HomeMy WebLinkAbout091714 Commissioner Packet
CARMEL REDEVELOPMENT
COMMISSION AGENDA
WEDNESDAY, SEPTEMBER 17, 2014 – 6:30 P.M.
COUNCIL CHAMBERS/ CITY HALL/ONE CIVIC SQUARE
MEETING CALLED TO ORDER
1. PLEDGE OF ALLEGIANCE
2. APPROVAL OF MINUTES
a. August 20, 2014
3. 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
4. EXECUTIVE DIRECTOR REPORT
5. COMMITTEE REPORTS
a. Finance Committee
b. Architectural Review Committee
6. UPDATE ON PROPERTIES
7. OLD BUSINESS
8. NEW BUSINESS
a. Action Item #2: Approval of Resolution 2014-16 re: CRC Fiscal Policy
9. OTHER BUSINESS
10. EXECUTION OF DOCUMENTS
NEXT REGULAR MEETING: Wednesday, October 15, 2014, 6:30 p.m.
11. ADJOURNMENT
1
CARMEL REDEVELOPMENT COMMISSION
September 17, 2014 – 6:30 p.m.
Council Chambers, Second Floor, Carmel City Hall
Commissioners’ Notes
Discussion Matter
Call to Order
1. Pledge of Allegiance
2. Approval of Minutes
a. August 20, 2014
3. Financial Matters
a. Cash Flow Report
The EOM August balance:
o Cash - $546,845
o Cash and Restricted Funds - $2,434,689
b. Update on Outstanding Receivables
c. Approval of Claims
The invoices submitted for approval by category are as follows:
Non- operating Expenses: $8,452.50
PAC Construction Fund: $161,648.02
d. Special Matter
i. Action Item #1: Approval of Change Orders
4. Executive Director Report
5. Committee Reports
a. Updates, if applicable, will be presented by the committees at the meeting.
Requirements: None at this time.
6. Update on Properties (other than negotiation and litigation matters)
a. Please see the attached document for the CRC project updates.
7. Old Business
8. New Business
a. Action Item #2: Approval of Resolution 2014-16 re: CRC Fiscal Policy
2
9. Other Business
10. Execution of Documents
a. Next Regular Meeting, Wednesday, October 15, 2014, 6:30 p.m.
11. Adjournment
PROJECT UPDATES
September 5, 2014 CRC Report for September 15, 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 apartments remains strong which supports the occupancy and rental
rates. Current occupancy is at 99%.
2) Retail – Pedcor currently 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
September 5, 2014 CRC Report for September 15, 2014 City Council Meeting Page | 6
• Nash Building/ Parcel 73
1) Project Status – under construction
a) The Nash underground parking garage is 90% complete and currently
on budget. The Nash Building windows have been installed. Drywall
on all three floors has started with the anticipation of lightweight
concrete over the next few weeks. Electric supply from Duke Energy is
being installed, which will allow for the HVAC to begin shortly. 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.
2) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
Approve Contract On agenda CRC selected Midwest
Constructors
3) CRC Commitments
Provide streetscape along Rangeline Road.
a) Budget
Budget
Low Bid w/ stamped
concrete
Design/ Engineering $5,000 (majority of contract pd. in 2013)
per June ’14 Budget
Construction $100,000 per June ’14 Budget
New Revenue to supplement
higher bid (N $ 142,179
Available funds for
construction project $ 242,179 $ 203,890
b) Design Consultant: American Structurepoint
c) CRC Commitment Schedule
Design % Complete 100%
Proposed Construction Start Date September 2014
Anticipated Project Completion October 2014
Provided by Pedcor City Center
Dev. Co. 1
PROJECT UPDATES
September 5, 2014 CRC Report for September 15, 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. Staff has been
meeting with Councilors independently to introduce a comprehensive approach for the
completion of City Center. We are anticipating a request to reallocate the City Center TIF area
to fund public improvements on the Phase 2 site before year’s end.
2) Proposed Construction/Use Sequence
PROJECT USE PROJECT
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.
Spring 2015
Holland A five story building, of approximately
63,000 square feet, which will include
luxury apartments and commercial
retail/office space.
Fall 2015
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
September 5, 2014 CRC Report for September 15, 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
September 5, 2014 CRC Report for September 15, 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
Figure 2 Image provided by Anderson Birkla
• Anticipated Project Schedule
Office Move In October, 2014
Residential Move In October, 2014
Project complete December, 2014
PROJECT UPDATES
September 5, 2014 CRC Report for September 15, 2014 City Council Meeting Page | 10
• Mezz Building (3rd Avenue)
1) Project Status – under construction
a) Framing is 100% complete. Frame punch is 98% completed.
b) MEP- , Plumbing Unit Rough is 80% completed. Electrical is 90%
completed, Fire Suppression rough is 95% completed, HVAC Rough is 90% completed,
c) Building 1 - Roof install is 90% completed. The remainder of the roof finish will occur after the
EIFIS is installed.
d) Steel Fire spray coating is completed.
e) Contractor punch lists are created for all MEP trades and the Framing Subcontractor.
f) MEP & Framing Inspections are scheduled to begin Thursday next week on the units.
g) Insulation and drywall to follow.
• Monon Lofts Building (Monon side)
1) Project Status – under construction
h) Framing is 100% complete. Frame punch is 98% completed.
i) MEP - Plumbing 2nd rough is 90% completed. Electrical is 90% completed,
j) Fire Suppression is 95% completed. HVAC is 95% completed.
k) Roof is 90% completed. The remainder will be finished after the EIFIS is installed.
l) Steel Fire spray coating is completed.
m) Contractor punch lists are created for all MEP trades and the Framing Subcontractor.
n) MEP & Framing Inspections are scheduled to begin Thursday next week on the units.
o) Insulation and drywall to follow.
2) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
Instead of issuing a new bid package for
construction of the Monon connecting path,
Midwest Constructors will be submitting a
change order to complete this scope of work.
September
PROJECT UPDATES
September 5, 2014 CRC Report for September 15, 2014 City Council Meeting Page | 11
3) CRC Commitments
Provide parking spaces on 3rd Ave and streetscape on the west and south side of the building and
relocate street utilities. Site Improvements, Monon Connection path, Small pocket park (by developer)
a) Budget
Design/ Engineering $8,900 for Utility Relocation Per approved June ‘14 CRC budget
Design/ Engineering
Not to exceed $75,000 for
site design;/ engineering Per approved June ‘14 CRC budget
Site Construction $67,021 (3rd Ave)
Invoices are expected to be paid
October/November. Calumet Civil
Contractors.
Utility Relocation $250,000
Waiting on Duke Energy to start
submit design, schedule, and final
estimate. Invoices are expected to
be paid in December.
Site Construction $ 242,979 (site work)
Invoices are expected to be paid
October/November. Monon
connection will be a change order.
Midwest Constructors.
b) Design Consultant: American Structurepoint
c) Construction Contractor: Calumet Civil Contractors/ Duke Energy/ Midwest Constructors
d) CRC Commitment Schedule
Design % Complete 100%
Proposed Construction Start Date September 2014
Anticipated Project Completion November for site work
-end of report-
CRC Meeting, August 20, 2014
1
CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday,
August 20, 2014
ATTENDANCE:
President Bill Hammer Present
Vice President Dave Bowers Present
Secretary Brad Meyer Not Present
Treasurer Diana Cordray Not Present
Member Jeff Worrell Present
Member Bill Brooks Present
Member Greg Phillips Present
Executive Director Corrie Meyer Present
Financial Consultant Michael Lee Present
Legal Consultant Karl Haas Present
Bond Counsel Bruce Donaldson Present
Bond Counsel Richard Starkey Present
Financial Advisor Loren Matthes Present
Vice President Dave Bowers called the meeting to order at 6:34 p.m.
The Pledge of Allegiance was said.
Public Hearing: Re: Amendment to Declaratory Resolution and Economic Development
Plan for Old Meridian Street Economic Development Area
Mr. Donaldson, with Barnes & Thornburg, gave background on this item and stated this relates to
the declaratory resolution approved at the last Commission meeting. Mr. Donaldson stated the
public hearing is the last step before approval of the confirmatory resolution later in the meeting.
Mr. Bowers opened the public hearing at 6:37 p.m.
No one was present to speak in favor of or in opposition to the proposed amendment.
Mr. Bowers closed the public hearing at 6:38 p.m.
Approval of Minutes
July 14, 2014: Mr. Worrell moved to approve, seconded by Mr. Brooks. Passed unanimously.
July 16, 2014: Mr. Brooks moved to approve, seconded by Mr. Worrell. Approved unanimously.
August 6, 2014: Mr. Worrell moved to approve, seconded by Mr. Brooks. Passed unanimously.
Financial Matters
Mr. Lee stated the end of month July balance of the Commission totaled $887,523 and
$2,190,705 with restricted funds.
Mr. Lee stated there are no outstanding receivables at this time.
Approval of Claims
Mr. Lee noted there was an increase to the non-operating invoice sheet previously distributed due
to legal claims received. Mr. Lee requested the Commission approve non-operating claims in the
amount of $57,511.75. Mr. Worrell moved to approve payment of non-operating invoices in the
amount of $57,511.75, seconded by Mr. Brooks. Passed unanimously.
CRC Meeting, August 20, 2014
2
Mr. Lee requested the Commission approve PAC construction fund claims in the amount of
$16,717. Mr. Brooks moved to approve disbursement of PAC funds in the amount of $16,717,
seconded by Mr. Worrell. Passed unanimously.
Approval of Change Orders
There were no change orders to come before the Commission this month.
Executive Director Report
Mrs. Meyer provided an update regarding the Council budget workshop and said that, as stated in
SEA118, the Redevelopment Commission will approve the Commission budget. Mrs. Meyer
stated she submitted the Redevelopment Department budget, which carries all operations
expenses, to Council for review and approval, similar to all other City departments.
Mrs. Meyer gave an update on the inventory of assets at the Center for the Performing Arts. Mrs.
Meyer gave a presentation regarding the evolution of the City Center site plan.
Committee Reports
There were no updates from the Finance Committee.
Mr. Worrell stated the Architectural Review Committee will begin their standing committee
meetings next week.
Update on Properties
Mrs. Meyer gave an update on The Nash and The Mezz projects. Discussion ensued.
Old Business
None at this time.
New Business
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)
Mr. Donaldson stated this resolution relates to the public hearing that was conducted at the start
of the meeting. Mr. Donaldson stated this action has been approved by the Plan Commission and
the City Council and that this confirmatory resolution is the final step in the establishment of the
new allocation area.
Mr. Brooks moved for approval of this item, seconded by Mr. Worrell. Approved unanimously.
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)
Mr. Donaldson gave background and stated this item relates to the bond issue that would be
associated with the new allocation area created in the last action item. Mr. Donaldson stated that
City Council has unanimously approved this action and noted that the bond would be purchased
by the developer with no liability to the City.
Mr. Worrell moved to approve Resolution 2014-11, seconded by Mr. Brooks. Passed
unanimously.
CRC Meeting, August 20, 2014
3
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)
Mr. Donaldson gave background on this item and stated that this is the first step toward creating a
separate allocation area for the Olivia on Main project. Mr. Donaldson stated this would then
have to go through the full process of going before the Plan Commission, the City Council and
then would come back before the CRC for a public hearing and confirming action.
Mike Patterino, with Keystone Realty Group, presented information and detail on the Olivia on
Main project.
[Mr. Hammer arrived at 7:14 p.m.]
Discussion ensued.
Mr. Brooks moved to adopt the declaratory resolution for this area. Seconded by Mr. Worrell and
unanimously approved.
Approval of Resolution 2014-13 re: Amendment to the Declaratory Resolution and Development
Plan for Legacy Economic Development Area
Mr. Starkey, with Barnes & Thornburg, gave background on this item and stated this amendment
removes the residential properties from the Legacy TIF area. Mr. Starkey stated this declaratory
resolution is the first step in the process that would then go to the Plan Commission, City Council
and then back to the CRC for a public hearing.
Discussion ensued.
Mr. Worrell moved to approve Resolution 2014-13, seconded by Mr. Bowers. Passed
unanimously.
Approval of Tarkington Garage Amendment
Mrs. Meyer stated this amendment allows a temporary easement for construction and permanent
egress easement going forward relating to a fire corridor on the garage property.
Mr. Brooks moved to approve the Tarkington Garage easement agreement, seconded by Mr.
Bowers. Unanimously approved.
Approval of Amended and Restated Declaration of Easements and Fourth Amendments to
Easement Agreements for Parcels 5 and 10
Mrs. Meyer gave background on this item and stated the amendments streamline the documents
so they are easier to implement and enforce.
Discussion ensued.
Mr. Worrell moved to approve the amended and restated declaration of easements and fourth
amendments to easement agreements for parcels 5 and 10. Seconded by Mr. Brooks and passed
unanimously.
Selection of Contractor for Nash work
Mrs. Meyer gave background on this item and recommended that Midwest Constructors be
selected for work. Mrs. Meyer noted that they have asked Midwest Constructors to help value
engineer the project and find efficiencies.
CRC Meeting, August 20, 2014
4
Discussion ensued. Mrs. Meyer stated this is essentially a motion to move forward into contract
negotiation.
Mr. Worrell moved to award the contract per all of Director Meyer’s caveats. Seconded by Mr.
Brooks and passed unanimously.
Consent to CDI Encroachment
Mrs. Meyer stated this gives CDI the consent to encroach to locate a transformer south of the
Tarkington Garage that services both of the Mezz buildings.
Mr. Worrell moved to approve, seconded by Mr. Bowers. Approved unanimously.
Other Business
None at this time.
Adjournment
Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded
by Mr. Worrell. The meeting was adjourned at 7:57 p.m.
The next regularly scheduled meeting is Wednesday, September 17, 2014.
An executive session was held directly prior to and reconvened directly after 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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Carmel Redevelopment Commission
Annual Budget Summary Update
as of 8/31/14
Reference B C D E F G H
1 Actual Actual PROJECTED Amended % Complete Variance of Revised Budget
2 July August September Total Approved Approved
3 Projections Budget6/18/2014
4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $10,930,674 $887,523 $546,845
5
6 RESTRICTED FUNDS BALANCE
7 Energy Center Consumption Reserve Balance 500,000 500,000 500,000 500,000 500,000
8 Interest for Energy Center Consumption Reserve 1,588 1,642 1,642 1,642
9 Parcel 7C Tenant Rent Reserve Balance 800,000 800,000 800,000 800,000 800,000
10 Interest for Parcel 7C Tenant Rent Reserve 1,594 1,680 1,680 1,680
11 Supplemental Reserve Fund Balance 584,459 584,459 785,481 1,119,000
12 Interest for Supplemental Reserve Fund 63 63 63
13 Total Restricted Funds Balance 1,303,182 1,887,844 1,887,781 2,088,803 2,419,000
14
15 BEGINNING BALANCE WITH RESTRICTED FUNDS 12,233,855 2,775,366 2,434,626
16
17 TRANSFERS FROM RESTRICTED FUNDS
18 Transfer from Energy Center Consumption Reserve 500,000 500,000
19 Transfer from Parcel 7C Tenant Rent Reserve 200,000 200,000
20 Total Transfers From Restricted Funds 700,000 700,000
21
22 RECEIPTS - TIF
23 Interest 57 0 585 279%375 210
24 Net Increment
25TIF Revenue, Net of Developer Pass Through (1,871,180)0 17,532,007 50%17,532,007
26 One-time Merchants Square Bond Defeasance Funds 0 0 565,281 100%0 565,281
27 Nash PIATT Payments (December 2013 and June 2014)0 0 76,221 100%0 76,221
28Village Financial Secondary IPC (58,699)0 (238,659) 52%(276,210)
29 2006 COIT Refunding Bond 0 0 (963,761) 50%(963,761)
30 Certificates of Participation, Series 2010C (Energy Center)(682,894)0 (2,048,538) 67%(2,048,538)
31 Illinois Street Bond (454,284)0 (1,367,685) 67%(1,367,685)
32 2013 Illinois Street Bond (134,460)0 (244,472) 55%(244,472)
33 2005 PAC Lease (2,328,000)0 (4,656,000) 50%(4,656,000)
34 2012 Lease (4,618,000)0 (13,126,000) 65%(13,126,000)
35 Net Increment after Debt Service and Developer Pass Through (10,147,460) 0 (4,471,020) (4,509,157)
36 TOTAL RECEIPTS - TIF (10,147,460)0 (4,471,020) (4,509,157)
37
38 RECEIPTS - NON TIF
39 Interest 68 59 414 129%138 276
40 Energy Payments 53,843 26,922 26,922 323,060 58%323,060
41 2013 and 2014 REI Energy Payments 14,050 24,512 146,461 113%38,562 107,899
42 4CDC Grants 16,285 0 94,635 337,909 31%337,909
43 Civic Rent 0 0 200,000 0%200,000
44 Keystone Group, LLC Receivable (Bond Enhancement) 2013 0 172,753 172,753 0%172,753
45 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 200,000 0%200,000
46 Sale of Buildings - Projected 0 65,000 1,065,000 0%1,000,000
47 Miscellaneous Receipts 67,445 0 142,179 0%0
48 TOTAL RECEIPTS - NON TIF 151,691 289,246 121,557 2,587,776 2,341,897
49 TOTAL RECEIPTS (9,995,768)289,246 121,557 (1,883,244)
50
51 EXPENDITURES - TIF
52 Construction
53 Palladium Construction/Retention and Legal 34,401 16,717 161,648 1,517,067 69%1,100,000
54 Contingency Fund 0 0 590,000 100%0 590,000
55 Parcel 73 Streetscape Site Engineering 0 0 4,167 83%5,011
56 Mezz Building Site Engineering 0 0 8,888 84%10,624
57 3rd Avenue and Monon Connecting Path Engineering 0 2,000 1,815 24,900 0%24,900
58 Monon Trail Work Engineering 0 6,712 24,900 0%24,900
59 Park Work at Monon Engineering 0 0 24,900 0%24,900
60 Duke Relocation at Pedcor Engineering 0 2,900 8,900 0%8,900
61 Parcel 73 Streetscape 0 0 203,890 0%100,000
62 Miscellaneous Construction 0 0 20,000 0%20,000
63 City Center Electric Utility Relocation & Expansion 0 0 250,000 0%250,000
64 Mezz Building Site Construction 0 0 310,000 0%310,000
65 Project Professional Fees
66 Legal Fees 428 9,363 55,000 310,923 70%195,000
67 Architecture/Engineering Fees 0 0 10,000 0%10,000
68 Accounting Fees 12,554 7,773 4,888 90,000 69%90,000
69 Miscellaneous Professional Fees 0 0 20,000 0%20,000
70 Bond and Trustee Fees 0 0 1,750 30,903 64%37,684
71 Transfer to Supplemental Reserve Fund 584,459 785,481 0%1,119,000
72 TOTAL EXPENDITURES - TIF 47,383 629,923 225,101 4,234,919 3,940,919 73
74 EXPENDITURES - NON TIF
75 Projected Reimbursement of Department Expenses 0 0 5,000 0%104,246
76 Sophia Square Garage Expenses (2013)0 0 309,534 100%0 309,534
77 Miscellaneous Expenditures 0 0 36,707 41%36,707
78 TOTAL EXPENDITURES - NON TIF 0 0 0 351,241 450,487
79 TOTAL EXPENDITURES 47,383 629,923 225,101 4,586,160 80
81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 887,523 546,845 443,302 $188,218 $99,165
82 ENDING BALANCE WITH RESTRICTED FUNDS $2,190,705 $2,434,689 $2,331,082 $2,277,021 $2,518,165
A
-1-
Date Amount Source Description
8/13/2014 24,511.95 REI
Energy Payment - June - August 2014
(Office Building One) and July and August
2014 (Tarkington)
8/15/2014 172,753.32 Carmel Lofts 2013 Bond Enhancement payment
8/19/2014 5,000.00
Old Town
Development
Earnest money for 7th Street and 2nd
Avenue property sale
8/20/2014 60,000.00
Old Town
Development
Sale of 7th Street and 2nd Avenue
property
8/28/2014 26,921.64 City of Carmel
Energy payment - Palladium, City Hall,
Police Department, Fire Department
(August)
Total $289,186.91
Carmel Redevelopment Commission
902 Fund Non-TIF Revenue
August 2014
Page 1 of 5
RESOLUTION NO. 2014-16
RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
CARMEL, INDIANA
WHEREAS, the Carmel Redevelopment Commission (“CRC”) seeks to clarify and memorialize
the roles, responsibilities and obligations of the parties associated with the management, administration
and oversight of the CRC's finances, including such financial records and reports as are now required by
IC 36-7-14 et seq.; and
WHEREAS, IC 36-7-14 et seq. and City of Carmel (the “City”) Ordinance D-2108-12, establish
that the City's fiscal official (the Clerk-Treasurer) shall serve as the CRC's Treasurer; and
WHEREAS, since the creation of the CRC, the Clerk-Treasurer has served as the CRC Treasurer
except for a period of time between August 1, 2010 and December 31, 2013 when the CRC contracted
with an accounting firm and appointed its own Treasurer, independent of the Clerk-Treasurer; and
WHEREAS, the CRC may opt to appoint real estate experts as financial consultants to assist in
carrying out fiscal management.
WHEREAS, the CRC Treasurer’s duties, obligations and responsibilities are outlined in IC 36 -7-
14 et seq.
NOW, THEREFORE, the CRC resolves as follows:
1. The foregoing Recitals are incorporated herein by this reference.
2. Definitions:
Financial consultants – individuals or firms providing the following duties: bond counsel,
financial advising, accounting, and administration.
Administer – processing, archiving, categorizing, annotating and filing.
3. Annual Budget
a. CRC Director and financial consultants will prepare an annual CRC budget.
b. The CRC Treasurer will review the annual CRC budget.
c. The Commissioners shall review, modify and adopt the annual CRC budget.
d. The Carmel City Council will review the annual CRC budget.
e. The CRC will operate within its adopted budget allowing fluid movement of funds
between line items in order to avoid line item shortfalls as priorities and needs dictate.
Page 2 of 5
f. The CRC will revise its budget as needed throughout the year in order to more
accurately reflect current anticipated revenues and expenditures and changing priorities
and mission objectives.
g. The CRC will budget to reimburse the City’s General Fund for the Department of
Redevelopment’s budget. The reimbursement made at the end of the year will be equal
to the actual expenditures made by the Department of Redevelopment.
h. The CRC is responsible for determining and approving the transfer of funds to and
from reserves established by the CRC. The CRC Treasurer shall cause the transfer of
reserve funds as directed by the Commission.
4. Approval and Payment of Invoices
a. The CRC Director and financial consultants will review invoices and prepare the
claims.
b. The claims shall be presented to the Commissioners for review and approval.
c. Upon approval by the CRC, the CRC Treasurer shall administer the claims.
5. Annual Audit and Reports
a. The CRC Treasurer will keep the financial records of the CRC updated and available
for audit by the State Board of Accounts (SBOA).
b. The CRC Director and the financial consultants will assist the CRC Treasurer during
the SBOA audit as needed.
c. The CRC Director will review and financial consultants will prepare the annual reports
due by March 1st and August 1st of each year, as required by IC 36-7-14-13.
d. Copies of the reports will be provided to the members of the CRC.
e. The CRC Treasurer will review and submit the annual reports prepared by financial
consultants through the State’s Gateway system as required and will provide copies to
the City Administration and City Council as outlined in the statute.
f. The CRC Treasurer may delegate responsibilities to CRC financial consultants as
needed and with the consent of the CRC.
6. Determination of Excess Incremental Assessed Values
a. Financial consultants will prepare the annual notice concerning Excess Incremental
Assessed Value for the impacted taxing entities.
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b. The CRC Director will review the notices and present the findings to the CRC board
for its approval.
c. Upon approval by the CRC, the financial consultants will mail the Annual Excess Tax
Increment Funding (“TIF”) Notifications.
7. Required Savings Calculations and Transfers
a. Financial consultants will calculate the semi-annual excess TIF attributable to the
Lease Rental Revenue Refunding Bonds, Series 2014 (Performing Arts Center Project)
savings that will be transferred to the Supplemental Reserve Fund as per the Revenue
Deposit Agreement dated November 20, 2012 and amended December 5, 2013 and
amended May 29, 2014.
b. The CRC Director shall review the calculations made by the financial consultants and
present the findings to the CRC.
c. The CRC Director shall notify the CRC Treasurer who shall then cause the requested
transfer of funds to the Supplemental Reserve Fund.
8. Debt Service Payments
a. The Clerk-Treasurer shall notify the CRC Director when the scheduled debt service
obligations of the CRC have been scheduled for payment.
b. The Clerk-Treasurer shall immediately notify the CRC Director, Commissioners, City
Administration, and City Council if it is anticipated that a debt service payment will be
delayed or short of the scheduled payment amount.
c. Any notice from the Clerk-Treasurer shall be provided in writing and served upon the
CRC Director by e-mail and writing.
d. Financial Consultants shall calculate the subordinated Secondary Installment Contracts
as necessary and summarized in the document presented to the CRC on September 17,
2014.
9. Meetings
a. The CRC Director and the CRC Treasurer, or their designees, are obligated to attend
the public meetings of the CRC or review the videos of the public meetings.
b. The financial consultants shall attend the meetings of the CRC at the direction of the
CRC Director.
c. Financial consultants will prepare the monthly financial information packet for the
Commissioners.
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d. The CRC board and CRC Treasurer are responsible for reviewing the financial
information packet.
10. Miscellaneous
a. Receipts of the CRC shall be directed to the attention of the CRC Treasurer for proper
receipting.
b. The Clerk-Treasurer shall deposit checks to 902 (CRC) fund.
c. The CRC Treasurer shall be responsible to establish and administer all necessary files
and records in accordance with the Department of Local Government Finance and
SBOA guidelines.
d. In the event that financial questions arise from the public, City Council, and/or City
Administration, the CRC Director shall coordinate appropriate responses and
documentation, not the financial consultants appointed by the CRC, in effort to create
adequate, timely, and consistent responses.
11. This Resolution shall take effect immediately upon its adoption.
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SO RESOLVED this 17th day of September, 2014.
CARMEL REDEVELOPMENT COMMISSION
BY:
William Hammer, President
Date:
David C. Bowers, Vice President
Date:
Bradley F. Meyer, Secretary
Date:
Jeff Worrell, Member
Date:
William Brooks, Member
Date:
CRC Resolution No. 2014-16