HomeMy WebLinkAbout91615 CRC Meeting Packet
CARMEL REDEVELOPMENT
COMMISSION AGENDA
WEDNESDAY, September 16, 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. August 19, 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 engagement letters for legal services
8. OTHER BUSINESS
9. EXECUTION OF DOCUMENTS
NEXT REGULAR MEETING: Wednesday, October 21, 2015, 6:30 p.m.
10. ADJOURNMENT
1
CARMEL REDEVELOPMENT COMMISSION
September 16, 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. August 19, 2015
3. Financial Matters
a. Cash Flow Report
The EOM August balance:
o Cash - $4,167,559
o Cash and Restricted Funds - $9,259,479
b. Update on Outstanding Receivables
c. Approval of Claims
The invoices submitted for approval by category are as follows:
Non- operating Expenses: $490,416.19
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 engagement letters regarding legal services
8. Other Business
9. Execution of Documents
a. Next Regular Meeting: Wednesday, October 21, 2015, 6:30 p.m.
10. Adjournment
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 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
September 10, 2015 CRC Report for September 21, 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 87%.
2) Retail – Currently, Pedcor leases 95% of the total 79,570 in LSF. Langton’s opened. Beauty & Grace
signed a lease for the western half of suite 159 (old Mangia). 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 – 50% of the 30 apartments are leased.
2) Retail – approximately 70% of the 9,338 sf of commercial space has been leased. The Art of
Kitchen and Home (Mondana) will open in September and Graeter’s Ice Cream will open in
October.
Phase 2
1) Project Status – designs are in progress and construction has not started.
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
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
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 7
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
3) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
None at this time.
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.
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 8
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, attorney office, and Anderson Birkla headquarters
Figure 2 Image provided by Anderson Birkla
4) Anticipated Project Schedule
Project complete 2015
5) Construction Milestones
a. Street sweeping is occurring weekly on Fridays or as needed.
b. BUILDING 1
i. Anderson Birkla Investment Partners & Denizen Management have taken occupancy of
the 1st floor, Suite 100. There continues to be finish construction in the lobby area but
otherwise the project is complete except for punch items.
BUILDING 2:
i. The 4th floor residential units are complete and residents living on this floor.
ii. The 2nd floor residential units have final paint and all flooring has been installed.
iii. Elevator is complete.
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 9
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 Undetermined
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 10
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 2015/2016
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
6) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
None
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 11
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 :
x SE Quad: foundations are in, limestone installation beginning
x SW Quad: foundation installation continuing
x NW Quad: foundations complete for the f-note planters
5) Council and/or CRC Action Items
ACTION ITEM CITY COUNCIL CRC
None at this time
MONON AT MAIN STREET
THIS PROJECT IS ON HOLD.
Meeting P age | 11
PALLADIUM LANDSCAPE
CONSTRUCTION PROGRESS
PROJECT UPDATES
September 10, 2015 CRC Report for September 21, 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
September 10, 2015 CRC Report for September 21, 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, Miller Auto Care
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
September 10, 2015 CRC Report for September 21, 2015 City Council Meeting Page | 14
Respectfully submitted,
Corrie Meyer, AICP, RLA
Director
Carmel Redevelopment Commission/Department
September 10, 2015
Prepared for David Bowers and Bob Dalzell
-End Report-
CRC Meeting, August 19, 2015
1
CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday,
August 19, 2015
ATTENDANCE:
President Bill Hammer Present
Vice President Dave Bowers Present
Secretary Jeff Worrell Not Present
Treasurer Diana Cordray Not Present
Member Bill Brooks Present
Member Robert Dalzell Present
Member Michael Kerschner 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 6:35 p.m.
The Pledge of Allegiance was said.
Approval of Minutes
July 15, 2015: Mr. Dalzell moved to approve, seconded by Mr. Bowers. Unanimously approved.
Financial Matters
Mr. Lee stated the end of month July balance of the Commission totaled $4,441,956.00 and, with
restricted funds, the total was $9,533,219.00.
Mr. Lee said the only outstanding receivables are the reimbursements for the Project Blue
invoices in the amount $13,955.00
Approval of Claims
Mr. Lee requested the Commission approve non-operating invoices in the amount of
$295,074.06. Mr. Brooks moved to approve payment of non-operating invoices in the amount of
$295,074.06, 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 construction projects: the Nash
streetscape, the Mezz and the Monon at 3rd Ave. Tenants will be moving into building on 3rd
Ave. on September 1st.
Discussion ensued.
Committee Reports
Mr. Bowers stated there was nothing to report from the Finance Committee.
Mr. Dalzell stated the Architectural Review Committee had nothing to report.
Old Business
None at this time.
CRC Meeting, August 19, 2015
2
New Business
Approval of Resolution 2015-8 Re: transfer of property located at 130 First Avenue SW from the
City to the CRC
Mrs. Meyer provided background and explained the City transferred the Firebuffs Museum to the
CRC, and the CRC accepted. When the City Council made their action to transfer, they edited
their resolution to reflect the language proposed in this Resolution. In essence, the CRC sells the
property, it needs to deed the parcel/building back to the City to protect the museum and its
history. Mr. Brooks moved to approve revised Resolution 2015-8 Re: transfer or property located
at 130 First Avenue SW from the City to the CRC. Mr. Bowers and Mr. Dalzell seconded.
Approved unanimously.
Approval of FVB Energy’s proposal for a feasibility study of a Midtown energy district
Mrs. Meyer gave background and requested that a feasibility study be conducted to determine if
an energy district in Midtown is an effective alternative of energy distribution for hot and chilled
water. The CRC wants questions answered not only about the engineering capabilities of the
district but also the financing and savings for consumers. The study could take 6-8 weeks and
they could discuss their findings at the October 21st CRC meeting, unless a special meeting is
called. The proposal is valid past the July 31st date listed on study document.
Mr. Brooks motioned to have this action item added to the agenda. Mr. Dalzell seconded and
approved unanimously.
Mr. Dalzell motioned to approve the proposal from FVB Energy in the amount of $18,500.00 to
conduct a feasibility study for an energy district in Midtown. Seconded by Mr. Bowers,
unanimously approved.
Approval of David M. Schwarz Architects’ proposal for master plan revision and conceptual
design services for City Center Hotel and Conference Center
Mrs. Meyer presented background and stated by beginning the design process now, the timing of
the final design for the hotel will ensure a smoother integration with Pedcor’s plans for the rest of
the site. The architect firm also designed the Palladium.
Mr. Brooks motioned to have this action item added to the agenda. Mr. Bowers seconded and
approved unanimously.
Discussion ensued concerning the action item. Mr. Kerschner asked for details and clarification.
Mr. Haas provided legal advice.
Mr. Brooks motioned to approve the proposal from David M. Schwarz Architects in the amount
of $24,999.00 for master plan revisions and conceptual design services regarding the City Center
Hotel and Conference Center. Mr. Bowers seconded. Approved unanimously.
Mr. Hammer noted that, although they designed the Palladium, the primary portion of the
architect firm’s business is commercial and retail projects, so they do have experience in this
area. Mr. Bowers asked if this addition will change the budget and Mr. Lee stated it wouldn’t.
Other Business
Mr. Lee stated a correction in early discussions on payments of the reflecting pond.
Adjournment
Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded
by Mr. Dalzell. The meeting was adjourned at 7:01 p.m.
CRC Meeting, August 19, 2015
3
The next regularly scheduled meeting is Wednesday, September 16, 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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Carmel Redevelopment Commission
Annual Budget Summary Update
as of 8/31/15
Reference BCD E FGReference
1 Actual Actual PROJECTED Revised Budget 1
2 July August September Total % Complete Approved 2
3 Projections 7/15/2015 3
4 BEGINNING BALANCE WITHOUT RESTRICTED FUNDS $11,548,572 $4,441,956 $4,167,559 4
5 5
6 RECEIPTS ‐ TIF 6
7 Interest 29 7
8 Restricted TIF Revenue 8
9 Parkwood TIF 1,954,580 56%1,954,580 9
10 Unrestricted TIF Revenue 10
11 Increment Net of Developer Pass Through (691,723) 0 17,076,430 54%17,076,430 11
12 Total TIF (691,723) 0 ‐ 19,031,010 54%19,031,010 12
13 13
14 Less Transfers to Reserves 14
15 Transfer to Supplemental Reserve Fund ‐ Parkwood TIF 0 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 157,817 0 ‐ 2,112,397 60%2,112,397 17
18 18
19 Less Debt Service 19
20 Certificates of Participation, Series 2010C 682,113 0 1,363,619 50%1,363,619 20
21 Illinois Street Bond 458,324 0 913,169 50%913,169 21
22 2013 Illinois Street Bond 110,013 0 220,025 50%220,025 22
23 2005 and 2014 PAC Lease 00 5,653,000 50%5,653,000 23
24 2012 Lease 4,980,000 0 9,962,000 50%9,962,000 24
25 Total Debt Service 6,230,449 0 ‐ 18,111,813 50%18,111,813 25
26 26
27 TOTAL RECEIPTS ‐ TIF (7,079,988) 0 0 (1,193,170)0%(1,193,200) 27
28 28
29 RECEIPTS ‐ NON TIF 29
30 Interest 935 538 4,369 30
31 Energy Consumption Payments 26,922 0 53,843 323,060 58%323,060 31
32 REI Energy Payments (2015) 10,462 0 10,462 125,538 75%125,538 32
33 4CDC Grants 00109,298 400,000 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 143,124 0 220,175 94%218,425 38
39 TOTAL RECEIPTS ‐ NON TIF 181,442 538 173,603 1,698,328 49%1,692,209 39
40 TOTAL RECEIPTS (6,898,546)538 173,603 505,158 499,009 40
41 41
42 42
43 EXPENDITURES 43
44 Project Professional Fees 44
45 Legal Fees 555 6,548 584 362,000 47%362,000 45
46 Architecture/Engineering Fees 38,742 0 7,995 75,700 51%75,700 46
47 City Center Design Soft Costs 2,000 16,625 21,800 331,300 0%331,300 47
48 Accounting Fees 0 1,773 525 31,450 58%31,450 48
49 Miscellaneous Professional Fees 0 2,500 1,800 30,000 9%30,000 49
50 Construction 50
51 Mezz Building Site Construction 0 64,049 ‐ 334,306 51%334,306 51
52 Mezz Utility Relocation 0 0 83,333 250,000 0%250,000 52
53 Nash Streetscape 2,188 0 12,027 44,208 67%48,335 53
54 Capital Improvement Projects 0 182,940 335,893 2,425,447 20%2,425,447 54
55 Bond and Trustee Fees 0 500 15,512 22,272 14%22,922 55
56 Village Financial Secondary IPC 37,474 0 138,788 71%138,788 56
57 2006 COIT Refunding Bond 0 0 959,243 50%959,243 57
58 Reimbursement of Actual Expenditures for Redevelopment Department 127,111 0 400,995 42%400,995 58
59 Sophia Square Garage Expenses 0 0 106,307 300,000 0%300,000 59
60 Miscellaneous Expenditures 0 0 10,000 9%10,000 60
61 TOTAL EXPENDITURES 208,070 274,935 585,777 5,715,708 30%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 $4,441,956 $4,167,559.26 $3,755,385 $519,918 508,992 68
69 RESTRICTED FUNDS 69
70 Energy Center Consumption Reserve Beginning Balance 502,055 502,161 502,226 501,760 100%500,000 70
71 Civic Rent Reserve Beginning Balance 802,341 802,510 802,613 801,870 100%800,000 71
72 Supplemental Reserve Fund Beginning Balance 3,627,978 3,786,592 3,787,081 2,526,433 100%2,526,168 72
73 RESTRICTED FUNDS BEGINNING BALANCE 4,932,375 5,091,263 5,091,920 3,830,063 3,826,168 737474
75 TRANSFERS IN/(OUT) OF RESERVES 75
76 Energy Center Consumption Reserve Transfers In/(Out) 106 65 (499,535)0%(500,000)76
77 Civic Rent Reserve Transfers In/(Out) 169 104 (199,256)0%(200,000)77
78 Supplemental Reserve Fund Transfers In/(Out) 158,614 489 ‐ 2,115,168 60%2,112,397 78
79 TOTAL RESERVE FUNDS TRANSFERS 158,888 657 0 1,416,377 89%1,412,397 798080
81 ENDING BALANCE FOR RESTRICTED FUNDS 5,091,263 5,091,920 5,091,920 5,246,439 5,238,565 81
82 ENDING BALANCE WITH RESTRICTED FUNDS $9,533,219 $9,259,479 $8,847,305 $5,766,357 $5,747,557 82
A
‐1‐
Carmel Redevelopment Commission
Meeting Agenda Item
Action Item # 1
PRESENTER
Mike Lee
ACTION REQUESTED
Approval
ITEM/SUBJECT
Approval of Change Order for the Mezz streetscape per State Board of Accounts
requirements in the amount of $2,865.54 payable from 902 funds.
BUDGET APPROPRIATION
$2,865.54
MEETING DATE
September 16, 2015
SUMMARY:
Please refer to the change order attached.
MOTION:
Motion to approve the Change Order for the Mezz streetscape per State Board of Accounts
requirements, in the amount of $2,865.54 payable from 902 funds.
Carmel Redevelopment Commission
Meeting Agenda Item
Action Item # 2
PRESENTER
Corrie Meyer
ACTION REQUESTED
Approval
ITEM/SUBJECT
Acceptance of engagement letters from legal firms
BUDGET APPROPRIATION
N/A
MEETING DATE
September 16, 2015
SUMMARY:
The CRC staff requests that the Commission accept engagement letters from two legal firms for
their services. Drewry Simmons Vornehm LLP will provide legal services in relation to the
construction of the Park East Garage. Keller Macaluso LLC will provide legal services for
various real estate matters.
MOTION:
Motion to accept the engagement letters from law firms Drewry Simmons Vornehm LLP and
Keller Macaluso LLC for their services.