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HomeMy WebLinkAboutCRC-09-21-10 CRC Meeting September 21, 2010 CARMEL REDEVELOPMENT COMMISSION Meeting, Tuesday, September 21, 2010 President Ron Carter called the meeting to order at 5 :05 p.m. Commission members Bill Hammer, Greg Phillips and Jeff Worrell were present, constituting a quorum. Also present were Karl Haas, Les Olds, Matt Worthley and Megan McVicker. Others present: Jamie Browning, Mike Shaver, Bruce Donaldson, Steve Hardin, Kevin Rider and Jim Mullet The Pledge of Allegiance was said. Approval of Resolution 2010 -10 re: Meridian Main Economic Development Area Bruce Donaldson, bond counsel with Barnes Thornburg, presented a resolution to amend the existing Old Meridian economic development area plan. The resolution approves the previously presented economic development plan supplement and separate TIF allocation area related to the Meridian Main project. The approval of the resolution is the first in four steps, including approval by the Plan Commission, City Council and a final public hearing. Mr. Haas stated a project agreement has been negotiated and remains consistent with the presentation that had been made to the Commission previously. It was recommended the resolution be passed subject to the project agreement being executed. Discussion ensued regarding whether any changes had been made from the original plans, if this plan meets criteria of state law for economic development areas, the financial impact of the proposal and that no parcels are currently under appeal with this project. Mr. Worrell moved to approve Resolution 2010 -10 amending the Declaratory Resolution and the Development Plan for the Old Meridian Economic Development Area, seconded by Mr. Hammer. Passed unanimously. Approval of Resolution 2010 -11 re: 116th Street Centre Economic Development Area Mr. Carter gave an overview of the proposed resolution. This includes amending the Declaratory Resolution and the Development Plan for the integrated 126th Street Corridor Economic Development Area to: 1. Incorporate into the Development Plan the "Economic Development Plan Supplement to 126th Street ED Plan and The Integrated Plan: 116th Street Centre Project Area" and 2. Remove the area described in the Plan Supplement as the "116th Street Centre Project Area" from the 126th Street Allocation Area, and designate such area as its own separate allocation area. Mr. Donaldson stated that this is conceptually similar to resolution 2010 -10, except instead looking at the integrated 126 Corridor ED area and carving out a piece of that for the 116` Street Centre project. The Plan Supplement proposes to carve out a separate 1 CRC Meeting September 21, 2010 allocation area and split increment for that area partially for the project and partially for the general TIF that goes to the CRC for its other obligations. Mr. Haas stated there are two outstanding issues with regard to this project, including the split of the tax increment and the extent to which the entire center will be governed by Payment in Lieu of Taxes (PILT) agreements with limitations on tax appeals. Mr. Haas stated he does not believe protections are in place for the CRC and does not recommend the Commission approve the resolution at this time. Mr. Haas stated there are pending appeals on some of the parcels and one of the objectives of the Commission in proceeding with consideration of this project was that those appeals would be dropped and there would be an agreement not to appeal the assessed value below its current assessment. Discussion ensued with regard to the split of tax increment and Payment in Lieu of Taxes, business terns, pending appeals, ownership of the properties and the financial impact to the Performing Arts Center. Mr. Hardin addressed the issues discussed and stated the developer's collective opinion to respectfully request a table of the motion. Mr. Hardin stated they are optimistic for a resolution to the issues. Mr. Hammer requested information on bond financing, i.e, whether CRC would be financing through a TIF bond or a developer bond. Karl Haas stated financing is proposed by a developer bond, which would be similar to previous financings in the past: a developer- guaranteed bond, non recourse to. City or CRC. Discussion ensued. Mr. Carter raised his concern regarding completing the project in a timely fashion and voting for a project which is not ready to go; he then suggested he would entertain a motion to table. Mr. Hammer moved to table the resolution at this point in time. Mr. Hammer stated his belief that this is a good project to support and encouraged Mr. Hardin to move forward with resolving the issues. Seconded by Mr. Worrell. Passed unanimously. Old Business No old business at this time. New Business No new business at this time. Adjournment Mr. Hammer moved the meeting be adjourned and seconded by Mr. Worrell. The meeting was adjourned at 6:00 p.m.