Loading...
HomeMy WebLinkAboutCRC-05-16-06 CRC Minutes. May 16.2006 CARMEL REDEVELOPMENT COMMISSION Meeting, Tuesday, May 16,2006 President Ron Carter called the meeting to order at 7:07 p.m. Commission members William Hammer. Rick Sharp, Jerry Heniser and Jeff Worrell were present. constituting a quorum. Also present were Mayor Brainard. Karl Haas, Les aids, Bob Battreall, Sherry Mielke, Dan Moriarity and Brandon Bowan; from CSO Schenkel Schultz, David Leazenby, SaraNasuti, Brad Chambers, from Buckingham, Jason Semler and Loren Matthes from Umbaugh and Philip Genetos fro"m Ice Miller. P"hyllis Morrissey as support staff. [Jeff Worrell was given the oath of office prior to the meeting. He is replacing Bob Battreall on the Commission.] Approval of Minutes Mr. Hammer moved for approval of the April 18, 2006, minutes. Seconded by Mr. Heniser and unanimously approved. Mr. Hammer moved for approval of the May 3, 2006, minutes. Seconded by Mr. Heniser and unanimously approved. Recognition Mr. Carter presented plaques to Bob Battreall and Jerry Heniser, thanking them and recognizing their service to the Commission and the City. Resolution 13-2006 Resolution of the City of Carmel Redevelopment Commission Authorizing the Execution of a Lease of Certain Land and Public Improvements in the City of Carmel, Indiana, and Regarding Other Related Matters. The hearings were held on May 3. Notices were properly given. Mr. Sharp moved for approval of Resolution 13-2006. Seconded by Mr. Heniser and approved with four in favor. Mr. Worrell abstained. Presentations Pedcor, Parcel 2A will be at the June meeting. Gramercv Brad Chambers gave a brief overview of the Gramercy project, noting it is an infill project, not green fields. He noted the importance of having TlF to help with the infrastructure costs orover $30,000,000. Ms. Matthes presented the TIF feasibility study, stating this is a very large project and will be phased in over time. The TlF revenue is based on'the phasing in of the development. This is proposed as capital appreciation bonds. The CRC would need to establish a TIF area and pledge the TlF from Gramercy to the repayment of bonds. It would be for approval of a bond issue up to $30,000,000 as a draw down bond and only the amount of CRC Minutes. May 16. 2006 the TIF support is what would be drawn down. The City is the issuer of the bonds. The Economic Development Commission has to approve it. A bond purchaser is going to buy the bonds. Proceeds go from the City and are loaned to the borrower (Buckingham). Buckingham then is responsible to repay it The City has no risk. If the borrower is not able to pay, the bondholder takes the risk. It would not rehect on the City's credit rating if the borrower could not repay. Ms. Matthes explained thatthis project would impact the current tax assessments very little because the property as it is now, is deteriorating. Further explanations and discussion followed. All parks in the development wiII be open to the public. Diversity of housing was discussed. Mr. Chambers explained the property's access with Cannel Dri ve. Discussion followed about the treeline and the heights and orientation of buildings along Keystone. Buildings along l261h Street are limited to 35' in height, facing the street and are all for sale residential housing, no commercial. Discussion followed. Mr. Sharp gave an expression of support, to continue to move forward. TIFUodate Ms. Matthes gave a report on the anticipated development in the do\vntown area which will be used to general tax increment to repay PAC bonds. The report focused on new and proposed development Discussion followed. The actual amount of June's payment wiII be important to see if we are on target Monitoring the parcels is important Reports from Architects and EnIDneers Mr. Moriarity reported there was a productive meeting for PAC last week with the Aliec and DCI representatives. present Pricing is the next step and another meeting will likely be held next week at the CSO Schenkel Schultz office. It was decided that the meeting will not have to be noticed because it will only be an information gathering session; no official decisions will be made. Mayor Brainard stated Mr. Brans and the Perfonning Arts Center Foundation will be working out of the Chris Reid building in City Center. The fundraising looks promising. Update on Properties Parcel 5 Mr. Olds reported Pedcor has a lighting conceptin their existing underground garage, which eliminated shadows for a safer environment. The same concept will be used in the City Center garages. Security cameras and alanns wiII also be in place. Mr. Haas reported paperwork will bear'riving electronically to the eRC members for Parcel 5's master project agreement This will outline what the separate phases will be and each will have its own separate project agreement 2 CRC Minutes. May 16. 2006 Parcel 2b New screening in front of the mechanicals is in place and appears acceptable. Parcel 8 Mr: Olds brought up the subject of a new parking garage on Parcel 8. Estimated cost per basic parking space is $10,000 per vehicle. Discussion followed about cost and best location of new parking garage in Old Town. Mayor Brainard received a letter from Joe Lazarra, representing the other retajlers in the AMLI property along. Main Street, asking that with the sale to Barrett Stokely, the retailers be given the opportunity buy their spaces. Discussion followed. Barrett Stokely seems in favor of it. CRC should have a right of first refusal with any property owner changes, including those on Parcels 13 and 16. Continued discussion about possible consUuction of garages. Other Parcels Mr. 01ds reported cost estimates for several projects will be presented to the CRC at the next meeting. Parcel 13 Pedcor has hired a more skilled masonry contractor because of the complexity of the job. Parcel 12 SESCO has submitted a cost proposal for environmental work in the amount of $322,520. Mr. Hammer moved for approval of the contract. Seconded by Mr. Sharp and unanimously approved. Mr. Haas noted that the CRC would probably be resp,onsible for some of the costs of the environmental work. ELF would likely cover approximately 75%. Parcel 14. Street Department Mr. Carter asked if any progress has been made on the joint offering on the Street Department. Mr. aids does not anticipate any problems but is proceeding cautiously. Financial Matters Ms. Mielke reported the April end of month balance is $2,772,994. Approval of Invoices Ms. Mielke requested an add-on to the invoices which brings the.totaT to $368,110.30. Mr. Sharp questioned several invoices, including one from Bose McKinney. Mr. Sharp asked that attorneys be instructed to keep work detail separated on invoices. The CRC pays for an audit of the Redevelopment.Authority because they have no budget and they are the legislative body for the CRe. Discussion followed about some expenses. Mayor 3 CRC Minutes. May 16, 2006 Brainard pointed out that Mr. Olds has authority to approve' invoices up to a certain dollar amount. Further discussion. It was decided that we will retUll1 to the policy ofreimbursementby having developers bringing projects to thc CRC sign a reimbursement agreement, which would pay for consultants needed to evaluate a proposal. This would apply whether the project was approved by the CRC or not. So moved by Mr. Hammer. There would be a distinction between new development and redevelopment. The motion. was seconded by Mr. Sharp and unanimously approved. Mr. Sharp moved for approval of the invoices in the amount of $368, II 0.30. Seconded by Mr. Heniser and unanimously approved. Distribution of Funds Mr. Hammer moved for approval of the disbursement offundsfrom the PAC construction fund in the amount of $103,699.73. Seconded by Mr. Sharp and unanimolislyapproved. Other Mr. Heniser had revicwed the information from the Clerk-Treasurer on the CRC public funds investing and felt like more clarification was needed. Discussion followed. Mr. Sharp moved that Ms. Mielke forward Mr. Heniser's review letter to the Clerk Treasurer and request a response. Seconded by Mr. Worrell and unanimously approved. Old Business Arts & Design District A report from Mr. Lurie will be added to the agenda from now on. New Business Mr. Sharp moved the CRC authorize the'president to pursue an agreement for real estate acquisition with conditions that allow the CRC to ascertain value and fitness of the real property and assets. Seconded by Mr. Hammer and unanimously approved. Next Meeting Tuesday, June 20. Adjournment Mr. Hammer moved to adjourn. Seconded by Mr, Sharp, unanimously approved, and the meeting adjourned at 9:30 p.m. 4