CRC-12-17-14 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
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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
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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
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CRC Meeting, December 17, 2014
CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday,
December 17, 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
President Bill Hammer called the meeting to order at 6:40 p.m.
The Pledge of Allegiance was said.
Approval of Minutes
November 19, 2014: Mr. Worrell moved to approve, seconded by Mr. Brooks. Passed
unanimously.
Mr. Hammer noted this was Mr.Phillips' and Mr. Meyer's last meeting and thanked them for
their service on the Commission over the years.
Financial Matters
Mr. Lee stated the end of month November balance of the Commission totaled $1,182,810 and
$3,707,462 with restricted funds.
Mr. Lee stated approximately$200,000 more was received than anticipated for the December TIF
distribution settlement.
Mr. Lee gave an update on outstanding receivables.
Approval of 2015 Budget
Mrs. Meyer outlined the budget preparation process. Mrs. Meyer noted the budget was presented
to City Council at their December 15 meeting.
Mr. Lee outlined the budget, including the beginning balance, TIF projections, non-TIF receipts,
expenditures and projected year-end balance. Mr. Lee noted there would be no draw on either of
the two reserves that have been drawn upon the past couple of years.
Mrs.Meyer discussed the range of projects obligated and in consideration for 2015 relating to the
capital improvement budget. Mrs. Meyer also discussed the $300,000 over performance of 2014
TIF revenue as well as the non-TIF revenue received.
Discussion ensued. Mrs. Meyer stated there will be $8.1 million at the end of 2015, with $5.7
million set aside for reserves. Mr. Bowers noted the budget is fluid to allow management of cash
flow to stay within the budget amount allocated.
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CRC Meeting, December 17, 2014
Mr. Hammer stated the budget reflects amounts going into reserve and that the reserves continue
to grow. Mr. Hammer noted this budget does not suggest a special benefits tax will be needed for
2015 nor do the five year projections.
Mr. Bowers moved to approve the Carmel Redevelopment Commission's 2015 budget as
presented and subject to the final review and comments of City Council. Seconded by Mr.
Worrell and unanimously approved.
Approval of Claims
Mr. Lee requested the Commission approve non-operating claims in the amount of$8,732,936.59
and noted that the majority of the amount is for bond payments due in December and January.
Mr. Lee also requested the Commission's direction regarding an invoice forwarded from the
Clerk-Treasurer's office.
Mr. Worrell moved to approve payment of non-operating invoices in the amount of
$8,591,366.09. Discussion ensued. Mrs. Meyer stated that staff had received two invoices that
were added since a previous claims sheet amount was distributed. Mrs. Meyer stated this was in
order to accommodate and close out the year end.
Mr. Worrell amended his motion to reflect the approval amount of$8,732,936.59. Seconded by
Mr. Brooks and passed unanimously.
Mr. Lee requested the Commission approve PAC construction fund claims in the amount of
$405,463.04. Brief discussion ensued.
Mr. Bowers moved to approve payment of PAC funds in the amount of$405,463.04, seconded by
Mr. Brooks.
Discussion ensued regarding adding the settlement payment due to Crider&Crider in the amount
of$75,000.
Mr. Bowers amended his earlier motion to $480,463.04 to pay the Crider&Crider bill in full and
remove it from the 2015 budget. Seconded by Mr. Brooks.
Discussion ensued. Mr. Hammer called for the vote on the amended motion. Approved
unanimously.
Mrs. Meyer gave background on a claim sent to the CRC by the Clerk-Treasurer's office. Mrs.
Meyer stated that Barnes & Thornburg serves the entire City and different departments and that,
throughout the past couple months, they have been available to whoever calls. During this
timeframe, either the Clerk-Treasurer's office or the Council had called Barnes& Thornburg with
questions in regards to the Redevelopment Department and Commission. Barnes& Thornburg
billed their time to the person that called,therefore their bill was sent to the Clerk-Treasurer's
office who then forwarded it to the Commission. Mrs. Meyer requested direction on how the
Commission would like to proceed since it is not a direct invoice.
Discussion ensued.
Mr. Hammer requested Mrs. Meyer speak with Barnes&Thornburg to determine the nature of
the work completed and what questions were asked. It was also determined that Mr.Hammer and
Mrs. Meyer would communicate with the Clerk-Treasurer's office that, in the future when these
situations arise, the Commission needs to know it is occurring in order to keep tight control on the
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CRC Meeting, December 17, 2014
budget. Mr. Hammer requested these items be completed and a report provided at the next
meeting and the Commission would then determine the appropriate way to move forward.
Approval of Change Orders
Mr. Lee presented a change order for approval relating to site work at The Mezz.
Discussion ensued.
Mr. Bowers moved to approve the change order for The Mezz site work project per State Board
of Accounts requirements in the amount of$1,500, payable from 902 funds. Seconded by Mr.
Worrell and approved unanimously.
Executive Director Report
Mrs.Meyer noted that staff is working on a 2014 year-end report that will be distributed in
January.
Mrs. Meyer gave updates regarding the SS&E settlement, 3`d Ave site, property management
contract with REI, Shapiro's closing documents and the bi-weekly meetings with the Clerk-
Treasurer.
Mrs. Meyer also noted that American Structurepoint has performed their contractual obligations
relating to the Nash and the Mezz and that staff will be sending them a letter stating they have
completed their scope of work and thanking them for their services.
Committee Reports
Mr. Bowers stated there was nothing additional to report from the Finance Committee other than
what was already covered within the budget approval action item.
Mr. Worrell stated the Architectural Review committee met with all City department heads and
discussed City Center Phase II. Mr. Worrell stated the next meeting will be held on the second
Tuesday of the month at 4 p.m.
Update on Properties
Mrs.Meyer gave an update on The Mezz,Nash and City Center projects.
Mrs. Meyer noted that City Council approved the three resolutions that were before them in
regards to City Center relating to designation of the$20 million bond and the TIF reallocation TM.
areas.
Old Business
Mrs. Meyer stated there is an Old Business item still outstanding regarding approval of a
resolution that accepts property off of 1 S`Ave transferred to the CRC from City Council. Mrs.
Meyer stated this item is still in Council committee for approval and will come before the
Commission after their approval.
New Business
CRC Appointment to the 4CDC
Mrs. Meyer gave background on this item and stated the CRC wishes to reappoint Ron Carter to
the 4CDC board for a one-year term.
Mr. Brooks moved for approval, seconded by Mr. Worrell. Approved unanimously.
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CRC Meeting, December 17, 2014
Sale of Surplus Palladium Equipment
Mr. Hammer stated this action item relates to certain equipment over at the Palladium. Mr.
Hammer stated they are still in the process of doing research with regard to this item and
requested a motion to strike this item from the agenda and bring it back at the appropriate time
once the research is completed.
Mr. Worrell moved to strike the item from the agenda, seconded by Mr. Brooks. Passed
unanimously.
Other Business
Mr. Hammer thanked members of the Commission, staff and consultants for their work this past
year.
Adjournment
Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded
by Mr. Worrell. The meeting was adjourned at 7:58 p.m.
The next regularly scheduled meeting is Wednesday,January 21, 2015. [This meeting was later
rescheduled to Friday,January 23, 2015.]
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.
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