HomeMy WebLinkAboutBrad Howe/Roundabout North end Carmel Arts & Design District at 136th St - $35,000 Disbursements of Loan Proceeds from the Borrower Loan Account to(or for the account of) Borrower in the
amount of the"Total Authorized Disbursement"line in the"Amount of Authorized Disbursement"column(see
form of notice below)shall be made in accordance with the terms and conditions of the Agreement,the other
Loan Documents, and the Disbursement Instructions promptly upon receipt by Lender of a notice in the
following form signed by the President, Vice President, Secretary, or Executive Director of CRC:
Regions Bank hereby is instructed to make a disbursement of Loan Proceeds from the
Borrower Loan Account to (or for the account of) Borrower in: (a) the amount of the "Total
Authorized Disbursement" line in the"Amount of Authorized Disbursement" column below;
and (b) accordance with the terms and conditions of the Agreement, the other Loan
Documents, and the Disbursement Instructions.
Purpose of Authorized Disbursement Amount of Authorized Disbursement
Amount to be paid by Carmel Theater Development Company,LLC as per the
Sculpture Improvements installment purchase contract
Third installment of contract(Brad Howe) July 2011 $ 20,000.00
Fourth installment of contract(Brad Howe) July 2011 $ 15,000.00
Total Authorized Disbursement $ 35,000.00
All terms used in these Disbursement Instructions without definition shall have the meanings
ascribed thereto in that certain Loan Agreement (Sculpture Improvements), dated
September_, 2011, by and between Lender and Carmel Theater Development Company,
LLC.
Dated: l03/( CITY OF CARMEL REDEVELOPMENT
COMMISSION
By (:i# _
Printed L. e.g S. 01 ds
Title E xe Ctd-i ve b t retail-or
It is acknowledged and agreed by the parties that CRC has reserved the right to require, as a condition of
authorizing disbursement of Loan Proceeds from the Borrower Loan Account to (or for the account of)
Borrower: (a)completion of a satisfactory inspection by CRC of the portions of the Sculpture Improvements to
which the disbursement relates; and (b) receipt of customary submittals.
BRAD HOWE
July 28, 2011
Carmel Redevelopment Commission
30 W. Main Street, Suite 2000
Cannel, IN 46032
Commission of sculpture by artist Brad Howe, based upon design approved by Mayor Brainard, to be
installed at the roundabout at the north end of the Carmel Arts &Design District on Rangeline
Road at 136`l' Street.
Description: 12'h. Stainless steel and multi-colored automotive polyurethane paint
Price: $ 100,000.00
Promotional discount for the City of Carmel , 20,000.00
Total To be paid in four (4) installments) $80,000.00
A First deposit(materials deposit) of$25,000.00 to be paid within 2 weeks of signing of contract.
A Second installment of $20,000.00 when sculpture is 50%completed in studio
A Third installment of$20.000.00 when sculpture is 100%completed in studio
A Final installment of$15,000 upon installation of completed sculpture on site.
A Proposed installation date: 8 weeks from time of first deposit.
A City of Carmel will agree to use the artist's name whenever possible in conjunction with photography
of sculpture used in advertising and promotional materials for the City of Carmel.
Signature Date
423 LA I IGO CANYON ROAD • MALIBU • CALIFORNIA 90265
TFL • 818-865-8594 FAX • 818-865-8216
bradhowc@bradhowc.com