HomeMy WebLinkAboutCRC-06-28-05CARMEL REDEVELOPMENT COMMISSION Meeting, Tuesday, June 28, 2005
The meeting was called to order by President Ron Carter at 8 a.m. Commission members
Bill Hammer and Bob Battreall were present constituting a quorum. Also present were
Les Olds, Karl Haas, and Steve Brown. Jerry Heniser arrived late. Connie Tingley as
support staff.
Opening of Bid
Mr. Haas reported one bid has been received, a combined bid for Parcel 5D and 7C. The
total purchase price is $1,235,000, or $425,000 and $810,000 respectively. The bid is
submitted by Pedcor Office, LLC. A deposit check was included.
Mr. Haas recommended the bids be taken under advisement and a recommendation will
be made at the next meeting.
No bid was received for 7B. Mr. Olds stated that would allow us to carve out a ten foot
section if we needed to. Thirty days from today the CRC could decide to negotiate with
anyone they wanted.
Discussion followed. Mr. Olds said the only thing left to advertise are two narrow strips
along the Monon Trail. Mr. Haas has put together RFPs for these two strips of ground and
bids will be opened at the July meeting. The strips are along two sides of the original
amphitheater site and are approximately 60 x 200 feet.
Mr. Battreall moved the CRC consider approval of the bids at the next meeting.
Following a second by Mr. Hammer, the motion was unanimously approved.
Other
Mr. Carter raised a concern about the ownership interests of Pedcor due to the untimely
death of John Walton [Walmart]. He asked what Mr. Cordingley’s succession plan was if
something happened to him. Mr. Brown said there were people in the company looking at
this same issue.
Mr. Olds reported he had done some investigation and a term life insurance policy on Mr.
Cordingley for $10,000,000 would be $28,000 per year premium. “We can buy it, pay the
premium for three years and then cancel it.” He is checking further on some other
options. Discussion followed about Mr. Cordingley’s vision and the company
commitments to the City Center project.
Adjournment
Mr. Battreall moved the meeting be adjourned. Following a second by Mr. Hammer, the
motion was unanimously approved and the meeting adjourned at 8:15 a.m.
Z:\redev comm\2005\June 28 Minutes