,475,000 2,435,000 2,435,000 2,395,000 2,395,000 2,350,000 2,350,000 2,300,000 2,300,000 2,245,000 2,245,000 2,185,000 2,185,000 2,120,000 2,120,000 2,050,000 2,050,000 1,970,000 1,970,000 1,885,000 1,885,000 1,795,000 1,795,000 1,695,000 1,695,000 1,585,000 1,585,000 1,465,000 1,465,000 1,335,000 1,335,000 1,190,000 1,190,000 1,035,000 1,035,000 865,000 865,000 680,000 680,000 475,000 475,000 $35,000 (1) 9.25 40,000 (1) 9.25 40,000 (1) 9.25 45,000 (1) 9.25 50,000 (I) 9.25 55,000 (1) 9.25 60,000 (1) 9.25 65,000 (1) 9.25 70,000 (1) 9.25 80,000 (1) 9.25 85,000 (1) 9.25 90,000 (1) 9.25 100,000 (1) 9.25 110,000 (I) 9.25 120,000 (1) 9.25 130,000 (1) 9.25 145,000 (1) 9.25 155,000 (1) 9.25 170,000 (1) 9.25 185,000 (1) 9.25 205,000 (1) 9.25 475,000 (1) 9.25 CARMEL (INDIANA) REDEVELOPMENT DISTRICT AMORTIZATION OF $2,510,000 AMOUNT OF TAXABLE CERTIFICATES OF PARTICIPATION, SERIES 2010E Certificates dated January 21, 2010 Interest $112,217.92 116,087.50 116,087.50 116,087.50 116,087.50 116,087.50 116,087.50 116,087.50 114,468.75 114,468.75 112,618.75 112,618.75 110,768.75 110,768.75 108,687.50 108,687.50 106,375.00 106,375.00 103,831.25 103,831.25 101,056.25 101,056.25 98,050.00 98,050.00 94,812.50 94,812.50 91,1 12.50 91,1 12.50 87,181.25 87,181.25 83,018.75 83,018.75 78,393.75 78, 393.75 73, 306.25 73,306.25 67,756.25 67,756.25 61,743.75 61,743.75 55,037.50 55,037.50 47,868.75 47,868.75 40,006.25 40,006.25 31,450.00 31,450.00 21,968.75 21,968.75 $2,510,000 $4,303,855 42 $112,217.92 116,087.50 116,087.50 116,087.50 116,087.50 116,087.50 116,087.50 151,087.50 114,468,75 154,468.75 112,618.75 152,618.75 110,768.75 155,768.75 108,687.50 158,687.50 106,375.00 161,375.00 103,831.25 163,831.25 101,056.25 166,056.25 98,050.00 168,050.00 94,812.50 174,812.50 91,112.50 176,1 12.50 87,181.25 177,181.25 83,018.75 183,018.75 78,393.75 188,393.75 73,306.25 193,306.25 67,756.25 197,756.25 61, 743.75 206,743.75 55,037.50 210,037.50 47,868.75 217,868.75 40,006.25 225,006.25 31,450.00 236,450.00 21,968.75 496,968.75 I (1) $2,510,000 of Term Certificates due January 15, 2035. (2) Payments are reduced by bond proceeds on deposit for capitalized interest through 7/15/10, interest earnings on the Reserve Fund, and use of Reserve Funds to pay final payment due on 1/15/35. (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) B -6 Total Net Annual Payment Adjustments (2) Payment Payment ($112,217.92) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (313.75) (251,313.75) $6,813,855.42 ($378,591.67) $0.00 115,773.75 $115,773.75 115,773.75 115,773.75 231,547.50 115,773.75 115,773.75 231,547.50 115,773.75 150,773.75 266,547.50 1 14,15 5.00 154,155.00 268,310.00 112,305.00 152,305.00 264,610.00 110,455.00 155,455.00 265,910.00 108,373.75 158,373.75 266,747.50 106,061.25 161,061.25 267,122.50 103,517.50 163,517.50 267,035.00 100,742.50 165,742.50 266,485.00 97,736.25 167,736.25 265,472.50 94,498.75 174,498.75 268,997.50 90,798.75 175,798.75 266,597.50 86,867.50 176,867.50 263,735.00 82,705.00 182,705.00 265,410.00 78,080.00 188,080.00 266,160.00 72,992.50 192,992.50 265,985.00 67,442.50 197,442.50 264,885.00 61,430.00 206,430.00 267,860.00 54,723.75 209,723.75 264,447.50 47,555.00 217,555.00 265,110.00 39, 692.50 224,692.50 264,385.00 31,136.25 236,136.25 267,272.50 21,655.00 245,655.00 267,310.00 86,435,263.75 86,435,263.75 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bond Lease Payment Rental Debt Service Date Date CIBs CABs Totals CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $99,869,400 $74,810,000 Performing Arts Center LEASE RENTAL REVENUE BONDS OF 2005 SCHEDULE OF LEASE RENTAL Bonds dated December 21, 2005 Totals 8/1/2007 7/1/2007 2/1/2008 1/1/2008 8/1/2008 7/1/2008 2/1/2009 1/1/2009 8/1/2009 7/1/2009 2/1 /2010 1/1 /2010 8/1/2010 7/1/2010 2/1/2011 1/1/2011 $1,295,000 $5,600,000 $6,895,000 $6,895,000 $6,900,000 $6,900,000 8/1/2011 7/1/2011 1,295,000 1,295,000 2,460,000 2/1/2012 1/1/2012 1,295,000 2,325,000 3,620,000 4,915,000 4,920,000 2,460,000 8/1/2012 7/1/2012 1,295,000 1,295,000 2,600,000 2/1/2013 1/1/2013 1,295,000 2,605,000 3,900,000 5,195,000 5,200,000 2,600,000 8/1/2013 7/1/2013 1,295,000 1,295,000 2,745,000 2/1/2014 1/1/2014 1,295,000 2,895,000 4,190,000 5,485,000 5,490,000 2,745,000 8/1/2014 7/1/2014 1,295,000 1,295,000 2,887,500 2/1/2015 1/1/2015 1,295,000 3,180,000 4,475,000 5,770,000 5,775,000 2,887,500 8/1/2015 7/1/2015 1,295,000 1,295,000 3,027,500 2/1/2016 1/1/2016 1,295,000 3,460,000 4,755,000 6,050,000 6,055,000 3,027,500 8/1/2016 7/1/2016 1,295,000 1,295,000 3,162,500 2/1/2017 1/1/2017 1,295,000 3,730,000 5,025,000 6,320,000 6,325,000 3,162,500 8/1/2017 7/1/2017 1,295,000 1,295,000 3,290,000 2/1/2018 1/1/2018 1,295,000 3,985,000 5,280,000 6,575,000 6,580,000 3,290,000 8/1/2018 7/1/2018 1,295,000 1,295,000 3,417,500 2/1/2019 1/1/2019 1,295,000 4,240,000 5,535,000 6,830,000 6,835,000 3,417,500 8/1/2019 7/1/2019 1,295,000 1,295,000 4,032,500 2/1/2020 1/1/2020 1,295,000 5,470,000 6,765,000 8,060,000 8,065,000 4,032,500 8/1/2020 7/1/2020 1,295,000 1,295,000 4,155,000 2/1/2021 1/1/2021 1,295,000 5,715,000 7,010,000 8,305,000 8,310,000 4,155,000 8/1/2021 7/1/2021 1,295, 000 1,295,000 4,280,000 2/1/2022 1/1/2022 1,295,000 5,965,000 7,260,000 8,555,000 8,560,000 4,280,000 8/1/2022 7/1/2022 1,295,000 1,295,000 4,427,500 2/1/2023 1/1/2023 1,295,000 6,260,000 7,555,000 8,850,000 8,855,000 4,427,500 8/1/2023 7/1/2023 1,295,000 1,295,000 5,182,500 2/1/2024 1/1/2024 1,295,000 7,770,000 9,065,000 10,360,000 10,365,000 5,182,500 8/1/2024 7/1/2024 1,295,000 1,295,000 5,702,500 2/1/2025 1/1/2025 1,295,000 8,810,000 10,105,000 11,400,000 11,405,000 5,702,500 8/1/2025 7/1/2025 1,295,000 1,295,000 5,732,500 2/1/2026 1/1/2026 7,365,000 2,800,000 10,165,000 11,460,000 11,465,000 5,732,500 8/1/2026 7/1/2026 1,143,250 1,143,250 5,778,500 2/1/2027 1/1/2027 10,408,250 10,408,250 11,551,500 11,557,000 5,778,500 8/1/2027 7/1/2027 911,625 911,625 5,827,000 2/1/2028 1/1/2028 10,736,625 10,736,625 11,648,250 11,654,000 5,827,000 8/1/2028 7/1/2028 666,000 666,000 5,873,500 2/1/2029 1/1/2029 11,076,000 11,076,000 11,742,000 11,747,000 5,873,500 8/1/2029 7/1/2029 405,750 405,750 2,323,500 2/1/2030 1/1/2030 4,235,750 4,235,750 4,641,500 4,647,000 2,323,500 8/1/2030 7/1/2030 312,288 312,288 2,340,000 2/1/2031 1/1/2031 4,362,288 4,362,288 4,674,575 4,680,000 2,340,000 8/1/2031 7/1/2031 213,600 213,600 2,351,500 2/1/2032 1/1/2032 4,483,600 4,483,600 4,697,200 4,703,000 2,351,500 8/1/2032 7/1/2032 109,688 109,688 2,352,500 2/1/2033 1/1/2033 4,589,688 4,589,688 4,699,375 4,705,000 2,352,500 $174,679,400 $174,679,400 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) 13-7 Bond Debt. Service Budget Year Annual Semiannual Total Lease Rental Lease Rental $174,798,000 $174,798,000 AMORTIZATION OF $8,010,000 PRINCIPAL AMOUNT OF TAXABLE COUNTY OPTION INCOME TAX REVENUE REFUNDING BONDS, SERIES 2006 Bonds dated December 6, 2006 Payment Principal Interest Date Balance Principal Rate CARMEL (INDIANA) REDEVELOPMENT DISTRICT Interest Total Principal Bond Year Interest Total 06/15/08 $8,010,000 $275,000 5.110% $207,427.75 $482,427.75 12/15/08 7,735,000 285,000 5.110% 200,401.50 485,401.50 $967,829.25 06/15/09 7,450,000 295,000 5.110% 193,119.75 488,119.75 12/15/09 7,155,000 300,000 5.110% 185,582.50 485,582.50 973,702.25 06/15/10 6,855,000 310,000 5.110% 177,917.50 487,917.50 12/15/10 6,545,000 310,000 5.110% 169,997.00 479,997.00 967,914.50 06/15/11 6,235,000 325,000 5.110% 162,076.50 487,076.50 12/15/11 5,910,000 330,000 5.110% 153,772.75 483,772.75 970,849.25 06/15/12 5,580,000 340,000 5.110% 145,341.25 485,341.25 12/15/12 5,240,000 345,000 5.110% 136,654.25 481,654.25 966,995.50 06/15/13 4,895,000 360,000 5.170% 127,839.50 487,839.50 12/15/13 4,535,000 360,000 5.170% 118,533.50 478,533.50 966,373.00 06/15/14 4,175,000 375,000 5.170% 109,227.50 484,227.50 12/15/14 3,800,000 380,000 5.170% 99,533.75 479,533.75 963,761.25 06/15/15 3,420,000 390,000 5.220% 89,710.75 479,710.75 12/15/15 3,030,000 400,000 5.220% 79,531.75 479,531.75 959,242.50 06/15/16 2,630,000 415,000 5.220% 69,091.75 484,091.75 12/15/16 2,215,000 420,000 5.220% 58,260.25 478,260.25 962,352.00 06/15/17 1,795,000 435,000 5.270% 47,298.25 482,298.25 12/15/17 1,360,000 440,000 5.270% 35,836.00 475,836.00 958,134.25 06/15/18 920,000 460,000 5.270% 24,242.00 484,242.00 12/15/18 460,000 460,000 5.270% 12,121.00 472,121.00 956,363.00 Totals $8,010,000 $2,603,516.75 $10,613,516.75 $10,613,516.75 (Subject to the comments in the attached Report dated December 29, 2009 of Umbaugh.) B -8 CRC Meetings CARMEL REDEVELOPMENT COMMISSION March 1, 2010 CITY COUNCIL REPORT (Prepared for Bill Hamner 2- 22 -10) The CRC held their regularly scheduled public meeting on Wednesday, February 17, 2010 at 6:30 p.m. Upcoming Meetings: o Wednesday, March 17, 2010 Regular Meeting Financial Matters: The end of month January CRC Operating Balance is $3,439,370 CRC Public /Private Partnerships: 1. City Center CRC /Pedcor LLC. (Parcel #5) a. Please see attached report from Signature Construction (Distributed at 2/17/10 CRC meeting). 2. Performing Arts Center (Parcel #7 -A) Please reference attached Construction Manager's report. 3. The "Green" (Parcel #7 -B) a. Design documents are complete for the construction of the Green site work. No work has begun at the site as this construction work will be the last completed due to the need for construction staging for both the RPAC and the Parcel 7C (the mixed use project that includes the theatre, office building and garage.) Final design elements linking the Green and Veterans Plaza thru the use of common surface materials and a possible slight change in street elevation. Concepts for ampitheater including underground tunnel connection for utilities are being reviewed by the Commission and will be submitted to Rotary who will be funding part of the project. 4. Energy Center (Parcel #7 -C) a. Energy Center is currently providing chilled and hot water to the PAC to begin "drying out" of the building for the interior finish work (plastering). 1 b. Work has started on adding of additional equipment to Energy Center that will serve the Office Building #1 and the Main Stage Theaters as well as a future office building and existing city building. 5. Theater CRC Pedcor LLC (Parcel #7C -1) a. CRC Plan Review Panel has approved the Main Stage Theater design and Studio Theater design based on input from potential users and managers. b. Design and construction documents are moving forward for final theater design and interior support space. This allows the architect to complete the foundation and steel frame design for bidding by the Construction Manager. Interface of theater with office building and garage are complete for shared public spaces. Theater equipment list for both theaters will be budgeted and agreed upon by March 2010. c. Construction staff anticipates starting foundations March 15, 2010 with a mid 2011 completion date. 6. North Office Building CRC (Parcel #7C -2) a. The Construction Manager for the project reported the auger cast pile installation is complete and are pouring concrete caps for steel columns. Steel erection to start first week of March. Bidding to the trade contractors is currently complete for building shell and core. b. Office tenant SEP has completed construction documents for their office space on Level 3 4 and is ready for bidding by their selected construction manager. c. The Carmel City Center Community Development Corporation has approved funding for the design and construction to keep the project moving forward due to the 12/1 /10 completion date. REI is working with Pedcor Design Group on value engineering and has established a construction cost estimate. Building must be complete by 12 /1 /10 to allow SEP to move in and set up operations. d. Exterior elevations have been approved by the CRC Plan Review Panel. 7. Parking Structure CRC (Parcel #7C -3) a. Contractors have completed the auger cast piles to support foundations for the garage, allowing the contractor to move forward with the pouring of concrete column caps that support the garage and the south wall of the Office Building #1. b. Engineers have completed pre -cast concrete shop drawings for the garage framework. Sump pits for de- watering are being drilled and preparation for underground storm water storage excavation to start after piles are in place. 2 c. Construction Manager is expecting pre -cast deliveries by March 15, 2010. Routes of pre -cast delivery vehicles coordinated with City Engineering Office to minimize traffic interruption. 8. Indiana Design Center CRC /Pedcor LLC. (Parcel #12) a. Exterior streetscape improvements on Range Line Road, both north and south of Indiana Design Center are complete. The punch lists for Parcel #93 (south of the IDC) and Parcel #94 have been completed and the contractor is working towards fixing the outstanding issues. Improvements include parallel parking, new brick sidewalks and new streetlights. A total of 11 new public parking spaces were added with this project. b. Developer's south parking lot with 71 spaces will be open to Art District parking (3- hours) based on an agreement with the City to plow snow on the surface lot. With the opening of the building and garage, and the new street parking, the Arts District will have 264 new parking spaces. 9. Arts District Lofts Shoppes CRC/Keystone Development (Parcel #47) a. The delivery and erection of pre -cast concrete is complete. Contractor is pouring topping concrete slabs on all levels using temporary weather protection. Contractor is starting masonry construction of elevator and stair shafts. b. Contractor is installing perimeter steel support for exterior walls for masonry veneer. Temporary barricades moved away from building allowing trucks carrying materials to build upper floors. c. Construction workers are being reminded no t to park on city streets and have space available at old City Street Department site that has been set aside for trade parking. d. Framing materials for upper floors arriving on site with construction beginning March 2010. 10. Arts Design District Parking CRC (Parcel #62) a. CRC closed on the Chaos property last November 2009. b. CRC received no bids for a white table cloth restaurant at the special meeting on 11/4/09. CRC staff is reviewing interior design layout for restaurant with construction managers estimating cost for building repairs and tenant build -out. c. Negotiations with property owners is on- going. CRC moved forward with demolition of rear garage /storage building and the repairs to the inside of the existing remaining structure. 11. Apostoic Church Site/Nelson Property CRC (Parcel #92) 3 a. Land sale RFP is ready to be released subject to Commission approval. Commissioners were given draft copies at the Jan. 20, 2010 meeting. Arts Design District Update: 1. News and Events a. The 2010 event line -up is confirmed with the following CRC sponsored events are scheduled for the Arts Design District: seven gallery walks, three jazz concerts, Art of Wine, Rock the District and Artomobilia. Two additional events, organized and sponsored by outside entities include Carmel International Arts Festival and Dog Day Afternoon. 2. New Merchant Update a. Fat Atom Internet Marketing is now open at 12 W. Main Street and Critical Skills, Inc. is now open at 220 N. Range Line Road. 4 ignciture onstruction, «C City Progress Report 2/11/10 Signature Construction is pleased to provide the following report which highlights the work in Carmel as a whole. Please note that the Parcel 73 Backfill and P -110 Topping Slab projects are listed as status reports as those contractors have completed the majority of their work, and left the project. Signature Construction has also provided a brief list of highlighted activities being completed within the last month of construction activity for Building A, Building B, P111 Waterproofing and Pavers, Parcel 93 Streetscape, Village on the Green Parking Garage, Village on the Green Theater, and Tenant information at Indiana Design Center as well as Carmel City Center Buildings A B.. 1. Parcel 73 Projects Parcel 73 Backfill Yardberry Earth Systems has remained off site since the last report; their contract work is caught up at the moment. Building contractors utilize previously backfilled areas for brick veneer and future EFIS staging etc. Parcel 73 Streetscape Gibraltar Construction was the apparent low bidder, and Signature Construction has made recommendations to award this project to Gibraltar. 2. P -110 Topping Slab Project Lithko Construction has completed all concrete work, trench drain block outs, and light pole/bollard bases as denoted in the contract documents. They have pulled off the jobsite, and will return following the removal of the tower crane to complete their scope of work at this single open bay. Lithko has been on site since the last report to grind down areas cited by the architect that may cause issues with future waterproofing. 3. P -111 Waterproofing, Mud Slab and Pavers Since the last project report, further meetings have taken place with Gibraltar regarding this project. They are finalizing their submittal and project schedule at this time. A contract with Gibraltar for the waterproofing and mud slab has been signed and distributed. 4. Carmel City Center Building A Parcel 5 Hagerman Construction has worked primarily on formwork at the garage elevation at Envac system trenches that have been backfilled. Hagerman Masonry division has completed masonry infills at lower level elevator door frames and low walls and lobby areas at the garage as well. Circle B has continued framing of headers and furring at elevator lobby areas at the garage and retail elevation. Completed secondary framing at the elevator lobbies within the apartment areas at all floors. Circle B also continued ceiling grid at residential areas and corridors since the last report. IWP has continued working on all elevations of the lower retail level installing metal stud framing and denseglass at the retail level of building A, especially bulkhead framing at the public passageways and installation of drywall grid, for future finishes of exterior colonnades. Quality Glass Company has commenced on fabrication of framing members for curtain wall areas at the retail level. They have continued since the last report working primarily on installations of doors at Area A, B and Area C. Skyline roofing has continued wood blocking and installation of EPDM rubber and associated insulations at the 8 floor of Area B. They have worked on installations of roof expansion joints, and worked on membranes associative with metal roofing installations, since the last meeting they have made good progress on standing seam roofing at the west elevation of the project. Started ornate copper roof installations at the turret area on the southeast corner of the building. They continue on ice and water shield as well at tower areas and truss areas as well. Broady Campbell- continues masonry work at both the east elevation and north, and northwest corner at retail level on brick veneers and stone accents. Deem Electric has continued on overhead conduit installations at the garage area, as well as pulling wire, and installing devices. At the apartment levels they have completed installing rough in for devices, fire alarm and continue rough in for corridor lighting. They continue on installations of permanent power to elevator disconnects at traction elevators, continue power installations to hydro elevators, they continue on low voltage wiring and fire alarm system wire and devices as well. Deem mechanical division has completed the majority Envac piping installations within the parking garage area trenches for the future central trash collection system. They have continued branch piping to risers within chases at Area C and Area B, and Area A, backfill is nearly completed within the garage trenches for future concrete installations. Prime Builders -has continued since the last report installing interior trim, crown and base moldings interior doors etc at apartment units within Area A and B. Dalmatian Fire Protection has completed the majority of the rough ins at the apartment and shell areas of future penthouses. Dalmatian also continues on installations of piping at the upper and lower retail levels, and cutting in sprinkler heads at grid areas. RT Moore has continued rough in at Area C, A and B, They continued on apartment rough in for domestic water, waste and vent piping. This contractor has continued on Sanyo HVAC system piping installations and hanging units in apartment/retail areas. They continued on main duct installations at apaitments and corridors as required. Bestway Drywall has continued top out of drywall at area B apartments. Since the last report, they have also completed finishing the majority of drywall of apartments at the 3rd and 4th floors of Area A, and floors 2 and 3 of Area B. Little Construction has continued EFIS installations at all apartment level veneers, since the last report we have completed the majority of this work at Area A and Area C, they continue at all elevations at Area B. Little has also continued installations of prefabricated panels as well. This work has been hampered since the last report due to cold temperatures. Thermal Supply has continued on wall /floor and penetration firestopping, and top of masonry wall conditions at the parking garage, they have also continued work associated with shaftwall installations at the elevator shafts as well. Finish of this work continues in association with local inspections. Thyssen Krupp Elevator has continued since the last meeting working simultaneously at all building A elevators, they have started testing and adjusting at traction elevators 8 and 9, elevators 2,3,4,5 continue on cab installations. Angelo painting has continued on priming/painting of drywall partitions within apartments at Area A and C. Phoenix Railing has continued on exterior balcony rails, and potbelly railings at the west side of the project area A. 5. Carmel City Center Building B Parcel 5 EIFS work is complete except for some misc. caulking and touch -up work. The metal trim work is complete except for the East canopy. The 1 floor storefronts are complete and we have installed the storefront frames at the garage elevator lobby. Both elevators are complete except for the final adjustment work and subsequent testing and inspections. The l floor granite base work has been completed. We have completed hanging all of the Sanyo HVAC units and have ran the control wiring to these units. We are scheduled to install the steel support system for the Sanyo garage condensers and to set these condensers in place next week. The metal railings at the roof trusses, as well as all of the decorative finials, have been installed. The exhaust fan at the garage fan room has been set in place and we are in the process of installing the hood for this fan. The Envac piping within the bldg. B shaft has been installed. The City was out to inspect the electrical equipment earlier this week. We are as far as we can go with our drywall, fireproofing and firestopping work at time as we need heat within the bldg. in order to complete these items. 6. Village on the Green Parking Garage Parcel 7C -3 R.L. Turner continues to pour as scheduled. To date RL Turner has made 5 pours. R.L. Turner began wall steel and formwork installation 2/8 R.L. Turners subcontractor continues excavation and removals. Precast is scheduled for 3/29/10. 7. Village on the Green Theater Parcel 7C -1 Signature's current preliminary construction schedule has a project completion date of 5/31/11. Signature has removed the detailed FFE section from their construction schedule as Signature will not be involved in this portion of the work. Signature submitted their bid recommendations letter for Bid Package #1 to REI earlier this week. Bid Package #2 Steel documents were available to the subcontractors bidding this work starting on 2/10. Bids for this bid package are due on 3/2. 8. Parcel 93 Streetscape Indiana Design Center Calumet completed their contract work and has been issued a list of items to remediate prior to a punch list with the CRC. Weather continues to prevent progress on this list. Signature Construction has issued a letter stating the job should be completed at the earliest opportunity, weather permitting, and will remain open until the punch list is satisfactorily completed. This will update when work can complete. 9. Indiana Design Center Tenant Spaces The total leasable square footage for Indiana Design Center is 81,431 square feet. Currently, 29,220 square feet is leased and an additional 21,989 square feet is in negotiation. 10. Carmel City Center Tenant Spaces The total leasable space for Carmel City Center Phase 1 is 78,427 square feet. There currently is no leased space, however, there has been 8,998 square feet agreed to in executed proposals and an additional 21,339 square feet in proposal negotiations. DAVID M. SCHWARZ! Mr. ARCHITECTURAL SERVICES, INC. (9) CSO Architects ARCHITECTURE INTERIOR DESIGN Carmel Redevelopment Commission Parcel 7A, Regional Performing Arts Center THE PALLADIUM AT THE CENTER FOR THE PERFORMING ARTS Project Monthly Report o Progress Update o Progress Photos February 17, 2010 ARTEC ron‘ullin 1:apnc,w SHIEL SEXTON LYNCH, HARRISON BHUNILLVE. INC. L'ACQUIS IEE vs_ CM,. r vtivrrl, 11+31.1i14.11,11.1171,1711.1. Progress Update THE PALLADIUM AT THE CENTER FOR THE PERFORMING ARTS New Logo Announced Feb. 12, 2010 There are currently approximately 225 workers on site daily. The exterior stone installation continues on two shifts. The installation of interior stairs and misc. metals continues. Fabrication of the limestone for the building exterior is complete. Installation of granite and limestone on the building exterior continues with about 65% of the pieces installed (including the cast stone at the drum). Installation of window frames continues. Prep work (copper flashing) for the clay tile is ongoing as weather permits. Clay tile roofing has been stocked on the roofs and awaits better weather to begin installation. The Northwest retaining wall is complete. Metal stud walls and drywall are being placed in multiple areas. Plaster trim for the Auditorium ceiling continues. Painting of the main dome has started (mock up completed). Review of the mock -up will be done and the final painting will begin. Framing, lath, and plaster work continues at all levels of the Main Hall (soffits, knee walls and walls). The oculus shaft framing has started. Elevator #1 is operational and being used to move material to various floors. Elevator #2 should be operational by the end of the month. Installation of elevator #3 continues. Acoustic curtain track installation continues. Installation of the ornamental stairs has started. Installation of piping, ductwork, insulation of both, sprinkler piping, electrical conduit and wiring continue in all areas. Over the next 30 days: Installation of the granite and limestone will continue. Clay tile roofing will start (depending on weather). Installation of glass will begin. Framing and drywall in all lobbies will continue or be started. The electrical, plumbing, mechanical and fire protection contractors will continue systems rough -in (piping, ductwork, and conduit). Painting will continue at the Auditorium Domes. Elevator #3 installation will complete. Oculus black out screen will be installed. The TEC (theater equipment contractor) will be installing the columns for the orchestra lift platform and will begin the installation of the platform. The TEC contractor will also receive and begin installation of the hoisting equipment in the attic spaces (to be used for the acoustic canopy, lights, speakers, etc). Page 2of13 Progress Photos View from the South (Jan. 20, 2010) View from the South (Feb. 17, 2010) Page 3 of 13 View from the West (Jan. 20, 2010) View from the West (Feb. 17, 2010) Page 4of13 View from the North (Jan. 20, 2010) '21 View from the North (Feb. 17, 2010) Page 5of13 Balcony Low (Jan. 20, 2010) Balcony Low (Feb. 17, 2010) Page 7 of 13 Main Dome (Jan. 8, 2010) Main Dome (Feb. 17, 2010) Page 8 of 13 Main Dome with Colors (Feb. 17, 2010) Main Dome with Colors (Feb 17, 2010) Page 9 of 13 Main Dome with Colors (Feb. 17, 2010) View from Balcony Low (Feb. 17; 2010) Page 10of13 Donor Space (Feb. 17, 2010) Multi- Purpose Room (Feb. 17, 2010) Page 11 of 13 East Ornamental Stair (Feb. 17, 2010) SW Corner (Feb. 17, 2010) Page 12 of 13 Last Building Backfill NW Corner (Jan. 20, 2010) NW Retaining Wall- Complete (Feb. 17, 2010) Page 13 of 13 Year 2010 CRC Monthly Projected Sources January February March April May June July August September October November December Actuals Total to date 2009 Budget OPERATING BALANCE 7,757,052 3,439,370 4,818,012 3,829,020 4,014,998 4,080,982 2,582,605 463,650 8,403,335 7,414,343 6,420,352 5,413,811 to date plus forecast RECEIPTS: TIF Revenue 479,850 8,608,676 7,043,463 479,850 16,131,989 15,652,139 Other Receipts: Reimbursements Brookshire Golf Course 3,000,000 0 3,000,000 3,000,000 RPAC 5,375,035 0 Sale of Assets 0 2,560,000 2,560,000 Parcel 16 Old Town Shops II 830,000 0 Parcel 21 Lurie Building Condos 350,000 325,000 0 Apostolic Church 1,055,000 0 Interest 1,201 350 350 320 325 325 300 350 350 350 300 340 1,201 4,861 4,000 Miscellaneous revenue 62,769 62,769 62,769 Adjustments 0 0 Total revenues 543,820 5,375,385 3,000,350 1,180,320 1,055,325 325 300 8,934,026 350 350 300 7,043,803 543,820 21,759,619 21,216,139 EXPENDITURES: Land Acquisitions and Leases 44,371 746,841 751,720 Other Projects 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Parcels 4811 Interest Fees 19,360 19,360 Parcel 9-31 Chaos 2,436 2,500 2,500 2,500 2,500 2,500 2,500 2,500_ 2,500 2,500 2,500 2,500 Parcel 10 Shapiros 7,500 7,500 7,500 7,500 7,500 7,500 7500 7,500 7,500 7,500 7,500 Parcels 14 Harrill Property Purchase 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Leases:OTS,CRC,Woodswire, B -J 41,935 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 Construction Projects: Fund 902 86,315 406,750 406,750 406,750 406,750 406,750 406,750 406,750 406,750 406,750 406,750 406,750 86,315 4,560,565 4,881,000 Construction Projects: RPAC 3,200,164 3,315,827 3,200,164 Operations and Maint. Operations 55,405. 45,417 45,417 45,417 45,417 45,417 45,417 45,417 45,417 45,417 45,417 45,417 5,0001 55,405 0 554,989 30,000 545,000 30,000 Facade Enhancement Program 5,000 5,000 5,000 5,000 5,000 Marketing Communications 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 0 275,000 300,000 Marketing /Bus. Development 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 200,000 200,000 Professional Fees Legal 36,754 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 36,754 586,754 600,000 Arch/Engineering 29,556 25,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 29,556 554,556 550,000 Accounting Fees 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 37,500 37,500 0 255,000 275,000 Administrative and other 19,808 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 19,808 157,308 150,000 Miscellaneous 25,934 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 25,934 355,934 350,000 Misc./ Contingency /Adjustment 0 0 Brookshire Debt Service 3,000,000 0 3,000,000 3,000,000 Debt Service Non -PAC Debt Service 1,123,204 485,000 1,129,913 482,915 1,123,204 3,221,032 3,221,032 2005 PAC Lease 6,900,000 0 6,900,000 6,900,000 Contract Purchase Payments 268,425 268,425 268,425 268,425 268,425 268,425 268,425 268,425 268,424 268,424 0 2,684,248 2,684,248 Hamilton County Taxes 0 0 TIF Payments /Interest 239,991 239,991 239,991 Total expenditures 4,861,502 3,996,743 3,989,342 994,342 989,342 1,498,702 2,119,255 994,342 989,342 .994,342 1,006,841 8,404,116 4,861,502 24,322,217 24,438,000 ENDING OPERATING BALANCE 3,439,370 4,818,012 3,829,020 4,014,998 4,080,982 2,582,605 463,650 8,403,335 7,414,343 6,420,352 5,413,811 4,053,498 2010 CRC Monthly Forecast DRAFT updated 2/12/2010