165390 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
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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