Loading...
HomeMy WebLinkAboutCRC-04-20-98Carmel Redevelopment Commission Monday, April 20, 1998 MINUTES The meeting was called to order at 5:40 p.m. by Rick Roesch, President. Members present were Amy Boldt,Ron Carter;. and Susan Westermeier, constuTing a quorum.. Loren Rooney of H. I. Umbaugh & Assoc. was also in attendance. The approval of minutes from the March 25 meeting=was tabled, due to-the absence of members attending that meeting. Mr. Roesch:gave an update on the events of the previous meeting. He explained that H.J, Umbaugh & Associates had presented an Agreement of Engagement for their professional services related to the CityCenter project. "The Commission asked fora. breakdown of their invoices to-date prior to-commission action. Ms. Westermeier.asked about Linder, invoices. Mr. Roesch-explained'those were approved at last week's meeting. There isa transfer of property taking place; and we are. trying to be very careful with.each'invo_ice. The appraisals were scrutinized, and Commission members.felt they did due diligence prior to approval of the:invoioes. Beth Young of Bose McKinney & Evans was to provide a revised affidavit (representing the transactions for land value only) for, signatures by the President and Secretary, or best ff effort at this. To-date the aff davit has not'been delivered. Ms. Kelsey said she received a voice mail -message this afternoon from Ms. Young in which she indicated that having received the. notice for today's meeting, she assumed this meeting was, called for the purpose of approving the referenced affidavit. Mr. Roesch said he had left Ms; Young a pointed message today in which he made it clear that,we expected to receive the affidavit last week. Following-approval of the-affidavit, a check will be issued by the Trustee: The check will be dispersed to Linder- at the closing, Mr: Boesch explained. $1,900000 is the upper limit fnr'invoices for tinder. They, have worsted with the City.Attorney's office on documentation of improvements that have been done. Ms.-Boldt further, explained that the first phase is for land only, the second covers infrastrucnue, and the third,phase will be on First Indiana Bank: Ms. Rooney explained the bond sale for the City. Center is scheduled for April 29`h. She provided members with a new cover letter .which identifies H:J. Umbai gh:services that have been logged through April 15th,: and estimates of additional fees we might expect. The Commission is being asked,"to authorize H.J. Uinbaugh to provide services.on behalf of the Redevelopment Commmission. They still need to market the:bonds and perform additionalcservices,relative to the sale. The Redevelopment'Commission will still need to approve rndividuai invoices. After we approve invoices, they will ,go to the Registrar and Paying Agent; which probably, will be-the Clerk 'Treasurer because this is a revenue issue. Redev. Commission Minutes 4120/99 pap 2 When the Clerk receives COrr fiords, she will maintain, thoe Project Fend and iwue7he checks. Mr. Roesch will coafum these procedures with Diana Cordray. Mr. Carter'asked.for clarification of the $120,000.Bond issuance cost inExliibit 4. Ms: Rooney was unsure list what would carne out of that figure: Mike Shaver has some costs,thai might be taken from operadonco=. 'ihis`.breakdown is usually determined afterthe bond sale. Once the bond saleoccurs,;there will be a closing day, anda settlement date will be determined; likely in mid-May. At that time there will be a 7=day period in which to prepare the official statement If the Clerk is:going to maintain the Project Fund, the moneywW be wired. Once,the money is is the account, the city can be reimbursed far property already purchased (former Kroger building), and can use the funds for other purchases Mr. Carter noted the bonds are dated April 0'. and'Ms. Rooney explained bonds am dated the firstdayof the mouth of sale. Mr. Carter madea motioa.to accept the Letter of Engagement for,services with-H.7. Umbaugh & Associates. This,is basically an authorization forthem to operate as 5nancial advisors forthe RedeveloprnenvCoriimission on the City Center project. The authorization will now. go. before the Board of Public Works for approval. Following a second by Ms. Boldt, the motion carried F.unanimously. Ms. Kefsey agreed to deliver the signed Leiter of Engagement to the City Attorney, so that his office can,arraage for the item to baplaced orCthe next BPW agenda. :Ms. Rooney will planto attend that meeting. W. Carter made a motion to approvethe affidavit for Nanonal.City Trust to mitiate payment for their $1,000 invoice. Ms. Westermeier seconded, and the motion passed unanimously. The, PresidemtamdSecretm signed tare affidavit Mr. Carter. acknowledged that HazelDell invcices will,come to the City Council for their appmval- The Lease Termmanan Agreement for CIS was discussed Following a motion by Ms. Westermeierand a second by Ms. Boldt, the motion carried nranimouSly. Mr. Carter said hebelieves F.C. Tucker. still manages,the former Kroger center. Mr. Roesch said he will check into the status and givea report at our next meeting. It was determined that the next meeting will be scheduled when business dictates the need 'Mr. Roesch advised members.to,natify Ms. Kelsey in DOCS of vacation plans so we will have an indication of when a quarum ofinembers,inay be possible. The meeting war. adjourned, at 6:45 p.m. after a motion and second by Ms. Westermeier and, Ms. Boldt respectively. 1,