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HomeMy WebLinkAboutCRC-10-30-14 CARMEL REDEVELOPMENT COMMISSION AGENDA THURSDAY, OCTOBER 30, 2014—8:00 A.M. COUNCIL CHAMBERS/CITY HALL/ONE CIVIC SQUARE MEETING CALLED TO ORDER 1. PLEDGE OF ALLEGIANCE 2. BID OPENING: Real Estate Property at 3rd Ave 3. PUBLIC HEARING: Resolution amending the Declaratory Resolution and Development Plan for the Old Meridian Street Economic Development Area. 4. Action Item #1: Approval of Resolution confirming amendments to the Declaratory Resolution and Development Plan for the Old Meridian Street Economic Development Area. 5. Action Item #2: Approval of Resolution pledging TIF revenues to the payment of City of Carmel Economic Development Revenue Bonds. 6. Action Item #3: Approval of Preliminary Bond Resolution relating to the City Center Phase II (Pedcor) project 7. Action Item #4: Approval of Claims 8. ADJOURNMENT CRC FINANCE COMMITTEE PUBLIC MEETING: Tuesday,November 18,2014,3:30 p.m. NEXT REGULAR MEETING: Wednesday,November 19,2014, 6:30 p.m. RESOLUTION NO. 2014-18 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION CONFIRMING RESOLUTION APPROVING AMENDMENT TO THE DECLARATORY RESOLUTION AND DEVELOPMENT PLAN FOR THE OLD MERIDIAN ECONOMIC DEVELOPMENT AREA WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"), governing body of the City of Carmel Department of Redevelopment, previously adopted and amended resolutions (collectively, the "Declaratory Resolution") establishing and expanding an economic development area known as the Old Meridian Economic Development Area (the "Development Area"), approving an Economic Development Plan (the "Development Plan") for the Development Area, pursuant to Indiana Code 36-7-14, as amended (the "Act"), and designating the Development Area as an "allocation area" pursuant to Section 39 of the Act (the "Old Meridian Street Allocation Area"); and WHEREAS, on August 20, 2014, the Commission approved and adopted Resolution No. 2014-12 (the "Amending Resolution") that amended the Declaratory Resolution and the Development Plan (i) to remove the area described on Exhibit A attached thereto from the Old Meridian Street Allocation Area, (ii) to designate the area described on Exhibit A attached thereto as a separate allocation area pursuant to Section 39 of the Act to be known as The Olivia on Main Allocation Area (the "Olivia on Main Allocation Area"), and (iii) to adopt a supplement to the Plan attached thereto as Exhibit B (the "Plan Supplement"); and WHEREAS, on September 16, 2014, the City of Carmel Plan Commission approved and adopted its Resolution No. PC-09-16-14-a (the "Plan Commission Order") approving the Amending Resolution and the Plan Supplement and determining that the Amending Resolution and the Plan Supplement conform to the plan of development for the City of Carmel (the "City"); and WHEREAS, pursuant to Section 16 of the Act, the Common Council of the City on October 6, 2014, adopted its Resolution CC-10-06-14-02 approving the Amending Resolution, the Plan Commission Order and the Plan Supplement; and WHEREAS, pursuant to Section 17 of the Act, the Commission caused to be published a Notice of Public Hearing with respect to the Amending Resolution and filed a copy of said Notice in the offices of all departments, bodies or officers of the City having to do with City planning, variances from zoning ordinances, land use or the issuance of building permits; and WHEREAS, pursuant to Section 17 of the Act, the Commission also filed with each taxing unit located wholly or partially within the Olivia on Main Allocation Area a copy of the Notice of Public Hearing and a statement disclosing the impact of the area; and WHEREAS, at the hearing held by the Commission on the 30th day of October, 2014, the Commission heard all persons interested in the proceedings and considered written remonstrances and objections, if any; and WHEREAS, the Commission now desires to take final action determining the public utility and benefit of the proposed development projects in the Plan Supplement and confirming the Amending Resolution, in accordance with Section 17 of the Act. NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, governing body of the City of Carmel Department of Redevelopment, as follows: 1. After considering the evidence presented at the hearing on the 30th day of October, 2014, the Commission hereby confirms the findings and determinations, designations and approving and adopting actions contained in the Amending Resolution. 2. The Commission hereby finds and determines that it will be of public utility and benefit to proceed with its Development Plan, as modified by the Amending Resolution and the Plan Supplement. 3. The Amending Resolution is hereby confirmed. 4. This Resolution constitutes final action, pursuant to Section 17(d) of the Act, by the Commission determining the public utility and benefit of the proposed projects and confirming the Amending Resolution. 5. The Secretary of the Commission is directed to record the final action taken by the Commission pursuant to the requirements of Section 17(d) of the Act. Adopted the 30th day of October, 2014. CITY OF CARMEL REDEVELOPMENT COMMISSION President Vice President Secretary Member Member INDS01 BDD 1479922v1 -2- RESOLUTION NO. 2014-19 A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF CARMEL WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"), governing body of the City of Carmel Department of Redevelopment (the "Department"), has created the Old Meridian Economic Development Area, has designated a portion of such area as The Olivia on Main Allocation Area (the "Allocation Area") for purposes of the allocation and distribution of property taxes under IC 36-7-14-39, and has created The Olivia on Main Allocation Fund (the "Allocation Fund") pursuant to IC 36-7-14-39; and WHEREAS, KG Main LLC (the "Company") intends to finance all or a portion of the costs of the design and construction of the projects listed in Exhibit A hereto (collectively, the "Projects"), which will be located in or physically connected to the Allocation Area; and WHEREAS, the City of Carmel Economic Development Commission and Common Council have approved the issuance of the City of Carmel, Indiana, Economic Development Revenue Bonds, Series 2014 (KG Main LLC Project), in one or more series (the "Bonds"), the proceeds of which will be provided to the Company and applied to costs of the Projects; and WHEREAS, as an inducement to the Company to locate the Projects and related mixed use development in the City of Carmel, the Commission has agreed to pledge a portion of the tax increment revenues generated from the Allocation Area to the payment of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission, as follows: 1. All real property tax increment revenues generated from the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 shall be set aside and used only as set forth in this Resolution. 2. Seventy-five percent (75%) of the real property tax increment revenues generated from the Allocation Area and deposited in the Allocation Fund pursuant to IC 36-7-14-39 (the "TIF Revenues") shall be set aside and used only as set forth in this Resolution. The remaining twenty-five percent (25%) of the real property tax increment revenues generated from the Allocation Area (or the assessed value attributable thereto) may be used by the Commission for any purpose permitted by law, including the release of assessed value to the taxing units as provided under the Act. 3. On each January 15 and July 15, beginning July 15, 2016, all TIF Revenues shall be immediately transferred to the trustee for the Bonds (the "Trustee") for deposit into the funds and accounts and application in accordance with the trust indenture for any series of Bonds (the "Indenture"). 3. Pursuant to IC 36-7-14-39(b)(3)(D) and IC 5-1-14-4, the Commission hereby pledges the TIF Revenues deposited into the Allocation Fund to the Trustee for disposition in accordance with the Indenture. 4. Upon the defeasance of the Bonds, any TIF Revenues remaining in the funds and accounts under the Indenture shall be returned to the Commission for deposit into the Allocation Fund and may be used by the Commission for any purpose permitted by law. 5. The officers of the Commission and the Department are hereby authorized and directed to take such further actions and execute such further documents as they deem necessary or appropriate to effectuate the issuance of the Bonds and the construction of the Projects, including without limitation one or more project agreements, consistent with the terms of this Resolution. 6. This resolution shall take effect immediately upon adoption by the Commission. Adopted the 30th day of October, 2014. CITY OF CARMEL REDEVELOPMENT COMMISSION President Vice President Secretary Member Member EXHIBIT A DESCRIPTION OF THE PROJECTS Demolition of existing structures, utility relocation and connection, soft soil remediation, on-site storm water detention, on-site utilities, grading, landscaping, parking, and general site work and site preparation, all to support a proposed mixed use development generally to be located in the southwest quadrant of the intersection of Main Street and Old Meridian Street, in the City of Carmel, Indiana. INDSOI BDD 1481516v1 RESOLUTION NO. 2014-20 A PRELIMINARY BOND RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION REGARDING THE ISSUANCE OF BONDS OF THE CITY OF CARMEL REDEVELOPMENT DISTRICT FOR THE PURPOSE OF PROVIDING FUNDS TO BE APPLIED TO PAY FOR THE COSTS OF VARIOUS PROJECTS AND TO PAY INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BOND WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"), as the governing body for City of Carmel Redevelopment District (the "District"), pursuant to Indiana Code 36-7-14, as amended (the "Act), previously adopted resolutions, as subsequently confirmed and amended, for the purposes of(a) designating an area within the City of Carmel, Indiana (the "City"), known as the Carmel Downtown Economic Development Area (the "Economic Development Area"), as an economic development area pursuant to Sections 41 and 43 of the Act, and (b) designating an area in the City known as the City Center Redevelopment Area (the "Redevelopment Area"), as a redevelopment area pursuant to Section 15 of the Act (the Economic Development Area and the Redevelopment Area, collectively, the "Areas"); and WHEREAS, the Commission deems it necessary and advisable and in the best interests of the District and its citizens to undertake the construction, improvement and/or equipping of certain local public improvements, redevelopment projects and other capital improvements in or serving the Areas as described more fully on Exhibit A hereto (collectively, the "Projects"); and WHEREAS, the Commission deems it necessary and advisable that the Projects be financed through the issuance of bonds of the District, in one or more series, which bonds shall be payable from a special tax to be levied upon all of the property within the District, in accordance with Section 27 of the Act, and other revenues legally available to the Commission. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF CARMEL REDEVELOPMENT DISTRICT, AS FOLLOWS: SECTION 1. The undertaking of the Projects is hereby authorized and approved. SECTION 2. The Commission hereby makes a preliminary determination to issue bonds of the District, in one or more series (the "Bonds"), payable from a special tax to be levied upon all of the property within the District, in accordance with Section 27 of the Act, and other revenues legally available to the Commission for the purpose of financing the Projects. The Bonds are hereby preliminarily authorized to be issued upon the following conditions: (a) the maximum aggregate original principal amount of the Bonds shall not exceed $20,000,000; and (b) the maximum term of the Bonds shall not exceed twenty-five (25) years. SECTION 3. The appropriate officers of the Commission are hereby authorized and directed in accordance with applicable provisions of Indiana law to cause to be published notice of a hearing on the appropriation of the proceeds of the Bonds and notice of the foregoing determination to issue the Bonds. SECTION 4. As soon as can be done after the adoption of this Resolution, the Secretary of the Commission is hereby directed to deliver a copy of this Resolution to the Clerk-Treasurer of the City for the approval by the Common Council for the City of the proposed issuance of the Bonds. SECTION 5. The President, Vice President or any other officer or member of the Commission are authorized to take all such actions and to execute all such instruments as are desirable to carry out the transactions contemplated by this Resolution, in such forms as such officer or member executing the same shall deem proper, to be conclusively evidenced by the execution thereof. SECTION 6. This Resolution shall be in full force and effect immediately from and after its passage. Passed and adopted this 30th day of October, 2014. CITY OF CARMEL REDEVELOPMENT COMMISSION President Vice President Member Member Member 2 EXHIBIT A DESCRIPTION OF THE PROJECTS The projects consist of the construction, renovation, improvement and equipping of additional local public improvements, redevelopment projects and other capital improvements in or serving the Carmel Downtown Economic Development Area and the City Center Redevelopment Area (collectively, the "Areas"), including, without limitation (a) landscaping and streetscaping projects, (b) lighting upgrades, (c) roads, streets, sidewalks and other public ways, (d) parking facilities, (e) improvements, upgrades, repairs and/or relocation of water, sewer, drainage or other utility infrastructure, (f) site work and preparation to support mixed use development generally to be located in the Areas, and (g) other necessary public infrastructure to be located in the Areas. Such additional local public improvements, redevelopment projects and other capital improvements may include, without limitation, the following specific projects: 1. Construction, improvement and/or equipping of the Park East Parking Garage Facility 2. Construction, improvement and/or equipping of extensions to Veterans Way 3. Construction, improvement and/or equipping of the roads, streets, sidewalks and other public ways adjacent to or serving the existing or proposed Baldwin Building, the Chambers Building, the Holland Building, the Playfair Building and the Park East Parking Garage Facility 4. Construction, improvement and/or equipping of the Spanish Steps project 5. Construction, improvement and/or equipping of the Rangeline Road entrance 6. Construction, improvement and/or equipping of roads, streets, sidewalks and other public ways adjacent to or serving the existing or proposed Kent Building INDS01 BJB 1479625v2 3 CRC Meeting, October 30, 2014 CARMEL RE it EVELOPMENT COMMISSION Meeting, Thursday, October 30, 2014 ATTENDANCE: President Bill Hammer Present Vice President Dave Bowers Not Present Secretary Brad Meyer Not Present Treasurer Diana Cordray Not Present Member Jeff Worrell Present Member Bill Brooks Present Member Greg Phillips =Not Present x Executive Director Corrie Meyer Present Financial Consultant Michael Lee Present Legal Consultant Karl Haas :Present Bond Counsel Bruce Donaldson,:.,;., Present Financial Consultant Loren Matthes Present President Bill Hammer called the meeting to order:,at 8:02 a.m. The Pledge of Allegiance was said. Bid Opening: Real Estate Property_at-3rd:Ave Mrs. Meyer gave brief background,then;opened and read aloud!=the bids. Mrs. Meyer stated staff will evaluate both proposals and follow up with the Commission after review. Public Hearing: Resolution:amending the=Declaratoi Resolution`%and Development Plan for the Old MeridianStreet Economic Development`Area.' Bruce Donaldson,with-Barnes&Thornburg, statedIhis relates to"a resolution approved in August regarding the Olivia on Main project at Old;,Meridian and Main Street. Mr. Donaldson stated this hassince gone to;the Plan Commission and.,_City Council for approval and the public hearing-and related resolution before the"Commission•tonight are the final steps in the process. The public hearing was opened at 8.07,a.m. No one was present to speakin,favor of or?in opposition to this item. The public hearing was closed at'8:08 a.m. Approval of Resolution,confirming amendments to the Declaratory Resolution and Development Plan for'tl e'!`Old Meridian Street Economic Development Area. Mr. Worrell moved to approve Resolution 2014-18, seconded by Mr. Brooks. Passed unanimously. Approval of Resolution pledging TIF revenues to the payment of City of Carmel Economic Development Revenue Bonds. Mr. Donaldson gave background on this resolution. Mr. Donaldson stated this has gone through and been approved by the Economic Development Commission as well as the City Council and that approval tonight is the last step in the process. Mrs. Meyer noted the Council Finance Committee chairwoman and the CRC worked closely with the developer to negotiate a deal and that they also worked closely with the City Council to ensure that questions were answered and enough detail was provided. 1 CRC Meeting, October 30, 2014 Ms. Matthes noted that these bonds will be purchased by the developer. Discussion ensued. Mr. Brooks moved for approval, seconded by Mr. Worrell. Approved unanimously. Approval of Preliminary Bond Resolution relating to the City Center Phase II(Pedcor) project Mr. Donaldson outlined and gave background on the preliminary bond resolution. Ms. Matthes presented the related financial schedules and detail. Discussion ensued regarding the debt structure. Mrs. Meyer reiterated that this is a preliminary resolution and that,there will be other approval steps relating to this item going forward. Mr. Brooks moved to approve Preliminary B.ond,xResolution 2014-20"for the issuance of bonds of the City of Carmel to pay for the cost of various``"projects for the City CenterFrPhase II and incidental expenses in connection with the issuance,:of the bonds, seconded byMr. Worrell. Mr. Worrell noted that he thinks it is,important to build a parking garage that will support the density of the project, which increaSeSitt assessed value Unanimously approved. Approval of Claims Mr. Lee requested approval of non operating claims in the amount of$33,845.88. Brief discussion ensued., Mr. Hammer:noted that all=of thexlegal bills now go through the Legal department for review. Mr. Worrell moved for approval, seconded by Mr;Brooks. Passed unanimously. Adjournment Mr. Worrell moved the meetingxbe adjourned pending the execution of documents and seconded by Mr. Brooks The meeting was;adjourned at 8:46 a.m. The next regularly scheduled meeting is Wednesday,November 19, 2014. e.wi The CRC Finance Committell hold a public meeting on Tuesday,November 18, 2014. 2