Loading...
HomeMy WebLinkAboutCRC-03-27-98Carmel Redevelopment Commission March 27. 1998 MINUTES The meeting was called to order by President Rick Roesch at 3 p.m. Members Liz Tevyaw and Ron Carter were present, representing a quorum. Also present were Mike Eckerle of McHale Cook & Welch; Diana Cordray, Clerk Treasurer; Bob Battreall, Councilor; Neal Steinbart of Bames & Thornburg; Nancy Blondin of the CarmeVClay Chamber of Commerce. Mayor Brainard and City Attorney Doug Haney were present for parts of the meeting. Ms. Tevyaw made a motion to approve the minutes from the March I e meeting. Following a second by Mr. Carter, the minutes were approved unanimously. Mr. Roesch explained that there were three invoices regarding Merchants Square submitted prior to the previous meeting, in addition to those submitted by Linder Co. Currently, the Linder issues have not been resolved, relative to the appraisals required and transfer issues. As soon as this is clarified, we plan,to gather a quorum of members for another meeting to.approve Linder invoices. The Ice Miller Donadio & Ryan invoice includes out of pocket expenses that were not included in the $70,000 cap on their contract. In discussion with the City Attorney, it is ?. felt that we can approve payment for the following invoices, with the condition of a final review of the Umbaugh figures prior to forwarding the affidavit to the Trustee. Ice Miller Donadio & Ryan $73,428.67 Johnson Smith et al. $18,393.53 H.J. Umbaugh & Assoc. $64,850.00 Ms. Tevyaw requested copies of the invoices for her records. Ms. Kelsey will prepare this. Mr. Carter moved for approval of the above-referenced payments, subject to Mr. Haney's review and approval of the Umbaugh figures prior to submitting the affidavit to the Trustee for processing. Ms. Tevyaw seconded the motion, followed by unanimous approval. Mr. Roesch signed the affidavit authorizing payment. The invoices and affidavit will be forwarded to the Trustee for payment after the City Attorney gives the final approval of the Umbaugh invoice. The Agreement with the Common Council was summarized by Mr. Steinbart. He explained that he represents the city on the financing of the City Center. Carmel Redevelopment Commission 3/27/98 Minutes page 2 The Agreement would give the Common Council veto power over this commission's ability to spend the proceeds from the $10.5 billion bond issue. Prior to initiating a contract, or changing a contract, the Commission would need to advise the Clerk Treasurer to notify the Common Council members of such. intent. Councilors would have 5 business days to disagree with such expenditure. If there is disagreement with that expenditure, the subject would go to the Common Council for consideration. If there are no objections to the change, the contract would be considered approved by default. Exceptions would be expenditures for payment or interest, legal service, for the cost of bond issuance or investments. If costs are less than $75,000, terms of the Agreement would not apply. Mr. Steinbart said the Redevelopment Authority will be considering a similar contract with regard to the $32 million bond issue of 1997. The other provision of the Agreement is the request for the Clerk Treasurer to develop a list of qualified depositories, from which the Mayor can choose. Mr. Carter inquired if this agreement might be a deterrent fora purchaser of bonds, knowing the Common Council could change or drop features to a proposal with which they might not agree. Mr. Steinbart said in theory this might be a concern, but in reality would not affect the interest rate the City would receive. A purchaserlbond holder would still have the pledge of COIT revenues so would not be concerned with specific approvals required. A purchaser would assume the city has all necessary procedures in place. Ms. Cordray inquired whether the document has any request for an annual audit, to which Mr. Steinbart said there is no promise to bondholders of an audit. It is likely that an institutional investor might, however, demand an audit. The Clerk suggested including such language in future endeavors, and Mr. Roesch agreed it would be prudent to provide language including a-regular audit. The Redevelopment Commission has no obligation under the Agreement that the Redevelopment Authority members is considering, but we are being asked to sign since money flows through this commission, and to be sure we don't claim to have knowledge of transactions. Mr. Steinbart said he has reviewed the Agreement language with the Clerk Treasurer, and it met with her approval. Carmel Redevelopment Commission 3127198 Minutes page 3 W: Carter suggested an addition of the words "in writing" to Section 3'.(a) whereby any member of the Council who disputes a contract or proposed change order requests "in writing the.,Clerk-Treasurer...... After discussion Mr. Carter made a motion to amend the Agreements for:both the City Center project and the Lease Revenue Bonds by adding "in writing"-to Sec 3 (a). Ms. Teryaw seconded the;motion. Unanimous approval ensued. yaw shade a motion to approve Resolution 12=1998 regarding procedures for Ms. Tev approval of-expenditures on.bond issues. Following a second by Mr: "Carter, the motion passed. The Clerk Treasurer said she is in agreement with the wording on page 1, and Ms. Tevyaw suggested that be noted as part of. the record. Members signed the Resolution, after which the meeting was adjourned at 3:35,p.m