The URL can be used to link to this page

Home My WebLink About012315 Commissioners Packet CARMEL REDEVELOPMENT COMMISSION AGENDA FRIDAY, JANUARY 23, 2015 – 8:30 A.M. COUNCIL CHAMBERS/ CITY HALL/ONE CIVIC SQUARE MEETING CALLED TO ORDER 1. PLEDGE OF ALLEGIANCE 2. ELECTION OF OFFICERS 3. APPROVAL OF MINUTES a. December 17, 2014 4. 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 5. EXECUTIVE DIRECTOR REPORT 6. COMMITTEE REPORTS a. Finance Committee b. Architectural Review Committee 7. UPDATE ON PROPERTIES 8. OLD BUSINESS 9. NEW BUSINESS a. Action Item #2: Approval of construction contract for the Reflecting Pond repairs b. Action Item #3: Approval of grant to the City of Carmel for Redevelopment Department expenditures 10. OTHER BUSINESS 11. EXECUTION OF DOCUMENTS NEXT REGULAR MEETING: Wednesday, February 18, 2015, 6:30 p.m. 12. ADJOURNMENT 1 CARMEL REDEVELOPMENT COMMISSION January 23, 2015 – 8:30 a.m. Council Chambers, Second Floor, Carmel City Hall Commissioners’ Notes Discussion Matter Call to Order 1. Pledge of Allegiance 2. Election of Officers 3. Approval of Minutes a. December 17, 2014 4. Financial Matters a. Cash Flow Report  The EOM December balance: o Cash - $5,030,468 o Cash and Restricted Funds - $8,860,531 b. Update on Outstanding Receivables c. Approval of Claims The invoices submitted for approval by category are as follows:  Non- operating Expenses: $112,335.34  PAC Construction Fund: $46,466.62 d. Special Matter i. Action Item #1: Approval of Change Orders 5. Executive Director Report 6. Committee Reports a. Updates, if applicable, will be presented by the committees at the meeting. Requirements: None at this time. 7. Update on Properties (other than negotiation and litigation matters) a. Please see the attached document for the CRC project updates. 8. Old Business 9. New Business a. Action Item #2: Approval of construction contract for the Reflecting Pool repairs 2 b. Action Item #3: Approval of grant to the City of Carmel for Redevelopment Department expenditures 10. Other Business 11. Execution of Documents a. Next Regular Meeting, Wednesday, February 18, 2015, 6:30 p.m. 12. Adjournment PROJECT UPDATES December 19, 2014 CRC Report for January 5, 2015 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 Park East Holland Playfair Baldwin/ Chambers PROJECT UPDATES December 19, 2014 CRC Report for January 5, 2015 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 95% of the total 79,570 in LSF. The remaining 5% (the old Mangia and Holy Cow) of unleased space have future tenants for them, and are working through the space planning process. A new Irish pub will be locating in the space next to Matt the Millers on the Rangeline side. Pedcor anticipates to be 100% leased in 2015. • Nash Building/ Parcel 73 1) Project Status – under construction a) The Nash underground parking garage is 99% complete (completing punch list). Balcony, masonry, & EFIS work continues on the exterior (about 80% complete). The project is on budget, with an anticipated completion date of January 2015. 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 December 19, 2014 CRC Report for January 5, 2015 City Council Meeting Page | 7 c) CRC Commitment Schedule Design % Complete 100% Construction Start Date October 2014 Anticipated Project Completion March 2015 (landscape to be completed in early Spring 2015) • Phase 2 1) Project Status – designs are schematic and construction has not started. a) Engineering will begin on the buildings proposed to begin construction in 2015. b) Schematic drawings for Park East, Baldwin/Chambers, Veteran’s Way extension, and the site will be submitted to the CRC Architectural Review Committee by year-end. The Architectural Review Committee will review in January. 2) Proposed Construction/Use Sequence PROJECT USE PROJECT START DATE DESIGN RENDERINGS PROVIDED BY PEDCOR Garage Park East A four-story parking structure with no less than 620 parking spaces, which will include up to approximately 28,000 square feet of commercial retail/office space. Design Q1 2015 Construction Q2 2016 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 December 19, 2014 CRC Report for January 5, 2015 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 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Reallocation of Carmel Downtown Economic Development Area Approved, 12/15 January, hold a public hearing to establish the new allocation areas and then adopt a Confirmatory Resolution. TIF Bond request Approved, 12/15 January, adopt the final Bond Resolution. PROJECT UPDATES December 19, 2014 CRC Report for January 5, 2015 City Council Meeting Page | 9 4) CRC Commitments An overview of commitments have been uploaded to the CRC website. a) The CRC commits to publicly bid a four-story parking garage with not less than 620 parking spaces. b) The CRC commits to coordinate any significant site plan changes requested by Pedcor with City Council. 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: A fitness company, Anderson Birkla Figure 2 Image provided by Anderson Birkla PROJECT UPDATES December 19, 2014 CRC Report for January 5, 2015 City Council Meeting Page | 10 • Anticipated Project Schedule Office Move In March, 2015 Residential Move In March, 2015 Project complete March 31, 2015 • Mezz Building (3rd Avenue) 1) Project Status – under construction a) Drywall is going in. b) Permanent power is scheduled to be provided by year’s end. c) Switch Gear has not been relocated by Duke Energy. Scheduled to be relocated in January. • Monon Lofts Building (Monon side) 1) Project Status – under construction c) Drywall has been installed. d) First-floor tenant finish beginning. e) Permanent power is scheduled to be provided by year’s end. 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 February-March ‘15. Calumet Civil Contractors. Utility Relocation $250,000 Invoices are expected to be paid in Jan-March 2015. PROJECT UPDATES December 19, 2014 CRC Report for January 5, 2015 City Council Meeting Page | 11 Site Construction $ 242,979 (site work) Invoices are expected to be paid November-January ‘15. Midwest Constructors. 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 December 19, 2014 Prepared for David Bowers and Brad Meyer -One Enclosure- CRC Meeting, December 17, 2014 1 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. CRC Meeting, December 17, 2014 2 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 CRC Meeting, December 17, 2014 3 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, 3rd 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 areas. Old Business Mrs. Meyer stated there is an Old Business item still outstanding regarding approval of a resolution that accepts property off of 1st 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. CRC Meeting, December 17, 2014 4 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. 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 ) Ja n u a r y 2 0 1 5 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 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 7 0 5 0 1 / 0 9 / 1 5 1 , 4 2 5 . 7 5 $ g e n e r a l l e g a l s e r v i c e s f o r N o v e m b e r a n d December 2014 Su b - t o t a l : L e g a l F e e s 1, 4 2 5 . 7 5 $ 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 5 0 1 0 1 / 0 1 / 1 5 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 December 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 $ G e n e r a l I n s u r a n c e Hy l a n t 67 9 6 4 , 6 8 0 1 3 , 6 8 0 1 6 1 2 / 3 0 / 1 4 3 0 0 . 0 0 $ 2 0 1 5 P O B b o n d f o r t h r e e c o m m i s s i o n e r s Su b - t o t a l : G e n e r a l I n s u r a n c 30 0 . 0 0 $ E l e c t r i c i t y Du k e E n e r g y 17 1 5 - 1 , 1 6 1 5 - 1 , 1 6 1 5 - 2 1/ 6 / 1 5 a n d 1 / 7 / 1 5 49 5 . 2 9 $ el e c t r i c i t y f o r 4 5 7 3 r d A v e S W , 3 5 E M a i n S t a n d 2 6 E Main St Su b - t o t a l : E l e c t r i c i t y 49 5 . 2 9 $ W a t e r a n d S e w e r Ca r m e l U t i l i t i e s 22 1 5 - 1 02 / 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 Su b - t o t a l : W a t e r a n d S e w e r 47 0 . 1 3 $ To t a l : 4 0 0 12 , 0 2 4 . 5 0 $ 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 L 0 1 2 1 9 7 5 5 9 3 0 1 / 0 5 / 1 5 3 0 . 0 1 $ 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 1 $ E q u i p m e n t R e n t a l & L e a s i n g 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 9 9 1 4 2 9 a n d 6 1 8 6 9 2 5 2 12 / 7 / 1 4 a n d 1 / 4 / 1 5 1 , 3 3 9 . 6 3 $ c o p i e r r e n t Pi t n e y B o w e s 85 3 7 2 0 2 - D C 1 4 1 2 / 1 3 / 1 4 1 6 2 . 0 0 $ p o s t a g e m e t e r r e n t Su b - t o t a l : E q u i p m e n t R e n t a l & L e a s i n g 1, 5 0 1 . 6 3 $ To t a l : 5 0 0 1, 5 3 1 . 6 4 $ To t a l E x p e n d i t u r e s : 13 , 5 5 6 . 1 4 $ Pa g e 1 Operating cover sheet January 2015 NO N O P E R A T I N G I N V O I C E S Ja n u a r y 2 3 , 2 0 1 5 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 V i l l a g e F i n a n c i a l S e c o n d a r y I P C Vi l l a g e F i n a n c i a l , L L C 17 1 5 - 1 0 1 / 0 7 / 1 5 6 1 , 3 3 7 . 3 1 $ J a n u a r y 2 0 1 5 i n t e r e s t p a y m e n t o n S I C N u m b e r One Su b - t o t a l : V i l l a g e F i n a n c i a l S e c o n d a r y I P C 61 , 3 3 7 . 3 1 $ To t a l : B o n d s 61 , 3 3 7 . 3 1 $ 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 Ba r n e s & T h o r n b u r g 1 7 3 2 4 9 5 a n d 1 7 3 2 4 9 4 1 1 / 2 5 / 1 4 1 , 5 5 1 . 50 $ l e g a l s e r v i c e s r e g a r d i n g M i d t o w n a n d g e n eral matters Ba r n e s & T h o r n b u r g 17 4 1 0 7 9 1 2 / 2 2 / 1 4 4 , 1 4 6 . 9 0 $ l e g a l s e r v i c e s f o r P e d c o r D e v e l o p m e n t F i nancing W a l l a c k S o m e r s & H a a s se e l i s t 0 1 / 0 9 / 1 5 3 8 , 1 7 9 . 6 3 $ No v e m b e r a n d D e c e m 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 ous parcels Su b - t o t a l : L e g a l F e e s 43 , 8 7 8 . 0 3 $ A c c o u n t i n g F e e s Br a d l e y L . S t e d m a n , L i m i t e d 4 1 7 4 0 9 / 3 0 / 1 4 4 3 5 . 0 0 $ f i n a n c i a l a n d a c c o u n t i n g s e r v i c e s f o r CFP Carmel Mi c h a e l L e e 20 1 5 0 1 0 1 / 0 1 / 1 5 3 , 3 9 0 . 0 0 $ f i n a n c i a l s e r v i c e s f o r D e c e m b e r 2 0 1 4 Lo n d o n W i t t e G r o u p 27 6 4 8 1 1 / 3 0 / 1 4 2 , 3 4 5 . 0 0 $ f i n a n c i a l a n d a c c o u n t i n g s e r v i c e s f o r N o vember 2014 Su b - t o t a l : A c c o u n t i n g F e e s 6, 1 7 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 50 , 0 4 8 . 0 3 $ Bo n d a n d T r u s t e e F e e s Hu n t i n g t o n N a t i o n a l B a n k A O 6 6 6 5 - 4 0 8 7 0 0 0 9 8 6 1 2 / 3 0 / 1 4 3 0 0. 0 0 $ A n n u a l f e e f o r 2 0 1 3 I l l i n o i s S t r e e t B ond Construction Account Hu n t i n g t o n N a t i o n a l B a n k A O 6 6 6 5 - 4 0 8 4 0 0 0 3 4 0 1 2 / 3 0 / 1 4 3 5 0. 0 0 $ A n n u a l f e e f o r 2 0 1 3 I l l i n o i s S t r e e t B ond Hu n t i n g t o n N a t i o n a l B a n k A O 6 6 6 5 - 4 0 8 7 0 0 0 9 9 5 1 2 / 3 0 / 1 4 3 0 0. 0 0 $ A n n u a l f e e f o r 2 0 1 3 I l l i n o i s S t r e e t B ond Debt Service Reserve 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 95 0 . 0 0 $ To t a l E x p e n d i t u r e s : 11 2 , 3 3 5 . 3 4 $ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ B o b D a l z e l l , M e m b e r Ap p r o v e d J a n u a r y 2 3 , 2 0 1 5 A p p r o v e d Ja n u a r y 2 3 , 2 0 1 5 A p p r o v e d J a n u a r y 2 3 , 2 0 1 5 A p p r o v e d J a n u a r y 2 3 , 2 0 1 5 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _______ 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 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 Ap p r o v e d J a n u a r y 2 3 , 2 0 1 5 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 J a n u a r y 2 0 1 5 DI S B U R S E M E N T O F P A C F U N D S Ja n u a r y 2 0 1 5 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 Kr i e g D e V a u l t P A C c l a i m s i n v o i c e 4 0 0 3 0 4 f o r N o v e m b e r 22,439.33 Wa l l a c k S o m e r s a n d H a a s P A C i n v o i c e 1 0 9 1 5 - 1 f o r l e g a l w o r k d o n e i n N o v e m b e r a n d D e c e m b e r 2 0 1 4 625.50 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 1 4 0 8 0 2 1 f o r A u g u s t 2 0 1 4 10,582.60 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 1 4 0 9 2 6 f o r S e p t e m b e r 2 0 1 4 5,220.00 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 1 4 1 0 0 2 0 f o r O c t o b e r 2 0 1 4 3,015.00 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 1 4 1 1 0 1 8 f o r N o v e m b e r 2 0 1 4 2,385.00 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 e x p e n s e s in v o i c e D 0 4 0 6 1 4 0 1 3 1,839.33 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 e x p e n s e s in v o i c e D 0 4 0 2 1 4 0 1 1 172.60 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 e x p e n s e s in v o i c e D 0 4 1 4 0 8 0 2 2 62.82 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 e x p e n s e s in v o i c e D 0 4 1 4 0 9 2 7 124.44 To t a l I n v o i c e s S u b m i t t e d 46,466.62$ Ap p r o v e d J a n u a r y 2 3 , 2 0 1 5 A p p r o v e d J a n u a r y 2 3 , 2 0 1 5 A p p r o v e d J a n u a r y 2 3 , 2 0 1 5 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ 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 J e f f W o r r e l l , M e m b e r Ap p r o v e d J a n u a r y 2 3 , 2 0 1 5 A p p r o v e d J a n u a r y 2 3 , 2 0 1 5 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ W i l l i a m B r o o k s , M e m b e r B o b D a l z e l l , M e m b e r Carmel Redevelopment Commission Annual Budget Summary Update as of 12/31/14 Reference B C D E F G 1 ActualActual Amended % CompleteVariance ofRevised Budget 2 November December Total Approved Approved 3 Projections Budget6/18/2014 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $1,325,291$1,182,810 5 6 RESTRICTED FUNDS BALANCE 7Energy Center Consumption Reserve Balance 500,000500,000 500,000 500,000 8Interest for Energy Center Consumption Reserve 1,7491,760 1,749 9Parcel 7C Tenant Rent Reserve Balance 800,000800,000 800,000 800,000 10Interest for Parcel 7C Tenant Rent Reserve 1,8511,870 1,851 11Supplemental Reserve Fund Balance 1,220,848 2,526,168 2,526,168 1,119,000 12Interest for Supplemental Reserve Fund 205 264 205 13 Total Restricted Funds Balance 2,524,653 3,830,063 3,829,973 2,419,000 14 15 BEGINNING BALANCE WITH RESTRICTED FUNDS 3,849,9445,012,872 16 17 TRANSFERS FROM RESTRICTED FUNDS 18Transfer from Energy Center Consumption Reserve 500,000 500,000 19Transfer from Parcel 7C Tenant Rent Reserve 200,000 200,000 20 Total Transfers From Restricted Funds 700,000 700,000 21 22 RECEIPTS - TIF 23Interest 1 1 607 289%397 210 24Net Increment 25TIF Revenue, Net of Developer Pass Through 08,960,287 17,766,140 101%17,532,007 26One-time Merchants Square Bond Defeasance Funds 00 565,281 100%0 565,281 27Nash PIATT Payments (December 2013 and June 2014)047,136 123,358 162%47,137 76,221 28Village Financial Secondary IPC 00 (142,409) 52%(276,210) 292006 COIT Refunding Bond 0(479,534)(963,761) 100%(963,761) 30Certificates of Participation, Series 2010C (Energy Center)0(682,575)(2,048,538) 100%(2,048,538) 31Illinois Street Bond 0(456,470)(1,367,685) 100%(1,367,685) 322013 Illinois Street Bond 0(110,013)(244,472) 100%(244,472) 332005 PAC Lease 0(2,328,000)(4,656,000) 100%(4,656,000) 342012 Lease 0(4,622,000)(13,126,000) 100%(13,126,000) 35 Net Increment after Debt Service and Developer Pass Through 1 328,833 (4,093,479) 91%(4,509,157) 36 TOTAL RECEIPTS - TIF 1328,833 (4,093,479) (4,509,157) 37 38 RECEIPTS - NON TIF 39Interest 33 116 788 286%512 276 40Energy Payments 26,92226,922 323,060 100%323,060 412013 and 2014 REI Energy Payments 10,4620 167,384 155%59,485 107,899 424CDC Grants 0131,157 338,000 100%337,909 43Civic Rent 0225,000 225,000 113%200,000 44Keystone Group, LLC Receivable (Bond Enhancement) 201300 172,753 100%0 172,753 45Keystone Group, LLC Receivable (Bond Enhancement) 201400 - 0%200,000 46Sale of Buildings - Projected 00 1,019,885 102%19,885 1,000,000 47 Miscellaneous Receipts 1,400 4,350,000 4,493,579 0%0 48 TOTAL RECEIPTS - NON TIF 38,816 4,733,195 6,740,448 288%2,341,897 49 TOTAL RECEIPTS 38,817 5,062,028 2,646,96950 51 EXPENDITURES - TIF 52Construction 53Palladium Construction/Retention and Legal 62,164480,463 1,562,370 142%1,100,000 54Contingency Fund 00 590,000 100%0590,000 55Parcel 73 Streetscape Site Engineering 00 5,491 110%(480)5,011 56Mezz Building Site Engineering 00 8,888 84%10,624 573rd Avenue and Monon Connecting Path Engineering1,0100 7,042 28%24,900 58Monon Trail Work Engineering 1,0180 8,187 33%24,900 59Park Work at Monon Engineering 1,3050 1,305 5%24,900 60Duke Relocation at Pedcor Engineering 00 2,900 33%8,900 61Parcel 73 Streetscape 0196,333 196,333 196%100,000 62Miscellaneous Construction 00 - 0%20,000 63City Center Electric Utility Relocation & Expansion 00 - 0%250,000 64Mezz Building Site Construction 029,931 29,931 10%310,000 65Project Professional Fees 66Legal Fees 110,22550,904 368,546 189%(173,546) 195,000 67Architecture/Engineering Fees 3252,657 2,983 30%10,000 68Accounting Fees 5,251130,530 216,162 240%90,000 69Miscellaneous Professional Fees 00 - 0%20,000 70Bond and Trustee Fees 02,500 28,843 77%37,684 71 Transfer to Supplemental Reserve Fund 201,022 785,481 70%1,119,000 72 TOTAL EXPENDITURES - TIF 181,298 1,094,340 3,814,461 97%3,940,919 73 74 EXPENDITURES - NON TIF 75Projected Reimbursement of Department Expenses 00 - 0%104,246 76Sophia Square Garage Expenses (2013)0119,441 428,975 139%(119,441)309,534 77 Miscellaneous Expenditures 0 588 30,686 84%36,707 78 TOTAL EXPENDITURES - NON TIF 0 120,029 459,661 102%450,487 79 TOTAL EXPENDITURES 181,298 1,214,370 4,274,122 80 81 ENDING BALANCE WITHOUT RESTRICTED FUNDS 1,182,810 5,030,468 $5,030,468 $99,165 82 ENDING BALANCE WITH RESTRICTED FUNDS $3,707,462 $8,860,531 $8,860,442 $2,518,165 A -1- Carmel Redevelopment Commission Budget Year 2015 Monthly Projections Reference B C D E Reference 1 PROJECTED 1 2 January Total % Complete 2015 Budget 2 3 Projections 3 4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $5,030,468 4 5 5 6 RESTRICTED FUNDS BALANCE 6 7 Energy Center Consumption Reserve Balance 500,000 500,000 7 8 Interest for Energy Center Consumption Reserve 1,760 1,760 8 9 Civic Rent Reserve Balance 800,000 800,000 9 10 Interest for Civic Rent Reserve 1,870 1,870 10 11 Supplemental Reserve Fund Balance 2,526,168 4,453,988 11 12 Interest for Supplemental Reserve Fund 264 264 12 13 Total Restricted Funds Balance 3,830,062 5,757,882 13 14 14 15 BEGINNING BALANCE WITH RESTRICTED FUNDS 8,860,530 15 16 16 17 TRANSFERS FROM RESTRICTED FUNDS 17 18 Transfer from Energy Center Consumption Reserve 18 19 Transfer from Civic Rent Reserve 19 20 Total Transfers From Restricted Funds 20 21 21 22 RECEIPTS - TIF 22 23 Interest - 23 24 Net Increment 18,029,910 24 25TIF Revenue, Net of Developer Pass Through 18,039,818 0%18,029,91025 26 Certificates of Participation, Series 2010C (1,363,619) 0%(1,363,619)28 27 Illinois Street Bond (913,169) 0%(913,169)29 28 2013 Illinois Street Bond (220,025) 0%(220,025)30 29 2005 and 2014 PAC Lease (5,653,000) 0%(5,653,000)31 30 2012 Lease (9,962,000) 0%(9,962,000)32 31 Net Increment after Debt Service and Developer Pass Through - (71,995) 0%(81,903)33 32 TOTAL RECEIPTS - TIF (71,995)0%(81,903) 34 33 35 34 RECEIPTS - NON TIF 36 35 Interest - 37 36 Energy Consumption Payments 26,922 323,060 0%323,060 38 37 REI Energy Payments (2015)20,923 136,000 0%125,538 39 38 4CDC Grants 400,000 0%400,000 40 39 Civic Rent 250,000 0%250,000 41 40 Keystone Group, LLC Receivable (Bond Enhancement) 2014 190,092 0 42 41 Keystone Group, LLC Receivable (Bond Enhancement) 2015 200,000 0%200,000 43 42 Sale of Real Property 0 44 43 Miscellaneous Receipts 0 0 45 44 TOTAL RECEIPTS - NON TIF 47,845 1,499,151 1,298,598 46 45 TOTAL RECEIPTS 47,845 1,427,157 1,216,695 47 46 48 47 EXPENDITURES - TIF 49 48 Project Professional Fees 50 49 Legal Fees 90,345 588,000 0%588,000 51 50 Architecture/Engineering Fees 10,000 0%10,000 52 51 Accounting Fees 6,170 31,450 0%31,450 53 52 Miscellaneous Professional Fees 30,000 0%30,000 54 53 Construction 55 54 Mezz Building Site Construction 334,306 0%334,306 56 55 Mezz Utility Relocation 250,000 0%250,000 57 56 Nash Streetscape 48,335 0%48,335 58 57 Capital Improvement Projects 1,000,000 0%1,000,000 59 58 Bond and Trustee Fees 950 22,922 0%22,922 60 59 Transfer to Supplemental Reserve Fund (PAC Bond Savings not transferred in 2015 as per RDA)- 61 60 TOTAL EXPENDITURES - TIF 97,465 2,315,013 2,315,013 62 61 63 62 EXPENDITURES - NON TIF 64 63 Village Financial Secondary IPC 61,337 141,291 0%79,954 26 64 2006 COIT Refunding Bond 959,243 0%959,243 27 65 Reimbursement of Actual Expenditures for Redevelopment Department 524,665 0%524,665 65 66 Sophia Square Garage Expenses 300,000 0%300,000 66 67 Miscellaneous Expenditures 833 10,000 0%10,000 67 68 TOTAL EXPENDITURES - NON TIF 62,171 1,935,199 0%1,873,862 68 69 TOTAL EXPENDITURES 159,635 4,250,212 0%4,188,875 69 70 ENDING BALANCE WITHOUT RESTRICTED FUNDS 4,918,677 2,207,413 0%$2,058,289 70 71 ENDING BALANCE WITH RESTRICTED FUNDS $8,748,739 $6,457,625 71 A Date Amount Source Description 12/1/2014 26,921.64 City of Carmel Energy payment - Palladium, City Hall, Police Department, Fire Department (December) 12/15/2014 47,136.32 Pedcor Nash PIATT payment for December 2014 12/24/2014 131,157.00 4CDC 4CDC grant 12/30/2014 2,450,000.00 Westfield InsurancePAC dome settlement 12/30/2014 1,000.00 Creviston PAC dome settlement 12/30/2014 300,000.00 SS&E PAC dome settlement 12/30/2014 799,000.00 CNA-Creviston PAC dome settlement 12/30/2014 800,000.00 CNA-LHB PAC dome settlement 12/31/2014 225,000.00 Civic Theater 2014 Civic rent Total $4,780,214.96 Carmel Redevelopment Commission 902 Fund Non-TIF Revenue December 2014