HomeMy WebLinkAboutCRC-12-14-15CRC Meeting, December 14, 2015
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CARMEL REDEVELOPMENT COMMISSION Meeting, Monday,
December 14, 2015
ATTENDANCE:
President Bill Hammer Present
Vice President Dave Bowers Not 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 Bruce Donaldson Present
President Bill Hammer called the meeting to order at 3:33 p.m.
The Pledge of Allegiance was said.
New Business
Resolution 2015-11 re: use of CRC reserves to pay for City debt services
Mrs. Meyer and Mr. Donaldson gave background on the resolution, which allows a short term
loan to make debt obligations. The breakdown of payments are as follows:
2006 and 2014B COIT - $2,906,500
2014A COIT Lease - $1,269,000
2010 COIT Lease - $860,500
2011 COIT Refunding Bonds - $380,552
The CRC staff recommends paying $5,416,552 of City bonds from CRC reserves. Of this debt,
$4,887,853.79 will be paid from the Supplemental Reserve Fund pending City Council approval.
The remaining $528,698.21 will be paid from the CRC’s Civic Reserve Fund. As per the
resolution, these payments will be made with the stipulation that the CRC will be reimbursed by
the City within 60 days of December 15, 2015. Discussion ensued. Mr. Brooks motioned to
approve Resolution 2015-11 re: use of CRC reserves to pay for City debt service, pending City
Council approval; seconded by Mr. Worrell and approved unanimously.
Approval of Reimbursement of Redevelopment Department expenditures
Mr. Lee gave background concerning the action item stating the CRC staff recommends
reimbursing the City for Redevelopment Department expenditures from July to date. This
includes invoices submitted this morning to the Clerk-Treasurer’s office from payment. This
reimbursement will be paid with cash funds available from the 902 fund. Discussion ensued.
Mrs. Meyer gave background concerning CRC expenditures and funds. Mr. Dalzell made a
motion to approve the reimbursement of Redevelopment Department expenditures from July to
date in the amount of $180,565.82, payable from 902 cash funds. Mr. Worrell seconded and was
approved unanimously.
Financial Matters
Approval of Claims
Mr. Lee requested the Commission approve non-operating invoices in the amount of $5,416,552.
These invoices pertain to the debt obligations outlined in Resolution 2015-11. Mr. Worrell moved
to approve payment of the non-operating invoices in the amount of $5,416,552, seconded by Mr.
Brooks. Passed unanimously.
CRC Meeting, December 14, 2015
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Adjournment
Mr. Brooks moved the meeting be adjourned pending the execution of documents and seconded
by Mr. Worrell. The meeting was adjourned at 3:55 p.m.
The next regularly scheduled meeting is Wednesday, December 16, 2015 at 6:30 p.m.