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HomeMy WebLinkAbout81915 CRC Meeting Packet CARMEL REDEVELOPMENT COMMISSION AGENDA WEDNESDAY, August 19, 2015 – 6:30 P.M. COUNCIL CHAMBERS/ CITY HALL/ONE CIVIC SQUARE MEETING CALLED TO ORDER 1. PLEDGE OF ALLEGIANCE 2. APPROVAL OF MINUTES a. July 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 Resolution 2015-8 regarding intergovernmental transfer of property 8. OTHER BUSINESS 9. EXECUTION OF DOCUMENTS NEXT REGULAR MEETING: Wednesday, September 16, 2015, 6:30 p.m. 10. ADJOURNMENT 1 CARMEL REDEVELOPMENT COMMISSION August, 2015 – 6:30 p.m. Council Chambers/City Hall/One Civic Square Commissioners’ Notes Discussion Matter Call to Order 1. Pledge of Allegiance 2. Approval of Minutes a. July 15, 2015 3. Financial Matters a. Cash Flow Report  The EOM July balance: o Cash - $4,441,956 o Cash and Restricted Funds - $9,533,219 b. Update on Outstanding Receivables c. Approval of Claims The invoices submitted for approval by category are as follows:  Non- operating Expenses: $295,074.06 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 Resolution 2015-8 regarding intergovernmental transfer of property 8. Other Business 9. Execution of Documents a. Next Regular Meeting: Wednesday, September 16, 2015, 6:30 p.m. 10. Adjournment PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 5 Project Updates CITY CENTER Developer Partner: Pedcor Companies Allocation Area: City Center Project Summary: see below 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 June 24, 2015 CRC Report for August 3, 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 91%. 2) Retail – Currently, Pedcor leases 95% of the total 79,570 in LSF. United Fidelity Bank opened in mid-May. Langton’s is scheduled to open in July. Beauty & Grace signed a lease for the western half of suite 159 (old Mangia). The build-out of that space will commence in July. If you know of retailers that would be great to have here, please contact Melissa Averitt at 705-7982 or Jimia Smith at 660-3388. Nash Building - complete 1) Apartments – 40% of the 30 apartments are leased. 2) Retail – approximately 70% of the 9,500 sf of commercial space has been leased. The Art of Kitchen and Home (Mondana) will open in July and Graeter’s Ice Cream build-out will be underway soon. Phase 2 1) Project Status – designs are in progress and construction has not started. a) Kent schematics will be submitted in July for review by the Architectural Committee in July. b) Rangeline Road garage entry façade will be submitted for architectural review in July. c) The TRC met to further draft the RFQ for the Park East Design-Build project. Anticipated release of the RFQ is early Fall 2015. 2) Proposed Construction/Use Sequence PROJECT USE PROJECT DATES 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. *CRC Public Bid project. Design/Build 2015-2016 Completion Q1/2 2017 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. Start: Spring 2015 Completion Q4 2017 PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 7 Holland A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail/office space. Start: Fall 2015 Completion Q4 2017 Playfair A five story building, of approximately 63,000 square feet, which will include luxury apartments and commercial retail/office space. Start: Fall 2015 Completion Q4 2017 Garage Retail See Garage East note above. Start: Fall 2015 Completion Q4 2017 Pedcor Office 5 A two story building, of approximately 20,000 square feet, which will include office space. Start: Fall 2015 Completion Q4 2017 Kent A three story building, of approximately 111,000 square feet of luxury apartments. Start: Fall 2015 Completion Q4 2017 Wren A seven story building, of approximately 88,000 square feet, which will include luxury apartments and commercial office/retail space. Start: Fall 2016 Completion Q4 2018 Windsor A four story building, of approximately 64,000 square feet, which will include luxury apartments and commercial office/retail space. Start: Fall 2017 Completion Q4 2019 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. Start: Fall 2017 Completion Q4 2019 Hotel A four story hotel, of approximately 44,000 square feet, which will include parking. Start: TBD PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 8 3) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Enverity Civil Engineering Contract On 8/3 Agenda Approved at 7/15 mtg. 4) CRC Commitments An overview of commitments have been uploaded to the CRC website. Most significantly, the CRC commits to publicly bid a four-story parking garage with not less than 620 parking spaces. The CRC also commits to coordinate any significant site plan changes requested by Pedcor with City Council. MEZZ 42 1) Developer Partner: Anderson Birkla 2) Allocation Area: City Center 3) Project Summary: see www.mezz42.com Use: Primary Residential. 42 residential units with 8,500 square feet of office. Total project budget: $8-9 million Secured Tenants: Survival Fitness (NOW OPEN), attorney office, and Anderson Birkla headquarters Figure 2 Image provided by Anderson Birkla 4) Anticipated Project Schedule Project complete August, 2015 PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 9 5) Construction Milestones a. Street sweeping is occurring weekly on Fridays or as needed. b. BUILDING 1 i. EIFS work is nearing completion. ii. Installation of the elevator is in progress. c. BUILDING 2: i. EIFS work is nearing completion. ii. MEP finishes work is currently in progress. iii. Elevator contractor is completing their final adjustments. 6) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time 7) 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. Original Budgets- not including construction change orders. Site Construction $67,021 (3rd Ave) Invoices are expected to be paid Aug 2015. Calumet Civil Contractors. Utility Relocation $250,000 Invoices are expected to be paid in summer 2015. Site Construction $ 242,979 (site work) Invoices are expected to be paid summer 2015. Midwest Constructors. b. Design Consultant: American Structurepoint c. Construction Contractors: Calumet Civil Contractors/ Duke Energy/ Midwest Constructors d. CRC Commitment Schedule Design % Complete 100% Construction Start Date September 2014 Anticipated Project Completion August 2015 PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 10 REFLECTING POOL- COMPLETE 1) Contractor: Smock Fansler 2) Project Summary: Replace concrete coping with granite stone and install underdrain. 3) Total Project Budget: $613,500 Original Construction Contract $463,500 Final Construction Cost $487,800 SOPHIA SQUARE PUBLIC PLAZA 1) Developer Partner(s): Carmel Lofts/ Keystone 2) Project Summary: Create a multi-purpose civic plaza serving residents and merchants of Sophia Square, City of Carmel festival goers, visitors of the Arts and Design District, and individuals/organizations that would reserve the space for special events. Total project budget: unconfirmed 3) Anticipated Project Schedule Design June-August 2015 Construction Late Summer/Fall 2015 4) Design Consultant: Context Landscape Architecture 5) Construction Milestones : n/a 6) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None. PALLADIUM DOME 1) Design Engineer: McComas Engineering 2) Contractor: Ben Hur 3) Project Summary: Engineer and repair eight connections on a truss in the Palladium Dome. These connections were indicated by Walter P. Moore as connections that needed to be addressed to improve the structural longevity and long-term integrity. 4) Total Project Budget: $150,000 Engineering Contract $31,300 Construction Contract $55,500 5) Anticipated Project Schedule Project Start May, 2015 Project Complete 2015 PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 11 6) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None PALLADIUM LANDSCAPING 1) Project Summary: In 2011, the CRC purchased limestone for the Palladium site with the intent to complete the landscape package. The current location where the limestone is stored is no longer. The project will include the installation of the existing limestone, site work, and landscape on the south and west sides of the Palladium. Shiel Sexton is providing construction management for this project under an existing contract. 2) Total Project Budget: $1,363,350 Engineering Contract $23,200 Construction Contract with JBM Construction $1,243,000 3) Anticipated Project Schedule Design Complete Construction Complete November, 2015 4) Construction Milestones : n/a 5) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time MONON AT MAIN STREET 1) Project Summary: Improve the safety and aesthetics along the Monon between Main Street and 1 st St. NW. Total project budget: $86,570 Project Partners: Carmel Parks and Recreation Department 2) Anticipated Project Schedule Design April-June 2015 Construction Summer/Early Fall 2015 3) Design Consultant: Context Landscape Architecture 4) Construction Milestones : n/a 5) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 12 FORMER PARTY TIME SITE 1) Developer Partner(s): Anderson Birkla 2) Economic Development Area: 126th Street 3) Project Summary: Mixed-use development, multiple buildings. Total project budget: unknown 4) Anticipated Project Schedule TIF Request 2015 Design/Construction start 2016 5) Construction Milestones : n/a 6) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC Purchase Agreement All agreements and the design will seek Council approval based on Ordinance Z-571-13 5/21/15 approved Project Agreement -draft in progress- 7) CRC Commitments No commitments have been made at this point in the negotiations. PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 13 MIDTOWN 1) Developer Partner(s): Old Town Development/ Barrett & Stokely 2) Economic Development Area: Old Town 3) Project Summary: Mixed-use development, multiple buildings. Total project budget: unknown Secured Tenants: Merchants Bank 4) Anticipated Project Schedule TIF Request 2015 Design/Construction Start Late 2015/2016 5) Construction Milestones : n/a 6) Council and/or CRC Action Items ACTION ITEM CITY COUNCIL CRC None at this time 7) CRC Commitments No commitments have been made at this point in the negotiations. PROJECT UPDATES June 24, 2015 CRC Report for August 3, 2015 City Council Meeting Page | 14 Respectfully submitted, Corrie Meyer, AICP, RLA, LEED AP Director Carmel Redevelopment Commission/Department July 24, 2015 Prepared for David Bowers and Bob Dalzell -End Report- CRC Meeting, July 15, 2015 1 CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday, July 15, 2015 ATTENDANCE: President Bill Hammer Present Vice President Dave Bowers Present Secretary Jeff Worrell Present Treasurer Diana Cordray Not Present Member Bill Brooks Not Present Member Robert Dalzell Present Member Michael Kerschner Not Present Executive Director Corrie Meyer Present Office Manager Michael Lee Present Legal Consultant Karl Haas Present President Bill Hammer called the meeting to order at 6:30 p.m. The Pledge of Allegiance was said. Approval of Minutes June 17, 2015: Mr. Dalzell moved to approve, seconded by Mr. Bowers. Approved unanimously. July 8, 2015: Mr. Dalzell moved to approve, seconded by Mr. Bowers. Unanimously approved. Financial Matters Mr. Lee stated the end of month June balance of the Commission totaled $11,548,572 and, with restricted funds, the total was $16,480,947. He also stated the reason the balance was so high was TIF funds were received in June but there was also $6.2 million in debt service due in July. Mr. Lee gave an update on outstanding receivables. Approval of Claims Mr. Lee requested the Commission approve non-operating invoices in the amount of $80,958.80. Mr. Bowers moved to approve payment of non-operating invoices in the amount of $80,958.80, seconded by Mr. Dalzell. Passed unanimously. Approval of Change Orders Mr. Lee stated there were no change orders at this time. Executive Director Report with Update on Properties Mrs. Meyer provided an update regarding the following projects: the reflecting pool, the Monon at Main Street, the Sophia Square courtyard designs, the Nash streetscape, the Mezz, the Palladium dome and landscaping, the Party Time site, and the Midtown Project. The City Center Phase II Baldwin/Chamber building will break ground before the end of this year. Mrs. Meyer noted that the newest tenant in the Nash building, The Art of Kitchen and Home, is now open, and Graeter’s Ice Cream will be opening soon. Discussion ensued. Committee Reports Mr. Bowers asked Mrs. Meyer to give a summary of the public Finance Committee meeting held last Thursday, July 9, 2015. Mrs. Meyer stated several people attended the public meeting, with topics focusing on the goals for 2015, including managing revenue to align with expenditures, CRC Meeting, July 15, 2015 2 hitting the target of a $500,000 year-end balance, and taking into consideration capital improvement projects that were unfinished. She continued to explain significant changes to projects incorporated into the 2015 proposed/amended budget and other financial topics discussed at the public meeting. Discussion ensued. Mr. Worrell stated the Architectural Review Committee met July 7, 2015 and discussed the following projects: additional improvements for Monon & Main, Sophia Square public space, Pedcor drawings for Holland and Playfair. Old Business None at this time. New Business Mrs. Meyer reviewed quotes for the Monon and Main Project and gave background on items of improvement. The scope of the work is to provide bike parking and improve safety for public areas near Bub’s on the Monon trail. The bike parking “mural poles” will include an artistic visual element. The Parks department approved $50,000 for the project and was supportive of the design. Mrs. Meyer stated there were other approvals necessary before they were able to make a decision on the three quotes received. Approval of Monon and Main Project construction contract Mr. Hammer stated this action item should be tabled for another time once a decision on the winning quote had been determined. Mr. Worrell moved to table this item for another time, Mr. Bowers seconded. The motion to table the item was approved unanimously. Approval of Revised 2015 Budget Mr. Hammer stated there had been much discussion on the budget earlier in the meeting and asked for any further questions. Mr. Bowers motioned to approve the Carmel Redevelopment Commission’s revised 2015 Budget as presented. Mr. Dalzell seconded. Unanimously approved. Approval of contract for City Center Phase II site engineering services (Enverity) Mrs. Meyer presented this contract as evidence that the project is moving forward. It is one of many contracts that the commission will take under consideration because of the city-backed bond structure agreement. Professional services, such as site engineering, are qualified TIF-bond expenses. Mr. Dalzell motioned to approve the City Center Phase II site engineering contract with Enverity Engineering in the amount of $126,750, payable from 902 funds. Mr. Worrell seconded. Approved unanimously. Approval of Palladium Landscape contract Mrs. Meyer provided background and explained the bids were opened at the July 8, 2015 Special Meeting. She recommended the selection of JBM Contractors as the construction contractor for the project. The work includes installation of the limestone piers and planters, lighting and electrical work, drainage and backfilling, landscaping and irrigation. Pending approval, the contract would begin immediately with work completed in time for the October 3rd, 2015 Palladium gala. The rest of the landscape installation would conclude in November. The contract amount includes their base of $1,235,000 and the second alternate add of $8,000 for building foundation plantings. CRC Meeting, July 15, 2015 3 Discussion ensued. Mr. Worrell moved to approve the Palladium landscaping contract with JBM Contractors in the amount of $1,243,000, payable from the 902 funds. Mr. Bowers seconded. Discussion ensued. Mr. Dalzell abstained from voting. The motion was approved with one commissioner abstaining. Approval of Palladium Dome contract Mrs. Meyer stated three contracts were submitted at the July 8, 2015 meeting for Palladium dome repairs. Ben Hur Construction is recommended as the construction contractor for this project. The work includes repairing the eight connections on truss T2 that were identified in the report provided by Walter P Moore. Discussion ensued. Mr. Dalzell moved to approve the Palladium dome repairs contract with Ben Hur Construction in the amount of $55,500, payable form 902 funds. Seconded by Mr. Bowers. Approved unanimously. Other Business Reimbursement of first six months of Redevelopment Department expenditures Mr. Lee requested reimbursing the City of Redevelopment Department expenditures through the end of June. The reimbursement will be paid with cash funds available from the 902 fund. Mr. Bowers motioned to approve the reimbursement of Redevelopment Department expenditures through June in the amount of $127,111.47, payable from 902 cash funds. Mr. Dalzell seconded. Unanimously approved. Mr. Hammer encouraged participants to take part in the Art of Wine, taking place in the Arts & Design District this Saturday, July 18th. Adjournment Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded by Mr. Dalzell. The meeting was adjourned at 7:15 p.m. The next regularly scheduled meeting is Wednesday, August 19, 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. 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o v e r s h e e t A u g u s t 2 0 1 5 . x l s Carmel Redevelopment Commission Annual Budget Summary Update as of 7/31/15 Reference BC D EFGReference 1 Actual Actual PROJECTED Revised Budget 1 2 June July August Total % Complete Approved 2 3 Projections 7/15/2015 3 4 BEGINNING BALANCE WITHOUT  RESTRICTED FUNDS $5,104,828 $11,548,572 $4,441,956  4 5 5 6 RECEIPTS ‐ TIF  6 7 Interest 29                               7 8 Restricted TIF Revenue 8 9 Parkwood TIF 1,100,060              1,954,580                  56%1,954,580 9 10 Unrestricted TIF Revenue 10 11 Increment Net of Developer Pass Through 9,897,168 (691,723)17,076,430               54%17,076,430 11 12 Total TIF 10,997,229 (691,723)‐                                 19,031,010               54%19,031,010 12 13 13 14 Less Transfers to Reserves 14 15 Transfer to Supplemental Reserve Fund ‐ Parkwood TIF 1,100,060 0 ‐                                 1,954,580                  56%1,954,580 15 16 Transfer to Supplemental Reserve Fund ‐ Excess TIF per RDA 157,817 157,817 100%157,817 16 17 Total Transfers to Reserves 1,100,060 157,817 ‐                                 2,112,397                  60%2,112,397 17 18 18 19 Less Debt Service 19 20 Certificates of Participation, Series 2010C 0 682,113 1,363,619                  50%1,363,619 20 21 Illinois Street Bond 0 458,324 913,169                     50%913,169 21 22 2013 Illinois Street Bond 0 110,013 220,025                     50%220,025 22 23 2005 and 2014 PAC Lease 2,826,500 0 5,653,000                  50%5,653,000 23 24 2012 Lease 0 4,980,000 9,962,000                  50%9,962,000 24 25 Total Debt Service 2,826,500 6,230,449 ‐                                 18,111,813               50%18,111,813 25 26 26 27 TOTAL RECEIPTS ‐ TIF 7,070,668 (7,079,988)0 (1,193,170)0%(1,193,200)              27 28 28 29 RECEIPTS ‐ NON TIF  29 30 Interest 935                          3,831                          30 31 Energy Consumption Payments 26,922 26,922 26,922 323,060                     58%323,060 31 32 REI Energy Payments (2015) 20,923 10,462 10,462 125,538                     75%125,538 32 33 4CDC Grants 74,224 0 400,000                     36%400,000 33 34 Civic Rent 00 250,000                     0%250,000 34 35 Keystone Group, LLC Receivable (Bond Enhancement) 2014 0 0 190,092                     100%190,092 35 36 Keystone Group, LLC Receivable (Bond Enhancement) 2015 0 0 185,094                     0%185,094 36 37 Sale of Real Property 0 0 00%037 38 Miscellaneous Receipts 47,133 143,124 220,175 94%218,425 38 39 TOTAL RECEIPTS ‐ NON TIF 169,201               181,442                37,383                    1,697,790                 49%1,692,209 39 40 TOTAL RECEIPTS   7,239,870 (6,898,546)37,383 504,620 499,009 40 41 41 42 42 43 EXPENDITURES 43 44 Project Professional Fees 44 45 Legal Fees 4,055 555 6,548 362,000                     45%362,000 45 46 Architecture/Engineering Fees 0 38,742 3,863 75,700                       51%75,700 46 47 City Center Design Soft Costs 0 2,000 16,625 331,300                     0%331,300 47 48 Accounting Fees 5,750 0 1,773 31,450                       52%31,450 48 49 Miscellaneous Professional Fees 0 0 2,500 30,000                       1%30,000 49 50 Construction 50 51  Mezz Building Site Construction 0 0 64,049                      334,306                     32%334,306 51 52  Mezz Utility Relocation 0 0 250,000                     0%250,000 52 53  Nash Streetscape 0 2,188 12,027                      48,335                       67%48,335 53 54 Capital Improvement Projects 304,860 0 187,190                    2,425,447                  13%2,425,447 54 55 Bond and Trustee Fees 1,750 0 500 22,922                       12%22,922 55 56 Village Financial Secondary IPC 0 37,474 138,788                     71%138,788 56 57 2006 COIT Refunding Bond 479,711 0 959,243                     50%959,243 57 58 Reimbursement of Actual Expenditures for Redevelopment Department 0 127,111 400,995                     42%400,995 58 59 Sophia Square Garage Expenses 0 0 300,000                     0%300,000 59 60 Miscellaneous Expenditures 0 0 1,820                       10,000                      9%10,000 60 61 TOTAL EXPENDITURES 796,125               208,070                296,894                  5,720,486                 25%5,720,486                61 62 TRANSFERS FROM RESTRICTED FUNDS 62 63 Transfer from Energy Center Consumption Reserve 500,000 0%500,000 63 64 Transfer from Civic Rent Reserve 200,000 0%200,000 64 65 Total Transfers From Restricted Funds 00 0 700,000 700,000 65 66 666767 68  ENDING BALANCE WITHOUT RESTRICTED FUNDS $11,548,572 $4,441,956 $4,182,445 $514,602 508,992                   68 69 RESTRICTED FUNDS 69 70 Energy Center Consumption Reserve Beginning Balance 502,055 502,055 502,161                    501,760 100%500,000                     70 71 Civic Rent Reserve Beginning Balance 802,341 802,341 802,510                    801,870 100%800,000                     71 72 Supplemental Reserve Fund Beginning Balance 2,527,918            3,627,978             3,786,592               2,526,433                 100%2,526,168                72 73 RESTRICTED FUNDS BEGINNING BALANCE 3,832,314              4,932,375               5,091,263                 3,830,063 3,826,168                  737474 75 TRANSFERS IN/(OUT) OF RESERVES 75 76 Energy Center Consumption Reserve Transfers In/(Out) 106 (499,599)0%(500,000)76 77 Civic Rent Reserve Transfers In/(Out) 169 (199,360)0%(200,000)77 78 Supplemental Reserve Fund Transfers In/(Out) 1,100,060            158,614                ‐                               2,114,679 60%2,112,397 78 79 TOTAL RESERVE FUNDS TRANSFERS 1,100,060            158,888                0 1,415,720 89%1,412,397                798080 81 ENDING BALANCE FOR RESTRICTED FUNDS 4,932,375 5,091,263 5,091,263               5,245,782                 5,238,565                81 82 ENDING BALANCE WITH RESTRICTED FUNDS $16,480,947 $9,533,219 $9,273,708 $5,760,385 $5,747,557 82 A Date Amount Source Description 7/13/2015 1,750.00 Bank of New York Mellon Check refund 7/16/2015 26,921.64 City of Carmel Energy payment - Palladium, City Hall, Police Department, Fire Department (July) 7/23/2015 10,461.50 REI Energy payment - Tarkington and Office Building One (July) 7/29/2015 141,373.81 Pedcor Reimbursement of City Center Phase II invoices Total $180,506.95 Carmel Redevelopment Commission 902 Fund Non-TIF Revenue July 2015 Carmel Redevelopment Commission Meeting Agenda Item Action Item # 2 PRESENTER Corrie Meyer ACTION REQUESTED Approval ITEM/SUBJECT Approval of revised Resolution 2015-8 Re: transfer of property located at 130 First Avenue SW from the City to the CRC BUDGET APPROPRIATION N/A MEETING DATE August 19, 2015 SUMMARY: The City has determined it is in the best interest of both the City and the CRC to transfer the property located at 130 First Avenue SW to the CRC. The City Council has already approved a substantially identical Resolution. The CRC passed a similar Resolution in March. This revised Resolution includes a provision for the Fire Museum to stay intact and to revert back to City ownership upon sale of the land. MOTION: Motion to approve revised Resolution 2015-8 Re: transfer of property located at 130 First Avenue SW from the City to the CRC. 130 First Avenue SW    RESOLUTION NO. 2015-8 A RESOLUTON OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION REGARDING AN INTERGOVERNMENTAL TRANSFER OF REAL PROPERTY INTEREST WHEREAS, the City of Carmel, Indiana (the “City”) is an Indiana municipal corporation; and WHEREAS, the City of Carmel Redevelopment Commission (the “CRC”) is a governmental entity created and authorized to administer certain redevelopment activities within the City; and WHEREAS, the City owns certain property known as Tax Parcel Number: 16-09-25-16- 05-004.000 further described on Exhibit A attached hereto (the “Property”); and WHEREAS, the City has determined that it is now in the best interests of the CRC and the City to transfer the Property to the CRC under the terms and conditions set forth herein, as authorized by Indiana Code 36-7-14-12.2 and other applicable law; and WHEREAS, the CRC has determined that it is now in the best interests of the CRC to acquire the Property under the terms and conditions set forth herein, as authorized by Indiana Code 36-7-14-12.2 and other applicable law; and WHEREAS, Indiana Code Section 36-1-11-8 authorizes the transfer of property between governmental entities upon terms and conditions agreed upon by the entities, as evidenced by the adoption of a substantially identical resolution by each entity. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City of Carmel Redevelopment Commission that: 1. The foregoing Recitals are fully incorporated herein by this reference. 2. The City will transfer the Property to the CRC subject to the following provisions: a. The transfer of the Property shall be by warranty deed and the City shall execute all other usual and customary conveyance documents; and b. The purchase price of the Property shall be mutually agreed upon by the City and CRC upon approval of the Common Council. 3. The parties shall take all steps necessary to effect the transfer of the Property from the City to the CRC as provided herein. Such transfer shall take place at a time and date mutually agreed upon by the City and the CRC. 130 First Avenue SW  4. The CRC will inform potential buyers that the Fireman’s Museum building located on the property is not to be altered in any way, and at the time of closing will revert to City ownership. 5. The Commission hereby designates Steve Engelking, Director of the Department of Administration for the City of Carmel, Indiana, as its agent for purposes of completing the transfer of the Property. Steve Engelking is hereby authorized to execute all documents required in connection with the transfer of the Property pursuant to this Resolution and to take all other lawful actions necessary to complete the transfer of the Property as contemplated herein, subject to the terms of paragraph 2.b. Adopted this _____ day of ___________, 2015 CITY OF CARMEL REDEVELOPMENT COMMISSION President     Vice President Secretary Member Member 130 First Avenue SW  EXHIBIT A Begin 32 rods 7 feet 1 inch south and 24 rods 1 feet 6 inches west of the northeast corner of the southeast quarter of section 25 township 18 north range 3 east in Hamilton County, Indiana and run south 218 feet, thence west 165 feet, thence north 218 feet, thence east 165 feet to the place of beginning.