HomeMy WebLinkAboutCRC-03-19-14 CRC Meeting, March 19, 2014
CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday,
March 19, 2014
President Bill Hammer called the meeting to order at 6:39 p.m. Commission members Dave
Bowers,Brad Meyer, Greg Phillips and Corrie Meyer were present,constituting a quorum. Also
present were Karl Haas, Steve Engelking and Megan McVicker.
Others present:
Michael Lee,Jim Higgins,Bruce Donaldson,Loren Matthes(Umbaugh &Associates),Heidi
Amspaugh (Umbaugh&Associates),Andy Mouser(Umbaugh&Associates),Jim Mullet,
Matthew Johnson, Steve Johnson,Connor Johnson,David Allardice(E&B Paving),Adam Aasen
(Current Publications) and Brian Eason(Indy Star).
The Pledge of Allegiance was said.
Bid Opening: 3`d Ave SW Streetscape
Mr. Hammer opened and read aloud the bids. Staff will review documents and recommend an
awarding of contract at the next meeting.
Approval of Minutes
February 19,2014: Mr.Bowers moved to approve, seconded by Mr.Meyer. Passed unanimously.
Financial Matters
Mr. Lee stated the end of month February balance of the Commission totaled$523,529 and
$2,525,931 with restricted funds.
Mr. Lee gave an update on outstanding receivables.
Approval of Claims
Mr.Lee requested the Commission approve non-operating invoices in the amount of$9,172.50.
Mr.Bowers moved to approve non-operating invoices in the amount of$9,172.50,seconded by
Ms.Meyer. Passed unanimously.
There were no PAC construction fund claims for approval.
Approval of Change Orders
There were no change orders to come before the Commission this month.
Committee Reports
Mr.Bowers stated the Finance Committee presented a revised budget to the Clerk-Treasurer
based on discussions from the last City Council meeting.
Update on Properties
There were no items addressed under this matter.
Old Business
None at this time.
New Business
Partial Refunding of 2005 PAC Bonds
Bruce Donaldson,bond counsel with Barnes&Thornburg,gave background and detail on this
item. Mr.Donaldson stated this has been introduced to City Council and will go back to the full
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CRC Meeting, March 19, 2014
Council for approval at their next meeting after review and approval from the Council's Finance
Committee.
Loren Matthes, Heidi Amspaugh and Andy Mouser(of Umbaugh&Associates)distributed and
presented financial matter relating to this item.
Discussion ensued.
Mr. Bowers moved to approve Resolution 2014-2 re: the partial refunding of the 2005 PAC
Bonds, seconded by Mr.Meyer. Mr.Bowers amended his motion to include a not to exceed
amount of$52,000,000, seconded by Mr.Meyer.
Mr.Donaldson clarified the max principal amount number was$59,000,000. Mr.Bowers
amended the amount in the motion to$59,000,000, seconded by Mr.Meyer. The motion was
approved as amended.
Refunding of 2004 and 2006 COIT Bonds
Mr. Donaldson gave background and detail on this item.
Ms.Amspaugh briefly explained advanced refunding and outlined the summary of the COIT
refunding bond issue.
Brief discussion ensued.
Mr.Meyer moved to approve the COIT refinance bonds,not to exceed$65,000,000. Seconded
by Mr.Bowers and unanimously approved.
Approval of Contract
Mr. Lee stated this approval would be for his consulting contract for the year and that this is also
subject to the approval of the City Council.
Ms.Meyer moved to approve Mike Lee's contract not to exceed$50,000, subject to approval of
City Council. Seconded by Mr.Meyer and passed unanimously.
Other Business
Ms.Meyer announced she will step down from the Commission's board and will take the position
of the Redevelopment Commission Executive Director.
Mr.Hammer thanked Mr.Engelking for assuming the role of Acting Director during this interim
period and also thanked Mr.Lee for his help during the transition.
Adjournment
Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded
by Mr.Meyer. The meeting was adjourned at 7:24 p.m.
The next regularly scheduled meeting is Wednesday,April 16, 2014.
An executive session was held directly prior to the public meeting in which pending litigation and
the purchase or lease of real property were discussed. The Commission hereby certifies that no
subject matter was discussed in the executive session other than the subject matter specified in the
public notice.
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