07 July 18 MinutesCRC Meeting, June 20, 2018
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CARMEL REDEVELOPMENT COMMISSION Meeting
Wednesday, July 18, 2018
ATTENDANCE:
President Bill Hammer Present
Vice President Dave Bowers Present
Secretary Bill Brooks Not Present
Treasurer Christine Pauley Present
Member Adam Campagna Present
Member Jeff Worrell Present
Member Michael Kerschner Present
Executive Director Henry Mestetsky Present
Deputy Director Michael Frischkorn Present
Finance Manager Michael Lee Present
Office Manager Rachel Finn Present
City Attorney Ashley Ulbricht Present
Legal Consultant Ryan Wilmering Present
Bond Counsel Brad Bingham Present
President Hammer called the meeting to order at 6:39 p.m.
The Pledge of Allegiance was said.
Public Hearing – Legacy Economic Development Plan
Mr. Hammer opened the Public Hearing at 6:40 p.m. With no members of the public wishing to
speak, Mr. Hammer closed the Public Hearing at 6:41 p.m.
Approval of Minutes
The June 20, 2018 minutes were presented. Mr. Bowers moved to approve the minutes. Mr.
Campagna seconded.
Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
Financial Matters
Mr. Lee stated the Commission’s end of the month June balance totaled $3,259,718 and,
including the restricted funds, the balance totaled $7,657,212.
Update on Outstanding Receivables
Mr. Lee stated there are two outstanding receivables:
1) Project Blue invoices of $15,643.
2) Initial Energy Consumption Fee for The Mezz of $346,411.
Approval of Claims
Mr. Lee requested the Commission to approve the non-operating invoices in the amount of
$165,869.91.
CRC Meeting, June 20, 2018
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Mr. Lee stated that there is a disbursement to be paid out of the Midtown South Bond in the
amount of $654.50.00.
Mr. Lee stated that there is a disbursement to be paid out of the 2016 TIF Bond in the amount of
$148,787.33.
Mr. Lee stated that there is a disbursement to be paid out of the 2016 COIT Bond in the amount
of $198,492.87.
Mr. Worrell moved approve. Mr. Bowers seconds.
Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
Executive Director Reports with Update on Properties
Mr. Mestetsky highlighted the ongoing CRC projects. The Sunking Distillery opened. The
Midtown West project has started foundations and is proceeding. The Midtown Plaza project has
started with the Monon Boulevard project proceeding. The Proscenium project has received the
necessary approvals and will be starting within a week or two. The Midtown South Garage is
complete.
Committee Reports
Finance Committee – A meeting was held at which the committee discussed the budget.
Architectural Review Committee – None
Old Business
None.
New Business
a. Action Item #2 – Resolution 2018-05 re: Amendment to Economic Development Plan
for Legacy Economic Development Area
Mr. Bingham asked that the Commission approve the resolution that will allow all
Legacy TIF, in excess of Legacy attributed debt payments, to flow into the Integrated
TIF District. Mr. Bowers moved to approve, seconded by Worrell.
Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
b. Action Item #3 – Resolution 2018-06 re: Amendment to Revenue Deposit Agreement
Mr. Bingham stated that this amendment to the Revenue Deposit Agreement
contemplates recent project financings and new TIF allocation areas. Mr.
Bowers moves to approve, Mr. Campagna seconds.
CRC Meeting, June 20, 2018
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Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
c. Action Item #4 – Approval of Mural contract
Mr. Lee asked that the Commission table this item. Mr. Worrell moves to table
the item, Mr. Campagna seconds.
Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
d. Action Item #5 – Approval of Revised 2018 Budget
Mr. Lee stated that the 2018 budget needs to be revised to reflect current and
forecasted revenues and expenditures. Mr. Bowers stated that a transfer from
reserves was discussed to balance out the budget for the remainder of 2018. Mr.
Worrell asked about the reimbursements to miscellaneous receipts. Mr.
Mestetsky answered that the CRC had received reimbursements from various
projects which impacted that number. Mr. Bowers moves to approve, Mr.
Worrell seconds.
Vote: Yes No Abstain/Recuse
Bill Hammer X
Dave Bowers X
Bill Brooks
Adam Campagna X
Jeff Worrell X
Other Business
None.
Adjournment
Mr. Campagna moves to adjourn, seconded by Mr. Worrell. The Commission adjourned the
meeting at 7:03 p.m.
The next regularly scheduled meeting is Wednesday, August 15, 2018 at 6:30 p.m.