Tom Perkins Letter dtd 083112WALLACK
SOMERS
&HAAS,,,
Attcrneys at Law
August 31, 2012
Via Electronic iViail (TPerkinsPfbtlaw.cornl
Thomas D. Perkins
FROST 'ROWN TODD LLC
201 North Winds Street, Suite 1900
Indianapolis, Irdiana 46204
Re: The City of Carmel Redevelopment Commission ("CRC")
Dear Tom:
BARRY Z. WALLACK
MICHAEL 5, WALLACK
GEORGE W. SomErts
KARL P HAAS
JENNIFER R. SHOUP
HARRY E. Toot)
ALEX L. WOODS
RYAN R, WtlLMERONG
This letter is in response to your August 27, 2012, request for information regarding defaults or potential
defaults under ORC's existing loan programs, including specifically the items listed on the Outstanding Obligations
Documents page of the Barnes & Thornburg LLP e-room (a copy of which is attached hereto) (the "Loan
Programs"), The information set forth herein is as of the date of this letter.
Subject to the foregoing and to other paragraphs of this letter, and except as expressly set forth below,
we advise you ihat there have been no "events of default" under any Loan Program, nor has CRC received from
any financial institutions involved in the Loan Programs (the "Financial Institutions") any notice of default, waiver
of default, or substantive expression of concern regarding a potential default.
Notwithstanding the foregoing: (a) certain Financial Institutions have granted, formally or informally,
extensions for compliance, especially for CRC's increment reports and Certificates of Compliance with covenanted
debt service coverage ratios; and (b) in certain cases, CRC has received from Financial Institutions informal
questions regarding a potential default, but in these cases the questions were precipitated by published comments
of City of Carmel public officials warning of default or questioning CRC's financial standing, and were not
precipitated by a review of CRC financial statements or information.
Please be advised that, pursuant to Paragraph 5(b) and Paragraph 5(c) of the ABA Statement of Policy
Regarding Layer's Responses to Auditors Requests for Information (December 1975) and related Commentary,
it would be in ppropriate for this firm to respond to a general inquiry relating to the existence of unasserted
possible clairni; or defaults involving CRC.
This let ter is solely for your information in connection with your examination of the Loan Programs and
financial obligz tions of CRC and is not to be quoted, in whole or in part, or otherwise referred to, in any financial
statement of C RC or related document, nor is it to be filed with any governmental agency or other person, without
the prior writte -11 consent of this firm.
Tel: 317.231.9000
One Indiana Square, Suite 2300
Indianapolis, Indiana 46204
www.WSHLaw.com
Fax: 317.231.9900
Mr. Thomas D. Perkins
August 3l, 2012
_9222
Please leel free to contact us with questions.
cc: Mr. Rick Sharpe (via e-mail)
Ms. Luci Snyder (via e-mail)
Mr. David Bowers (via e-ma)
Mr, Bruce Donaldson (via e-mail)
Ms. Loren Matthes (via e-mail)
Very truly yours,
WALLACK SOMERS
Outstanding Obligations Documents
ORN URGLLI,
Outstanding Obligations Documents
a database created by i Dean Kelley on 17 Aug 12
)9(
ripb,' by Document lype
- (blank) 18
\lo. 1 and 2 - Installment Purchase Contracts - Region Bank - 12-
30-08
\Jo. 3 - Installment Purchase Contracts - Mercantile Bank
Jo. 4 and 5 - COPs Series 2010A&B
o. 6 - Installment Purchase Contracts - NBofl
\Jo. 7 - Installment Purchase Contracts - United Fidelity Bank
\lo. 8 - Installment Purchase Contracts - Regions Bank 07-22 10
\lo. 9 - Grant Agreement - Star Financial Bank
\JO. 10 Grant Agreement - Fowler Stale Bank
\lo. 11 - Grant Agreement - CIBM Bank
\lo. 12 Amended and Restated Grant Agreement - Mercantile
3ank
\10. 13 - Grant Agreement - BMO Harris Bank
\Jo. 14 - Amended and Restated Grant Agreement - BMO Harris
3ank
\Jo. 15 - Parking and Grant Agreement - Lake City Bank
'1o. 16 - Tri-Party Agreement - Community Bank
\lo. 17 - Installment Purchase Agreement - BMO Harris Bank
\Jo. 18 - Replacement Land Sale Contract - 251, LLC
19 - Land Sale Contract - BobbyJohn, LLC
\lo. 20 - Land Sale Contract - Old Town Properties, LLC
•• • • • •
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Dota.onent DaL..e• Document Type Notes
https: bilawcorn/cRoorn/Barnesihornhurgl nburg......1_,P/CRC2( 1 2R1 64a14 8/31/2012