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CRC Minutes. November 6. 2006
CARMEL REDEVELOPMENT COMMISSION Meeting and Public Hearing,
Monday, November 6,2006
President Ron Carter called the meeting to order a15:30 p.m. Commission members Jeff
Worrell, Rick Sharp and Carolyn Anker were present, constituting a quorum. Also
present were Les aIds, Sherry Mielke, Bruce Donaldson and Darrell Norris. Phyllis
Mon'issey as support staff.
Public Hearing Concerning, an Additional Appropriation of the Carmel
Redevelopment Commission
Ms. Anker asked for someclmification from Mr. Donaldson.
[Arrival of Loren Matthes]
Mr. Donaldson: The bonds which were issued in 1998 can not be redeemed or prepaid to
the bond holders until December 2007. We are doing an advance refunding which means
we issue the bonds today at the lower interest rates and put that money in an escrow that
will then mature in a little over a year in the amount that will payoff those old bonds.
The economics are such that we show a savings. The debt service on the new bonds is
less than the debt service on the old bonds and it will be the exact same terms. There
won't be any extension of maturities. The final interest rate will be negotiated in the
marketplace.
Ms. Matthes distributed a savings analysis report. The estimated savings is close to
$300,000 based on November 1st rates. It depends on where the mm'ket is when these are
actually placed.
Costs incurred for the "refinancing" are paid out of the bonds.
Mr. Donaldson gave some further clarification about the redevelopment district and the
payment plan explaining about TIF and COIT.
Mr. Sharp asked if a new letter of agreement pledging TIF be used first needed to be
issued.
The Public Hearing was opened at 5:46 p.m. There was no one present to speak in favor
or in opposition to the proposed additional appropriation. The Public Hearing was closed
at 5:46:5 p.m.
Mr. Sharp moved for approval of Resolution] 8-2006. [Resolution of the City of Carmel
Redevelopment Commission Authorizing the Advance Refunding of the City of Carmel, Indiana
Redevelopment District Taxable County Option Income Tax Revenue Bonds of 1998 (City
Center Redevelopment Project), Authorizing the Issuance of the City of Carmel, Indiana
Redevelopment District'Taxable County Income Tax Revenue'Refunding Bonds, Series 2006 to
Provide Funds for the Payment of the Costs Thereof: and Addressing Other Matters Connected
Therewith]. Seconded by Mr. Worrell and unanimously approved.
Other Business
None
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CRC Minutes. November 6. 2006
Adiournment
Mr. Sharp moved the meeting be adjourned. Seconded by Mr. Worrell and the meeting
was adjourned at 5:48 p.m.
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