The URL can be used to link to this page

Home My WebLink About121714 Commissioners Packet CARMEL REDEVELOPMENT COMMISSION AGENDA WEDNESDAY, DECEMBER 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. November 19, 2014 3. FINANCIAL MATTERS a. Cash Flow Report b. Update on Outstanding Receivables c. Action Item #1: Approval of 2015 Budget d. Approval of Claims e. Special Matter 1. Action Item #2: 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 #3: CRC Appointment to the 4CDC b. Action Item #4: Sale of Surplus Palladium Equipment 9. OTHER BUSINESS 10. EXECUTION OF DOCUMENTS NEXT REGULAR MEETING: Wednesday, January 21, 2015, 6:30 p.m. 11. ADJOURNMENT 1 CARMEL REDEVELOPMENT COMMISSION December 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. November 19, 2014 3. Financial Matters a. Cash Flow Report  The EOM November balance: o Cash - $1,182,810 o Cash and Restricted Funds - $3,707,462 b. Update on Outstanding Receivables c. Action Items #1: Approval of 2015 Budget d. Approval of Claims The invoices submitted for approval by category are as follows:  Non- operating Expenses: $8,591,366.09  PAC Construction Fund: $340,607.50 e. Special Matter i. Action Item #2: 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 2 8. New Business a. Action Item #3: CRC Appointment to the 4CDC b. Action Item #4: Sale of Surplus Palladium Equipment 9. Other Business 10. Execution of Documents a. Next Regular Meeting, Wednesday, January 21, 2015, 6:30 p.m. 11. Adjournment PROJECT UPDATES November 19, 2014 CRC Report for December 1, 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 Hotel/ Motor Court Wr e n Windsor Holland Playfair Park East Baldwin/ Chambers PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 6 • Phase 1 – complete 1) Apartments – Apartment demand remains strong which supports the occupancy and rental rates. Current occupancy is at 96%. 2) Retail – Currently, Pedcor leases 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 in the fall of 2014. • Nash Building/ Parcel 73 1) Project Status – under construction a) The Nash underground parking garage is 98% complete (completing punch list) and currently on budget. The Nash Building storefront/glass is complete. Balcony, masonry, & EFIS work continues on the exterior (about 70% complete). The project is on budget and remains on schedule, with an anticipated completion date of mid-December 2014. Approximately half of the 9,000 sf of the retail space has been leased with strong prospects for the remaining commercial space. Tenant: Mondana Kitchen 2) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None 3) CRC Commitments Provide streetscape along Rangeline Road. a) Budget Budget Design/ Engineering $5,000 (majority of contract pd. in 2013) per June ’14 Budget Additional potential revenue to be assigned to this project $137,179 Construction $100,000 per June ’14 Budget Available funds for construction project due to increased revenue $ 242,179 b) Design Consultant: American Structurepoint Provided by Pedcor City Center Dev. Co. 1 PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 7 c) CRC Commitment Schedule Design % Complete 100% Construction Start Date October 2014 Anticipated Project Completion November 2014 • Phase 2 1) Project Status – designs are schematic and construction has not started. a) In addition to the Reallocation request, a request to issue TIF Bonds to fund public improvements on the Phase 2 site has been submitted. With timely successful approvals, construction will begin in 2015 on the seven (7) buildings noted below. 2) Proposed Construction/Use Sequence PROJECT USE PROJECT START DATE DESIGN RENDERINGS PROVIDED BY PEDCOR Garage Park 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 PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 8 Pedcor Office 5 A two story building, of approximately 20,000 square feet, which will include office space. Fall 2015 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 PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 9 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Reallocation of Carmel Downtown Economic Development Area On-docket, 10/6/14 Resolutions 2014-14 and 2014-15. At Finance and Land Use Committees. Introduced in September. Final approvals anticipated in December. TIF Bond request On-docket, 11/3/14 Resolution. At Finance Committee. Introduced in October. Public Hearing on 11/19/14. Final approvals anticipated in December. 4) CRC Commitments Additional information concerning the proposed commitments were shared with Council at the November 3 meeting. Discussion will ensue and modifications will be made during the month of November. An overview of commitments will be uploaded to the CRC website by the end of November. PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 10 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: Vocare, Anderson Birkla Figure 2 Image provided by Anderson Birkla • Anticipated Project Schedule Office Move In February, 2014 Residential Move In February, 2014 Project complete February, 2014 PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 11 • Mezz Building (3rd Avenue) 1) Project Status – under construction a) First floor steel framing is 80% complete. b) Building 1 MEP - Plumbing Unit Rough is 90% completed. Electrical Rough is 95% complete. HVAC rough-in is 95% completed. • Monon Lofts Building (Monon side) 1) Project Status – under construction a) First floor steel framing is 80% complete. b) Building 2 MEP - Plumbing is 95% complete. Electrical rough is 95% complete, Fire Suppression rough is 100% complete. HVAC rough-in is complete. c) Building 2 roof is 95% complete. 2) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None 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 November-March ‘15. Calumet Civil Contractors. Utility Relocation $250,000 Invoices are expected to be paid in Jan-March 2015. Site Construction $ 242,979 (site work) Invoices are expected to be paid November-January ‘15. Midwest Constructors. PROJECT UPDATES November 19, 2014 CRC Report for December 1, 2014 City Council Meeting Page | 12 b) Design Consultant: American Structurepoint c) Construction Contractor: Calumet Civil Contractors/ Duke Energy/ Midwest Constructors d) CRC Commitment Schedule Design % Complete 100% Construction Start Date September 2014 Anticipated Project Completion February for Midwest Constructors, March for Calumet Civil Contracts (due to asphalt being installed) Respectfully submitted, Corrie Meyer, AICP, RLA, LEED AP Director Carmel Redevelopment Commission/Department November 19, 2014 Prepared for David Bowers and Brad Meyer -End report- CRC Meeting, November 19, 2014 1 CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday, November 19, 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 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 6:36 p.m. The Pledge of Allegiance was said. Public Hearing 1: Resolution Amending the Declaratory Resolution and Economic Development Plan for the Legacy Economic Development Area Mr. Donaldson, with Barnes & Thornburg, gave background on this resolution and stated this is the final step in the process for approval. The public hearing was opened at 6:38 p.m. No one was present to speak in favor of or in opposition to this item. The public hearing was closed at 6:39 p.m. Public Hearing 2: City Center Phase II Bond Mr. Donaldson gave background on this resolution and stated the Commission is required to have a public hearing on the appropriation of the bond proceeds. The public hearing was opened at 6:41 p.m. The following individuals were present to speak in favor of this item: Mike Drewry, Managing Partner, Drewry, Simmons, Vornehm Justin Moffett, Old Town Design Group Bob Williams Shane Hartke, Owner, Addendum Steve Cadalier Allie Missler Melissa Farmer, Owner, Bath Junkie Chris Parker, General Manager, Matt the Miller’s Tavern Jared Burns, Owner, Pure Concepts William Colcochran, Boy Scout Troup 124 Mitchell Edward Kin, Boy Scout Troup 124 No one was present to speak in opposition to this item. The public hearing was closed at 6:55 p.m. CRC Meeting, November 19, 2014 2 Approval of Minutes October 15, 2014: Mr. Worrell moved to approve, seconded by Mr. Brooks. Passed unanimously. October 30, 2014: Mr. Brooks moved to approve, seconded by Mr. Worrell. Unanimously approved. Financial Matters Mr. Lee stated the end of month October balance of the Commission totaled $1,325,291 and $3,213,483 with restricted funds. Mr. Lee gave an update on the outstanding receivables. Mr. Lee noted the 2006 Parkwood bonds were defeased on November 14, 2014 and that the excess of approximately $637,000 would be deposited into the supplemental reserve fund as per the revenue deposit agreement. Mr. Lee also noted that both the 2002 and 2006 Parkwood bonds have been defeased and that every time TIF funds are received from both allocation areas from this point forward, they will be deposited into the supplemental reserve fund. Mr. Lee stated the estimated yearly income would be approximately $900,000 – $1,000,000. [Mr. Lee corrected his statement later in the meeting and noted the amount he had earlier stated was the semi-annual amount and, therefore, the correct yearly amount would be approximately $1,800,000 – $2,000,000.] Approval of Claims Mr. Lee requested the Commission approve non-operating invoices in the amount of $564,821.82, noting a large portion of this amount is a semi-annual payment for the 2006 COIT refunding bond. Mr. Worrell moved to approve payment of non-operating invoices in the amount of $564,821.82, seconded by Mr. Brooks. Passed unanimously. Mr. Lee requested the Commission approve PAC construction fund claims in the amount of $62,164.37. Mr. Brooks moved to approve disbursement of PAC funds in the amount of $62,164.37, seconded by Mr. Worrell. Passed unanimously. Approval of Change Orders Mrs. Meyer presented a change order for approval relating to pavers in front of the Nash project. Mrs. Meyer noted that Pedcor has offered to pay for half of the change order amount. Discussion ensued. Mr. Brooks moved to approve the change order, seconded by Mr. Worrell. Discussion ensued. Mr. Hammer called for the vote. Approved unanimously. Executive Director Report Mrs. Meyer gave an update regarding property management at the James building, a grant request to the 4CDC and the monthly CRC reports presented to City Council. Mrs. Meyer stated she had noted in this month’s Council report that the CRC has sufficient funds to make the December debt obligation. Mr. Worrell commended Mrs. Meyer on the Council reports she prepares and presents. Mr. Hammer noted and reiterated that the Commission has sufficient funds to make debt service payments and, as a result of that, no process or request for special benefits tax has been requested by the Commission. Mrs. Meyer confirmed and noted this is also the case for 2015. CRC Meeting, November 19, 2014 3 Committee Reports Mr. Brooks stated a public Finance Committee meeting was held on November 18, 2014 wherein the 2015 budget was presented. Mr. Brooks noted that members of the Council, CRC Commissioners, staff and media were in attendance but the CRC Treasurer was not in attendance. Mr. Brooks stated the Commission will end 2014 with $1.75 million remaining in the budget to carry into 2015. Mr. Brooks outlined the 2015 budget goals for the Commission. Mr. Hammer noted the budget will be submitted to the Council for its review and input and the CRC will take final action for approval in December. Mr. Worrell stated the Architectural Review committee did not meet in November but will host a meeting on December 2. Update on Properties Mrs. Meyer gave an update on The Mezz and Nash projects as well as the reflecting pool repair. Discussion ensued. Old Business Acceptance of Bid for 3rd Avenue Property Purchase and Development Mrs. Meyer gave background on this item and outlined a bid comparison matrix of the bids received from Barrett & Stokely and Old Town Development. Mr. Haas outlined the state law process and options moving forward. Discussion ensued. Mr. Worrell stated he is inclined to reject the bids for further refinement so that the proposals are more in line with the overall plan developed for the area. Mr. Brooks concurred. Mr. Brooks proposed to reject the two bids for sale of the real estate property at 3rd Ave and 2nd St and defer to a later date. Seconded by Mr. Worrell and unanimously approved. Mr. Hammer thanked the two bidders for their proposals and asked Director Meyer to begin working with both parties once the 30 day period has expired to refine the proposals and bring back to the Commission at a later date. Approval of Confirmatory Resolution 2014-21 Amending the Legacy Economic Development Area Mr. Donaldson stated this relates to the first public hearing held earlier in the meeting relating to removing the residential parcels from the Legacy TIF. Mr. Donaldson reiterated this has been approved by the Plan Commission and City Council and that this is the final step of a confirming resolution of that decision. Mr. Worrell moved to approve the resolution for the Legacy Economic Development Area, seconded by Mr. Brooks. Passed unanimously. New Business Approval of Resolution 2014-22 re: Amendment to Lease Agreement between CRC and Redevelopment Authority Mr. Donaldson gave background and stated this resolution approves an amendment that adds the Main Street project to the list of eligible projects to be funded. Mr. Donaldson stated the City Council and the Carmel Redevelopment Authority have both approved the amendment. CRC Meeting, November 19, 2014 4 Discussion ensued. Mr. Hammer asked for confirmation that these bonds are paid from COIT funds and are not part of TIF. Mr. Donaldson stated they are paid solely from COIT funds, that this is City financing and that the Redevelopment Commission and Redevelopment Authority are essentially conduit entities. Mr. Worrell moved to approve action item #4, seconded by Mr. Brooks. Approved unanimously. Approval of Resolution 2014-23 re: Intergovernmental Transfer of Property (130 1st Ave SW) Mrs. Meyer stated the City Council heard a similar resolution relating to this item that was sent to their Land Use committee, where it currently sits. Discussion ensued regarding approval of this action now versus tabling it until after Council has approved their resolution. Mr. Brooks moved to table this item, seconded by Mr. Worrell. Unanimously approved. Approval of Settlement Agreements Mrs. Meyer announced that settlement offers in regards to the Palladium dome litigation have been made and that final settlement documents are underway. Mrs. Meyer stated that, to initiate the final transaction of those settlement documents, the CRC staff would like to ask the Commissioners to accept the offer by authorizing the CRC President and the CRC Director to finalize the settlement once the documents are complete. Mrs. Meyer stated the settlement dollars are in excess of $5.3 million. Mr. Worrell noted the settlement outcome is as good as what was hoped for and that this is very positive news. Mr. Brooks and Mr. Hammer echoed the sentiments. Mr. Worrell moved to approve the settlement agreement as described by Director Meyer. Seconded by Mr. Brooks and passed unanimously. Mr. Lee corrected the amount he stated earlier regarding annual payments for the Parkwood reserves. Other Business Mr. Hammer stated that, regarding the news articles last week, the Commission is taking the matter under advisement and hope to come back with a statement and position in the near future. Mr. Hammer stated that based on the financial information presented tonight, there is no need for special benefits tax issuance and that it is the Commission’s goal to ensure that continues to be the case. Mr. Hammer also stated the reserves are starting to build as the projections prepared by H.J. Umbaugh earlier this year had described. Adjournment Mr. Brooks moved the meeting be adjourned pending the execution of documents and seconded by Mr. Worrell. The meeting was adjourned at 7:40 p.m. The next regularly scheduled meeting is Wednesday, December 17, 2014. An executive session was held directly prior to 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. Original Budget 1BEGINNING 2015 BALANCE 5,324,795 2 3 RECEIPTS - TIF 4 Interest 0 5 TIF Revenue: 6 Total Increment Net of Developer Pass Through (1)18,029,910 7 Less Debt Service: 8 Certificates of Participation, Series 2010C 1,363,619 9 Illinois Street Bond 913,169 10 2013 Illinois Street Bond 220,025 11 2005 and 2014 PAC Lease 5,653,000 12 2012 Bond 9,962,000 13 14 Sub-total: Debt Service 18,111,813 15 Sub-total: Net Increment (2)(81,903) 16 17TOTAL RECEIPTS - TIF (81,903) 18 19 RECEIPTS - NON TIF 20 Interest 0 21 Energy Payments 323,060 22 REI Energy Payments 125,538 23 4CDC Grants 400,000 24 Civic Rent 250,000 25 Keystone Group, LLC Receivable (Bond Enhancement) 2015 200,000 26 Sale of Real Property 0 27 Miscellaneous Receipts 0 28TOTAL RECEIPTS - NON TIF 1,298,598 29 30 31 EXPENDITURES - TIF 32 Project Professional Fees: 33 Legal Fees 588,000 34 Architecture/Engineering Fees 10,000 35 Accounting Fees 31,450 36 Miscellaneous Professional Fees 30,000 37 Total: Professional Fees 659,450 38 39 Construction: 40 Mezz Building Site Construction 334,306 41 Mezz Utility Relocation 250,000 42 Nash Streetscape 48,335 43 Capital Improvement Projects (3)1,000,000 44 Total: Construction 1,632,641 45 46 Bond and Trustee Fees 22,922 47 Total: Bond and Trustee Fees 22,922 48 49 Transfer to Supplemental Reserve Fund 0 50 Total: Transfer to Supplemental Reserve Fund 0 51 52TOTAL EXPENDITURES - TIF 2,315,013 53 54 EXPENDITURES - NON TIF 55 Village Financial Secondary IPC 79,954 56 2006 COIT Refunding Bond 959,243 57 Reimbursement of Redevelopment Department 524,665 58 Reimbursement of Sophia Square Garage Expenses 300,000 59 Miscellaneous Expenditures 10,000 60TOTAL EXPENDITURES - NON TIF 1,873,862 61 62 63 64 YEAR END BALANCE 2,352,616 Energy Consumption Reserve Year End Balance 500,000 Civic Rent Reserve Year End Balance 800,000 Supplemental Reserve Fund Year End Balance (1)4,453,988 Total Reserves Year End Balance5,753,988 (1) Based on estimates provided by Umbaugh in their May 29th, 2014 TIF Report (2) TIF deficit to be paid with Non-TIF receipts (3) As to be determined to be prioritized and selected by CRC based on forecasted contingencies Note: Sale of property could result in an approximate increase of $1.7M in revenue 2015 CRC Budget DRAFT OP E R A T I N G I N V O I C E S ( i n f o r m a t i o n a l ) De c e m b e r 17 , 2 0 1 4 Page 1 Ve n d o r / P r o v i d e r In v o i c e # D a t e A m o u n t T y p e o f s e r v i c e s r e n d e r e d / P r o p e rty Location 30 0 O f f i c e S u p p l i e s Ko n i c a M i n o l t a B u s i n e s s S o l u t i o n s 2 3 1 4 6 8 5 4 5 1 1 / 1 0 / 1 4 7 8. 7 6 $ s t a p l e s f o r p r i n t e r Of f i c e D e p o t 74 1 5 3 3 8 9 7 0 0 1 1 1 / 2 0 / 1 4 1 2 6 . 7 7 $ g e n e r a l o f f i c e s u p p l i e s Su b - t o t a l : O f f i c e S u p p l i e s 20 5 . 5 3 $ To t a l : 3 0 0 20 5 . 5 3 $ 40 0 L e g a l F e e s Wa l l a c k S o m e r s & H a a s , P . C . 2 2 5 3 8 1 1 / 0 7 / 1 4 1 , 5 5 1 . 5 0 $ g e n e r a l l e g a l s e r v i c e s f o r O c t o b e r 2 0 1 4 Su b - t o t a l : L e g a l F e e s 1, 5 5 1 . 5 0 $ A c c o u n t i n g F e e s H. J . U m b a u g h & A s s o c i a t e s 1 3 7 6 5 9 1 0 / 0 2 / 1 4 6 3 , 4 8 5 . 0 0 $ T I F m a n a g e m e n t a n d m o n i t o r i n g s e r v i c e s Su b - t o t a l : A c c o u n t i n g F e e s 63 , 4 8 5 . 0 0 $ O t h e r P r o f e s s i o n a l F e e s In n o v a t i v e P l a n n i n g , L L C 2 0 1 4 0 9 1 2 / 0 1 / 1 4 9 , 3 3 3 . 3 3 $ p r o f e s s i o n a l s e r v i c e s a s C R D D i r e c t o r f o r November 2014 Su b - t o t a l : O t h e r P r o f e s s i o n a l F e e s 9, 3 3 3 . 3 3 $ P o s t a g e In n o v a t i v e P l a n n i n g , L L c 1 2 0 4 1 4 1 2 / 1 4 / 1 4 2 0 . 0 0 $ P o s t a g e t o o v e r n i g h t d o c u m e n t t o b e signed Su b - t o t a l : P o s t a g e 20 . 0 0 $ E l e c t r i c i t y Ca r m e l U t i l i t i e s 10 2 1 5 - 1 01 / 0 2 / 1 5 47 0 . 1 3 $ wa t e r a n d s t o r m w a t e r c o n s o l i d a t e d b i l l i n g f o r C R C properties Du k e E n e r g y 12 0 3 1 4 - 1 , 1 2 0 3 1 4 - 2 , 1 2 0 4 1 4 - 1 12 / 3 / 1 4 a n d 1 2 / 4 / 1 4 48 6 . 3 8 $ el e c t r i c i t y f o r 4 5 7 3 r d A v e S W a n d 2 6 E M a i n S t Su b - t o t a l : E l e c t r i c i t y 95 6 . 5 1 $ To t a l : 4 0 0 75 , 3 4 6 . 3 4 $ 50 0 O t h e r C o n t r a c t e d S e r v i c e s Ic e M o u n t a i n D i r e c t 0 4 K 0 1 2 1 9 7 5 5 9 3 1 2 / 0 3 / 1 4 3 0 . 0 5 $ w a t e r Su b - t o t a l : O t h e r C o n t r a c t e d S e r v i c e s 30 . 0 5 $ R e n t Ca r m e l U t i l i t i e s 12 0 3 1 4 1 2 / 0 3 / 1 4 2 , 5 1 7 . 6 5 $ C R C s h a r e o f r e n t , u t i l i t i e s , C A M f o r D e cember Su b - t o t a l : R e n t 2, 5 1 7 . 6 5 $ C o p i e r L e a s e Ko n i c a M i n o l t a P r e m i e r F i n a n c e 6 1 6 6 3 8 4 3 1 1 / 0 9 / 1 4 5 9 0 . 3 6 $ c o p i e r r e n t Su b - t o t a l : C o p i e r L e a s e 59 0 . 3 6 $ To t a l : 5 0 0 3, 1 3 8 . 0 6 $ To t a l E x p e n d i t u r e s : 78 , 6 8 9 . 9 3 $ Pa g e 1 Op e r a t i n g c o v e r s h e e t D e c e m b e r 1 7 , 2 0 1 4 NO N O P E R A T I N G I N V O I C E S De c e m b e r 1 7 , 2 0 1 4 Page 1 Ve n d o r / P r o v i d e r In v o i c e # D a t e A m o u n t T y p e o f s e r v i c e s r e n d e r e d / P r o p e rty Location Bo n d s C O P S , S e r i e s 2 0 1 0 C We l l s F a r g o B a n k 12 0 8 1 4 - 1 1 2 / 0 8 / 1 4 6 8 2 , 5 7 5 . 0 0 $ D e c e m b e r 2 0 1 4 b o n d p a y m e n t Su b - t o t a l : C O P S , S e r i e s 2 0 1 0 C 68 2 , 5 7 5 . 0 0 $ I l l i n o i s S t r e e t B o n d Th e B a n k o f N e w Y o r k M e l l o n 1 2 0 3 1 4 - 1 1 2 / 0 3 / 1 4 4 5 6 , 4 7 0 . 00 $ D e c e m b e r 2 0 1 4 b o n d p a y m e n t Su b - t o t a l : I l l i n o i s S t r e e t B o n d 45 6 , 4 7 0 . 0 0 $ 2 0 1 3 I l l i n o i s S t r e e t B o n d Hu n t i n g t o n N a t i o n a l B a n k 1 1 5 1 5 - 1 0 1 / 1 5 / 1 5 1 1 0 , 0 1 2 . 5 0 $ D e c e m b e r 2 0 1 4 b o n d p a y m e n t Su b - t o t a l : 2 0 1 3 I l l i n o i s S t r e e t B o n d 11 0 , 0 1 2 . 5 0 $ 2 0 1 4 P A C L e a s e Th e B a n k o f N e w Y o r k M e l l o n 1 2 0 2 1 4 - 1 1 2 / 0 2 / 1 4 2 , 3 2 8 , 0 0 0. 0 0 $ D e c e m b e r 2 0 1 4 b o n d p a y m e n t Su b - t o t a l : 2 0 0 5 P A C L e a s e 2, 3 2 8 , 0 0 0 . 0 0 $ 2 0 1 2 R e f u n d i n g L e a s e Hu n t i n g t o n N a t i o n a l B a n k 1 1 5 1 5 - 1 0 1 / 1 5 / 1 5 4 , 6 2 2 , 0 0 0 . 0 0 $ D e c e m b e r 2 0 1 4 b o n d p a y m e n t Su b - t o t a l : 2 0 1 2 R e f u n d i n g L e a s e 4, 6 2 2 , 0 0 0 . 0 0 $ To t a l : B o n d s 8, 1 9 9 , 0 5 7 . 5 0 $ Co n s t r u c t i o n P a r c e l 7 3 S t r e e t s c a p e ( N a s h ) Mi d w e s t C o n s t r u c t o r s L L C 1 1 2 / 1 5 / 1 4 1 9 6 , 3 3 2 . 7 0 $ N a s h b u i l d i n g s t r e e t s c a p e c o n s t r u c t i o n Su b - t o t a l : P a r c e l 7 3 S t r e e t s c a p e ( N a s h ) 19 6 , 3 3 2 . 7 0 $ M e z z B u i l d i n g S i t e C o n s t r u c t i o n Mi d w e s t C o n s t r u c o r s L L C 1 1 2 / 1 5 / 1 4 2 9 , 9 3 0 . 7 0 $ M e z z b u i l d i n g s i t e w o r k c o n s t r u c t i o n Su b - t o t a l : M e z z B u i l d i n g S i t e C o n s t r u c t i o n 29 , 9 3 0 . 7 0 $ To t a l : C o n s t r u c t i o n 22 6 , 2 6 3 . 4 0 $ Pr o j e c t P r o f e s s i o n a l F e e s L e g a l F e e s Bo s e M c K i n n e y & E v a n s 61 2 9 2 7 1 1 / 1 7 / 1 4 9 9 4 . 5 0 $ R e d e v e l o p m e n t C o m m i s s i o n r e v i e w W a l l a c k S o m e r s & H a a s se e l i s t 1 1 / 0 7 / 1 4 3 6 , 0 0 3 . 8 8 $ O c t o b e r l e g a l s e r v i c e s r e g a r d i n g v a r i o u s p arcels Su b - t o t a l : L e g a l F e e s 36 , 9 9 8 . 3 8 $ A r c h i t e c t u r a l / E n g i n e e r i n g F e e s Am e r i c a n S t r u c t u r e p o i n t , I n c . 7 0 4 5 6 a n d 7 0 4 5 7 0 6 / 2 5 / 1 4 2 , 6 5 7 . 4 1 $ M a y s e r v i c e s f o r N a s h a n d M e z z Su b - t o t a l : A r c h i t e c t u r a l / E n g i n e e r i n g F e e s 2, 6 5 7 . 4 1 $ A c c o u n t i n g F e e s Mi c h a e l L e e 20 1 4 1 2 1 2 / 0 1 / 1 4 3 , 8 6 0 . 0 0 $ f i n a n c i a l s e r v i c e s f o r N o v e m b e r 2 0 1 4 Su b - t o t a l : A c c o u n t i n g F e e s 3, 8 6 0 . 0 0 $ To t a l : P r o j e c t P r o f e s s i o n a l F e e s 43 , 5 1 5 . 7 9 $ Bo n d a n d T r u s t e e F e e s W e l l s F a r g o 4/ 2 0 / 4 9 9 8 1 1 / 0 3 / 1 4 2 , 5 0 0 . 0 0 $ A n n u a l a d m i n f e e f o r C O P S , S e r i e s 2 0 1 0 C Su b - t o t a l : B o n d a n d T r u s t e e F e e s 2, 5 0 0 . 0 0 $ Pa g e 1 No n O p e r a t i n g S u b m i s s i o n c o v e r s h e e t D e c e m b e r 1 7 , 2 014 NO N O P E R A T I N G I N V O I C E S De c e m b e r 1 7 , 2 0 1 4 Page 2 S o p h i a S q u a r e G a r a g e E x p e n s e s Ca r m e l L o f t s L L C 20 1 4 - 0 9 0 1 0 9 / 3 0 / 1 4 1 1 9 , 3 5 1 . 1 6 $ S e p t e m b e r 2 0 1 4 g a r a g e e x p e n s e s r e i m b u r s e m e n t Ca r m e l L o f t s L L C 20 1 4 . 0 7 . 1 0 0 7 / 1 0 / 1 4 9 0 . 2 4 $ u n d e r p a y m e n t o f 2 0 1 4 1 s t q u a r t e r i n voice Su b - t o t a l : S o p h i a S q u a r e G a r a g e E x p e n s e s 11 9 , 4 4 1 . 4 0 $ M i s c e l l a n e o u s E x p e n d i t u r e s Ne l s o n A l a r m C o m p a n y 14 1 0 1 0 6 6 1 0 / 0 1 / 1 4 5 8 8 . 0 0 $ a n n u a l F i r e S y s t e m M o n i t o r i n g a t E n e r gy Center Su b - t o t a l : M i s c e l l a n e o u s E x p e n d i t u r e s 58 8 . 0 0 $ To t a l E x p e n d i t u r e s : 8, 5 9 1 , 3 6 6 . 0 9 $ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ W i l l i a m B r o o k s , M e m b e r Ap p r o v e d D e c e m b e r 1 7 , 2 0 1 4 A p p r o v e d D e c e mb e r 1 7 , 2 0 1 4 A p p r o v e d D e c e m b e r 1 7 , 2 0 1 4 A p p r o v e d D e c e m b e r 1 7 , 2 0 1 4 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _______ W i l l i a m H a m m e r , P r e s i d e n t D a v i d B o w e r s , V i c e P r e s i d e n t B r a d M e y e r , S e c r e t a r y J e f f W o r r e l l , M e m b e r Ap p r o v e d D e c e m b e r 1 7 , 2 0 1 4 Pa g e 2 No n O p e r a t i n g S u b m i s s i o n c o v e r s h e e t D e c e m b e r 1 7 , 2 014 DI S B U R S E M E N T O F P A C F U N D S De c e m b e r 2 0 1 4 VE N D O R PU R P O S E AMOUNT Pa l l a d i u m C o n s t r u c t i o n R e t e n t i o n / L e g a l Cr i d e r a n d C r i d e r S e c o n d i n s t a l l m e n t o f s e t t l e m e n t a gr e e m e n t 250,000.00 Wa l t e r P M o o r e P A C d o m e l i t i g a t i o n s u p p o r t i n v o i c e D 04 0 6 1 4 0 1 2 90,607.50 To t a l I n v o i c e s S u b m i t t e d 340,607.50$ Ap p r o v e d D e c e m b e r 1 7 , 2 0 1 4 A p p r o v e d D e c e m b e r 1 7 , 2 0 1 4 A p p r o v e d D e c e m b e r 1 7 , 2 0 1 4 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ W i l l i a m H a m m e r , P r e s i d e n t D a v i d B o w e r s , V i c e P r e s i d e n t B r a d M e y e r , S e c r e t a r y Ap p r o v e d D e c e m b e r 1 7 , 2 0 1 4 A p p r o v e d D e c e m b e r 1 7 , 2 0 1 4 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ J e f f W o r r e l l , M e m b e r W i l l i a m B r o o k s , M e m b e r Carmel Redevelopment Commission Annual Budget Summary Update as of 11/30/14 Reference B C D E F G H 1 Actual Actual PROJECTED Amended % Complete Variance of Revised Budget 2 October November December Total Approved Approved 3 Projections Budget6/18/2014 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $477,092 $1,325,291 $1,182,810 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 1,734 1,749 1,749 1,749 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 1,828 1,851 1,851 1,851 11 Supplemental Reserve Fund Balance 584,459 1,220,848 2,526,168 2,526,168 1,119,000 12 Interest for Supplemental Reserve Fund 171 205 205 205 13 Total Restricted Funds Balance 1,888,192 2,524,653 3,829,973 3,829,973 2,419,000 14 15 BEGINNING BALANCE WITH RESTRICTED FUNDS 2,365,284 3,849,944 5,012,783 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 20 1 606 288%396 210 24 Net Increment 25TIF Revenue, Net of Developer Pass Through 00 8,960,287 17,766,140 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 00 (96,250) (238,659) 52%(276,210) 29 2006 COIT Refunding Bond 0 0 (479,534)(963,761) 50%(963,761) 30 Certificates of Participation, Series 2010C (Energy Center)0 0 (682,575)(2,048,538) 67%(2,048,538) 31 Illinois Street Bond 0 0 (456,470)(1,367,685) 67%(1,367,685) 32 2013 Illinois Street Bond 0 0 (110,013)(244,472) 55%(244,472) 33 2005 PAC Lease 0 0 (2,328,000)(4,656,000) 50%(4,656,000) 34 2012 Lease 0 0 (4,622,000)(13,126,000) 65%(13,126,000) 35 Net Increment after Debt Service and Developer Pass Through 20 1 185,446 (4,236,866) 98%(4,509,157) 36 TOTAL RECEIPTS - TIF 20 1 185,446 (4,236,866) (4,509,157) 37 38 RECEIPTS - NON TIF 39 Interest 225 33 672 243%396 276 40 Energy Payments 26,922 26,922 26,922 323,060 92%323,060 41 2013 and 2014 REI Energy Payments 10,462 10,462 167,384 155%59,485 107,899 42 4CDC Grants 0 0 131,066 337,909 61%337,909 43 Civic Rent 0 0 225,000 225,000 0%200,000 44 Keystone Group, LLC Receivable (Bond Enhancement) 2013 0 0 172,753 100%0 172,753 45 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 200,000 200,000 0%200,000 46 Sale of Buildings - Projected 954,885 0 1,019,885 102%19,885 1,000,000 47 Miscellaneous Receipts 0 1,400 4,350,000 4,493,579 0%0 48 TOTAL RECEIPTS - NON TIF 992,492 38,816 4,932,988 6,940,241 86%2,341,897 49 TOTAL RECEIPTS 992,512 38,817 5,118,434 2,703,37550 51 EXPENDITURES - TIF 52 Construction 53 Palladium Construction/Retention and Legal 85,417 62,164 340,608 1,422,515 98%1,100,000 54 Contingency Fund 0 0 590,000 100%0 590,000 55 Parcel 73 Streetscape Site Engineering 1,324 0 5,491 110%(480)5,011 56 Mezz Building Site Engineering 0 0 8,888 84%10,624 57 3rd Avenue and Monon Connecting Path Engineering 2,217 1,010 7,042 28%24,900 58 Monon Trail Work Engineering 458 1,018 8,644 33%24,900 59 Park Work at Monon Engineering 0 1,305 1,305 5%24,900 60 Duke Relocation at Pedcor Engineering 0 0 2,900 33%8,900 61 Parcel 73 Streetscape 0 0 196,333 196,333 0%100,000 62 Miscellaneous Construction 0 0 - 0%20,000 63 City Center Electric Utility Relocation & Expansion 0 0 - 0%250,000 64 Mezz Building Site Construction 0 0 29,931 29,931 0%310,000 65 Project Professional Fees 66 Legal Fees 34,294 110,225 36,998 354,639 163%(159,639) 195,000 67 Architecture/Engineering Fees 0 325 2,657 2,982 3%10,000 68 Accounting Fees 5,229 5,251 3,860 89,492 95%90,000 69 Miscellaneous Professional Fees 0 0 - 0%20,000 70 Bond and Trustee Fees 500 0 3,194 29,537 70%37,684 71 Transfer to Supplemental Reserve Fund 201,022 785,481 52%1,119,000 72 TOTAL EXPENDITURES - TIF 129,438 181,298 814,603 3,535,181 69%3,940,919 73 74 EXPENDITURES - NON TIF 75 Projected Reimbursement of Department Expenses 0 0 41,817 41,817 0%104,246 76 Sophia Square Garage Expenses (2013)0 0 119,441 428,975 100%(119,441)309,534 77 Miscellaneous Expenditures 14,874 0 588 30,686 82%36,707 78 TOTAL EXPENDITURES - NON TIF 14,874 0 161,846 501,478 75%450,487 79 TOTAL EXPENDITURES 144,313 181,298 976,449 4,036,659 80 81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 1,325,291 1,182,810 5,324,795 $5,324,337 $99,165 82 ENDING BALANCE WITH RESTRICTED FUNDS $3,213,483 $3,707,462 $9,154,768 $9,154,311 $2,518,165 A -1- Date Amount Source Description 11/1/2014 26,921.64 City of Carmel Energy payment - Palladium, City Hall, Police Department, Fire Department (November) 11/7/2014 10,461.50 REI Energy payment - Tarkington and Office Building One (October) 11/26/2014 1,400.00 Bank of New York Mellon Reimbursement from BONY for Parkwood defeasance fees paid to LWG Total $38,783.14 Carmel Redevelopment Commission 902 Fund Non-TIF Revenue November 2014