HomeMy WebLinkAboutCRC-11-02-98CARMML REDEVELOPMENT COMMISSION
November 20998
5:30 pm. ROCS Conference Room
AGENDA
1.
2.
3.
4.
Call to Order.
Approval of Minutes from March 27, 1998 meeting
Approval of Minutes from, October 7,. 1998: meeting
Old Business.
City Center status report
New Business
A. Invoices
Hot Shots (City Center) $37.30
(PNeparakon of photos for prospective participants)
B.R.. Hurt. Realty, Inc (City Center)
Baker & Daniels (City Center)
$472.50
8/25/98 41531,69 $8,987.89
8125/98 9153170 $ 253.00
8/25/98 4153171 $' 184.00
8125/98 #153172 $2,522.56
8/25/98 0153173 $7,273.28
5.
B. Resolution 14-199$; giving authorization for-City Attorney to make
an offer to purchase the remaining.'Mueller property for the City
Center.
Schedule; next meeting.
C Adjournment
y
C
CARMEL REDEVELOPMENT COMMISSION
November 2, 1998 .E
,NIZTUTES
The meeting'was called to order at 6:20 mm. by President Rick Roesch.. Members
present were Ron Carter and Liz Tevyaw, constituting-'a quorum. Also in attendance
were Cleric Treasurer Diana Cordray, City Attorney Doug Haney; and Nancy Blondin of
the Carmel/Clay Chamber of Commerce.
Ms. Tevyaw made a motion to approve,the March Z7, minutes. Following a second by
Mr. Carter, the minutes. were approved unanimously.
Following-a motion by Mr. Carter and a second byMs. Tevyaw; the October 7 minutes
were also unanimously approved.
Under Old Business, Mr. Roesch noted the recent, letter stating the Chamber of
Commerce, position on the City Center. He has spoken with the Mayor,regar"ding this
project. While nothing was,finaliued as of their discussion last Thursday; the Mayor is
presently working with several developers who are interested in being :apart of the City
Center.
_ Under New Business, Ms. Cordray indicated she has examined the invoices listed on the
agenda. In addition, Mr. Haney fn reviewed the invoices represen ing consulting fees,
and has attached a' cover letterto each indicating his approval for payment,(which may on
occasion reflect changes in,the amount being suggested-for commission consideration
and approval).
Mr. Carter,made,a motion to approve the; invoices listed on the agenda. after a second.
by Ms. Tevyaw, die motion"was approved unanimously.
Three additional (City Center) invoices from Barnes,& Thornburg were,presemed for
consideration by Ms.'Cordray. Mr. Haney has reviewed these invoices and recommends
approval for payment They are as follows:
Invoice # -523381 10/19/98 $162.00
Invoice #515552 .8/31%98 $39150
Invoice 952"1139 9/25/98 $112.50
Mr. Carter made a motionto•approve -the above-listed invoices. Unanimous' approval
followed the second by Ms.,Tevyaw.
Ms. Cordray reported she has checked on the invoice from Baker ,& Darnels,(considered
at.the 10/7 meering) askiag for payment to W.oolPert. She learned that Baker & Daniels
has already paid Woolpert. Any further payment on this invoice (amount.$5,500 for a
( survey on the former Kroger: property) will besheid pending further information.
Redev. Comm. Minutes
11/2/98
page 2
vc
.ei
A04'
Ms. Cordray provided copies ofthe`spend-down figures on the bond issues, a copy of
which is attached:to these minutes as part of the record (prepared by Neal Steinbart of
Barnes &,Thornburg)- The:accouni balance on HazelDell is $8,461,6101. The City
Center balance is $7,212,305. We will want to.refereace _an.accoi_int balance again in
January:
There was discussion on Resolution 14-l998, which would give, authorization for the
City Attorney to negotiate the purchase.of`the remaining Mueller property: Mr. Haney
explained that.we are restricted to paying the average of 2 appraisals. The resolution
presented this evening is about 543;000 less than the original proposal for the three
parcels. The suggested purchase price is 52,327,679.77 for approximately 34 acres which
will be incorporated as parrofthe.Ciiy Center:
Mr. Haney will confirm that the money"for this purchase will come from the bond issue-
Ms. Tevyaw made a motion to approve_Resolution 14-Y993. Unanimous approval.
followed a second by-Mr. Carter, thus.grantmg authority to the°City Attorney to enter into
-
negotiations for the purchase of the Mueller properties described therein, By.doing this,
there is no need for the City Attorney's name to appear, onthe Resolution document.
Copies of the=appraisals will be provided to the Clerk',s office ahese were submitted on
Mr. Haney will chmk•on,the agreement to manage the former Kroger property. He feels
the:comrnission should approve an extension agreement, even though the agreement`was.
carried over by acquiescence by both parties.
Mr. Haney indicated he.,will plan to be in attendance more frequently at Redevelopment
Commission meetings:
Mr. Cartermade a motion to adjourn at 6A5 p.m We will considers later hour for
meetings, and may possibly even schedule•a quick lunch-time meeting when invoice
approval is the only scheduled item of business, The meeting was adjourned
unanimously.
r.
BARNES ÞBURG
Neal W. Stninbart
(317) 231-7257
Email: nsteinba®brlaw.com
OQ 16 1948
I I South Meridian Street
Indianapolis. Indiana 46204 U.S.A.
(317) U6-f313
Fax (317) 231-7433
htrp://www.btlaw.com
October 9, 1998
The Honorable Diana L. Cordray
Clerk-Treasurer, City of Carmel
One Civic Square
Carmel, Indiana 46032
Re: City of Carmel Redevelopment Authority County Option Income Tax Lease Rental
Revenue Bonds of 1997
Dear Diana:
The above-referenced bonds (the "Bonds") may be exempted from the arbitrage rebate
requirements of the Internal Revenue Code, if the "available construction proceeds" (as estimated
below) from the Bonds are spent in accordance with the following schedule:
(i) At least 10% by March 4, 1998;
(u) At least 45% by September 4, 1998;
(iii) At least 75% by March 4, 1999; and
(iv) 100% by September 4, 1999.
The "available construction proceeds" from the Bonds are estimated as follows:
Principal amount of Bonds $32,000,000.00
Original issue discount ( 11,328.70)
Investment earnings(!) 412,509.00
Debt Service Reserve Fund ( 2,669,901.26)
Costs of issuance(') ( 440.943.39)
$29,290,335.65
(') For purposes of the first three spending periods, the originally estimated investment earnings
must be taken into account; for purposes of the fourth spending period, the actual investment
earnings must be taken into account.
(2) Actual issuance costs to date, including underwriter's discount but excluding bond insurance
premium.
Indianapolis Fort Wayne South Bend Elkhart Chicago Washington, D.C
The Honorable Diana L. Cordray
October 9, 1998
Page 2
Based upon the foregoing estimate, the available construction proceeds must be spent in
accordance with the following schedule:
(i) At least $2,929,033.57 by March 4, 1998;
(ii) At least $13,180,651.04 by September 4, 1998;
(iii) At least $21,967,751.73 by March 4, 1999; and
(iv) $29,290,335.65 by September 4, 1999.
Attached hereto as Exhibit A is a list, provided to me by you and the trustee, of certain
expenditures of Bond proceeds. I have indicated with a checkmark those expenditures that may be
taken into account for purposes of satisfying the first spending period requirement. In addition,
$157,400.00 was paid from Bond proceeds on September 4, 1997, for bond insurance, and may be
taken into account for these purposes. I have not undertaken to verify any of the attached
information. However, based upon that information, it appears that $5,717,947.43 was spent by the
_ end of the first spending period, in satisfaction of the spending requirement for that period.
( Attached hereto as Exhibit B is a fist, provided to me by you and the trustee, of certain
expenditures of Bond proceeds. I have identified with a checkm rk those expenditures that may be
taken into account for purposes of satisfying the second spending period requirement. I have not
undertaken to verify any of the attached information. However, based upon that information, it
appears that $13,929,234.86 was spent by the end of the second spending period, in satisfaction of
the spending requirement for that period.
In order to satisfy the spending requirement for the third period, it appears that an additional
$8,038,516.87 must be spent by March 4, 1999.
Please call me with any further questions.
Neal W. Steinbart
NWS:cs
cc: Douglas Haney, Esquire (w/encs)
VIA TELECOPY
INDS01 NWS inns
BARNES ÞBURG