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HomeMy WebLinkAbout060214 Report to Council CARMEII DDD1Jo PMER C•ORCAR IO O K Carmel Redevelopment Commission • STRATEGIC HIGHLIGHTS • PAC Refunding will result in Net Savings of$3,480,357 which exceeded the estimated savings of $2.275 million. • CRC settled with The Hagerman Group for a total of$730,000. This concludes the legal disagreements between the CRC,The Hagerman Group,and Crider and Crider. FINANCIAL HIGHLIGHTS April Beginning Balance $ 1,241,910 April Revenues $ 17,465 April Expenditures $ 48,670 April Ending Balance $ 1,210,704 OPERATING HIGHLIGHTS • We are reviewing the opportunity to hire a summer intern with Human Resources. LOOKING AHEAD • SEA 118,was signed by the Governor on 3/26/2014. The CRC will be operating as directed in this bill,as of July 1. • The CRC will receive responses to the Request for Proposals for the property located at 7th Street NE and 2"d Avenue.NE on 5/27/2014. Bid openings will occur on May 30th at a Special Meeting. CRC will coordinate with Council on a mutually agreeable sale price per the Amended Resolution passed at Council. Corrie Meyer,MCP,RLA,LEED AP Director Carmel Redevelopment Commission/Department May 22,2014 Prepared for David Bowers and Brad Meyer May 22,2014 CRC Report for lime 2,2014 City Council Meeting Page 1 -GFI NANCIAL S1 ATE ]C 4 Financial Statement APRIL MONTH-END FINANCIAL BALANCE Ending Balance without Restricted Funds $1,210,704 Ending Balance with Restricted Funds $3,213,553 SUMMARY OF CASH For the Month Ending April 30,2014 • DESCRIPTION ACTUAL BUDGET VARIANCE Cash Balance as of 4/1/14 1101 Cash $ 498,847.82 $ 498,847.82 $ - 1110 TIF Distributions 743,061.79 743,061.79 - Total Cash $ 1,241,909.61 $ 1,241,909.61 $ - Receipts Clerk Treasurer Cash $ 17,388.07 $ 183,214.82 $ (165,826.75) Clerk-Treasurer TIF 76.52 - 76.52 Developer Payments - - - Total Receipts $ 17,464.59 $ 183,214.82 $ (165,750.23) Disbursements Clerk-Treasurer Cash $ 15,224.01 $ 185,931.69 $ 170,707.68 Clerk-Treasurer TIF 33,445.83 33,445.83 - Total Disbursements $ 48,669.84 $ 219,377.52 $ 170,707.68 1101 Cash $ 501,011.88 $ 496,7.30.95 $ 4,880.93 1110 TIE Distributions 709,692.48 709,615.96 $ 76.52 Cash Balance 4/30/14 $ 1,21.0,704.36 $ 1,205,746.91 $ 4,957.45 Total Usable Funds $ 1,210,704.36 $1,205,746.91 $4,957.45 May 22,2014 CRC Report for June 2, 2014 City Council Meeting Page 12 [FINANCIAL STATEMENT-7'; ``" FUND BALANCES AND OUTSTANDING RECEIVABLES As of 4/30/14 Restricted Funds Energy Center Reserve $1,001,460 Civic Rent Reserve 1.001,389 Sub-total: 2.002.849 Cash (as seen in Summary of Cash table) TIE 709,692 Operating 501.012 Sub-total: 1,210.704 Total Funds $3.213,553 Outstanding Receivables Energy Consumption Payments(1) 24,512 Keystone Group(Bond Enhancement) 172,753 Total Outstanding Receivables $197,265 (1)Amounts due reflects months March—May 2014 for the Tarkington and Office Building One. REI Real Estate Services,I.LC acts as property manager on behalf of the CRC and collects the Energy Consumption Payments to be forwarded on to the CRC. STATEMENT OF CHANGES IN EQUITY MONTH -ND:APRIL MO • ' DESCRIPTION REVENUE EXPENSES Total Receipts(Non-Operating) $77 Total Receipts(Operating): $17,338 Expenditures(Non-Operating) $33,446 Expenditures(Operating) $15,224 May 22,2014 CRC Report for June 2,2014 City Council Meeting Page 13 IINANC* AL UPDATE- Financial Update TIF REVENUE AND DEBT As of the approved January budget,projected TIF Revenue was estimated at$19,240,440. Bond debt payments will be made in June and December of 2014. Below are the anticipated payments based on the January approved CRC budget; MONTH TOTAL June 2014 $9,357,615 December 2014 $9,334,342 GOING CONCERN The CRC is managing expenditures to maintain a balanced budget in anticipation of lower TIF Revenue. H.J. Umbaugh anticipates providing an updated TIF Revenue projection summary at the end of May. Following this,the CRC will adjust accordingly. TAKEAWAYS • Month-end balance is positive. • The CRC Finance Committee met on 5/21 to review a mid-year budget. The Redevelopment Commission will take into consideration the discussion from that meeting when voting to approve an amended budget in June/July. May 22,2014 CRC Report for lune 2,2014 City Council Meeting Page 14 FRoJ °DATES Project Updates CITY CENTER • Developer Partner: Pedcor Companies • Allocation Area:City Center • Project Summary: • Use: Mixed-Use itI a°17-14• t \ 'C. `1� .sue-.1- n.aia �1'O.rzocor 1 � ounce , nCr \I EI s � . rL - '.C- ,,— 1 Ui c Ina iii I 1;1. o 1 > > t,d ;I +jt i ® & i 6-zr , 0, . lir k' j I h _Jlil r RF : 1 If 111 i,i ; I i irtm - it Figo re 1 City Center Master Plan,provided by Pedcor City Center Development Company • Phase 1-complete 1) Apartments-Demand for apartments remains strong;which supports the occupancy and rental rates. Current occupancy is at 95%. 2) Retail—Pedcor has leases currently on 91%of the total 79,570 in LSE The remaining 9%(the old Mangia,Holy Cow,&Sports Authority locations)of unleased space have future tenants for them, and are working through the space planning process. Pedcor anticipates to be 100%leased by August of 2014. May 22,2014 CRC Report for June 2,2014 City Council Meeting Page IS ; S $ PR ' UPDATES • • Nash Building/Parcel 73 1) Project Status-under construction .J a) The Nash underground parking garage is 74%complete and currently -if.,., ,. P on budget. The Nash Building first floor framing is completed and p lid r u. -* re....- work on the additional floors have started. The project is on budget �ig�S1 ' '• " . . i9t and remaining on schedule,with an anticipated completion date of fall P *. /� :-5:,-...4 2014. Approximately half of the 9,000 sCofthe retail space has been 1r .k. i leased with strong prospects for the remaining commercial space. M { ..�IUirrai i 9 _- c°L•1 Provided by redcor Pity center 2) Council and/or CRC Action items 0ev.Co. I ACTION ITEM CITY COUNCIL CRC None at this time. 3) CRC Commitments Provide streetscape along Rangeline Road. a) Budget Design/Engineering I $5,000(majority ofcontract pd.in 2013) Construction I $100,000 b) Design Consultant:American Structurepoint c) CRC Commitment Schedule Design%Complete 95% Anticipated Project out-for-bid June 2014 ' Proposed Construction Start Date August 2014 Anticipated Project Completion October 2014 May 22,2014 CRC Report for lune 2,2014 City Council Meeting Page 16 PR©JEC,' MEDAV • .',; . • Phase 2 1] Project Status—designs are schematic and construction has not started. a) Project initiation discussions are continuing between Pedcor and the CRC. The CRC staff expects to summarize discussions in June. 2) Proposed Construction/Use Sequence PROJECT USE START DATE DESIGN RENDERINGS, PROVIDED BY PEDCOR Garage A three to four story parking structure, Fall 2014 -tom- _ East which will include approximately 28,000 (garage only) �-� �1• per.; square feet of luxury apartments and i1 ,.i „ _ (_- *t commercial retail/office space. }B "'"• - •- `•, vi7�.,,rsd.a% r i 13;44inititilL I‘ 4E2131 Baldwin/ A four story building,of approximately Fall 2014 - TZ'^.aP t� Chambers 64,000 square feet,which will include � n- Il: iil luxury apartments and commercial �� '71-i 'III 0 Jk L. retail/office space. Pedcor is currently I t ]� Q3,,, working with four commercial businesses , ■ m I!i I&}-� who will occupy approximately 14,000 sf of p,' •sal$x,i;. t C••L the commercial space. Holland A five story building,of approximately Fall 2014 Ly„ , 63,000 square feet,which will include f luxury apartments and commercial '�,,, ` retail offices ace. yq,�„uinre, oeJ�i�d / P I Jlix icii. n nil i '�iaf 4i17 'I` ,mOii Playfair A five story building of approximately Fall 2015 63,000 square feet,which will include luxury apartments and commercial retail/office space. Garage See Garage East note above. Fall 2015 Retail Pedcor A two story building,of approximately Fall 2015 Office S 20,000 to 25,000 square feet,which will • l s , include office space. �k , ;: it 7Y+ � : , ) 4U,R1'nak+. yn 7_ ,, _ �Il tsN' te. i Si.a+ 'L.:.v . ��� hRLti1 May 22,2014 CRC Report for June 2,2014 City Council Meeting Page 17 PROJECT' UPDATES Kent A three story building,of approximately Fall 2015 . „fly 111,000 111,000 square feet of luxury apartments. 'tyfl. aV r i iiS • Wren A seven story building,of approximately Fall 2016 . n-';t--. - • 88,000 square feet,which will include ._.;a. I luxury apartments and commercial y q• office/retail space. ,i A _ 1' ,,'1 utti n �] 6 a-tF1�t ,ter..,u�`1i i !�l l{i'f•a`' Windsor A four story building,of approximately Fall 2017 64,000 square feet,which will include luxury apartments and commercial office/retail space. Eastern A building,of approximately 76,000 to Fall 2017 Motor 91,000 square feet,which will include Court Site luxury apartments and commercial office/retail space designed so that in the future it could be in whole,or in part, converted to hotel rooms and/or hotel amenities. Hotel A four story hotel,of approximately 44,000 TBD square feet,which will include parking. 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time. 4) CRC Commitments No commitments have been formalized. May 22,2014 CRC Report for dune 2,2014 City Council Meeting Page 1 8 \PROJE MPDA f( - THE MEZZ/ MONON LOFTS • Developer Partner:Anderson Birlda • Allocation Area:City Center • Project Summary: • Use: Primary Residential. 42 residential units with 12,000 square feet of office. • Total project budget: $7.7mm • Secured Tenants: Fat Atom,Vocare,Anderson Birkla • Manpower count has remained 12 to 18 men daily for both buildings. ''�r.1 ) 1.1;) l 5 I ) 3 1 ] ] ') 1 9 a�`n Tl ) t 1 ? '3 ) 4? :-- 1 Yl )) 7 '! ,1-17 1 )F) 1l ) 3 - -it • ) > 1,,,Ill - -, 1 { l'));71- - - , V , a x L] , /' OFFICE PARKING GARAGE J jJ rl i �� � , e. i � 1 1'. 1NEMEfl 13 ) 'i 0� &V 1 l Ej L l� F..' ! ��.. I OFFICE m , ^ T 1 cox \ ..7R0 AVENUE . . I Figure 2 Image provided by Anderson Birlda • Anticipated Project Schedule Office Move In ------ ------August 1,2014 -_1 Residential Move In October,2014 1 -- ------ — -- ----- --- Project complete 1 December, 2014 May 22,2014 CRC Report for June 2, 2014 City Council Meeting Page 19 I PROJECT UPDATES • Men Building(3rd Avenue) 1) Project Status-under construction a) Framing is 70%complete. b) MEPS-Plumbing under slab rough is 90%completed.Electrical is to begin under slab next week,Fire Suppression is being designed and will he submitted to the city next week. c) Roof install is to begin on May 27. d) Tyvek,Windows,&doors will install later this week. 2) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time. 3) CRC Commitments Provide parking spaces on 3rd Ave and streetscape on the west and south side of the building,relocate street utilities. a) Budget Design/Engineering Approved and funded with TIF $8,900 for Utility Relocation monies. Project is TIF funded.Invoices are Site Construction $67,021 expected to be paid June-August. Utility Relocation Project is TIP funded.Invoices are $250,000 expected to be paid June-October. b) Design Consultant:American Structurepoint c] Construction Contractor:Calumet Civil Contractors d) CRC Commitment Schedule Design%Complete 1 100% Anticipated Project out-for-bid complete Proposed Construction Start Date June 2014 Anticipated Project Completion August 2014 May 22,2014 CRC Report for June 2,2014 City Council Meeting Page I 10 palmy Cy UPDA • • Monon Lofts Building(Monon side) 1) Project Status-under construction a) Framing is 85%complete.Frame punch is 90%completed. b) 'fyvek,Windows,Doors are now being installed. c) Spiral stairs will deliver in 2 to 3 weeks. d) Concrete cutting of the parking garage walls to occur Wednesday. e) MEPS- Plumbing under slab rough is 90%completed.Plumbing 2nd rough will begin this week with slab core drilling.Electrical is to begin later this week,Fire Suppression is being designed and will be submitted to the city this week. f) Roof will begin Thursday May 22. 2) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Create an easement in the Tarkington CRC to approve Resolution at Garage to allow for an emergency access next meeting. hallway connecting the parking area and the new building. 3) CRC Commitments Mono!?Connection path,Small pocket pork,Monon upgrades a) Budget Design/Engineering F Not to exceed$75,000 Construction $310,000 h) Design Consultant:American Structurepoint c) CRC Commitment Schedule --- a - ----- ---------- --------------- Design /o Complete 20%. Anticipated Project out-for-bid July 2014 Proposed Construction Start Date September 2014 Anticipated Project Completion November 2014 -End of report- May 22,2014 CRC Report for June 2,2014 City Council Meeting Page I 11