Loading...
HomeMy WebLinkAboutCRC-02-22-05CRC Meeting, February 22, 2005 1 CARMEL REDEVELOPMENT COMMISSION Meeting, Tuesday, February 22, 2005 President Ron Carter called the meeting to order at 7 p.m. Commission members Rick Sharp and William Hammer were present, constituting a quorum. Also present were Mayor Brainard, Les Olds, Bruce Donaldson, Karl Haas, Jason Semler, Dan Moriarity, Evan Lurie, Edward and Nellie Pipkin, and Bill Ruthhart from the Indianapolis Star. Sherry Mielke and Phyllis Morrissey as support staff. Approval of Minutes Mr. Hammer moved for approval of the minutes from the meeting of January 25, 2005. Following a second by Mr. Sharp, the motion was unanimously approved. Mr. Hammer moved for approval of the minutes from the meeting of February 15, 2005. Following a second by Mr. Sharp, the motion was unanimously approved. Award of Bid Bids were opened on February 15 for moving of the Arts Council building. Mr. Moriarity, from CSO, after reviewing the bids, recommended the bid be awarded to Smock Fansler for $193,800. The estimated cost was $175,000. Mr. Moriarity said, after reviewing the project with representatives from Smock Fansler, several cost savings could be realized, resulting in an estimated savings of $15,000 that can be taken without altering the quality of the job. He recommended a change order be created for these savings. Mr. Sharp moved to award the bid to Smock Fansler for $193,800. Mr. Hammer seconded but suggested the inclusion that the Director of Redevelopment be charged with value engineering the project down for savings. Motion amended to include this and then approved unanimously. Financial Matters Mr. Olds presented proposed Resolution # 1-2005. Mr. Donaldson explained that this was an initial approval of the form of lease for the performing arts center. The Carmel Redevelopment Authority met earlier and adopted a resolution approving this form of lease to submit to the CRC. This is step one of a process that has to occur in order for this lease to become a reality. This resolution states CRC approves of the form of the lease and then calls for a public hearing on it at the March meeting. After the Commission has its final approval, the lease then goes to the City Council for approval. In response to a question, Mr. Donaldson said the lease technically starts when the building is complete and ready for use, under Indiana law. Four years has been built in for a construction period and then we put a maximum of term, twenty-five years. Umbaugh took the current cost estimates for the facility and then estimated high on everything including interest rates so we could put a maximum amount. We’ll keep CRC Meeting, February 22, 2005 2 backing that down as we hone in on the actual cost of the facility and we sell the bonds and we know the actual interest rates. At that time we’ll put an addendum to this lease of a lease rental schedule that actually matches the bond debt service. Mayor Brainard stated we did estimate high on the original construction costs but then we had Donnell Consultants Incorporated [Pre-construction Cost Management Services and Program Analysis and Budget Preparation experts] do a special analysis and the costs have been reduced to $80,000,000. This is for a world-class concert hall. We will have fundraisers to raise money for operating endowment and some of the extras that aren’t in the budget right now. Mr. Sharp asked about the TIF revenues to support this. Mayor Brainard stated the TIF revenues are actually better than we had first thought according to Umbaugh. Mayor Brainard explained the lease. The state constitutional provision states that you can’t have more than 2% of your assessed value in debt. So you set up a holding corporation, the Redevelopment Authority, and the City then pays “rent” and the CRA pays the bonds. Mr. Sharp moved the CRC approve Resolution #1-2005. Following a second by Mr. Hammer, the motion was unanimously approved. Cash Flow Report Ms. Mielke reported the January 31, 2005, CRC fund balance is $5,245,890. A 2005 budget column has been added to the spreadsheet. A revised budget was distributed. We have a BAN maturity date on our 2003 BAN for July 18, 2005. We can use a 2005 BAN to replace this 2003 one. Mr. Olds explained how this would affect the budget. Discussion followed. It was decided to place this on the agenda for the next CRC meeting. Ms. Mielke will determine what the actual costs would be. Invoices Invoices were submitted for payment in the amount of $361,828.41. Following a brief discussion, Mr. Hammer moved for approval of the invoices as submitted. Following a second by Mr. Sharp, the motion was unanimously approved. Mr. Donaldson told Mr. Haas the cost for Barnes & Thornburg and Umbaugh to do another BAN would be approximately $10,000. Other The issue of payment of Evan Lurie’s compensation was brought up. The City Council feels it should be paid by CRC since most of the work he is doing is for the redevelopment areas. Discussion followed. Mr. Sharp moved the CRC take over payment of compensation for Evan Lurie. The contract will be assigned over from the BPW to the CRC effective today. Following a second by Mr. Hammer, the motion was unanimously approved. CRC Meeting, February 22, 2005 3 Update on Properties Parcel #2, Pedcor, planning to begin construction on building #4 this spring. Parcel #2, Kosene, making every effort to clean up their site so it is more inviting to prospective purchasers. Mr. Olds suggested we have them come to the next meeting or else issue a report on the status of their project. Veterans Plaza is up and running. The official flag-raising ceremony at the plaza will be at 2 p.m. tomorrow [February 23]. The doors to the restrooms need to be changed. They were to be paneled doors. Streetscape work is being wrapped up. Pedcor’s share of the cost on the screen wall is $80,000. They will be asked to perform a final inspection and approval of the work before we invoice them. Parcel #4 and #11. Mr. Olds said a motion is needed to begin preparation of an offering for Parcel #4 and Parcel #11 and part of Parcel #7 and #5, not including the performing arts site. Appraisals are needed for the balance of Parcel #7 and #5, all the land that’s left between City Center Drive, Third Avenue, Monon Green and Range Line Road. Mr. Sharp moved the CRC authorize the Director to offer Parcel #4 at its average appraised value of $417,500, Parcel #11 at its average appraised value of $250,000, and additionally he is authorized to seek appraisals for the balance of Parcel #7, less the land for the performing arts center, and the remaining portion of Parcel #5, and then provide an offering of those parcels for the average appraised value. Following a second by Mr. Hammer, the motion was unanimously approved. Parcel #5 Goodyear demolition work is still not complete. SESCO is rechecking everything on the site in conjunction with the other environmental company which carried out the original inspection of Parcel #5 and #7. That environmental company is getting a release from IDEM for all of Parcel #5 and Parcel #7 and SESCO is getting a release from IDEM for just the Goodyear site. Pedcor is paying for the Phase II environmental engineer. Mr. Carter noted the barricades off of City Center Drive need to be replaced. Mr. Olds will follow up with the Street Department. Mr. Hammer pointed out the importance of restoring the Monon Trail to its original location as soon as possible and not wait until all the construction on Parcel #5 is complete. Parcel #7 CRC Meeting, February 22, 2005 4 Mr. Olds stated the infrastructure work needs to be started: relocation of the power lines ($1.8 million), stormwater detention package ($1.3 million), temporary relocation of the Monon Trail, and the sanitary sewer that runs down the middle of Parcel #5. Mr. Moriarity stated the combined costs for the temporary relocation of the Monon Trail, the site preparation work for Cinergy, and the relocation of the sanitary sewers is $450,000. Discussion followed at length about stormwater detention. If underground detention was put in place with the idea of putting garages over the area later, foundation work would need to be done now and that could cost as much as an additional $1,000,000. After further discussion, Mr. Sharp moved the CRC authorize up to $50,000 to be spent for architectural/engineering design for the sanitary sewer relocation, the relocation of the Monon, the grading site work for Cinergy. Following a second by Mr. Hammer, the motion was unanimously approved. Mr. Sharp moved the CRC authorize up to $450,000 for the construction on the relocation of the Monon Trail, the relocation of the sanitary sewer and the grading site preparation for Cinergy power line corridor. Following a second by Mr. Hammer, the motion was unanimously approved. Parcel #8 We will begin receiving a monthly report from AMLI about the status of the leasing and activities on the project. AMLI has assigned a new representative to the Old Towne project. Parcel #12 O’Malia’s demolition is nearly complete. No change with Payless Liquors. Parcel #13 Mr. Sharp moved the CRC contract for purchase of the Foreman property for a price not to exceed $230,000.00. Following a second by Mr. Hammer, the motion was unanimously approved. Another letter of intent has been signed for the retail/housing spaces. Mr. Olds and Mr. Lurie are working on a sign package for the Arts District. Mr. Carter said the bike racks being ordered have a space for signage on them. Old Town renovation grants are available again this year. There are still some outstanding from 2004 for which work has not been completed. We need to emphasize that work must be completed in a certain period of time. Survey work is being done, taking a look at the sculpture plaza and the parking lot on the northeast corner of Main and Range Line. It was discovered that two feet of the television CRC Meeting, February 22, 2005 5 shop on Range Line is sitting on the right of way. At this time they have been told to keep the television sets off the right of way. Mayor Brainard suggested including a covenant in the agreements between the City and business owners and also in the grant applications that if an Old Towne business owner accepts City benefits of any sort, then for period of time, perhaps 100 years they agree to pay so much money ($100-$300?) per year towards joint marketing, like a merchants association. Mr. Haas said it could be done. Mr. Carter asked if CRC could fund promotional activities on an ongoing basis. Mr. Haas said not very easily; because it doesn’t fit the rules of a redevelopment commission. Mr. Carter noted it would be important for an association to be properly structured to be viable. Next Meeting, Tuesday, March 15, with an Executive Session at 6:30 p.m., regular meeting at 7 p.m. Adjournment Mr. Sharp moved, Mr. Hammer seconded, unanimous vote for adjournment at 8:37 p.m.