Legacy Project - Falcon NEst II LLC Summary
Reimbursement Agreement for Legacy Project
This is a reimbursement agreement with Falcon Nest II, LLC. It states that any payments
made by the CRC for purposes of considering and investigating the issuance of tax
increment financing bonds to assist with financing the improvements will be reimbursed
by the developer.
REIMBURSEMM7ENT AGREEMENT fa
This Agreement, executed thisZJ day of ��(\1 ns`�' 2013, by and between The
City of Carmel Redevelopment Commission ("CRC") and �a Mk M°st II, LLr , ("Developer"),
WITNESSES:
Recitals
WHEREAS, Developer is proposing a redevelopment project (the "Project") on the
parcels of land generally depicted and/or described on Exhibit A, attached hereto and incorporated herein
(the "Parcels");
WHEREAS, it is anticipated that, as part of the Project, significant infrastructure and/or
other public improvements will be required (the "Improvements");
WHEREAS, Developer has requested that CRC consider and investigate creating: (a) an
"Economic Development Area" comprised of the Parcels (the "ED Area"); and (b) permitting the capture of
tax increment from the ED Area (the "Increment") to assist with financing the Improvements;
WHEREAS, it is possible that Developer will request that CRC consider and investigate
the issuance of tax increment financing bonds to assist with financing the completion of the
Improvements, which may include assistance with financing the acquisition of public right-of-way (the
'Bonds"),
WHEREAS, based on Developer's: (a) proposal with respect to the Project; and (b)
commitments under this Agreement; CRC has agreed: (a) to consider and investigate creation of the ED
Area; and (b) that, if subsequently requested by Developer, CRC shall consider investigating the issuance
of the Bonds (the "Bond Issuance");
WHEREAS, should CRC decide to proceed with a Bond Issuance, then the transaction
encompassing the Bond Issuance and the purchase of the Bonds shall be the"Bond Transaction";
WHEREAS, in connection with: (a) considering and investigating the creation of the ED
Area; and (b) considering the investigation of the Bond Issuance (and, if applicable, proceeding with the
Bond Transaction); CRC may elect or be required to employ counsel and advisors to:
(a) act as special counsel to CRC with respect to the creation of the ED Area and/or
the Bond Issuance, and perform related legal services (the "Counsel");
(b) provide financial advisory services to CRC with respect to the creation of the ED
Area and/or the Bond Issuance (the"Financial Advisor");
(c) prepare any economic plans or reports required with respect to the creation of
the ED Area and/or the Bond Issuance (the "Plan Consultant");
(d) provide architectural, engineering, and other design services with respect to the
design of, and the plans and specifications for, the Project and the Improvements (the
"Design Professionals"); and
(e) provide other services with respect to the creation of the ED Area and/or the
Bond Issuance, including, without limitation, providing the services of general counsel to
CRC (the"Other Advisors");
WHEREAS, the Counsel, the Financial Advisor, the Plan Consultant, the Design
Professionals, and the Other Advisors, collectively, are the "ED Area Advisors";
WHEREAS, the services provided by the ED Area Advisors with respect to considering
and investigating the creation of the ED Area and/or the Bond Issuance (and, if applicable, proceeding
with the Bond Transaction), collectively, are the "ED Area Services";
WHEREAS, in connection with: (a) considering and investigating the creation of the ED
Area and/or the Bond Issuance; and (b) if applicable, proceeding with the Bond Transaction; CRC will
incur certain costs, expenses, fees, and charges, including, without limitation, costs, expenses, fees, and
charges with respect to: (a) the employment of the ED Area Advisors; (b) the performance by the ED Area
Advisors of the ED Area Services; (c) notices; (d) filings; and (e) photocopying (collectively, the "ED Area
Costs");
WHEREAS, the ED Area Costs shall include costs, expenses, fees, and charges incurred
by CRC with respect to litigation that relates to the ED Area, the creation of the ED Area, the Bonds, the
Bond Issuance, the sale and purchase of the Bonds, or any other step or action taken or completed in
connection with the creation of the ED Area and/or the Bond Transaction;
WHEREAS, CRC has agreed to: (a) consider and investigate creation of the ED Area;
and (b) consider investigating the Bond Issuance; on the condition that Developer shall commit to pay (or
reimburse CRC for) all ED Area Costs;
WHEREAS, Developer has committed to pay (or reimburse CRC for) all of the ED Area
Costs; and
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. ED Area Costs. Regardless of the status of the creation of the ED Area or the Bond Issuance,
within 15 days after receipt of written demand accompanied by supporting bills, statements, or invoices
approved by CRC (the "Supporting Invoices"), Developer shall pay (or reimburse CRC for) all ED Area
Costs; provided that Developer shall not be obligated to pay (or reimburse CRC for) any ED Area Costs
prior to the date on which the applicable Supporting Invoice is due and payable. The obligation to pay (or
reimburse CRC for) the ED Area Costs shall apply even if, after consideration and/or investigation, CRC
determines in good faith not to proceed with the creation of the ED Area and/or the Bond Issuance.
2. Developer Reimbursement. If the Bond Transaction is consummated, then Developer shall be
reimbursed out of the Bond Proceeds for all of the ED Area Costs actually paid (or reimbursed) by
Developer to CRC and/or the ED Area Advisors.
3. Failure. If Developer fails to pay (or reimburse CRC for) any ED Area Costs required to be paid
(or reimbursed) by Developer pursuant to the terms and conditions of this Agreement, then, in addition to
the amount of the ED Area Costs due and payable (or reimbursable) by Developer, Developer shall pay
to CRC: (a) interest at the rate 12% per annum on the delinquent payment (or reimbursement) from the
date due until the date paid in full; and (b) all costs and expenses incurred by CRC to collect the
delinquent payment (or reimbursement), together with the interest thereon (including, without limitation,
attorneys' fees and charges).
-2-
4. Advisors. The ED Area Advisors: (a) shall be employed by CRC; and (b) in their capacity as ED
Area Advisors, shall take their direction exclusively from CRC. All duties of the ED Area Advisors in the
performance of the ED Area Services shall be owed exclusively to CRC. At any time, CRC may replace
any ED Area Advisor, and such replacement shall be deemed to be an ED Area Advisor for purposes of
this Agreement.
5. No Obligation. Nothing set forth in this Agreement shall be deemed to be an obligation of CRC
to proceed with the creation of the ED Area and/or the Bond Issuance. CRC may decide at any time in
good faith to cease: (a) considering and investigating the creation of the ED Area and/or the Bond
Issuance; or (b) proceeding with the creation of the ED Area and/or the Bond Issuance; and such a
decision shall have no impact or effect on the commitments and obligations of Developer under this
Agreement.
IN WITNESS WHEREOF, CRC and Developer have executed this Agreement as of the
day and year first written above.
CRC:
THE CITY OF CARMEL REDEVELOPMENT
COMMISSION
By: ('(I % alle (2 \
Willliam Ha m-r, President
DEVELOPER:
Falcon
By: �L
Printed: alit€ !/m c7
�" T- , 3O(/.�
Title:
•
-3-
EXHIBIT A
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