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Home My WebLink About165390 10/29/2008 i CITY OF CARMEL, INDIANA VENDOR: 357012 Page 1 of 1 e 0 ONE CIVIC SQUARE PEDCOR RESIDENTIAL LLC CARMEL, INDIANA 46032 770 3RD AVE SW CHECK AMOUNT: $14,057.67 CARMEL IN 46032 CHECK NUMBER: 165390 CHECK DATE: 10/29/2008 DEPART ACCOUNT PO NUMBER INVOIC NUM BER AM OUNT DESCRI X02 4460816 14,057.67 SPRING TAXES REIMBURS I I 7 .�PEQCOR RESIDENTIAL, LLC 1 September 17 2008 �S 5 Ms. Sherry Mielke The Carmel Redevelopment Commission 111 W. Main Street, Suite 140 Carmel, IN 46032 Dear Sherry: Pursuant to Section 2 of the Project Agreement between the City of Carmel Redevelopment Commission and Pedcor Residential, LLC, dated May 11, 2006, the CRC shall pay all Real Estate Taxes on the Project (Old Town Shops II). 1 have attached a copy of the pertinent sections of the Project Agreement. Pedcor Residential paid the Spring Property Taxes for Units #1, #2, and the common area along with the taxes on our Unit #3. We made an appeal to the Assessor's office with respect to Units #1, #2, and the common area but they were unable to assist us with the matter. In that regard, we have attached an invoice for the reimbursement of the Spring taxes paid for Units #1, 42, and the common area in the amount of $14,057.67. Also enclosed is the Fall Tax Bill that is due November 10, 2008 for payment directly by the CRC. We thank you for your attention to this matter and please let me know if you have any questions concerning this. Sincerely, L Dolores M. Krohne Senior Vice President Pedcor Residential, LLC (317) 587 -1693 doloresk2pedcor.net Enclosures One Pedeor Square, 770 3�d Avenue SIB Carmel, IN 46032 71� r.� (317) 587 -0320 Fax (317) 587 -0340 Hamilton Co., IN Online Reports Page 1 of 1 x. s Online Services W' Tax Payment Report 1. report type 2. property search 3. view reports Reset new search general parcel info. spring tax statement tax payments property card fall tax statement Due to a printing error, the 'pay by credit card' phone number on the tax bills is incorrect. To pay by credit card, please call 1- 800 272 -9829. This program allows you to view and print certain public records. Each section reflects information as of a specific date; so the information provided in different sections or reports may not match. All information has been derived from public records that are constantly undergoing change and is not warranted for content or accuracy. It may not reflect the current information pertaining to the property of interest. Parcel Number: 1610300301005000 Location Address: 41 Main St, CARMEL, IN t AYMENT SUMMARY: as of October 16, ASSESSED VALUES: as of March 1, 2007 08 Res Land: 11$0.00 Delinquent Property Tax and Penalties: $0.00 Nonres Land: 11$277,300.00 Spring Property Tax Installment 1$14057.67 lRes Improvement: $0.00 Fall Property Tax Installment $14057.67 Nonres Improvement: $1,475,200.00 Total Special Assessments $0.00 lNet AV: $1,752,500.00 Total Delinquent Special Assessments $0.00 Legal Description: WARREN PHELPS Lots 29 Pt 30 89.46 X 112.0 IRR A 4/11/91 FROM Additional Special F$0- 00 TIFFANY'S MODELING FINISHING STUDIO 5/6/91 B P ONLY 5/6/91 Assessment Penalties CONTRACT 5/13/92 FRM CAMPUS CLASSIC INC 5/13/92 FRM LORTZ All Penalties Added After Spring 10 9218315 see n Total Due for Spring 2008: 1$14,057.67 Total Due for Fall 2008: $14,057.67 To Total Payments: 11$14057.67 Balance Due for 2008: $14,057.67 POSTED PAYMENTS: as of October 16, 2008. Payment Date Paid By Payment Amount 2008/07/29 Pedcor Residential LLC $14057.67 Website Sug or Issues I Conditions of Use I Priva Polic Site Ma 1 Technical Hel HOME c; 2006, Hamilton County, Indiana all rights reserved. http: N1/NVw.co.hamihon.in.us/ app/ reports /taxdetails.asp ?sparcelno= 1610300301005000 &dSearch =pa... 10/17/2008 i *PEDCOR RESIDENTIAL, LLC September 17, 2008 �S 5 Ms. She Mielke The Carmel Redevelopment Commission 111 W. Main Street, Suite 140 Carmel, IN 46032 Dear Sherry: Pursuant to Section 2 of the Project Agreement between the City of Carmel Redevelopment Commission and Pedcor Residential, LLC, dated May 11, 2006, the CRC shall pay all Real Estate Taxes on the Project (Old Town Shops 11). I have attached a copy of the pertinent sections of the Project Agreement. Pedcor Residential paid the Spring Property Taxes for Units #1, 92, and the common area along with the taxes on our Unit #3. We made an appeal to the Assessor's office with respect to Units #1, 92, and the common area, but they were unable to assist us with the matter. In that regard, we have attached an invoice for the reimbursement of the Spring taxes paid for Units #1, #2, and the common area in the amount of $14,057.67. Also enclosed is the Fall Tax Bill that is due November 10, 2008 for payment directly by the CRC. We thank you for your attention to this matter and please let me know if you have any q>>?,ctinnc concerning this. Sincerely, XQ4� Dolores M. Krohne Senior Vice President Pedcor Residential, LLC (317) 587 -1693 doloresk�Lpedconnet Enclosures One Pedcor Square, 770 3 Avenue SW 444)+ Carmel, IN 46032 s} rs (317) 587 -0320 Fax(317)587-0340 PROJECT AGREEMENT This Project Agreement (the "Agreement by and between The City of Carmel Redevelopment Comm' sion "CRC and Pedcor Residential, LLC (the "Developer executed as of this day of W1R 2006, WITNESSES: Recitals WHEREAS, CRC owns the Project Site; WHEREAS, CRC intends to convey the Project Site to a developer that will construct the Project thereon; WHEREAS, CRC is required to comply with the Statute and conduct a public offering prior to any conveyance of the Project Site; WHEREAS, in compliance with the Statute: (a) CRC prepared the Notice of Sale; and (b) published the Notice of Sale twice; WHEREAS, the Development Proposal constituted a conforming bid with respect to the conveyance and redevelopment of the Project Site; and WHEREAS, Developer desires to: (a) acquire the Project Site from CRC; and (b) construct the Project upon the Project Site; WHEREAS, CRC and Developer desire to enter into this Agreement; Agreement NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged hereby, CRC and Developer agree as follows: 1. Defined Terms. Accrued Interest shall mean all interest accruing under the Construction Loan Documents at the standard (non default) rate of interest payable under the Construction Loan Documents. Appraisal shall mean an appraisal of the Project showing the value of the completed Project, which appraisal shall be subject to the reasonable approval of CRC. Architectural Representative shall mean the Executive Director of CRC (currently Les Olds). Architectural Style Sheets shall mean the architectural style sheets attached hereto as Exhibit G. Change Order shall mean a change order that: (a) finalizes the inclusion into the Final Developer Plans of a change proposed in an approved Change Order Request; and (b) is executed by CRC, Developer, and /or the Unit Purchaser, as applicable; provided that, in the case of a Permitted Change, such change order shall be effective if executed only by Developer. Change Order Request shall mean a written request for a change to the Final Developer Plans. Closing shall mean the closing with respect to the Construction Loan and the conveyance by CRC to Developer of fee title to the Project Site. Closing Date shall mean the date of the Closing. 1 1 Unit 3 shall mean the Mixed -Use Unit depicted as such on Exhibit M, a portion of which shall: (a) be leased by CRC or a Designee Agency; and (b) house public restrooms and additional common areas and facilities. Unit 3 Lease shall mean a lease by and between Developer, as landlord, and CRC or a Designee Agency, as tenant, for the first floor of Unit 3, which lease shall be: (a) substantially in the form attached hereto as Exhibit N; and (b) assigned by Developer to Pedcor Office pursuant to Subsection 12(d). Unit Purchase Agreements shall mean purchase agreements for the Mixed -Use Units, pursuant to which: (a) Developer shall undertake responsibility for: (a) conveyance and title obligations with respect to the applicable Mixed -Use Unit; and (b) construction obligations and warranties with respect to the applicable Mixed -Use Unit. Unit Purchaser shall mean a party purchasing a Mixed -Use Unit pursuant to a Unit Purchase Agreement. Zoning Ordinance shall mean the Old Town District -C2 Zoning Ordinance, a copy of which is attached hereto as Exhibit H. 2. Obligations of Parties. CRC shall: (a) convey the Project Site to Developer; (b) pay all Rea) Estate Taxes; (c) pay the Developer Fee in accordance with the Developer Budget, but, in all cases, subject to the terms and conditions of the Subordination Agreement; (d) promptly upon receipt of written request, provide the Right of Entry to Developer; and (e) complete the CRC Site Work; all subject to the terms and conditions of this Agreement. Developer shall: (a) exercise diligent, good faith efforts to obtain the Construction Loan; (b) purchase the Project Site from CRC; (c) design the Project in the exercise of its best professional judgment, bearing in mind that CRC has established an initial budget forthe Total Project Costs; (d) construct the Project; and (e) satisfy its obligations under the Unit Purchase Agreements; all subject to the terms and conditions of this Agreement. 3. Closing. Subject to the terms and conditions of this Agreement, the Closing shall occur on or before the date on which the Due Diligence Period expires, with the Closing Date to be established mutually by CRC and Developer. The Closing shall take place at the office of the Title Insurer, or at such other place as CRC and Developer mutually agree. At the Closing: (a) Developer shall pay the Initial Investment to CRC; and (b) CRC shall use a portion of the Initial Investment to: (i) pay architectural and engineering costs and legal costs in accordance with the Developer Budget, but, in all cases, subject to the terms and conditions of the Subordination Agreement; provided that no portion of the initial Investment shall be used to pay Excess Professional Costs; and (ii) rebate to Developer an amount equal to the lesser of: (A) $640,000.00; or (B) the full Initial Investment less the amounts used by Developer to pay architectural and engineering costs and legal costs as set forth above. 4. Closing Documents. At the Closing, Developer and /or CRC, as the case may be, shall execute and /or deliver, as applicable, the following documents: (a) a fully executed limited warranty deed conveying to Developer marketable, indefeasible fee simple title to the Project Site, free and clear of any and all liens, encumbrances, easements, restrictions, covenants, and other title defects (except the Permitted Exceptions); (b) a vendor's affidavit in form and substance required forthe Title Insurer to delete the standard °pre printed° exceptions; (c) an affidavit that CRC is not a "foreign person inform and substance required bythe internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder; ZADocomentAVShoup, Ieeny\City ofCazmel\Arts DistrictTarcel 28Apt96 Mmject Agm m=tTmject Agmementv4.wpd —7— PEDCOR RESIDENTIAL, LLC 1 Pedcor Square 0"/644 770 3 RD Ave SW Carmel, IN 46032 September 17, 2008 Les Olds Carmel Redevelopment Commission For Property located at: 31 33 Main St. E Carmel, IN 46032 Unit #1 2 of Old Town Shops II INVOICE Due: Upon Receipt Charge Date Item Amount 2008 Spring Tax Bill 14,057.67 Total Amount Due 14,057.67 Pursuant to the Project Agreement, 2. Obligations of Parties. CRC shall: (b) pay all Real Estate Taxes. Please contact Dolores Krohne if you have any questions at 587 -1693. Please remit rent payments to: Pedcor Residential Attn: Dolores Krohne 770 3 rd Ave SW Carmel, IN 46032 Api-&,ed by.lhe Slate Board of Accounts fm' llamilton County, 2008 DISTRIBUTION OF YOUR GROSS TAXES FOR FULL YEAR Coitiity 70 3597.89 .00 .00 ToivilshiP. L. ..,;Library School..{ Gorjiorahoh TOTAL ;..;a 1007.69 865.73 20845. 8820.33 .00 35207.72 E[6-10-30-03-01-005.000 ""AUTO *5 -DIGIT 46032 Pedcor Residential LI -C One Pedcor Square RECEIPT# 0016576 770 3rd Ave SNP TAX DIST Canncl Cannel IN 46032 -2036 1006018 TI DIST' 2007 PAY 2008 IIIIIIIII IIIIIIIIIIIIIIIIIIIIIIII IIIIIIIII VIII IIIIIIIIIIIIIII SU°IMARY OF TAXES DUE (see back for Special Assessment details) LEGAL DESCRIPTION Delinquent Property Tax Penalties .00 TAXES THIS YEAR 1VARREN PHELPS Spring Property Tax Installment 14057.67 SPR ots 29 Pt 30 89.46 X 112.0 Penalty on Personal Property .00 Gross Tax 17603.86 IRR A 4111/91 FROM T IFFA Delin Special Assessments .00 Repl Credit 3546.19 ACREAGE: .2400 'total Special Assessments' Spring Installment .00 Homestead Credit .00 LOT NO: P29 &P3U Pai to Date Spring .0 Circuit Breaker Credi BLOCK: Total due by 7/30/2008 14057.67 Spri Net 'Fax Due 14057.67 penalty after July 30th If there is no delinquent amount; add 10% penalty after Aug 29th FALL Fall Property Tax Installment 14057.67 Gross Tax 17 603.86 Total Special Assessments' Fall Installme .00 Rep1 Credit 3546.19 Paid to Date Fall .00 Homestead Credit .0 0 "tot Due by 117f 6/2U09 1 14057.67 Circuit Breaker Credi Add 5;o penalty after Nov 10Ih i there is no delinquent amount; add 10% penalt after Dee 10111 Fall Net Tax Due 14 057.67 To Pay by Credit Card: Call 1- 800- 2PAY- TAX L Have ready: 2. Service fee: You will be charged (1 272 0929) Jurisdiction 24 15 a small service fee by the credit Or Visit h. Parcel Number...(see red box card processor (based on and in above) addition to "Net Tax Due 1w c. Amount (see ""Total Due" •4 a Boxes in bold directly above) Enjoy the convenience, flexibility, and rewards of credit card payments for fees and taxes._ DETACH AND RETURN ONLY TINS PORTION WITH YOUR FALL PAYMENT PARCEL -ID DUE DATE NET PROPERTY DUE 16- 10- 30- 03- 01- 005.000 DUE BY 11/10/2008 14057.67 E 1110 Ill 11IN1111111111�111 ill 111111111111�1111111111111111111111111111111 H11IN11111111111111111111111 RE I, CEIP'PH 0016576 +00029200720922284512* Pedcor Residential LLC One Pedcor Square TO PAY BY CREDIT CARD, SEE ABOVE 770 3rd Ave SW CARMEL IN 46032 USA 161030030100500000 0292007209222845120000014057671 DETACH AND RETURN ONLY TINS PORTION WITH YOUR SPRING PAYMENT PARCEL -ID DUE DATE NET PROPERTY DUE 16- 10- 30- 03- 01- 005.000 DUE BY 07/30/2008 14057.67 111111111111111h1111111111�1N11V111111111�11111111111111111111111111111111111�i1111�i11111111111111111111111 2007 PAY 21108 REC RECEI P'I' JI 0016576 +00029200720922284511* Pedcor Residential LLC One Pedcor Square TO PAY BY CREDIT CARD, SEE ABOVE 770 3rd Ave SW C:ARMEL IN 46032 USA 16103003010Q50000002920072092228451100QQ01405767 I 907 CHECK DATE: 07/28/08 CHECK NO.: 113583 Irivo:oe No Inv. Date Amount Discount Description Voucher No. Net Amount 907RETAX2 07/01/08 14,057.67 0.00 01026 14,057.67 TOTAL 14, 057.67 0.00 14, 057.67 (907) INTERNATIONAL CITY BANK 90 -7173 PEDCOR RESIDENTIAL LLC 3939 GOVERNOR DRIVE 3222 ONE PEDCOR SQUARE SAN DIEGO, CA 92122 770 3RD AVE. SW CARMEL, IN 46032 07/28/08 113583 "'14,057.67* FOURTEEN'THOUSAND FIFTY -SEVEN AND 67/100 DOLLARS HAMILTON COUNTY TREASURER OLD COURTHOUSE 33 N.9TH ST. #112 NOBLESVILLE, IN 46060 w M ...mg p g g p k Prescribed by State Board of Accounts City Form No. 201 (Rev. 1995) ACCOUNTS PAYABLE VOUCHER CITY OF CARMEL An invoice or bill to be properly itemized must show:. kind of service, where performed, dates service rendered, by whom; rates per day, number of hours, rate per hour, number of units, price per unit, etc. Payee P Pd logy R eJIOLI�4d CC 1%1over K eon,. e Purchase Order No. 7 7o 3 A i e S cv .,.,.e 1A Terms O S Z Date Due Invoice Invoice Description Amount Date Number (or note attached invoice(s) or bill(s)) 9 /7/ 0 V N 6s4..4 Tsra v co.. a( O S 7. Total f 05 I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance with IC 5- 11- 10 -1.6. 20 Clerk- Treasurer "OUCHER NO. WARRANT NO. /I ALLOWED 20 PeQco QeooLJ LGC ��orel t" C IN SUM OF y �a3 Z N,os�. 6.7 ON ACCOUNT OF APPROPRIATION FOR 1 4 cf 10 Board Members PO# or INVOICE NO. ACCT #/TITLE AMOUNT. DEPT. I hereby certify that the attached invoice(s), or 9e? N A Y14 1 4 OS to7 bill(s) is (are) true and correct and that the materials or services itemized thereon for which charge is made were ordered and received except I C, Z .2008 P Signature P sr ec4o— o f .n4.CP Cost distribution ledger classification if Title claim paid motor vehicle highway fund