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Home My WebLink About070714 Report to CouncilCARMEL REDEVELOPMENT COMMISSION June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 1 Carmel Redevelopment Commission STRATEGIC HIGHLIGHTS • The CRC approved a mid-year budget at the June meeting. • CRC and the Clerk Treasurer’s office have established a common understanding of roles and responsibilities to act accordingly to SEA 118. FINANCIAL HIGHLIGHTS May Beginning Balance $ 1,210,704 May Revenues $ 30,584 May Expenditures $ 1,071,211 May Ending Balance $ 170,077 OPERATING HIGHLIGHTS • The Department of Redevelopment has hired a summer intern. The intern’s primary responsibilities will focus on inventory and file organization. LOOKING AHEAD • The CRC received responses to the Request for Proposals for the property located at 7th Street NE and 2nd Avenue NE on June 18, 2014. The CRC rejected the bid given that the minimum purchase price stated in the RFP was not met in the one submittal received. The submittal was from Old Town Development. Over the next month the CRC staff will coordinate with Council on a mutually agreeable sale price per the Amended Resolution passed at Council. After 30 days, the CRC will engage in further negotiations with interested parties regarding this site. Corrie Meyer, AICP, RLA, LEED AP Director Carmel Redevelopment Commission/Department June 20, 2014 Prepared for David Bowers and Brad Meyer FINANCIAL STATEMENT June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 2 Financial Statement MAY MONTH-END FINANCIAL BALANCE Ending Balance without Restricted Funds $ 170,077 Ending Balance with Restricted Funds $2,173,036 SUMMARY OF CASH For the Month Ending May 31, 2014 DESCRIPTION ACTUAL BUDGET VARIANCE (OF JAN. BUDGET) Cash Balance 5/1/14 1101 Cash $501,011.88 $501,011.88 - 1110 TIF 709,692.48 709,692.48 - Total Cash $1,210,704.36 $1,210,704.36 - Receipts 1101 Cash $30,583.24 $210,136.14 $(179,552.90) 1110 TIF 0.82 - 0.82 Developer Payments - - - Total Receipts $30,584.06 $210,136.14 $(179,552.08) Disbursements 1101 Cash $371,210.98 $427,506.00 $56,295.02 1110 TIF 700,000.00 700,000.00 - Total Disbursements $1,071,210.98 $1,127,506.00 $56,295.02 1101 Cash $160,384.14 $283,642.02 $(123,257.88) 1110 TIF 9,693.30 9,692.48 $ 0.82 Cash Balance 5/31/14 $170,077.44 $293,334.50 $(123,257.06) Total Usable Funds $170,077.44 $293,334.50 ($123,257.06) FINANCIAL STATEMENT June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 3 FUND BALANCES AND OUTSTANDING RECEIVABLES As of 5/31/14 Restricted Funds Energy Center Reserve $1,001,502 Civic Rent Reserve 1,001,457 Sub-total: 2,002,959 Cash (as seen in Summary of Cash table) TIF 9,693 Operating 160,384 Sub-total: 170,077 Total Funds $2,173,036 Outstanding Receivables Energy Consumption Payments (1) 31,385 Keystone Group (Bond Enhancement) 172,753 Total Outstanding Receivables $204,138 (1) Amounts due reflects months April – June 2014 for the Tarkington and Office Building One. REI Real Estate Services, LLC 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 END: MAY 2014 DESCRIPTION REVENUE EXPENSES Total Receipts (Non-Operating) $1 Total Receipts (Operating): $30,583 Expenditures (Non-Operating) $898,045 Expenditures (Operating) $173,166 FINANCIAL UPDATE June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 4 Financial Update TIF REVENUE AND DEBT As of the approved June budget, projected TIF Revenue was estimated at $17,532,007. Two bond debt payments were made in June and the remainder of the semi-annual payments will be made in July. The second set of bond payments will be made in December 2014. Below are the anticipated payments based on the revised CRC budget, which was approved June 18, 2014; MONTH TOTAL June 2014 $2,812,228 July 2014 $5,985,887 December 2014 $8,774,841 GOING CONCERN The CRC is managing expenditures to maintain a balanced budget in anticipation of lower TIF Revenue. H.J. Umbaugh has issued a draft report updating TIF information. Drafts have been issued to the Council Finance Committee Chair and Clerk Treasurer for review. A presentation of their final report will be made publicly at the July 16 CRC public meeting. TAKEAWAYS • Month-end balance is positive. • The CRC adopted an amended budget at the June 18 meeting. This budget will guide the CRC over the next six months. PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 5 Project Updates CITY CENTER • Developer Partner: Pedcor Companies • Allocation Area: City Center • Project Summary: • Use: Mixed-Use 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. PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 6 Provided by Pedcor City Center Dev. Co. 1 • 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 for public bid June 2) CRC Commitments Provide streetscape along Rangeline Road. a) Budget Design/ Engineering $5,000 (majority of contract pd. in 2013) Construction $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 PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 7 • 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 START DATE DESIGN RENDERINGS, PROVIDED BY PEDCOR 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. Fall 2014 (garage only) Baldwin/ Chambers A four story building, of approximately 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. Fall 2014 Holland A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail/office space. Fall 2014 Playfair A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail/office space. Fall 2015 Garage Retail See Garage East note above. Fall 2015 Pedcor Office 5 A two story building, of approximately 20,000 to 25,000 square feet, which will include office space. Fall 2015 PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 8 Kent A three story building, of approximately 111,000 square feet of luxury apartments. Fall 2015 Wren A seven story building, of approximately 88,000 square feet, which will include luxury apartments and commercial office/retail space. Fall 2016 Windsor A four story building, of approximately 64,000 square feet, which will include luxury apartments and commercial office/retail space. Fall 2017 Eastern Motor Court Site A building, of approximately 76,000 to 91,000 square feet, which will include 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. Fall 2017 Hotel A four story hotel, of approximately 44,000 square feet, which will include parking. TBD 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time. 4) CRC Commitments No commitments have been formalized. PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 9 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. Figure 2 Image provided by Anderson Birkla PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 10 • Anticipated Project Schedule Office Move In August 1, 2014 Residential Move In October, 2014 Project complete 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 CITY COUNCIL CRC Issue CRC site projects for public bid June 3) CRC Commitments Provide parking spaces on 3rd Ave and streetscape on the west and south side of the building and relocate street utilities. a) Budget Design/ Engineering $8,900 for Utility Relocation Approved and funded with TIF monies. Site Construction $67,021 Project is TIF funded. Invoices are expected to be paid May-August. Utility Relocation $250,000 Project is TIF funded. Invoices are expected to be paid May-October. b) Design Consultant: American Structurepoint c) Construction Contractor: Calumet Civil Contractors/ TBD PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 11 d) CRC Commitment Schedule Design % Complete 100% Anticipated Project out-for-bid Complete/ June for site work Proposed Construction Start Date July 2014/ August for site work Anticipated Project Completion 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. 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. CRC to finalize in July Issue CRC site work projects for public bid July 3) CRC Commitments Monon Connection path, Small pocket park, Monon upgrades a) Budget Design/ Engineering Not to exceed $75,000 Construction $310,000 PROJECT UPDATES June 20, 2014 CRC Report for July 7, 2014 City Council Meeting Page | 12 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-