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HomeMy WebLinkAboutCRC-11-19-14 CRC Meeting,November 19, 2014 CARIVIEL RE!I EVELOPMENT 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 L: 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, Vomehm 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. 1 CRC Meeting,November 19, 2014 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 COLT 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. 2 CRC Meeting,November 19, 2014 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 3`d 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. 3 CRC Meeting,November 19, 2014 Discussion ensued. Mr. Hammer asked for confirmation that these bonds are paid from CO1T funds and are not part of TIF. Mr. Donaldson stated,they are paid solely from CO1T 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: lntergovernmental,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. 4