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Dear Editor:
The following is an email response sent from Carmel City Council President Jeff Worrell to Carmel resident Mike Shaver.
Dear Mr. Shaver,
I have received your second email regarding the matter of Developer Guarantees for City Center. Thank you for your kind words.
Your second complaint references page B-19 of the documents. (Click here to view that document.) As I read that very document, I reach the same conclusion as my first response to you. The Developer is paying the bonds as required by the contract. B-19 clearly shows interest for 2018 and 2019 is capitalized and no debt service is due until January of 2020.
The table you included is inaccurate based on when taxes are paid in relation to what period they are for. The actual table is shown below.
Graphic provided by Jeff Worrell
As I pointed out in my previous response to you, the PIATT (Payments In Addition To Taxes) have been properly made.
In addition, the legal documents binding this contract are prepared by reputable area law firms. Based on our last two interactions, I will continue to argue that we are providing proper oversight, payments are accurately being made and most importantly, the Carmel taxpayer has not been harmed.
Jeff Worrell
Carmel City Council President