Where are the buildings that taxpayers were guaranteed?

Dear Mr. Shaver,

We have reviewed your concerns and offer the following information to address your questions. We grant you that the project is not yet fully constructed, but through many years of experience with projects of this magnitude, the Carmel Redevelopment Commission anticipated your very concern and put protections in place to protect the Carmel taxpayer.

In the case the Developer did not complete the buildings on time or fail to build them at all, the CRC required Developer Guarantees (as referenced in your statements). Attached is a graphical representation of the multiple layers of protection for this project. Currently, the council is monitoring and ensuring compliance with the first level or layer of developer guarantees. If the developer did not comply with the first level of guarantee, the council would require compliance with the next level or layer of developer guarantees.

As detailed below, the Developer is paying the bonds as required by the contract (the first level of protection) in the following amounts. The next PIATT (Payments In Addition To Taxes) payments are due July of 2019.

In addition, the Holland and Playfair Buildings are going to permit this month. The Garage Retail is under construction now. The Wren and Windsor are not under construction yet. The Hotel/Motor Court is where the hotel is now under construction.

We trust this will alleviate your fears and please let me know if I can be of further service.

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Authored by Laura Campbell, Ron Carter, Sue Finkam, Anthony Green, Bruce Kimball, Kevin Rider and Jeff Worrell

CLICK TO VIEW:
Layers of Protection – City Center Phase II