HomeMy WebLinkAbout082014 Commissioner Packet1
CARMEL REDEVELOPMENT
COMMISSION AGENDA
WEDNESDAY, AUGUST 20, 2014 – 6:30 P.M.
CAUCUS ROOM/ CITY HALL/ONE CIVIC SQUARE
MEETING CALLED TO ORDER
1. PLEDGE OF ALLEGIANCE
2. PUBLIC HEARING: Re: Amendment to Declaratory Resolution and Economic Development Plan for Old
Meridian Street Economic Development Area
3. APPROVAL OF MINUTES
a. July 14, 2014
b. July 16, 2014
c. August 6, 2014
4. FINANCIAL MATTERS
a. Cash Flow Report
b. Update on Outstanding Receivables
c. Approval of Claims
d. Special Matter
1. Action Item #1: Approval of Change Orders
5. EXECUTIVE DIRECTOR REPORT
6. COMMITTEE REPORTS
a. Finance Committee
b. Architectural Review Committee
7. UPDATE ON PROPERTIES
8. OLD BUSINESS
9. NEW BUSINESS
a. Action Item #2: Approval of Resolution 2014-10 re: Confirming Amendments to Declaratory Resolution
and Economic Development Plan for the Old Meridian Street Economic Development Area (Grand and
Main project)
b. Action Item #3: Approval of Resolution 2014-11 re: Pledging of TIF revenues to the payment of City of
Carmel Economic Development Revenue Bonds (Grand and Main project)
[continued]
2
c. Action Item #4: Approval of Resolution 2014-12 re: Amendment to the Declaratory Resolution and
Development Plan for the Old Meridian Economic Development Area (Olivia on Main project)
d. Action Item #5: Approval of Resolution 2014-13 re: Amendment to the Declaratory Resolution and
Development Plan for Legacy Economic Development Area
e. Action Item #6: Approval of Tarkington Garage Amendment
f. Action Item #7: Approval of Amended and Restated Declaration of Easements and Fourth Amendments to
Easement Agreements for Parcels 5 and 10
g. Action Item #8: Selection of Contractor for Nash work
h. Action Item #9: Consent to CDI Encroachment
10. OTHER BUSINESS
11. EXECUTION OF DOCUMENTS
NEXT REGULAR MEETING: Wednesday, September 17, 2014, 6:30 p.m.
12. ADJOURNMENT
CRC Meeting, July 14, 2014
1
CARMEL REDEVELOPMENT COMMISSION Meeting, Monday,
July 14, 2014
ATTENDANCE:
President Bill Hammer Present
Vice President Dave Bowers Present
Secretary Brad Meyer Present
Treasurer Diana Cordray Not Present
Member Jeff Worrell Present
Member Bill Brooks Present
Member Greg Phillips Not Present
Executive Director Corrie Meyer Present
Financial Consultant Michael Lee Present
Legal Consultant Karl Haas Present
Bond Counsel Bruce Donaldson Present
President Bill Hammer called the meeting to order at 8:15 a.m.
The Pledge of Allegiance was said.
Resolution of the City of Carmel Redevelopment Commission amending the Declaratory
Resolution for the Old Meridian Economic Development Area
Mr. Donaldson gave background and detail on this item. Mr. Donaldson stated this resolution is
the first step in reestablishing the allocation area. This will then go to the Plan Commission for
approval, followed by City Council and then back to the Redevelopment Commission for final
action.
Matt Hare, with Edward Rose & Sons, gave detail and description of their project. Discussion
ensued.
Mr. Worrell moved to approve Resolution 2014-8, seconded by Mr. Bowers. Approved
unanimously.
Discussion ensued regarding how the parking garage will be maintained.
Adjournment
Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded
by Mr. Brooks. The meeting was adjourned at 8:38 a.m.
The next regularly scheduled meeting is Wednesday, July 16, 2014.
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Carmel Redevelopment Commission
Annual Budget Summary Update
as of 7/31/14
Reference C I E E F G
1 ActualActual PROJECTEDAmended % CompleteVariance ofRevised Budget
2 June July August Total Approved Approved
3 Projections Budget6/18/2014
4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $170,077$10,930,674 $887,523
5
6 RESTRICTED FUNDS BALANCE
7Energy Center Consumption Reserve Balance500,000500,000 500,000500,000 500,000
8Interest for Energy Center Consumption Reserve1,5171,588 1,5881,588
9Parcel 7C Tenant Rent Reserve Balance800,000800,000 800,000800,000 800,000
10Interest for Parcel 7C Tenant Rent Reserve 1,4811,594 1,5941,594
11Supplemental Reserve Fund Balance 559,500 1,119,000 1,119,000
12 Total Restricted Funds Balance 1,302,998 1,303,182 1,862,682 2,422,182 2,419,000 13
14 BEGINNING BALANCE WITH RESTRICTED FUNDS 1,473,07512,233,855 2,750,20515
16 TRANSFERS FROM RESTRICTED FUNDS
17Transfer from Energy Center Consumption Reserve500,000 500,000 500,000
18Transfer from Parcel 7C Tenant Rent Reserve200,000 200,000 200,000
19 Total Transfers From Restricted Funds 700,000 700,000 700,000
20
21 RECEIPTS - NON OPERATING
22Interest 317 57 585 279%210
23Net Increment
24TIF Revenue, Net of Developer Pass Through 10,673,277(1,871,180)17,532,007 50%17,532,007
25One-time Merchants Square Bond Defeasance Funds00 565,281 100%0 565,281
26Nash PIATT Payments (December 2013 and June 2014)76,2210 76,221 100%0 76,221
27Village Financial Secondary IPC 0(58,699)(238,659) 52%(276,210)
282006 COIT Refunding Bond (484,228)0 (963,761) 50%(963,761)
29Certificates of Participation, Series 2010C (Energy Center)0(682,894)(2,048,538) 67%(2,048,538)
30Illinois Street Bond 0(454,284)(1,367,685) 67%(1,367,685)
312013 Illinois Street Bond 0(134,460)(244,472) 55%(244,472)
322005 PAC Lease 0(2,328,000)(4,656,000) 50%(4,656,000)
332012 Lease 0(4,618,000)(13,126,000) 65%(13,126,000)
34 Net Increment after Debt Service and Developer Pass Through 10,265,587 (10,147,460) (4,471,020) (4,509,157)
35 TOTAL RECEIPTS - NON OPERATING 10,265,587(10,147,460)(4,471,020) (4,509,157)
36
37 RECEIPTS - OPERATING
38Interest 11 68 356 129%80 276
39Energy Payments 053,843 26,922 323,060 58%323,060
402013 and 2014 REI Energy Payments 13,74514,050 24,512 146,461 113%38,562 107,899
414CDC Grants 016,285 337,909 31%337,909
42Civic Rent 00 200,000 0%200,000
43Keystone Group, LLC Receivable (Bond Enhancement) 201300 172,753 172,753 0%172,753
44Keystone Group, LLC Receivable (Bond Enhancement) 201400 200,000 0%200,000
45Sale of Buildings - Projected 00 65,000 1,065,000 0%1,000,000
46 Miscellaneous Receipts 74,734 67,445 142,179 0%0
47 TOTAL RECEIPTS - OPERATING 88,490 151,691 289,187 2,587,717 2,341,897
48 TOTAL RECEIPTS 10,354,078 (9,995,768)289,187 (1,883,303)49
50 EXPENDITURES - NON OPERATING
51Construction
52Palladium Construction/Retention and Legal107,79634,401 16,717 1,100,000 69%1,100,000
53Contingency Fund 00 590,000 100%0590,000
54Parcel 73 Streetscape Site Engineering 00 4,167 83%5,011
55Mezz Building Site Engineering 00 1,392 10,280 84%10,624
563rd Avenue and Monon Connecting Path Engineering00 2,000 24,900 0%24,900
57Monon Trail Work Engineering 00 6,712 24,900 0%24,900
58Park Work at Monon Engineering 00 24,900 0%24,900
59Duke Relocation at Pedcor Engineering 00 2,900 8,900 0%8,900
60Parcel 73 Streetscape 00 100,000 0%100,000
61Miscellaneous Construction 00 20,000 0%20,000
62City Center Electric Utility Relocation & Expansion00 250,000 0%250,000
63Mezz Building Site Construction 00 310,000 0%310,000
64Project Professional Fees
65Legal Fees 36,724428 9,363 195,000 70%195,000
66Architecture/Engineering Fees 00 10,000 0%10,000
67Accounting Fees 10,09512,554 7,773 90,000 69%90,000
68Miscellaneous Professional Fees 00 20,000 0%20,000
69Bond and Trustee Fees 2,5000 30,853 64%37,684
70 Transfer to Supplemental Reserve Fund 584,459 1,111,556 0%1,119,000
71 TOTAL EXPENDITURES - NON OPERATING 157,115 47,383 631,315 3,925,456 3,940,919 72
73 EXPENDITURES - OPERATING
74Projected Reimbursement of Department Expenses00 104,246 0%104,246
75Sophia Square Garage Expenses (2013)136,3670 309,534 100%0309,534
76 Miscellaneous Expenditures 0 0 36,707 41%36,707
77 TOTAL EXPENDITURES - OPERATING 136,367 0 0 450,487 450,487
78 TOTAL EXPENDITURES 293,482 47,383 631,315 4,375,942 79
80 ENDING BALANCE WITHOUT RESTRICTED FUNDS 10,930,674 887,523 545,395 $398,376 $99,165
81 ENDING BALANCE WITH RESTRICTED FUNDS $12,233,671 $2,190,705 $2,408,077 $2,820,558 $2,518,165
A
-1-
Date Amount Source Description
7/3/2014 61,507.00Travelers
Hagermant Settlement insurance
reimbursement
7/3/2014 16,285.004CDC 4CDC - Tenant Rent
7/3/2014 7,177.90 REI
Energy payment - Office Building One (April
- May 2014)
7/9/2014 26,921.64 City of Carmel
Energy payment - Palladium, City Hall,
Police Department, Fire Department (June)
7/9/2014 26,921.64 City of Carmel
Energy payment - Palladium, City Hall,
Police Department, Fire Department (July)
7/11/2014 5,937.56
Barne's and
ThornburgRefund of duplicate payment
7/21/2014 6,872.55 REIEnergy payment - Tarkington (June 2014)
Total $151,623.29
Carmel Redevelopment Commission
902 Fund Non-TIF Revenue
July 2014