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Home My WebLink About071614 Commissioners Notes - July 16 2014CARMEL REDEVELOPMENT COMMISSION July 16, 2014 — 6:30 p.m. Council Chambers, Second Floor, Carmel City Hall Commissioners' Notes Discussion Matter Call to Order 1. Pledge of Allegiance 2. Bid Opening: Bid responses for Mezz site work 3. Presentation: TIF Report 4. Approval of Minutes a. June 18, 2014 5. Financial Matters a. Cash Flow Report • The EOM June balance: o Cash - $10,930,674 o Cash and Restricted Funds - $12,233,671 b. Update on Outstanding Receivables c. Approval of Claims The invoices submitted for approval by category are as follows: • Non- operating Expenses: $64,849.48 • PAC Construction Fund: $34,401.29 d. Special Matter i. Action Item #1: Approval of Change Orders 6. Committee Reports a. Updates, if applicable, will be presented by the committees at the meeting. Requirements: None at this time. 7. Update on Properties (other than negotiation and litigation matters) a. Please see the attached document for the CRC project updates. 8. Old Business 1 9. New Business a. Action Item #2: Approval to go out to bid for Monon and 3rd Avenue connecting path project at the Mezz 10. Other Business 11. Execution of Documents a. Next Regular Meeting, Wednesday, August 20, 2014, 6:30 p.m. 12. Adjournment 2 PROJECT UPDATES Project Updates CITY CENTER • Developer Partner: Pedcor Companies • Allocation Area: City Center • Project Summary: • Use: Mixed -Use CITY CENTER DRIVE ff /LICTINO /OOl Ira Figure 1 City Center Master Plan, provided by Pedcor City Center Development Company • Phase 1- complete 1) Apartments - Demand for the apartments remains strong, which supports the occupancy and rental rates. Current occupancy is at 95 %. 2) Retail - Currently, Pedcor has leases on 91% of the total 79,570 in LSF. 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 fall of 2014. June 20, 2014 CRC Report for July 7, 2014 City Council Meeting P a g e 15 PROJECT UPDATES • Nash Building/ Parcel 73 1) Project Status — under construction a) The Nash underground parking garage is 88% complete and currently on budget. The Nash Building roof trusses and decking are being installed while the framing, electrical /plumbing rough in has started. The project is on budget and remaining on schedule, with an anticipated completion date of fall 2014. Approximately half of the 9,000 sf of the retail space has been leased with strong prospects for the remaining commercial space. 1) Council and /or CRC Action Items ACTION ITEM CITY COUNCIL CRC Issue CRC site work project June for public bid 2) CRC Commitments Provide streetscape along Rangeline Road a) Budget Design/ Engineering Construction $5,000 (majority of contract pd. in 2013) $100,000 b) Design Consultant American Structurepoint c) CRC Commitment Schedule Design % Complete 100% Anticipated Project out -for -bid June 2014 Proposed Construction Start Date August 2014 Anticipated Project Completion October 2014 June 20, 2014 Provided by Pedcor City Center Dev. Co. 1 CRC Report for July 7, 2014 City Council Meeting Page 16 PROJECT UPDATES • 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 is evaluating proposed partnership opportunities. 2) Proposed Construction /Use Sequence PROJECT USE Garage East A three to four story parking structure with approximately 470 to 625 parking spaces, which will include up to approximately 28,000 square feet of luxury apartments and commercial retail /office space. Baldwin/ A four story building, of approximately Chambers 64,000 square feet, which will include luxury apartments and commercial retail /office space. Pedcor is currently working with four commercial businesses who will occupy approximately 14,000 sf of the commercial space. Holland A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail /office space. Playfair A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail /office space. Garage See Garage East note above. Retail Pedcor A two story building, of approximately Office 5 20,000 to 25,000 square feet, which will include office space. START DATE Fall 2014 (garage only) Fall 2014 Fall 2014 Fall 2015 Fall 2015 Fall 2015 June 20, 2014 CRC Report for July 7, 2014 City Council Meeting DESIGN RENDERINGS, OVDED by PEDCOR Page 17 PROJECT UPDATES Kent A three story building, of approximately Fall 2015 111,000 square feet of luxury apartments. Wren A seven story building, of approximately 88,000 square feet, which will include luxury apai Unents and commercial office /retail space. Fall 2016 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 None at this time. CITY COUNCIL CRC 4) CRC Commitments No commitments have been formalized June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page 1 8 PROJECT UPDATES THE MEZZ/ MONON LOFTS Developer Partner: Anderson Birkla • 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 6 -16 men daily for both buildings. • Street cleaners have been hired to sweep weekly or as needed. • Duke Energy is engineering power for both buildings. We need power to begin elevator installation. June 20, 2014 Figure 2 Image provided by Anderson Birkla CRC Report for July 7, 2014 City Council Meeting Page 19 PROJECT UPDATES • Anticipated Project Schedule Office Move In Residential Move In Project complete August 1, 2014 October, 2014 December, 2014 • Mezz Building (3rd Avenue) 1) Project Status — under construction a) Framing is 90% complete. b) MEPS - Plumbing under slab rough is 90% completed. c) Roof install is 90% complete. d) Tyvek, Windows, & doors are 70% complete. 2) Council and /or CRC Action Items ACTION ITEM Issue CRC site projects for public bid CITY COUNCIL CRC June 3) CRC Commitments Provide parking spaces on 3'd Ave and streetscape on the west and south side of the building and relocate street utilities. a) Budget Design/ Engineering Site Construction Utility Relocation Approved and funded with TIF $8,900 for Utility Relocation monies. Project is TIF funded. Invoices are $67,021 expected to be paid May - August. Project is TIF funded. Invoices are $250,000 expected to be paid May - October. b) Design Consultant American Structurepoint c) Construction Contractor: Calumet Civil Contractors/ TBD June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page 110 PROJECT UPDATES d) CRC Commitment Schedule Design % Complete Anticipated Project out-for-bid Proposed Construction Start Date Anticipated Project Completion 100% Complete/ June for site work July 2014/ August for site work September 2014/ October for site work • Monon Lofts Building (Monon side) 1) Project Status - under construction a) Framing is 98% complete. b) Tyvek, Windows, Doors are 90% complete. c) 4 Spiral stairs are delivered and in place in the units. 8 more remain to be delivered. d) Concrete cutting of the parking garage walls is completed. 111 NW we nun ern 1101111 is minus se d1 • ■B if 11 # n�a_ Et e) Building 2 MEP "S - Plumbing under slab rough is 90% completed. Plumbing 2nd rough has started. Electrical is to begin next week, Fire Suppression is being installed next week. HVAC is to begin next week. f) Building 2 roof is 90% completed. g) Miscellaneous Structural steel items will be completed next week. h) Materials received in the warehouse are: Plumbing, lighting fixtures, tubs, marble vanity sinks, windows and screens and wood for the spiral stairs. 2) Council and /or CRC Action Items ACTION ITEM CITY COUNCIL CRC Create an easement in the Tarkington Garage to allow for an emergency access hallway connecting the parking area and the new building. Issue CRC site work projects for public bid July CRC to finalize in July 3) CRC Commitments Monon Connection path, Small pocket park, Monon upgrades a) Budget Design/ Engineering Not to exceed $75,000 Construction $310,000 June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page 111 PROJECT UPDATES b) Design Consultant American Structurepoint c) CRC Commitment Schedule Design % Complete 50 %. Anticipated Project out-for-bid July 2014 Proposed Construction Start Date September 2014 Anticipated Project Completion November 2014 -End of report- June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page 112