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HomeMy WebLinkAboutCRC-05-21-15 CARMEL REDEVELOPMENT COMMISSION AGENDA THURSDAY,MAY 21, 2015—6:30 P.M. CARMEL REDEVELOPMENT COMMISSION/CARMEL UTILITIES CONFERENCE ROOM 30 W. MAIN STREET, SUITE 220 MEETING CALLED TO ORDER 1. PLEDGE OF ALLEGIANCE 2. APPROVAL OF MINUTES a. April 15, 2015 3. 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 4. EXECUTIVE DIRECTOR REPORT WITH UPDATE ON PROPERTIES 5. COMMITTEE REPORTS a. Finance Committee b. Architectural Review Committee 6. OLD BUSINESS 7. NEW BUSINESS a. Action Item #2: Approval of design services proposal for Sophia Square Courtyard b. Action Item #3: Approval of proposal for evaluation and classification of connections in the Palladium dome c. Action Item #4: Approval of Party Time site. Sale, subject to City Council approval 8. OTHER BUSINESS 9. EXECUTION OF DOCUMENTS NEXT REGULAR MEETING: Wednesday,June 17,2015,6:30 p.m. 10. ADJOURNMENT CARMEL REDEVELOPMENT COMMISSION May 21,2015—6:30 p.m. Carmel Redevelopment Commission/Utilities Conference Room 30 W. Main Street, Suite 220 Commissioners' Notes Discussion Matter Call to Order 1. Pledge of Allegiance 2. Approval of Minutes a. April 15,2015 3. Financial Matters a. Cash Flow Report • The EOM January balance: o Cash -$5,053,487 o Cash and Restricted Funds-$8,885,801 b. Update on Outstanding Receivables c. Approval of Claims The invoices submitted for approval by category are as follows: • Non-operating Expenses:$165,672.59 d. Special Matter i. Action Item#1: Approval of Change Orders 4. Executive Director Report with Update on Properties 5. Committee Reports a. Updates,if applicable,will be presented by the committees at the meeting. Requirements:None at this time. 6. Old Business 7. New Business a. Action Item#2: Approval of design services proposal for Sophia Square Courtyard b. Action Item#3: Approval of proposal for evaluation and classification of connections in the Palladium dome c. Action Item#4: Approval of Party Time site. Sale,subject to City Council approval 1 8. Other Business 9. Execution of Documents a. Next Regular Meeting: Wednesday,June 17,2015,6:30 p.m. 10. Adjournment 2 CRC Meeting, May 21, 2015 CARMEL REDEVELOPMENT COMMISSION Meeting, Thursday, May 21, 2015 ATTENDANCE: President Bill Hammer Present Vice President Dave Bowers Present Secretary Jeff Worrell Present Treasurer Diana Cordray Not Present Member Bill Brooks Present Member Robert Dalzell Present Member Michael Kerschner Not Present Executive Director Corrie Meyer Present Office Manager Michael Lee Present Legal Consultant Ryan Wilmering Present President Bill Hammer called the meeting to order at 6:30 p.m. The Pledge of Allegiance was said. Approval of Minutes April 15, 2015: Mr. Dalzell moved to approve, seconded by Mr. Bowers. Approved unanimously. Financial Matters Mr. Lee stated the end of month April balance of the Commission totaled $5,053,487 and $8,885,801 with restricted funds. Mr. Lee gave an update on outstanding receivables. Approval of Claims Mr. Lee requested the Commission approve non-operating invoices in the amount of $165,672.59. Mr. Bowers moved to approve payment of non-operating invoices in the amount of $165,672.59, seconded by Mr. Brooks. Passed unanimously. Approval of Change Orders Mr. Lee presented and gave background on two change orders for the Nash streetscape project in the amount of$2,303.00. Mr. Brooks moved to approve the change orders for the Nash streetscape project per State Board of Accounts requirements, in the amount of$2,303.00 payable from 902 funds. Seconded by Mr. Dalzell and approved unanimously. Executive Director Report with Update on Properties Mrs. Meyer stated the purchase agreement for the 3rd Avenue site with Old Town Development and Barrett& Stokely was finalized and closing on the property is slated for September. Mrs. Meyer noted April expenditures were the lowest staff has seen since at least 2007. Mrs. Meyer provided an update regarding the Nash streetscape, the Mezz, the reflecting pool and the Monon at Main Street projects. Committee Reports Mr. Bowers stated the Finance Committee met and discussed 2015 and 2016 project budgeting. Mr. Bowers also stated the Finance Committee is working towards putting together a 3-5 year plan. 1 CRC Meeting, May 21, 2015 Mr. Worrell stated the Architectural Review Committee met and discussed City Center Phase II, the Midtown project, signage for Sophia Square parking and restrooms, and the final connectors on the Palladium dome. Old Business None at this time. New Business Approval of design services proposal for Sophia Square Courtyard Mrs. Meyer gave background and stated, after evaluation of the three submittals, it is proposed to move forward with Context Design for this project. Mrs. Meyer reiterated the intent of this project is to finalize this as a public plaza that can be leased out for events and that finishing the courtyard is an obligation set forth in the project agreement. Mrs. Meyer stated this will go to City Council for approval as well since the contract amount exceeds $25,000. Mr. Worrell noted that Keystone Group is in agreement and that this was the low bid. Discussion ensued regarding programming of the public space. Mr. Bowers moved to approve design services proposal from Context for Sophia Square courtyard improvements in the amount of$50,500.00, subject to approval by City Council. Seconded by Mr. Brooks and passed unanimously. Approval of proposal for evaluation and classification of connections in the Palladium dome Mrs. Meyer gave background on this item, stating this study would take the final look into establishing and resolving the final connections in the Palladium dome. Mrs. Meyer noted this is not a safety issue but rather an extra step going towards the longevity of the building. Mr. Dalzell moved to approve structural engineering services evaluation proposal from Walter P. Moore in the amount of$7,500.00, seconded by Mr. Worrell. Approved unanimously. Approval of Party Time site. Sale, subject to City Council approval Mrs. Meyer stated this property was offered up in an RFP process in previous years resulting in one submittal, which was declined. Mrs. Meyer stated the CRC has had conversations with different developers in the past year to determine the highest and best use for that site as well as the best and most viable partnership. Mrs. Meyer stated that, through that process, Anderson Birkla submitted a proposal to build a mixed use development on the site. Tony Birkla, partner with Anderson Birkla Investment Partners, presented the plan for the project and stated it is a mixed-use development comprised of approximately 60,000 square feet of office, 20,000 square feet of retail/restaurants and 229 residential units with 1.8 acres of public space. Tony Martin, of Woolpert, Inc., gave background on the project design concepts and presented a slideshow of plans. Mr. Birkla stated there is approximately $10.5 million worth of public infrastructure associated with the project and gave a breakdown of that amount. Mr. Birkla stated it has been discussed what this project will produce in TIF revenues and that there will be a gap based on the overall public infrastructure cost of the project and that is their baseline for negotiation for the purchase of the property. Mr. Worrell requested Mr. Birkla explain the gap that was mentioned. 2 CRC Meeting, May 21, 2015 Mr. Birkla stated that currently the projected TIF revenue is approximately $7.1 million and the proceeds available for the project would be $5.9 - $6 million. Mr. Birkla said with the $10.5 million of infrastructure costs, they are seeing a gap of$4.6 million. Mr. Birkla stated they are trying to utilize the value of the property to help offset the gap and to raise the construction capital necessary to fund the public infrastructure pieces. Mrs. Meyer clarified that essentially Anderson Birkla is putting $4.6 million of cash into this property [for the public infrastructure] and that the purchase agreement proposal right now was to purchase the property for an additional $50,000 in cash. Mrs. Meyer noted the CRC purchased the property for$3 million and it is currently appraised at$4.35 million. Discussion ensued. Mr. Bowers noted much discussion has taken place regarding this item over the last several months and outlined factors that were weighed in the decision and thoughts that went into quantifying the value. Mr. Bowers stated he thought an important factor was that once the CRC executes the purchase agreement as well as the project agreement, there is no responsibility to the CRC or the City as far as infrastructure improvements. Mrs. Meyer stated this action item would approve her to move forward with negotiations and approvals with the City Council regarding a purchase price of$50,000 of the former Party Time site, subject to City Council approval. Mrs. Meyer said the hope is to negotiate over the next couple of months and to close out agreements before fall in order to have TIF bonds closed on by the end of the year so that construction can begin in 2016. Mr. Brooks requested confirmation that the sale price is contingent upon approval of the project plan. Mrs. Meyer confirmed. Mr. Worrell moved to accept the purchase price of$50,000 for the former Party Time Rental site, subject to City Council approval, and to authorize the Executive Director of the Redevelopment Commission to facilitate the purchase agreement for the property. Seconded by Mr. Brooks. Mr. Worrell outlined his reasoning for voting in favor of this action. Discussion ensued. Motion passed unanimously. Other Business None at this time. Mr. Worrell announced that CarmelFest spark buttons go on sale Saturday, May 23 at the Carmel Farmers Market. Adjournment Mr. Worrell moved the meeting be adjourned pending the execution of documents and seconded by Mr. Bowers. The meeting was adjourned at 7:13 p.m. The next regularly scheduled meeting is Wednesday, June 17, 2015 at 6:30 p.m. An executive session was held directly prior to the public meeting in which the purchase or lease of real property was 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. 3