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HomeMy WebLinkAboutCRC-02-02-98Carmel Redevelopment Commission February 2, 1998 MINUTES President Rick Roesch called the meeting to order at.5:35 p.m. Members present were Amy Boldt, Ron Carter, Lisanne Tevyaw, and Susan Westetmeier. Others in attendance were Mayor Brainard; Luci Snyder, City Council member, Lucy Emison of Ice Miller Donadio and Ryan; Bob Swhier of Dann Pecar, Elaine Overdorf and Loren Rooney of Umbaugh & Associates; Neal Steinbart of Barnes & Thornburg; Scott Miley of the Star- News; and Craig Hessee from the Linder Co. Mr. Roesch welcomed Lisanne Tevyaw as the newest member of the Redevelopment Commission. Ms. Westermeier made a motion to approve the minutes from the January 15th meeting. Following a second by Mr. Carter, approval was unanimous. A public hearing on the expansion of the Economic Development Area of Merchants Square was opened at 5:40 p.m. Ms. Emison gave a synopsis of the project, including the advisability of adding two parcels to the area. If the expansion is approved by the Commission, this will go to the Common Council for consideration this evening. Ms. Emison explained the terms of the bond transaction ($2,655,000 total, 20 year term with a maximum rate of 7%). McDonald & Co. plans to purchase the revenue bonds as a limited offering. After details are finalized and the Legal staff has given approval, the necessary documents will be executed prior to closing. It was noted that all growth from the parcels after the 3/1/97 base date can be captured in TIF revenue. The public hearing was closed at 5:45 p.m Discussion of Resolution 5-1998 ensued. Mr. Carter made a motion to amend the fourth WHEREAS by deleting all wordage following Area. This was unanimously approved following Ms. Westermeier's second: Ms. Westermeier then made a motion to approve the amended Resolution 5-1998. Unanimous approved followed a second by Ms. Boldt. A public hearing on the bond procedure opened at 5:46 p.m. There being no public input, the public hearing was closed. Resolution 7-1998, an Additional Appropriation Resolution, was discussed. Mr. Carter made a motion to strike the first "thousand" in Item I (a).for clarification in the amount of the appropriation, The resolution was then approved unanimously as amended. Bond Resolution 6-1998 was discussed as the main financing document. The President and Vice President will sign documents after consulting with counsel. Ms. Rooney offered copies of the current draft and noted the limited obligation of the city - the bonds 1 will be sold to Accredited Investors; i.e. persons or institutions with high net worth. L_ 1 Redev. Comm Minutes 2/2/98 page 3 Commission members. She stated that based on estimates, the impact on schools and other taxing units will be slight. Ms. Rooney said the school administration seems comfortable with this information, as preliminary discussions have been held. The School Board will be presented with this information, and it appears that the only revenue impact may be on_specW education ( for a mere $575). From all indications, the revenue from tax increment should exceed what is needed to make the debt payments. Less than 1% of the total tax base will be captured as TIF revenue. Mr. Roesch stressed that we have tried to share information about these projects as it becomes available, knowing there will be a public hearing and other hurdles to encounter before the bonds are.issued. Ms. Rooney acknowledged we are trying to take advantage of low interest rates by issuing the tax increment bonds as soon as possible. If the Common Council gives approval, we can market the bonds, and be ready to issue them after the second reading before Common Council. The next item of business was Election of Officers. Ms. Westermeier thanked Rick Roesch for ably leading the Commission in the year just completed. She then nominated Mr Roesch as President for the coming year. Following a second by Mr. Carter, nominations were closed, and Mr. Roesch was unanimously elected. Mr. Carter nominated Ms. Westermeier for the position of Vice President. Ms. Boldt seconded the motion. Unanimous approval ensued. Mr. Carter nominated Ms. Boldt for the position of Secretary. Following a second by Ms. Westermeier, approval was unanimous. The next scheduled meeting is Tuesday, February 17 at 5:30 p.m. The meeting was adjourned at 7:05 p.m.