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HomeMy WebLinkAbout01-05-2015 0"00 110,E.PA _sLL City of Carmel '' -iiii//!!!1011} Office the COMMON COUNCIL Clerk-Treasurer MEETING AGENDA MONDAY, JANUARY 5, 2015 - 6:00 P.M. COUNCIL CHAMBERS/CITY HALL/ONE CIVIC SQUARE MEETING CALLED TO ORDER 1. INVOCATION 2. PLEDGE OF ALLEGIANCE 3. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS 4. APPROVAL OF MINUTES a. December 15, 2014 Regular Meeting b. December 18, 2014 Special Meeting 5. RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL 6. COUNCIL, MAYORAL AND CLERK-TREASURER COMMENTS/OBSERVATIONS 7. ACTION ON MAYORAL VETOES 8. CLAIMS a. Payroll - $1,406,993.23 b. General Claims - $1,227,488.00 c. Retirement 9. COMMITTEE REPORTS a. Finance, Administration and Rules Committee b. Land Use, Annexation and Economic Development Committee c. Parks, Recreation and Arts Committee d. Utilities, Transportation and Public Safety Committee e. Report from the Carmel Redevelopment Commission ONE CIVIC SQUARE CARMEL,INDIANA 46032 317/571-2414 1 10. OLD BUSINESS • a. Third Reading of Ordinance D-2190-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Amending Carmel City Code Section 8-120 (Specific Locations of Stop & Yield Intersections Designated) and its "Schedule A; Sponsor(s): Councilor(s) Finkam, Carter and Rider. Remains in the Utilities, Transportation and Public Safety Committee. b. Third Reading of Ordinance D-2198-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Adding Chapter 2, Article 5, Section 2-188 (Historic Preservation for the City of Carmel) (b)(9) to the Cannel City Code; Sponsor(s): Councilor(s) Carter and Finkam. Remains in the Finance, Administration and Rules Committee. c. Third Reading of Ordinance D-2199-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Amending Chapter 3, Article 1, Division II, Section 3-18 (Order of Business) of the Cannel City Code; Sponsor(s): Councilor(s) Carter and Finkam. Remains in the Finance, Administration and Rules Committee. d. Second Reading of Ordinance D-2201-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Amending Chapter 3, Article 1, Division II, Section 3-15(a)(4) (Clerk of the Council) of the Carmel City Code; Sponsor(s): Councilor(s) Finkam, Carter and Rider. Remains in the Finance, Administration and Rules Committee. e. Resolution CC-11-17-14-01; A Resolution of the Common Council of the City of Carmel, Indiana, Regarding an Intergovernmental Transfer of Real Property Interest (130 1st Avenue SW); Sponsor(s): Councilor(s) Snyder and Rider. Remains in the Land Use, Annexation and Economic Development Committee. 11. PUBLIC HEARINGS a. First Reading of Ordinance Z-599-15; An Ordinance of the Common Council of the City of Cannel, Indiana, Establishing the Midtown Cannel (Located between the Monon Trail and Rangeline Road;) Planned Unit Development District; Sponsor(s): Councilor(s) Seidensticker, Finkam, Rider and Snyder. 12. NEW BUSINESS a. Resolution CC-O1-05-15-01; A Resolution of the Common Council of the City of Carmel, Indiana, Amending the Contract with the Carmel Professional Firefighters Association (Local 4444); Sponsor(s): Councilor(s) Carter and Finkam. b. Resolution CC-O1-05-15-02; A Resolution of the Common Council of the City of Cannel, Indiana, Amending the Contract with the Carmel Fraternal Order of Police (Lodge 185); Sponsor: Councilor Seidensticker. 13. OTHER BUSINESS 2 14. ANNOUNCEMENTS 15. EXECUTION OF DOCUMENT 16. ADJOURNMENT 01/03!1;1 CC M eeting Agenda 3 , COMMON COUNCIL MEETING MINUTES MONDAY, JANUARY 5, 2015 - 6:00 P.M. COUNCIL CHAMBERS/CITY HALL/ONE CIVIC SQUARE MEMBERS PRESENT: Mayor James Brainard, Council President Richard L. Sharp, Council Members Sue Finkam, Carol Schleif, W. Eric Seidensticker, Luci Snyder, Ronald E. Carter, Kevin D. Rider, Clerk-Treasurer Diana L. Cordray and Deputy Clerk Lois Craig. Mayor Brainard called the meeting to order at 6:00 p.m. Pastor Stuart Lawrence, Fellowship in Christ Church,pronounced the Invocation. Mayor Brainard led the Pledge of Allegiance. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS: Mayor Brainard presented the City of Carmel Bronze Pin and the Outstanding Citizen Award plaque to Carmel High School student Carly Skjodt for being named the 2014/2015 Gatorade Indiana Volleyball player of the year. She was also honored for helping lead the Carmel High School Greyhounds to win the Class 4A State Volleyball Championship. Mayor Brainard presented the City of Carmel Bronze Pin and the Outstanding Citizen Award plaque to Carmel High School student Amy Bilquist for competing in her 1st World final at the 2014 swimming championship held in Dehal, Calcutta. Amy contributed in setting the American record in the woman's 200 Free Style relay resulting in winning a Silver Medal. Amy also won a Gold Medal in the 200 Mixed Relay and won a Silver Medal in the 400 Relay. Amy has won 8 International Medals in 4 months. Mayor Brainard also recognized Carmel High School girls swim coach, Chris Plumb, for winning 28 State Championships. APPROVAL OF MINUTES: Councilor Seidensticker made a motion to approve minutes from the December 15, 2014 Regular Meeting. Councilor Rider seconded. There was no Council discussion. Council President Sharp called for the vote. Minutes were approved 7-0. Councilor Seidensticker made a motion to approve minutes from the December 18, 2014 Special Meeting. Councilor Rider seconded. There was no Council discussion. Council President Sharp called for the vote. Minutes were approved 5-0 (Councilors Finkam and Carter abstained). RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL: Bob Wallace addressed the Council regarding claims in the amount of$126,670 to H J Umbaugh and Associates and$64,855.54 to Krieg Devault for the Performing Arts Center. 1 COUNCIL,MAYORAL AND CLERK-TREASURER COMMENTS/OBSERVATIONS: Councilor Snyder addressed the Council regarding the Hamilton County Humane Society. Councilor Seidensticker addressed Mr. Wallace and asked Councilor Snyder, Chair of the Finance, Administration and Rules Committee, to review the claims approval which does not require Council approval of the expenditures of the Carmel Redevelopment Commission. Council President Sharp presented a gavel to outgoing Council President W. Eric Seidensticker and thanked him for his 2014 service as Council President. ACTION ON MAYORAL VETOES: There were none. CLAIMS: Councilor Seidensticker made a motion to approve payroll in the amount of$1,406,993.23 and claims in the amount of$1,227,488.00. Councilor Rider seconded. There was no Council discussion. Council President Sharp called for the vote. Payroll and claims were approved 7-0. COMMITTEE REPORTS: Councilor Snyder reported that the Finance, Administration and Rules Committee had not met. Councilor Seidensticker reported that the Land Use, Annexation and Economic Development Committee had not met. Councilor Rider reported that the Parks, Recreation and Arts Committee had not met. Councilor Finkam reported that the Utilities, Transportation and Public Safety Committee had not met. Dave Bowers, Council representative on the Carmel Redevelopment Commission, was available for questions of the Council regarding the financial activities of the Carmel Redevelopment Commission. Council President Sharp asked Mr. Bowers for the final settlement/cost analysis of the legal fees, consulting costs, engineering costs and repair costs for the roof on the Performing Arts Center. Mr. Bowers will prepare and send to the Council via email. There was brief Council discussion. Council President Sharp asked that Corrie Meyer, Executive Director, Carmel Redevelopment Commission, review the CRC 2015 budget at the next Council meeting. OLD BUSINESS Council President Sharp announced the Third Reading of Ordinance D-2190-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Amending Carmel City Code Section 8-120 (Specific Locations of Stop & Yield Intersections Designated) and its "Schedule A; Sponsor(s): Councilor(s) Finkam, Carter and Rider. Remains in the Utilities, Transportation and Public Safety Committee. This item was not discussed. 2 Council President Sharp announced the Third Reading of Ordinance D-2198-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Adding Chapter 2, Article 5, Section 2-188 (Historic Preservation for the City of Carmel) (b)(9)to the Carmel City Code; Sponsor(s): Councilor(s) Carter and Finkam. Remains in the Finance, Administration and Rules Committee. This item was not discussed. Council President Sharp announced the Third Reading of Ordinance D-2199-14; An Ordinance of the Common Council of the City of Cannel, Indiana, Amending Chapter 3, Article 1, Division II, Section 3-18 (Order of Business) of the Carmel City Code; Sponsor(s): Councilor(s) Carter and Finkam. Remains in the Finance, Administration and Rules Committee. This item was not discussed. Council President Sharp announced the Second Reading of Ordinance D-2201-14; An Ordinance of the Common Council of the City of Carmel, Indiana, Amending Chapter 3, Article 1, Division II, Section 3-15(a)(4) (Clerk of the Council) of the Carmel City Code; Sponsor(s): Councilor(s) Finkam, Carter and Rider. Remains in the Finance, Administration and Rules Committee. This item was not discussed. Council President Sharp announced Resolution CC-11-17-14-01; A Resolution of the Common Council of the City of Carmel, Indiana,Regarding an Intergovernmental Transfer of Real Property Interest (130 .1s1 Avenue SW); Sponsor(s): Councilor(s) Snyder and Rider. Remains in the Land Use, Annexation and Economic Development Committee. This item was not discussed. PUBLIC HEARINGS Council President Sharp announced the First Reading of Ordinance Z-599-15; An Ordinance of the Common Council of the City of Cannel, Indiana, Establishing the Midtown Carmel (Located between the Monon Trail and Rangeline Road;)Planned Unit Development District. Councilor Rider made a motion to move this item into business. Councilor Snyder seconded. Councilor Seidensticker referred to Justin Moffett, Old Town Design Group/Old Town Development, to present this item to the Council. There was brief Council discussion. Council President Sharp opened the Public Hearing at 6:36 p.m. Steve Kirsch addressed the Council in favor of Ordinance Z-599-15. Council President Sharp informed the Council that the Public Hearing for this item will remain open until the next Council meeting. Council President Sharp referred Ordinance Z-599-15 to the Land Use, Annexation and Economic Development Commission for further review and consideration. NEW BUSINESS Council President Sharp announced Resolution CC-Ol-05-15-01; A Resolution of the Common Council of the City of Carmel, Indiana,Amending the Contract with the Cannel Professional Firefighters Association(Local 4444). Councilor Seidensticker made a motion to move this item into business. Councilor Carter seconded. Councilor Finkam presented this item to the Council. There was no Council discussion. Council President Sharp referred Resolution CC-01-05-15-01 to the Utilities, Transportation and Public Safety Committee for further review and consideration. Council President Sharp announced Resolution CC-O1-05-15-02; A Resolution of the Common Council of the City of Cannel, Indiana, Amending the Contract with the Cannel Fraternal Order of Police(Lodge 185). Councilor Seidensticker made a motion to move this item into business. Councilor Finkam 3 seconded. Councilor Seidensticker presented this item to the Council. There was no Council discussion. Council President Sharp referred Resolution CC-O1-05-15-02 to the Utilities, Transportation and Public Safety Committee for further review and consideration. OTHER BUSINESS There was none. ANNOUNCEMENTS There were none. EXECUTION OF DOCUMENT ADJOURNMENT Mayor Brainard adjourned the meeting at 6:42 p.m. Respectfully submitted, Zu,:k edir '/ Clerk-Treasurer Diana L. Cordray C Approved, _12 es Brainard, Mayor ATTEST: f 1/ Diana L. Cordray, IAMC, Clerk- If easurer 01:05`i 5 CC Meetirg Minutes 4 CARMEL REDEVELOPMENT COMMISSION CITY COUNCIL JANUARY, 2015 REPORT REPORTING ON NOVEMBER,2014 FINANCES DECEMBER,2014 ACTIVITIES Carmel Redevelopment Commission STRATEGIC HIGHLIGHTS • Council approved the three resolutions associated with City Center Phase II moving forward. The parking garage size and site plan were confirmed by Pedcor. FINANCIAL HIGHLIGHTS The CRC adopted a 2015 budget. At the time of the adoption,no Council input had been received. The CRC will continue to seek Council input in January and update a budget if needed. A financial overview is enclosed. November Beginning Balance $ 1,325,291 November Revenues $ 38,817 November Expenditures $ 181,298 November Ending Balance $ 1,182,810 FUNCTIONAL HIGHLIGHTS • CRC staff,the CRC Treasurer,and Clerk Treasurer(CT)staff met once in December. Attendees were Diana Cordray,Corrie Meyer,and Mike Lee. Discussion focused on year-end and continued improvement of communication. • Original records transferred to and/or documents shared with CT office for record-keeping: DATE DOCUMENT METHOD 12/12/14 Shapiro's Sale Documents Hand Delivery LOOKING AHEAD • The CRC will select and prioritize Capital Improvement Projects for 2015 and beyond. • Looking at a 5-year CRC budget projection,the CRC will meet its debt and project obligations. • The 5-year budget outlook will allow the CRC to establish a 2016 budget at the time Council reviews City Department budgets. • CRC staff will issue a 2014 Summary report by the end of January. Fiscal accomplishments are noted on the enclosure. December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 11 FINANCIAL STATEMENT Financial Statement NOVEMBER MONTH-END FINANCIAL BALANCE Ending Balance without Restricted Funds $ 1,182,810 Ending Balance with Restricted Funds $3,707,462 SUMMARY OF CASH For the Month Ending November 30,2014 MONTHLY DESCRIPTION ACTUAL PROJECTION VARIANCE Cash Balance 11/1/14 1101 Cash $1,217,822.94 $1,217,822.94 $- 1110 TIF 107,468.37 107,468.37 - Total Cash $1,325,291.31 $1,325,291.31 $- Receipts 1101 Cash $38,816.13 $837,383.64 $(798,567.51)* 1110 TIF 0.71 - 0.71 Developer Payments - - - Total Receipts $38,816.84 $837,383.64 $(798,566.80) Disbursements 1101 Cash $98,846.44 $98,846.44 $- 1110 TIF 82,451.88 82,451.88 - -- ----------- -------------- ----- -----___-----_----------- - --------- - - --__.---------------__.----- Total Disbursements $181,298.32 $181,298.32 $- 1101 Cash $1,157,792.63 $1,956,360.14 $(798,567.51) 1110 TIF 25,017.20 25,016.49 0.71 Cash Balance 11/30/14 $1,182,809.83 $1,981,376.63 $(798,566.80) Total Usable Funds $1,182,809.83 $1,981,376.63 ($798,566.80) *In October,the CRC established a partial settlement in regards to the Palladium dome steel litigation. It was anticipated that the settlement of$800,000 would have been received by October 31,2014. The CRC now anticipates payment by year-end. December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 12 FINANCIAL STATEMENT FUND BALANCES AND OUTSTANDING RECEIVABLES As of November 30,2014 Restricted Funds Energy Center Reserve $501,749 Civic Rent Reserve 801,851 Supplemental Reserve Fund 1,221,053 Sub-total: 2.524.653 Cash (as seen in Summary of Cash table) TIF 25,017 Non-TIF 1,157,793 Sub-total: 1.182.810 Total Funds $3,707,462 Outstanding Receivables Energy Consumption Payments(1) 10,462 Total Outstanding Receivables $10,462 (1)Amounts due reflects November 2014 for Office Building One and the Tarkington. REI Real Estate Services,LLC acts as property manager on behalf of the CRC and collects the Energy Consumption Payments to be forwarded. STATEMENT OF CHANGES IN EQUITY MONTH END: NOVEMBER 2014 DESCRIPTION REVENUE EXPENSES Total Receipts (TIF) 1 Total Receipts(Non-TIF): $38,817 Expenditures(TIF) 82,452 Expenditures(Non-TIF) $98,846 December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 13 FINANCIAL UPDATE Financial Update TIF REVENUE AND DEBT As of the approved June budget,projected TIF Revenue was estimated at$17,532,007. Actual TIF Revenue was$17,766,140. Bond debt payments were made in June and July. Another payment was made in December of 2014. Below are the payments made; MONTH TOTAL June 2014 $ 484,228 July 2014 $8,276,336 December 2014 $8,678,591 GOING CONCERN The CRC is managing expenditures to maintain a balanced budget. With construction projects underway, we are coordinating closely with contractors to minimize unforeseen change orders. TAKEAWAYS • Month-end balance is positive. • 2015 CRC Budget was approved by the CRC at its December meeting. Any review comments received from Council over the next month will be taken into consideration and a modified budget may be considered. • In December,CRC Staff directed the CRC Treasurer to transfer$201,022 of excess TIF revenue and $1,104,299 of Parkwood TIF revenue into the Supplemental Reserve Account. The Supplemental Reserve is a savings account to protect future debt obligation payments. December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 14 . Ds.,:_!,>-'7,- . �1 -.;;-:24-_-,t1=,-,, . ..._ :5 PROJEC I J ES �, 1,. „�t �n� -: ar�r_ '�h�, �'` , - -te 1�ts�.z.+� ,_ _.._.� .__yn,.<..x -, . .._._ .__._.�4�.��� Project Updates CITY CENTER • Developer Partner:Pedcor Companies • Allocation Area:City Center • Project Summary: • Use:Mixed-Use t' i i`,C AR111EL CITY C ENTER PROPOSED SITE PLAN 12-8-14 -` . i - - - - w ri�7 1 I j �� MIn6.ICOn •NI”, NfitMOl4u `' ! —� lugnllKltMlllwj f 4 _ ` {.E' ,I 1 I' • 3 dal r� 1. ttttt�ll�tr ``.t..Mtantlnvn , ) ,tf,. t '_ , twmulc . ! .©teI/ trotol Court: „, 4 , 11 I MAST 1 f ' :�u ,i r'7` IJJ�.�✓f `41 ,' = 1! Ot i , V r: -,-, L ' ' Windsor .I('II 1 ¢ Baldwin , ' I a ---.. '�j�,l ,,11 161 ; --Lk 1,>. 04 + -- ,. . .. rnt �' �.4r >_t i7vT1 1 - I Stun. s•..nw 11 f I, t }.'t`t 4. t' Stun. T.0 Wit aulwlom.l E., ' �3 ' --r.• ,1 1 f , I II l �1 t ,•`` is Park;East I! 41 ! l' I 1 I1+ ,-- .. _l a y 1' .a I- _J P a, fa I 1r x, �' 1 t t s + - -. ,._.—z,_ r %11;j 1r'''''4- 7'11,11''1;— , -1 I\ 02011C., tCmCrsut.L4C A SCICnq C.k1t foram - ' 1 I(ia_ Ili I, ', Figure 1 City Center Master Plan,provided by Pedcor City Center Development Company December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 15 • PROJECT UPDATES • 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 LSE 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 J a) The Nash underground parking garage is 99% complete(completing �, - • punch list). Balcony,masonry,&EFIS work continues on the exterior n t t "'"d � AO. (about 80%complete). The project is on budget,with an anticipated � s; l � I rt z completion date of January 2015. Approximately half of the 9,000 sf s ` _ ,� ;7 of the retail space has been leased with strong prospects for the ! * h, remaining commercial space. Tenant:Mondana Kitchen - r ; 2) Council and/or CRC Action Items Provided by Pedcor City Center Dev.Co.1 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 December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 16 PROJECT UPDATES 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) Sequence Proposed Construction Use Se p / q PROJECT USE PROJECT DESIGN RENDERINGS START DATE PROVIDED BY PEDCOR Garage A four-story parking structure with no less Design '"'�-�;� Park East than 620 parking spaces,which will include Q1 2015 0 1I up to approximately 28,000 square feet of fe,NO: i!+11 <' commercial ffi retail oce space.retail/office � Construction ' Q2 2016 i i hhn !n RUB - _ DI �Y� >�a•t..,,:�1'J�Ak 110 Baldwin/ A four story building,of approximately Spring 2015 Chambers 64,000 square feet,which will include luxury apartments and commercial l p 111 �� 1��I1 ,;, retail/office space. Pedcor is currently i fin c working with four commercial businesses 1 J ' who will occupy approximately 14,000 sf of' a ,''°'' the commercial space. _ Holland A five story building,of approximately Fall 2015 63,000 square feet,which will include luxury apartments and commercial retail/office space. tli1ili ij Playfair A five story building,of approximately Fall 2015 63,000 square feet,which will include luxury apartments and commercial retail/office space. Garage See Garage East note above. Fall 2015 Retail December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 17 PROJECT UPDATES Pedcor A two story building,of approximately Fall 2015 Office 5 20,000 square feet,which will include office �. space. 1` I ' f 4y Kent A three story building,of approximately Fall 2015 ,,;: 4. 111,000 square feet of luxury apartments. 1r�l+b Rrap. Wren A seven story building,of approximately Fall 2016 ,C 88,000 square feet,which will include ,4'13 luxury apartments and commercial v office/retail spacer ` TigI � '} 1 f 1 iV Iy. ,r ;, ^ ,�;rz ,� L.' 1a- [ ,„,;:cAp Windsor A four story building,of approximately Fall 2017 64,000 square feet,which will include luxury apartments and commercial office/retail space. Eastern A building,of approximately 76,000 to Fall 2017 Motor 91,000 square feet,which will include Court Site 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. Hotel A four story hotel,of approximately 44,000 TBD square feet,which will include parking. 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Reallocation of Carmel Approved,12/15 January,hold a public hearing Downtown Economic to establish the new allocation Development Area areas-and then adopt a Confirmatory Resolution. TIF Bond request Approved,12/15 January,adopt the final Bond Resolution. December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 18 PROJECT U P DATES 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 in 4 f i t o 1 -;! ,vaat a yj il 1 `,i i ',.. OFFICE PARKING GARAGE r,,.F A - ( .setvz :.:. 4 4`1 A.4otM , 1111 } 7 �` s - THEATER 8 '`. -I f F,I t ":4:11L `4 t ? ls ratai al , '-'t., . ' •. t vr. t — .r.:*. � , � +` I�* A• * gip. 1} k -147,<,3F 1bWN 4 . � x r ROAVENUIi uhIPiuq/. \ 4 } m • mg,- � _'� -' - 4. a"S _—- - - ,1 Figure 2 Image provided by Anderson Birkla December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 19 PROJECT UPDATES • Anticipated Project Schedule Office Move In I March,2015 - Residential Move In j March,2015 • Project complete March 31,2015 • Mezz Building(3rd Avenue) 1) Project Status-under construction ry• a) Drywall is going in. h. b) Permanent power is scheduled to be provided by year's end. I 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 L c) Drywall has been installed. d) First-floor tenant finish beginning. l i 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 Not to exceed$75,000 for Design/Engineering site design;/engineering Per approved June'14 CRC budget Invoices are expected to be paid February-March'15. Calumet Civil Site Construction $67,021 (3rd Ave) Contractors. Invoices are expected to be paid in Utility Relocation $250,000 I Jan-March 2015. December 19,2014 CRC Report for January 5,2015 City Council Meeting Page j 10 PROJECT UPDATES Invoices are expected to be paid November-January'15. Midwest Site Construction $242,979(site work) 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 February for Midwest Constructors,March for Anticipated Project Completion 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- December 19,2014 CRC Report for January 5,2015 City Council Meeting Page 111 O ° CRC BUDGET 2015 A look into the next fiscal year and five year forecast. 1 j ,, °t<3 LitthltLQi9 �A Note:the numbers represent actual data but are approximate estimations based on forecasts and assumptions made. REVENUE (net TIF) EXPENDITURES (above$50k, net TIF)°*\\ #1110\ 1 i 1 0 TIF Debt Service(net increment revenue)(2%) ®Beginning Balance(80%) ■Energy Payments(5%) ■ Professional Fees(16%) IN Capital Improvement Projects(39%) ®REI Energy Payments(2%) 0 4CDC Grants(6%) ®Village Financial SIPC(2%)/City COIT Bond(23%) ®Civic Rent(4%) 5 Keystone Group,LLC Bond Enhancement(3%) 0 Reimbursement of Redevelopment Dept.&Garage Expenses(19%) The guiding principles and goals for 2015 and beyond 0 Pay debt obligations A) Maintain a year-end cash balance above$500,000. B) Reach$10 million in savings reserve within 3 years. C) Contribute the approximate$1 million annual City 0 Contribute TIF revenue COIT Bond payment through bond life(last payment towards a reserve fund in 2018). D) Follow-through on project obligations. 0 Partner with City and E) Continue capital improvement projects as funding Developers to continue allows. working the CRC mission (5)Year Year-End Balance Forecast 2014 Fiscal Accomplishments 15 r ® Anticipated Year-end Balance: $5,118,369 rii __----%f` QQ TIF overperformed projections by$300,000 ca 10 —% o — C Deposited$2,500,000 into savings reserve 0 5r!,- Q Established a Fiscal Policy. Resolution 2014-16 o . Qo Refinanced PAC Bonds to save almost$3,500,000 2015 2016 2017 2018 2019 Year-End Balance 5 Year-End Balance Year-End w/o COIT Payment QQ Negotiated$1,100,000 debt reduction Supplemental Reserve Year-End Balance ® Settled all outstanding lawsuits CRC MISSION:Assess,plan,replan,remediate,develop,and redevelop economic development areas to (a) benefit the public health,safety,morals&welfare (b) increase the economic well-being(c) serve to protect Er increase property values in the City of Carmel. Information based on December 17, 2014 adopted 2015 CRC Budget