HomeMy WebLinkAboutCCM-06-01-09Office of the
Clerk- Treasurer
C i
of Crme1
COMMON COUNCIL
MEETING AGENDA
MONDAY, JUNE 1, 2009 6:OOP.M.
COUNCIL CHAMBERS /CITY HALL /ONE CIVIC SQUARE
MEETING CALLED TO ORDER
1. INVOCATION
2. PLEDGE OF ALLEGIANCE
3. RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS
4. APPROVAL OF MINUTES
a. May 18, 2009 Regular Meeting
5. RECOGNITION OF PERSONS'WHO WISHTO ADDRESS THE COUNCIL
6. COUNCIL, MAYORAL AND CLERK TREASURER COMMENTS /OBSERVATIONS
7. ACTION ON MAYORAL VETOES
8. CLAIMS
a. Payroll
b. General Claims
c. Retirement
9. COMMITTEEREPORTS
a. Finance, Administration and Rules Committee
b. Land Use, Annexation and EconomieDeveloptnent Conitn ttee
c. Parks, Recreation and Arts Committee
d. Utilities, Transportation and PubliciSafety Committee
e. Report from the Council Appointee to the Redevelopment Commission (report attached)
ONE CIVIC SQUARE CARMEL. INDIANA 46032 317/571 -2414
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10. OLD BUSINESS
a. Seventh Reading of Ordinance D- 1927 -09; An Ordinance of the Common Council of
the City of Cannel, Indiana, Approving a Lease Between the City of Carmel
Redevelopment Authority and the City of Cannel. Redevelopment Commission, Pledging
County Option Income Tax Revenues (Construction of Public Parking Garage,
Construction and Renovation of lmprovennents,to the Existing Veterans' Way Corridor,
Construction of Certain Rounda bouts, Drainage improvements and Bike Paths in the
Southwest Clay Township, Acquisition of the Existing Brookshire Golf Course and the
Construction and Equipping of Certain Improvements Thereto; 527,750,000); Sponsor:
Councilor Sharp.
b. Fourth Reading of Ordinance D- 1939 -09; An Ordinance of the Common Council of the
City of Carmel, Indiana, Amending Chapter 2, Article 3, Division iI, Sections 2 -37, 2 -49,
2 -50, 2 -51 and 2 -55 of the Carmel City Code Paid Time Off (PTO) (2 -37 Coverage
and Authority to Adjust Personnel Policies; 2 -49 Vacations; 2 -50 Sick Leave;
2 -51— Vacation and Sick Leave Credit; 2 -55 Family Illness/Bereavement Leave);
Sponsor: Councilor Seidensticker.
c. Third Reading of Ordinance D- 1942 -09; An Ordinance of the Common Council of the
City of Carmel, Indiana, Adopting and Adding Carmel City Code Chapter 2, Article 4,
Section 2 -134, Establishing a Non Reverting Residential Drainage Improvement Fund
#212); Sponsor(s): Councilor(s) Accetturo, Rider, Seidensticker Sharp and Snyder.
d. Resolution CC- 06- 01 -09 -02 (Formerly Resolution CC- 05- 18- 09 -02); A Resolution of
the Common Council of the City of Carmel, Indiana, Establishing and Defining the
Condition for the $20,000,000 Interim Loan for the Keystone Avenue Project; Sponsor(s):
Councilor(s) Accetturo, Seidensticker, Sharp and Snyder.
e. Resolution 06- 01 -09 -03 (Formerly CC- 05- 04- 09 -01); A Resolution of the Common
Council of the City of Carmel, Indiana, Expressing Interest -in the Purchase of Certain
Properties valued at over $25,000 and Associated with the City's Road Improvement
Projects (43 Properties); Sponsor: Councilor Rider. (Remains in the Land Use,
Annexation and Economic Development Committee 6/11/09).
11. PUBLIC HEARINGS
a. Second Reading of Ordinance D- 1945 -09; An Ordinance of the Common Council of the
City of Carmel, Indiana, Authorizing and Approving an Additional Appropriation of
Funds for the General Fund /City Council; Sponsor(s): Councilor(s) Accetturo,
Seidensticker, Sharp and Snyder.
b. First Reading of Ordinance Z-527 -09; An Ordinance of the Common Council of the
City of Carmel, Indiana, Establishing the Aramore Planned Unit Development District;
Sponsor: Councilor Snyder.
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12. NEW BUSINESS•
06/01/09 CC Meeting Agenda
a. First Reading of Ordinance D- 1944 -09; An Ordinance of.the Common Council of the
City of Carmel, Indiana, Authorizing the City to Issue its Economic Development
Revenue Bonds, Series 2009 (Legacy Project), and Approving Other Actions in Respect
Thereto ($10,000,000); Sponsor: Councilor Snyder.
b. Resolution CC-06-01-09-01; A Resolution of the Common Council of the City of
Carmel, Indiana, Approving Additional Pen Uses within the Peripheral Retail Area
of The Village of West Clay; Sponsor: Councilor Sharp.
13. OTHER BUSINESS
Property Abatements /Compliance with Statement of Benefits Deadline was May 15, 2009:
1. Allete Automotive Services Compliant
2. Baker Hill Corporation Compliant
3. Capital Bank and Trust Company Compliant
4. CITON Agency, LLC 2009 CF -1 Not Required
5. Donnir, LLC Non-Compliant
6. MCP Partners Two, LLC Abatement Completed
7. Maaguzi, LLC Non Compliant
8. Midwest Independent Transmission System Operator (MISO) Compliant
9. Oxford BioSignals Non Compliant
10. Pharmakon Compounding Pharmacy 2009 CF -1 Not Required
11. Pharmakon Long Terni Care Pharmacy 2009 CIF-1 Not Required
12. Seven Corners, Inc. (SB -1 filed under 303 Group, LLC.— SRI) Non- Compliant
13. Software Engineering -2009 CF -1 Not Required
14. The Capital Group Companies Compliant
14. ANNOUNCEMENTS
1 5. EXECUTION OF DOCUMENTS
1 ADJOURNMENT
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COMMON COUNCIL
MEETING MINUTES
MONDAY, JUNE 1, 2009 6:00 P.M.
COUNCIL CHAMBERS /CITY HALL /ONE CIVIC SQUARE
MEMBERS PRESENT:
Mayor James Brainard, Council President W. Eric Seidensticker, Council Members Richard L. Sharp,
John V. Accetturo, Luci Snyder, Joseph C. Griffiths, Ronald E. Carter, Kevin Rider, Clerk- Treasurer
Diana L. Cordray and Deputy Clerk- Treasurer Lois Fine.
Mayor Brainard called the meeting to order at 6:01 p.m.
Council Accetturo pronounced the Invocation.
Mayor Brainard led the Pledge of Allegiance.
RECOGNITION OF CITY EMPLOYEES AND OUTSTANDING CITIZENS:
There were none.
APPROVAL OF MINUTES:
Councilor Griffiths made a motion to approve the Minutes from the May 18, 2009 Regular Meeting.
Councilor Snyder seconded. There was no Council discussion. Council President Seidensticker called
for the vote. The Minutes were approved 7 -0.
RECOGNITION OF PERSONS WHO WISH TO ADDRESS THE COUNCIL:
Karen Carter, 918 E. Altman Drive, Carmel, IN., addressed the Council opposed to Ordinance D- 1927 -09
($27,750,000 /Pledging County Option Income Tax Revenues).
Janes Browning, 1473 Prestwick Lane, Carmel, IN, addressed the Council and reported on the Meridian
Heights subdivision demolition project.
COUNCIL, MAYORAL AND CLERK TREASURER COMMENTS /OBSERVATIONS:
Councilor Accetturo announced that he would be resigning from the Carmel Redevelopment Commission
effective immediately.
ACTION ON MAYORAL VETOES:
There were none.
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CLAIMS:
Councilor Snyder made a motion to approve claims in the amount of $7,493,378.79. Councilor Rider
seconded. There was no Council discussion. Council President Seidensticker called for the vote. Claims
were approved 5 -0 (Councilors Griffiths and Sharp abstained).
COMMITTEE REPORTS:
Councilor Snyder reported that the Finance, Administration and Rules Committee met on May 21, 2009
and discussed Ordinance D- 1927 -09, Ordinance D- 1939 -09 and Ordinance D- 1942 -09. The Committee
also niet on Friday, May 29, 2009 to discuss Ordinance D- 1945 -09. The committee report will be heard
later on the agenda. The next meeting will be held on Thursday, June 18, 2009 at 5:30 p.m.
Councilor Sharp reported that the Land Use, Annexation and Economic Development Committee met and
discussed Resolution CC- 06- 01 -09 -03 (Formerly CC- 05- 04- 09 -01) which remains in committee. The
next meeting will be held on Thursday, June 11, 2009 at 5:30 p.m.
Councilor Rider reported that the Parks, Recreation and Arts Committee had not met.
Councilor Griffiths reported that the Utilities, Transportation and Public Safety Committee had not met.
The next meeting on Monday, June 8, 2009 will be cancelled.
Report from the Council Appointee to the Redevelopment Commission (report attached). A report was
given by Commission member Bill Hammer. There was brief Council discussion. Clerk- Treasurer Diana
L. Cordray requested complete documentation for audit purposes of the $17.5 installment contract that is
listed in the report given by Mr. 1-Hammer. Council President Seidensticker requested that Loren Matthes,
Umbaugh, check on the estimated tax increment rate of $1.7319 to see if the City's $1.50 cap work into
the amount. Council President Seidensticker also requested that Mr. Hammer follow -up with Mrs.
Matthes.
OLD BUSINESS
Council President Seidensticker announced the Seventh Reading of Ordinance D- 1927 -09; An
Ordinance of the Common Council of the City of Carmel, Indiana, Approving a Lease Between the City
of Carmel Redevelopment Authority and the City of Carmel Redevelopment Commission, Pledging
County Option income Tax Revenues (Construction of Public Parking Garage, Construction and
Renovation of lmprovements.to the Existing Veterans' Way Corridor, Construction of Certain
Roundabouts, Drainage Improvements and Bike Paths in the Southwest Clay Township, Acquisition of the
Existing Brookshire Golf Course and the Construction and Equipping of Certain Improvements Thereto;
$27,750,000). Councilor Snyder addressed the Council and presented the Finance, Administration and
Rules Committee report to the Council. This item was sent back to the Council with a 4 -0 unfavorable
recommendation. Council President Seidensticker referred to Les Olds, Executive Director, Carmel
Redevelopment Commission, to address the Council. There was extensive Council discussion. Mayor
Brainard addressed the Council. Councii President Seidensticker called for the question. Ordinance
D- 1927 -09 Failed 1 -6 (Councilors Sharp, Accetturo, Seidensticker, Snyder, Griffiths and Rider opposed).
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Council President Seidensticker announced the Fourth Reading of Ordinance D- 1939 -09; An Ordinance
of the Common Council of the City of Cannel, Indiana, Amending Chapter 2, Article 3, Division II,
Sections 2 -37, 2 -49, 2 -50, 2 -51 and 2 -55 of the Carmel City Code Paid Time Off (PTO) (2 -37
Coverage and Authority to Adjust Personnel Policies; 2 -49 Vacations; 2 -50 Sick Leave; 2 -51
Vacation and Sick Leave Credit; 2 -55 Family Illness /Bereavement Leave). Councilor Snyder addressed
the Council and presented the Finance, Administration and Rules Committee report to the Council. This
item was sent back to the Council with a 4 -0 favorable recommendation. Councilor Snyder made a
motion to present Ordinance D- 1939 -09 As Amended VERSION A, 6/1/09 to the Council for discussion.
Councilor Rider seconded. Councilor Sharp made a motion to amend the amendment to change the date
in the ordinance from July 1, 2009 to June 27, 2009 on page 2, line 15; page 4, line 15 and page 6, line
22. Councilor Griffiths seconded. There was no Council discussion. Council President Seidensticker
called for the vote to amend the amendment. The motion was approved 7 -0. Council President
Seidensticker called for the question to amend Ordinance D- 1939 -09. The motion was approved 7 -0.
Council President Seidensticker called for the question to approve Ordinance D- 1939 -09 As Amended.
Ordinance D- 1939 -09 As Amended was adopted 7 -0.
Council President Seidensticker announced the Third Reading of Ordinance D- 1942 -09; An Ordinance
of the Common Council of the City of Carmel, Indiana, Adopting and Adding Cannel City Code Chapter
2, Article 4, Section 2 -134, Establishing a Non Reverting Residential Drainage Improvement Fund
#212). Councilor Snyder addressed the Council and presented the Finance, Administration and Rules
Committee report to the Council. This item was sent back to the Council with a 4 -0 favorable
recommendation. There was no Council discussion. Council President Seidensticker called for the
question. Ordinance D- 1942 -09 was adopted 6 -0 (Councilor Carter was not present).
Council President Seidensticker announced Resolution CC- 06- 01 -09 -02 (Formerly Resolution
CC- 05- 18- 09 -02); A Resolution of the Common Council of the City of Carmel, Indiana, Establishing and
Defining the Condition for the $20,000,000 Interim Loan for the Keystone Avenue Project. There was no
Council discussion. Council President Seidensticker called for the question.
Resolution CC- 06- 01 -09 -02 was adopted 7 -0.
Council President Seidensticker announced Resolution 06- 01 -09 -03 (Formerly CC- 05- 04- 09 -01); A
Resolution of the Common Council of the City of Cannel, Indiana, Expressing Interest in the Purchase of
Certain Properties valued at over $25,000 and Associated with the City's Road Improvement Projects (43
Properties); Sponsor: Councilor Rider. (Remains in the Land Use, Annexation and Economic
Development Committee 6/11/09). This item was not discussed.
PUBLIC HEARINGS
Council President Seidensticker announced the Second Reading of Ordinance D- 1945 -09; An
Ordinance of the Common Council of the City of Carmel, hrdiana, Authorizing and Approving an
Additional Appropriation of Funds for the General Fund/City Council. Council President Seidensticker
opened the Public Hearing at 7:01 p.m. Seeing no one who wished to speak, Council President
Seidensticker closed the Public Hearing at 7:01:40 p.m. Councilor Sharp made a motion to approve
Ordinance D- 1945 -09. Councilor Snyder seconded. There was brief Council discussion. Council
President Seidensticker called for the vote. Ordinance D- 1945 -09 was adopted 6 -1 (Councilor Carter
opposed).
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Council President Seidensticker announced the First Reading of Ordinance Z- 527 -09; An Ordinance of
the Common Council of the City of Carmel, Indiana, Establishing the Aramore Planned Unit
Development District. Councilor Snyder made a motion to move this item into business. Councilor Rider
seconded. Councilor Snyder presented this item to Council. Council President Seidensticker opened the
Public Hearing at 7:17 p.m. Seeing no one who wished to speak, Council President Seidensticker closed
the Public Hearing at 7:18 p.m. There was no Council discussion. Council President Seidensticker
referred Ordinance Z- 527 -09 to the Land Use, Annexation and Economic Development Committee for
further review and consideration.
NEW BUSINESS
Council President Seidensticker announced the First Reading of Ordinance D- 1944 -09; An Ordinance
of the Common Council of the City of Carmel, Indiana, Authorizing the City to Issue its Economic
Development Revenue Bonds, Series 2009 (Legacy Project), and Approving Other Actions in Respect
Thereto (310,000,000). Councilor Sharp made a motion to move this item into business. Councilor
Snyder seconded. Councilor Snyder presented.this item to Council and referred to Dave Arrensen, Baker
and Daniels, serving as Bond Counsel on this project, to address the Council. Mayor Brainard addressed
the Council. There was brief Council discussion. Council President Seidensticker referred Ordinance
D- 1944 -09 to the Finance, Administration and Rules Committee for further review and consideration.
Council President Seidensticker announced Resolution CC- 06- 01- 09 -01; A Resolution of the Common
Council of the City of Carmel, Indiana, Approving Additional Permitted Uses within the Peripheral Retail
Area of The Village of West Clay. Councilor Sharp made a motion to move this item into business.
Councilor Griffiths seconded. Councilor Sharp presented this item to Council. Councilor Sharp made a
motion to approve Resolution CC- 06- 01- 09 -01. Councilor Rider seconded. There was no Council
discussion. Councilor Seidensticker called for the vote. Resolution CC- 06- 01 -09 -01 was adopted 7 -0.
OTHER BUSINESS
Property Abatements /Compliance with Statement of Benefits Deadline was May 15, 2009:
1. Allete Automotive Services Compliant
2. Baker Hill Corporation Compliant
3. Capital Bank and Trust Company Compliant
4. CITON Agency, LLC 2009 CF -1 Not Required
5. Donnir, LLC Non Compliant
6. MCP Partners Two, LLC Abatement Completed
7. Maaguzi, LLC Non- Compliant
8. Midwest Independent Transmission System Operator (MISO) Compliant
9. Oxford BioSignals Non Compliant
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ATTEST:
10. Phannakon Compounding Pharmacy 2009 CF -1 Not Required
11. Pharmakon Long Term Care Pharmacy 2009 CF -1 Not Required
12. Seven Corners, Inc. (SB -1 filed under 303 Group, LLC SRI) Non- Compliant
13. Software Engineering 2009 CF-1 Not Required
14. The Capital Group Companies Compliant
Council President Seidensticker addressed the Council and gave an overview of the procedures for
submitting a CF -1 to the Council. Clerk- Treasurer Diana L. Cordray addressed the Council. Council
President Seidensticker referred the proposed non compliant tax abatements to the Finance,
Administration and Rules Committee for further review.
ANNOUNCEMENTS
Mayor Brainard informed the Council that he had attended the Feinstein Foundation high school
competition this past weekend. The winner was Carmel High School Senior Julia Bonnett. Julia will
be performing with Mr. Feinstein in New York on June 11, 2009.
Councilor Sharp addressed Councilor Carter regarding the Carmel Redevelopment Commission.
EXECUTION OF DOCUMENTS
ADJOURNMENT
Mayor Brainard adjourned the meeting at 7:37 p.m.
Il Clerk- Treasurer Diana L. Cordr IAMC
06101/09 CC Meeting Minutes
Respectf ly submitted,
Clerk Treasurer Diana L. Cordray, 1
Approved,
Mayor mes Brainard
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CARMEL REDEVELOPMENT COMMISSION
June 1, 2009
CITY COUNCIL REPORT
(Prepared for Bill Hammer 5- 21 -09)
CRC Meetings
The CRC held their regularly scheduled public meeting on Wednesday, May 20th at 6:30 p.m.
Other meetings -in month of May:
o Wednesday, May 13, 2009 Bid Opening
Upcoming Meetings:
o Wednesday, June 17, 2009 Regularly Scheduled Public Meeting
Financial Matters:
The end of month April CRC Operating Balance is $1,879,322.00
Please see attached TIF report /financial summary prepared by Umbaugh Associates
CRC Public /Private Partnerships:
1. City Center CRC /Pedcor LLC. (Parcel #S)
a. Developer has authorized the adding of a second crew to carry out interior construction.
MEP trades and fire protection teams are working on all levels of the project: Exterior
of building "A" is being enclosed with window openings framed and water proofing
being applied to "yellow skin." Adjacent scaffolding set in place on upper floors with
brick installation under way.
b. Perimeter back filling along Range Line Road and City Center Drive is nearing
completion with utility connections complete. Contractor will start scaffolding along
north and east elevations at garage to start exterior "skin" work on east and second
levels.
c. Contractors are nearing completion of Veterans Way and Motor Court that serves the
future hotel and PAC sub -slab concrete work. Sub-slabs work will support additional
scaffolding work on the west and south sides of buildings "A" and "B." Continued
construction of Veterans Way Phase depends on City bond issue.
d. Developer, City and CRC are finalizing routes along streets for underground conduits
that will carry telephone, data, street light, security and traffic signal cables.
2. Indiana Design Center CRC/Pedcor LLC. (Parcel /112)
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a. Contractor has completed project. The City of Cannel is completing inspections and
ready to issue certificate of occupancy. Contractor is preparing to turn over garage to
City Street Department to take over day to day maintenance. Contractor to provide
technical manuals on operating equipment. Last items to be installed are two security
gates and security cameras. City Communication Center is handling camera installation
and monitoring. Garage will be open upon installation of cameras.
b. Streetscape work on Range Line and 1 Street SW is complete. Parallel parking
installed on Range Line Road for public use. New east/west street (Robert Indiana
Avenue) will open as soon as traffic control signs are installed.
c. Developer's south parking lot with 71 spaces will be open to Art District parking(3-
hours) based on an agreement with theCity to plow snow on the surface lot. With the
opening of the building and garage, and the new street parking, the Arts District will
have 264 new parking spaces.
3. Arts District Lofts Shoppes CRC /Keystone Development (Parcel #47)
a. CRC has completed environmental sub surface clean -up with the removal of materials
under the old VFW Post. Developer has installed eight wells to pump out water to
check for contaminants and will install charcoal filters if necessary before releasing
water into city stonn system. County surveyor is checking site to approve the
abandonment of old storm water lines at site perimeter.
b. Developer has begun garage site excavation and will take material to new VFW site to
raise building floor elevations per City drainage requirements. Some of the excavation
fill will be temporarily stored on the old Street Department site. Developer has started
to install sheeting and shoring around perimeter of site to support garage below grade
concrete walls and protect perimeter streets.
c. CRC and DOCS are working with a developer to complete agreement to move the Peele
House (yellow house) to 4 Street and Range Line Road at.a later date.
d. CRC to approve building final exterior elevation material at a special meeting of the
Plan Review Panel.
4. VFW -CRC Relocation Project (Parcel #49)
a. Developer is working to prepare site for construction of the new VFW Post on Old
Meridian. Weather has hampered the site fill work with the contractor bringing in
gravel to establish the building's pad. Project must be complete by October 2009.
VFW is currently in a temporary location in Providence at Old Meridian complex.
b. Final project agreement between VFW and Keystone on their new facility is ready to be
signed by both parties.
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5. Arts District North Gateway CRC (Parcel #48)
a. Gateway construction is complete. All utilities are hooked up and adjacent site work is
complete. Signage to be installed week of May 25, 2009. City staff will make an
inspection of project before formal turn-over to City to maintain and pay for utility
expenses. City Engineer will make final approval contingent on all "punch list" item
completed.
6. Performing Arts Center (Parcel #7 -A)
a. Please see attached report from Shiel Sexton, Construction Manager for the project.
7. Village Green (Parcel #7 -B)
a. Design documents is complete for the construction of the Village Green site work
including proposed amphitheatre, drives and limited parking. This construction work
will be the last completed due to the need for construction staging for both the RPAC
and the Parcel 7C (the mixed use project that includes the theatre, office building and
garage.) Final design elements linking the Village Green and the Veterans Plaza thru
the use of common surface materials and a possible slight change in street elevation.
8. Energy Center (Parcel #7 -C)
a. The CRC has authorized the MEP Engineers to complete a bid package for the
additional modular heating& cooling units to be added to supply hot and chilled water
to the theatre and office building. The bidding will be handled by Shiel Sexton, the CM
for the original Energy Center construction.
b. The CRC's project manager for the 7C project, REI Construction, will coordinate the
efforts of Shiel Sexton and the constructing engineers for the bidding and construction
process to complete the Energy Center.
9. Theatre CRC /Pedcor LLC (Parcel #7 -C)
a. Design and construction documents are moving forward based on a $12,500,000 project
budget. The exterior elevations have been accepted by the CRC subject to final cost
estimates and approval of "skin" materials. Provision is being made to provide a
walkway at the upper level of the theatre to connect the north office building to the
south office building.
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b. Based on the design schedule it is anticipated that the bidding for the theatre could be in
late summer 2009 with a fall 2009 construction start.
c. Discussions are on -going with theatre groups for their possible involvement with the
project.
10. Parking Structure CRC (Parcel #7 -C)
a. The CRC's construction manager has taken bids for the proposed 624 -car garage and
the related elements that support the entire 7C complex. Bids for the garage range from
$7.4 for base pre -cast garage to $8.2 million for an upgraded exterior finish that
meets the design requirements set by the CRC for the public campus consisting of the
PAC, Village Green and theatre. Included hi the bids are the campus underground
storm water storage systems, general site work, utilities, and drives to support the entire
complex.
b. Anticipate start of construction of the garage to be summer of 2009 depending on
funding for construction.
c. Included in the garage on the north end is support space for the anticipated theatre.
11. North Office Building CRC (Parcel #7 -C)
a. Design is moving forward with the four -story office building facing on to the Village
Green and attached to the theatre and parking garage. This'building will have a central
entry that will provide a common connection to the garage and theatre and will include
vertical transportation that serves all three projects. The first floor will have the major
entrance to the theatre.
b. The CRC is currently negotiating with a tenant that will occupy the top two floors of the
building and will use the new garage for parking during the day.
c. The first floor of the office building will have a 200 seat "black box" theatre that will be
part of proposed theatre operations for local theatre groups.
12. Old City, Street Department Site and Adjacent CRC Property (Parcel #14)
a. The developer for the Arts District Lofts Shoppes (Keystone Development) is
planning to use the city site as a temporary construction staging and storage. The
developer will pay the city Street Department to tear down and remove the series of
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1. CRC Update
one -story buildings to make more efficient use of the site. The silo will remain until
final direction of the city on future land use.
Arts Design District Update:
a. CRC staff working with development partners to increase marketing efforts to sell
remaining live -work buildings and condominiums on Main Street.
b. CRC has received bids for Vendor Power stations along Main Street which are under
review at this time.
2. Upcoming Events
a. CRC Staff is working to prepare for various summer events such as Jazz on the Monon,
live jazz every Sunday from 1 -4 p.m., Artomobilia on Saturday, June 20` from noon 6
p.m., Rock the District on Saturday, July 1 1 from noon 9 p.m. and Art of Wine (in
conjunction with the US Senior Open) on Saturday, August 1 from 5 -10 p.m.
b. In partnership with the Carmel Arts Council, an historical plaque noting the Carnegie
Library (Woody's Library Restaurant), was unveiled on Friday, May 22 as part of the
scheduled racing themed Gallery Walk.
3. New Merchant Update
a. No update at this time.
4. Marketing Report
a. Work continues on the way finder signs to be installed in the Arts Design District as
well as throughout the City of Cannel.
b. Marketing of events continues throughout the month of June.
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CITY OF CARMEL (INDIANA) REDEVELOPMENT COMMISSION
Economic Development Areas Related to PAC and Downtown Improven►ents
GENERAL COMMENTS
Outstanding Obligations: Sources of Repayment and Security
The Carmel Redevelopment Commission (the "Commission acting on behalf of the District,
issued $14,000,000 of Taxable Tax Increment Revenue Bonds of 2008 (the "2008 Bonds to redeem
four outstanding Taxable Tax Increment Revenue Bond Anticipation Notes that were issued to
finance certain property acquisition and redevelopment and economic development projects located
in, serving or benefiting the City Center Area and 126 Street Area. Debt service on the 2008 Bonds
is payable solely from Tax Increment from the City Center Area and the 126 Street Area. The 2008
Bonds are not additionally secured by unlimited ad valorem property taxes. The 2008 Bonds are
further secured with a debt service reserve.
The Carmel Redevelopment Authority (the "Authority") issued $79,998,227.15 of Lease Rental
Revenue Bonds of 2005 (the "2005 Bonds") to finance the design and construction of the new
performing arts center complex located in the City Center Redevelopment Area. The Bonds were
issued as $52,200,000 of Current Interest Bonds (the "CIBS and $27,798,227.15 original issued
amount of Capital Appreciation Bonds (the "CABs").
The lease rental on the 2005 Bonds will be paid from Tax Increment collected from the following tax
allocation areas. Carmel City Center Area and Expansion Area, Amended I26 Street Area and
Expansion Area, Old Town Area, Carmel Drive Area, Lauth Walker Area, Old Town Shoppes Area,
Old Methodist Area, Lurie Area, National City Area, Village of West Clay Area, Old Meridian
Expansion Area, Illinois Street Area and Expansion Areas, Hazel Dell North Area and Hazel Dell
South Area. To the extent that the Tax Increment is not sufficient, the Commission would have the
option to pay lease rentals from other available revenues such as the City's share of the County
Option Income Tax (COIT). The Tax Increment is not pledged to the payment of the lease rental.
To the extent that these other revenues are not anticipated to be available, the Commission is
required to levy.a Special Benefits Tax on the Carmel Redevelopment District (the "District"). The
boundaries of the District are coterminous with the boundaries of the City.
The Commission began the first phase of the City Center project by issuing Taxable County Option
Income Tax (COIT) Revenue Bonds of 1998 (the "1998 CO]T Bonds to finance the acquisition and
redevelopment of certain property within the City Center Area. The 1998 COLT Bonds were refunded
December 6, 2006 (the "2006 COLT Bonds Tax Increment from the City Center Area and 126
Street Area is used but notpledged to pay the debt service on the 2006 COIT Bonds.
Although Tax Increment is not pledged, the Conunission has also committed to using the annual Tax
Increment surplus revenue in an amount sufficient to make installment payments in connection with
up to $53 million of developer loans that have.been issued, or are anticipated to be issued, within the
next year, according to the Commission's attorney. A $17.5 mullion installment contract was closed
on January 7, 2009 with Regions Bank (and another $7.5 million is anticipated in summer of 2009).
The terms for the outstanding installmentcontract are a 20 year term with two years of interest only
payments at fixed interest rate for seven years. After seven years, the interest rate will adjust based
upon a 3 -month LIBOR rate.
CITY OF CARMEL (INDIANA) REDEVELOPMENT COMMISSION
(Cont'd.)
Economic Development Areas Related to PAC and Downtown Improvements
GENERAL COMMENTS
Background Information Concerning the Areas and the Tax Increment
On January 15. 1998, the Commission adopted two Declaratory Resolutions to establish: (1) the City
Center Redevelopment Area (the "City Center Area and (2) the 126th Street Corridor Economic
Development Area the "126 Street Area'). Both were also designated as allocation areas for the
purpose of capturing all incremental real property tax revenues from new commercial developments
in the City Center Area and 126 Street Area. The base date for the original City Center Area and
126 Street Area is March 1, 1997. The base date for the expanded City Center Area and 126 Street
Area is March 1, 2003. The boundaries and the plans for the City Center Area and 126 Street Area
have been amended from time to time. The City Center Area and 126 Street Area expire 30 years
from the base date.
The City Center Area occupies 1 12 acres and was created to encourage new private investment and
the redevelopment of the downtown area by capturing Tax Increment to fund land acquisition,
demolition, site preparation and of road and infrastructure improvements, parking and
other facilities within or serving the City Center Area.
The 126 Street Area occupies 928 acres and was also created to facilitate downtown redevelopment
by funding the extension of the 126 Street corridor and other related road improvements to the
City's thoroughfare system, with the goal of creating a more efficient link from U.S. 31 office
corridor and the Science Technology Park to the City Center Area.
Both Areas also support the development of the City Center project within the central downtown
area. The City Center project is a multifaceted project that includes a $100 million Performing Arts
Center surrounded by a major, upscale, mixed -use private development which is being constructed in
phases and includes commercial, retail and office space, apartments, condominiums, and a hotel, as
well as public spaces such as a veterans' memorial and large reflecting pool. Pedcor Development is
investing over.$100 million in the City Center development.
The Allocation Areas from which Tax Increment is captured for the downtown improvements and
obligations include: Old Town Area, Carmel Drive Area, Lauth Walker. Area, Old Town Shoppes
Area, Old Methodist Area, Lurie Area, National City Area, Village of West Clay Area, Old Meridian
Expansion Area, Illinois Street Area and Expansion Areas, I -lazel Dell North Area and Hazel Dell
South Area (the "Other Areas (collectively, with the City Center Area and 126 Street Area, the
"Areas
CITY OF CARMEL (INDIANA) REDEVELOPMENT COMMISSION
(Cont'd.)
Economic Development Areas Related to PAC and Downtown Improvements
Combined Tax Increment Revenues Page 6
GENERAL COMMENTS
This schedule shows the combined real property Tax Increment anticipated to be generated in the
Areas. The estimated Tax•Increment is based on actual developments within the Areas per the Tax
increment database provided by the Hamilton County Auditor's office and on anticipated new
developments per approved building permits and developable sites provided by the Carmel
Department of Community Services. The estimated Tax Increment: shown in the columns entitled
"126` Street City Center" and "Other TiF Areas" flows from the schedules of "Estimated Tax
Increment" for the Areas and the schedule of "Estimated Future Developments in the Economic
Development Areas" on pages 8 through 13 as further described herein.
The estimated Tax Increment also includes the surplus from the new Clarian Hospital, for which the
annual taxes are approximately $3 million. The first $900,000 of annual Tax Increment is pledged to
the payment of bonds issued for Illinois Street. Approximately $2.1 million of surplus Tax Increment
from Clarian is anticipated to be available to pay the bond until the Illinois Street bonds are paid -off
in 2023, and, then, all $3 million ofannual Tax increment would be available to pay the obligations.
The estimated Tax increment shown in this schedule is also reduced by $500,000 annually to provide
forproperty assessment appeals and property tax refunds.
Combined Tax Increment Revenues- Slow Growth Page 7
This schedule shows the combined real property Tax increment anticipated to be generated in the
Areas based on the same Tax Increment database and the same recent and anticipated developments
described above. However, this schedule assumes there is a three year delay in the future
development and delays additional Tax Increment until 2015.
Comparison of Estimated Tax increment and Outstanding Debt Payments- Slow Growth Page 8
This schedule compares the "slow growth" estimated Tax Increment with the outstanding debt. The
annual coverage of estimated Tax Increment compared to debt payments varies from 137% to 229
with annual Tax Increment surplus varying from approximately $4.7 million to $7.2 million,
averaging approximately $6.2 million of annual surplus.
Although Tax Increment is not pledged, the Cominission has also committed to using the annual Tax
increment surplus revenue in an amount sufficient to make installment payments in connection with
certain developer loans that have been issued, of are anticipated to be issued, within the next year,
according to the Commission's attorney. This schedule includes the outstanding $17.5 million
installment contract with Regions Bank.
CITY OF CARMEL (INDIANA) REDEVELOPMENT COMMISSION
(Cont'd.)
Economic Development Areas Related to PAC and Downtown Improvements
GENERAL COMMENTS
Comparison of Estimated Tax Increment and Debt (includes Proposed Debt) Slow Growth
Page 9
This schedule compares the "slow.growth" estimated Tax Increment with the outstanding debt. The
annual coverage of estimated Tax Increment compared to debt payments varies from 112% to 219
with annual Tax Increment surplus varying from approximately $2 million to $5.7 million, averaging
approximately $3.4 million of annual surplus.
Although Tax Increment is not pledged, the Commission has also conunitted to using the annual Tax
Increment surplus revenue in an amount sufficient to make installment payments in connection with
certain developer loans that have been issued, or are anticipated to be issued, within the next year,
according to the Commission's attorney. This schedule includes the outstanding $17.5 million
installment contract with Regions Bank and also includes four proposed installment contracts,
totaling $53 million.
Estimated Tax Increment from the 126t Street Economic Development Area Pages 8 and 9
For 2008 tax year .payable 2009, the County Auditor's office reported the incremental assessed value
at $374,917,626 for. the Amended 126 Street Area and $47,321,187 for the Amended 126 Street
Expansion Area. The incremental assessed value was multiplied by the 2009 tax rate of $1.7319 per
$100 of assessed value for City of Carmel taxing district to calculate the estimated Tax Increment.
The estimated Tax Increment from real property for 2009 is approximately $7,312,756.
No adjustment was made for the future statewide reassessments or annual Trending. The estimated
2010 Tax Increment from real property is estimated to be 57,610,086. The future Tax Increment is
anticipated to grow to $10,737,309 due to anticipated developments over the next 15 years and from
scheduled reductions in existing tax abatements.
Estimated Tax Increment from the City Center Economic Development Area Page 10
For 2008 tax year payable 2009, the County Auditor's office reported the incremental assessed value
at 543,121,307 for the Carmel City Center Area and $8,848,427 for the Cannel City Center
Expansion Area. The incremental assessed value was multiplied by the 2009 tax rate of $1.7319 per
$100 of assessed value for City of Carmel taxing district to calculate the estimated Tax Increment.
The estimated Tax Increment from real property for 2009 is approximately $900,070.
No adjustment was made for the future statewide reassessments or annual Trending. The estimated
2010 Tax Increment from real property is estimated to be $900,070 as existing development becomes
100% assessed.
CITY OF CARMEL (INDIANA) REDEVELOPMENT COMMISSION
(Cont'd.)
Economic Development Areas Related to PAC and Downtown Improvements
GENERAL COMMENTS
Estimated Tax Increment from Other Economic. Development Areas Pages 11 and 12
For 2008 tax year payable 2009, the County Auditor's office reported the incremental assessed value
for the Other Areas at $260,1 71,854. The incremental assessed value was multiplied by the 2009 tax
rate of $1.7319 per $100 of assessed value for City of Carmel taxing district to calculate the
estimated Tax Increment. The estimated Tax Increment from real property for 2009 is approximately
84,505,920.
No adjustment was made for the future statewide reassessments or annual Trending. The estimated
2010 Tax Increment from real property is estimated to be $4,828,550. The future Tax Increment is
anticipated to grow to $6,554,270 due to anticipated developments over the next 15 years.
Estimated Future Developments in the Economic Development Areas Page 13
This schedule provides an estimate of the Tax Increment from the future build -out of available sites
in the Areas from tax year payable 2012 through 2026. This schedule was prepared based on
information provided by the Carmel Department of Community Services as to available sites and the
estimated square footage of potential commercial /office buildings. The estimated assessed value is
based on comparable buildings located in the surrounding area. The estimated assessed value of the
future developments in the 126 Street EDA totals approximately $101.7 million, spread -out over
the fifteen -year period at approximately $6.8 million of additional assessed value per year. The
estimated assessed value of the fiture developments in the Illinois Street EDA totals approximately
$87.5 million, spread -out over the fifteen -year period at approximately $5.8 million of additional
assessed value per year. The estimated assessed value of the future developments in the Hazel Dell
North EDA totals approximately $400,000, beginning in tax year 2012 pay 2013. The estimated
assessed value of the future developments in the Hazel Dell South EDA totals approximately $72
million, spread -out over the fifteen -year period at approximately 8480,000 of additional assessed
value per year. The estimated assessed value of the future developments in the National City
Allocation Area totals approximately $400,000, beginning in tax year 2012 pay 2013. The estimated
assessed value of the future developments in the Village of West Clay EDA totals approximately
$4,600,000, beginning in tax year 2012 pay 2013.
Historical Tax Increment Collections Page 14
This schedule shows the historical Tax Increment distributions for the Areas for years 2003 through
2008.
Tax
Col Iection
Year
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
126th Street
T1F Area
(1)
$7,312,756
7,610,086
8,565,299
8,779,969
8,994,649
9,169,619
9,337,809
9,494,779
9,644,969
9,778,949
9,912,929
10,030,699
10,148,469
10,266,239
10,384,009
10,501,779
10,619,539
10,737.309
10,737,309
10,737,309
1,420,179 (6)
1,420,179
1,420,179
1,420,179
$198,445,180
CARr11EL (INDIANA) REDEVELOPMENT COMMISSION
COMBINED TAX INCREMENT REVENUES
City Center
TIF Area
$900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900.070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
153,250
153,250
153,250
153,250
818,614,400
Other Less Total
TIF Clarian Amount Estimated
Areas Surplus For Appeals Tax Increment
$4,505,920 $2,100,000 ($500,000) $14,318,746
4,828,550 2,100,000 (500,000) 14,938,706
4,829,300 2,100,000 (500.000) 15,894,669
4,938,060 2,100,000 (500,000) 16,218,099
5,140,350 2,100,000 (500,000) 16,635,069
5,249,110 2,100,000 (500,000) 16,918,799
5,357,870 2,100,000 (500,000) 17,195,749
5,466,640 2,100,000 (500,000) 17,461,489
5,575,400 2,100,000 (500,000) 17,720,439
5,684,160 2;100;000 (500,000) 17,963,179
5,792,930 2,100,000 (500,000) 18,205,929
5,901,690 2,100,000 (500,000) 18,432,459
6,010,450 2,100,000 (500,000) 18,658,989
6:119,210 2,100;000 (500,000) 18,885,519
6,227,980 2,100;000 (500,000) 19,112,059
6,336,740 3.000,000 (500,000) 20,238,589
6,445,500 3,000,000 (500,000) 20,465,109
6,554,270 3,000,000 (500,000) 20,691,649
6,554,270 3,000,000 (500,000) 20,691,649
6,554,270 3,000,000 (500,000) 20,691,649
(6) 6,554,270 3,000,000 (500,000) 10,627,699
6,554,270 3,000,000 (500:000) 10,627,699
6,554,270 3,000,000 (500,000) 10,627,699
6,554,270 3,000,000 (500,000) 10,627,699
$140,289,750 $58,500,000
(I) Seepages 10 -11.
(2) See page 12.
(3) See pages 13 -14.
(4) Amount of' available TIF after Illinois Street bond paymehts.
(5) Assumes $500,000 of property assessment appeals and refunds per year based on historical amounts.
(6) Assumes 30 -year life of original TIF Area has expired.
(Subject to the comments in the attached report
dated May 20 of Umbaugh.)
6
($12,000,000) $403,849,330
Tax
Collection
Year
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
126th Street
TIF Area
$7,312,756
7,610,086
8,565,299
8,662,199
8,759,109
8,816,309
8,984,499
9,141.469
9,291,659
9,425,639
9,559,619
9,677,389
9,795,159
9,912,929
10,030,699
10,148,469
10,266,239
10,384,009
10,501,779
10,619,539
1,420,179 (6)
1,420,179
1,420,179
1,420,179
$193,145,560
CARAIEL (INDIANA) REDEVELOPMENT COMMISSION
COMBINED TAX INCREMENT REVENUES- SLOW GROWTH (1)
City Center
TIF Area
$900,070
900,070
900,070
900,070
900,070
900,070
900,070
900.070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
900,070
153,250
153,250
153,250
153.250
$18,614,400
Other Less Total
TIF Clarian Amount Estimated
Areas Surplus For Appeals Tax Increment
(3)
$4,505.920 $2,100,000 ($500,000) $14,318,746
4,828,550 2,100,000 (500,000) 14,938,706
4,829,300 2,100,000 (500,000) 15,894,669
4,829,300 2,100,000 (500,000) 15,991,569
4;829,300 2,100,000 (500,000) 16,088,479
4,829,300 2,100,000 (500,000) 16,145,679
5,031,580 2,100,000 (500,000) 16,516,149
5,140,350 2,100,000 (500,000) 16,781,889
5,249.110 2,100,000 (500,000) 17,040,839
5,357,870 2,100,000 (500,000) 17,283,579
5,466,640 2,100,000 (500,000) 17,526,329
5,575.400 2,100,000 (500,000) 17,752,859
5,684,160 2 (500,000) 17,979,389
5,792,930 2,100,000 (500,000) 18,205,929
5,901,690 2,100,000 (500,000) 18,432,459
6,010,450 3,000,000 (500,000) 19,558,989
6,119,210 3,000,000 (500,000) 19,785,519
6,227,980 3,000,000 (500,000) 20,012,059
6,336,740 3,000,000 (500,000) 20,238,589
6,445,500 3,000,000 (500,000) 20,465,109
(6) 6,554,270 3,000,000 (500,000) 10,627.699
6,554,270 3,000,000 (500,000) 10,627,699
6,554,270 3,000,000 (500,000) 10,627.699
6,554,270 3,000,000 (500.000) 10,627,699
(1) See pages 10 -11. Assumes a three year delay in future development.
(2) See page 12.
(3) See pages 13 -14. Assumes a three year delay in future development.
(4) Amount of available TIF after Illinois Street bond payments.
(5) Assumes 5500,000 of property assessment appeals and refunds per year based on historical amounts.
(6) Assumes 30 -year life of original TIF Area has expired.
$135,208,360 $58,500,000 (512,000,000) $393,468,320
(Subject to the comments in the attached report
dated May 20, 2009 of Umbaugh.)
7
Tax
Collection
Year
2009
2010
201.1
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
CARMEL (INDIANA) REDEVELOPMENT COMMISSION
COMPARISON OFESTIMATEJ TAX INCREMENT AND O1ITSTAN'DINC DEBT PAYMENTS/. SLOW GROWTH
Total
Esiinoated
Tax Increment
(1)
514,3186746'
14,938,706
15;894,669
15; 991,569
16,088,479
J 6;145;679
16,516;149
16,781,889
17 040,839
17,283;579
17,526,329
17,752,859
17,979;389
18,205929
18,432;459
19;558,989
19,785,519
20b12,69
20;238;589
20.465,109
10,627,699 (6)
10,627;699
10,627 699
10,627;699.
Totals $393,468320
2005 PAC
Lease Remal
(2)
86,900,000
4;920,000
5;200,000
5,490,000.
5,775,000
6;055,000'
6,325,060
,8580,900-
6,835,000
.$;065,000
8,310,000
8,560,000
.8,855,000
.`10,365,000,
11,405,000
11,465,000
11,557,000
11,654,000
11,747,000
4,647,000
4,680:000
4,703;000
4;705,000
$174',798,000
2006 2008
COLT Refunding, Taxable.
Bonds TIF'Bands
(3), (4)
5973;702 11,336,783
967,915 1;336,308
970,849. 1;334,663
96,,99e P,336;848
966;373 1;335,201
963;761 1;336;218
959;243. 1,335;269
962,352 1,337;355
958;134 1,339;320
956,3671 1;337,560
1,332;920
1,335,220`
1,333:920.
1,333;009.
1,332;534.
1,337,450
1;337.203
1,333,500
1;337;505
1,339
59,645 :6s8 26,718;274
0 trIston 3ing'01i1igations
(Subject to the:cominents in the attached notion
dated May-20, 260 ollimbaugh)
8
$17.5 mm
Regions`
Installment Loan
(5)
$501,500
946;500
1,389,854
1,382,132
1,336;561
1,384,509
1,380;952
1,385,915
1;562;375
1;561,525
i;562;525
1;565,075
1,864,025
L559;375
1,565,900
1- ,562,775
1,555;750
1,859,150
28629;535 1239,791,496 .5153,676,824
Estiinated
Surplus
Total TIF. Cocuage
$3,111,985 S1-1;206,768 460%
10,150;722 1 787,984 1617%
86615;066 7,279,603 .184%
.8,890,287 ;7,101,281 180%
9;173,707 .6,914;772 175°A1
;9:481,5415 6,684,139 171%
9,734,072 6,782,137 170%
10,005,659 8776,229 168%
10,7636379. 6,777,469 166 35.
.+16;691;298 6,5921281 162%
10,959,445 066;884 16086
11,207-745 6,545,144 1581
1.1 458,995 6,520,394 357%
11,752,034 6;453,894 155%
A3;2561 5,175,549 139%
94,308,350, 5,250,639 137
14,3641978 5,420,540 13835
14,446;250. 5;565,809 139%
14 ;550;653 5,687,934 13935
14;653,490 5831,619 140%
416476000 5,980,699 22935
4,680,000 5;947,699 227%
4;703;000 5,924,699 226%
46705,000 5,922,699 226%
[1) See page 7.
(2) Lease Rental due on the Caimel'Redevelopmept Adthority^$79,998,227: t5 of teak Rental Revenue Bands of 2005 related to the Performing. Arts Celner.
(3) Annual principal and interest payments due on (be Carmel Redevelopment District outstanding 57450,000 of COfl Revenue Refiinding 13onds,,'Series2006,
which are paid'jrom Tax Increment (although the Tax lnciement rs not ple'dgcd to the repayment of the Bonds).
(4) Annual principal' and interest payments due on the Carmel Rcdcteloprriem District outstanding 514,000,000 TaXahle Taz'Ine ement Revenue Bonds of 2968:
(5) Annual installment paymenFsnue on CRC Gsiallment Purchase Contracts with Regions Rank Assumes a 20 yearacrm with2.years interest only at
4,58% until January 7 2018 and 6.00 %,thercafix:
(6) Assumes 30 -year life of original TIF Area has expired.
Totals
5393.468,320 5174.798.000
CARMEL (INDIANA) REDEVELOPMENT COMMISSION
COMPARISON OF ESTIMATED TAX INCREMENT AND DEBT (INCLUDES PROPOSED DEBT} SLOW. GROWTH
Outstanding Obligations Proposed Installment Loans
Tax 'total 2006 2008 517.5 nun 57.Smm SIOmm SIOmm 58.3tnm Pstisnatcd
'olleclion Estimated 2005 I'AC COIT Refunding Taxable Regions Regions Mercantile MBI Keystone Corp. Surplus
Year Tax Increment Lease Rental Bonds TIP Bonds Install. Loan Install. Loan Install. Loan Install. Loan Install. Loan loud T1F Coverage
(1) (2) (3) (5) (6) (7) (81 (9)
2009 514.318,746 5973.702 51336.783 5801.500 3225,000 5300.000 5166.000 53,802.985 510.515.761 377%
2010 14.938,706 56.900.000 967.915 1.336.308 946.500 450.000 600.000 5500.00(8 498,000 12,198.722 2,739,984 122%
2011 15,894.669 4.920.000 970.849 1.334.663 1.389.554 622.450 730.350 600.000 569.460 11.137.326 4.757.343 143%
2012 15.991.569 5.200.000 966.996 1.336.848 1.386.444 679.100 859,595 816.090 713.515 11,958.587 4,032.981 134%
2013 16,088.479 5.4911000 966,373 1.335.201 1.382.132 6781950 860.610 860.100 713.575 12.286.942 3.801.537 131%
2014 16,145.679 5.775.000 963.761 1.336.218 1.386.561 682.910 859,570 859,780 713.775 12.577.565 3.568,114 128%
2015 16.516.149 6.055,000 959.243 1,335.269 1.384.501 680,875 859.440 860.370 713.085 12,847.782 3.668.367 129%
2016 16.781.889 6.325.000 962.352 1,337.355 1.380.952 677,875 859.180 858.885 713.405 13.115,004 3,666.884 128%
2017 17.040.839 6.580.000 958.134 1,339.320 1.385,915 678.825 859.635 859.205 713.700 13.374,735 1666.104 127%
2018 17.283.579 6.835,000 956.363 1.337.560 1.562.375 678.575 859.755 859.215 713,890 13,802.733 3.480846 125%
2019 17.526.329 8,065,000 1.332.920 1.561.525 677.125 859,455 859.875 712.915 14,068.815 3.457.514 125%
2020 17752.859 8.310,000 1.335.220 1.562.525 679,325 859.665 860.095 713.730 14.320.560 3,432.299 124%
2021 17.979.389 8,560.000 1,333.920 1.565.075 675.175 859,285 859.780 714,225 14.567.460 3,411.929 123%
2022 18.205.929 8.855.000 1.333,009 1564.025 679.600 860.200 859.840 714.285 14,865.959 3.339.969 122%
2023 18,432.459 10,365,000 1.332,534 1.559.375 677,375 858.360 860,175 712.905 16,365.724 2.066,734 113%
2024 19.558,989 11405,000 1,337.450 1.565,900 678,575 859.630 858.670 714,970 17,420,195 2.138.794 112%
2025 19,785.519 11.465.000 1.337.203 1.562.775 677.825 860.800 860.260 713350 .17,477.213 2,308.305 113%
2026 20.012.059 11.557,000 1,333.500 1.555.750 680,200 .859.810 860.710 713.985 17.560.955 2451,104 114%
2027 20.238.589 11.654,000 1.337.505 1.559.150 680.625 860.595 860.000 713.740 17,665.615 2,572.974 115%
2028 20,465.109 11.747.0(10 1.339.490 1.567,000 678.725 858.935 859.980 712,510 17.761640 2.701.469 115%
2029 10.627.699 (10) 4.647.000 337.425 860,730 859.500 713,240 7.417.895 3.209.804 143%
2030 10.627,699 4,680,000 857,820 859,385 713.685 7.110.890 3,516,809 149%
2031 10,627.699 4.703,000 430,425 859.565 475.530 6.468.520 4,159,179 164%
2032 10.627,699 4.705.000 143.065 4.848,065 5:779.634 219%
59.645.688 526.718.274 528.629.535 513.176:525. 518.393.845. 518.394.545 515.267,475 5305.023,886 588.444.434
See page 7.
Lease Rental due on the Cannel Redevelopment Authority 579 998 227 15 of Lease Rental Revenue Binds of 2005 related to the Perforating Ans Center (PAC).
Annual principal a nd interest payments due an the Carmel Redevelopment District outstanding 57,450.000 of COIT Revenue Refunding Bonds, Series 2006,
which are paid from Tax Increment (although the Tax Increment is not pledged to the '<payment of the Bonds).
Annual principal and interest payments due on the Cannel Redevelopment District outstanding 514.000.000 of Taxable Tax Increment Revenue Bonds 0(2008.
Annual installment payments due on CRC Installment Purchase Contracts with Regions Bank. Assumes a 20 year term with 2 years interest only at 4.58% until January 7.2018 and 6.00% thereafter.
Annual installment payments due en CRC lnstallment Purchase Contracts with Regions Bank. Assumes 20 year term with 2 years interest only at 6.00
Annual installment payments due on CRC Installment Purchase Contracts with Mercantile Bank Assumes 22 year term with 2 years interest only at 6.00
Annual installment payments due on CRC Installment Purchase Contracts with MBI Bank. Assumes 22 year lent with 2 years interest only at 6,00%.
Annual installment payments due on CRC Installment Purchase Contracts with Keystone Corp. Assumes 22 year term with 2 years interest only at 6.00
Assumes 30 -year life of original TIP Arca has expired.
(Subject to the comments in the attached report
dated May 20. 2009 of limbaugh.)
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Carmel Redevelopment Commission
Parcel 7A, Regional Performing Arts Center
Project Monthly Report
o Progress Update
o Budget
o Contract Award Status
o Milestone Schedule
o Progress Photos
May 20, 2009
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Progress Update
MILESTONE! First Limestone set.
The plumbing and electrical contractors continue to install wall sleeves and ceiling hangers in preparation for
fireproofing and final systems installation as well as roughing in piping, conduits and duct where fireproofing is
already installed. The installation of stairs and misc. metals continues. Masonry work continues on the exterior
and is approximately 75% complete. The interior masonry is approximately 60% complete. Concrete is being
placed on many elevated (metal deck) areas. Approximately 2150CYS of concrete have been placed to date
which represents about 90% of the slabs in the building. Fireproofing of the structural steel continues and is
approximately 65 %'complete. The limestone for the building is approximately 65% fabricated. Installation of
granite and limestone on the building exterior has started. Watershield (roofing material) has been installed on
all precast installed to date. Metal stud walls and drywall are being placed in select areas.(Mech /Elec Rooms).
The scaffolding work platform for the hall is approximately 85% erected. Layout of the main hall dome is
underway and framing hangers are being installed. The plaster contractor continues fabricating plaster
moldings, trim, and columns at the project warehouse. The AHU's (air handling units) have been brought into
the West mechanical room. Much of the electrical switchgear has been set in place.
Bids have been received for all phases of work, with the exception of the All contracts have been
awarded.
Over the next 30 days the slab placements and miscellaneous steel erection will complete with the exception of
stairs 1 2. Work will continue with the installation of the building exterior and interior masonry. Installation of
the granite and limestone will continue. The electrical, plumbing, mechanical and fire protection contractors
will continue installing hangers and wall sleeves and continue systems rough -in (piping and conduit). Metal
studs for walls will continue. Some drywall will be hung and painted in specific areas. The scaffolding work
platform will be completed. The balance of the AHU's will be set in the East North mechanical rooms. The
permanent dewatering system will be operational.
Page 2 of 15
Budget
Bids received to date have been within the construction budget.
Contract Award Status
All contracts have been awarded, with exception of the following:
o Landscaping (Pending documents)
In addition to the above contract awards, the following alternates have been accepted and notice to proceed
authorized:
o Parking /Staging by Owner
o Limestone for field of building in lieu of stucco,
o Cast stone for drum of building in lieu of stucco
o Combination pricing for the Framing /GWB!Plaster
o Combination pricing for the Electrical and Fire Alarm
o Addition of the Oculus
o Addition of the clay tile roof
o Level 5 drywall finish in front of house areas
o Domed ceiling in East Lobby
o Barrel.vault ceiling in Balcony High South Lobby
o Machine -less elevators
o Wood Flooring Main Hall
o Donor Upgrades
o Multipurpose Room Upgrades
o Elevator Floor Finishes
o Wainscot -Main Hall
o Lobby Stone
Page 3of15
Milestone Schedule
Design, Engineering. and Budgeting SCHEDULED CURRENT ACTUAL
PROJECTION
Issue Core Shell DD Documents for Estimate 19- Mar -07 Complete l9- Mar -07
Finalize Core Shell DD Estimate 20- Apr -07 Complete 24- Apr -07
Issue Limestone Documents for Bid —Bid Issue II 4- May -07 7- Sep -07 Complete
Issue Interior DI) Documents for Estimate 12- Jul -07 Complete 3- Jul -07
Finalize Interior DI) Estimate 16- Aug -07 Complete 8- Aug -07
Issue Site Prep IFC Documents for Bid —Bid Issue I 6- Aug -07 Complete 17- Aug -07
Issue 75% Core Shell CD Documents 7- Nov -07 Complete I- Oct -07
Issue Core Shell IFC.Documents for Bid —Bid 19- Nov -07 Complete 19- Nov -07
Issue 111
Issue Interior IFC Documents forBid —Bid Issue IV 6- Feb -08 Complete 16- Feb -08
Construction Procurement
Receive Bids for Limestone —Bid Issue 11 24- May -07 Complete 16- Oct -07
Receive Bids for Site Prep —Bid issue 1 6- Sep-07 Complete 18- Sep -07
Receive Bids for Core Shell —Bid issue lit 18- Dec -07 Complete 18- Dec -07
Receive Bids for Interior Rough Constr. —Bid Issue 18 -Mar-08 Complete 26- Mar -08
IV
Receive Bids for Interior Finishes TEC —Bid 16- July -08. 20- Aug -08 20- Aug -08
Issue V
Receive Bids for Performance Lighting Sound 20- Aug -08 17- Sep -08 17- Sep -08
Eqpt. —Bid Issue VI
Receive Bids for Interior Finishes Rebid —Bid Issue 17- Dec -08 17- Dec -08 17- Dec -08
V TBD
Receive Bids for Site Landscaping —Bid Issue VII 18- Feb -09
Construction
Complete Mass Excavation 29- Feb -08 29- Feb -08 29- Feb -08
Begin Foundations 3 -Mar-08 3- Mar -08 3- Mar -08
Begin Structural Steel— Erection 23- Jun -08 21- Jul -08 21- Jul -08
Building Dried -In 1-Apr-08 1- Jul -08
Begin Interior Construction 1- Oct -0S 1- Oct -08. 1- Oct -08
Complete Construction/Begin Tuning 11- Jul -l0 1- Sep -l0
Page 4 of 15
Progress Photos
View from the South (April 15, 2009)
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View from the South (May 13, 2009)
Page 5of15
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View from the West (April 15, 2009)
View from the West (May 13, 2009)
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Page 6 of 15
View from the North (April 15, 2009)
View from the North (May 13, 2009)
Page 7of15
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View from the East (April 15, 2009)
View from the East (May 13, 2009)
Page 8 of 15
Air Handling Unit- West Mechanical Room
Mechanical Equipment- East Mechanical Room
Page 9 of 15
Looking South Balcony Low Box Tier
Page 14 of 15
Page 15of15