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HomeMy WebLinkAboutCRC-06-15-11CRC Meeting, June 15, 2011 CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday, June 15, 2011 President Bill Hammer called the meeting to order at 7:00 p.m. Commission members Carolyn Anker, Jeff Worrell, Greg Phillips and David Bowers were present, constituting a quorum. Also present were Les Olds, Karl Haas, Don Cleveland, Michael Lee, Melanie Lentz and Matt Worthley. Others present: Jim Higgins, Brandon Weddle, Anneliese Williams, Jamie Browning and Jim Mullet The Pledge of Allegiance was said. Approval of Minutes May 4, 2011: Moved for approval by Ms. Anker, seconded by Mr. Worrell and unanimously approved. May 18, 2011: Moved for approval by Ms. Anker, seconded by Mr. Bowers and unanimously approved. May 26, 2011: Moved for approval by Mr. Worrell, seconded by Ms. Anker and unanimously approved. Financial Matters Mr. Higgins announced the May 2011 end of month operating balance for the CRC General Fund is $9,339,803. Mr. Hammer noted TIF funds were received from the County Treasurer. Mr. Higgins stated the first installment of TIF revenues for the year was received on June 1, 2011 in the amount of $11,127,554.47. Mr. Higgins noted the anticipated December 2011 distribution will be approximately $12.5 million, for a total TIF revenue amount of $23.6 million. Mr. Higgins stated this is roughly $5.5 million greater than what was budgeted for calendar year 2011. Mr. Higgins requested the Commission's approval to pay invoices for the CRC General Fund in the amount of $1,439,775.78. Mr. Worrell moved to approve CRC General Fund claims in the amount of $1,439,775.78, seconded by Mr. Bowers. Discussion ensued. Passed unanimously. Mr. Higgins requested the approval of PAC invoices for regular construction in the amount of $256,879.05. Discussion ensued. Ms. Anker moved to approve disbursement of funds from the PAC account in the amount of $256,879.05. Seconded by Mr. Bowers and passed unanimously. Approval of Change Orders There were no change orders to come before the Commission. 1 CRC Meeting, June 15, 2011 Approval of two property tax bills Mr. Olds outlined two property tax bills relating to the Party Time Rental site and Motor Court parking garage and requested the approval of the total in the amount of $60,077.60. Discussion ensued with regards to ownership structure of the Party Time rental site, terms of agreement relating to the CRC and reimbursement of the tax payment relating to the property. The reason for payment owed was due to the deed transfer not completed at assessment time. Discussion ensued with regards to CRC's involvement in payment. Mr. Worrell moved to approve the property taxes in the amount of $60,077.60, payable to Hamilton County, subject to available funding. Seconded by Ms. Anker. Mr. Hammer requested Mr. Haas vigorously pursue recovery of the tax payment to the extent possible or pursue the advancement of ownership in the property as a way to recover. Passed unanimously. Committee Reports Mr. Worrell announced the Plan Review and Interior Design Committee met on June 15, 2011 to review three different items, including the extension of Veterans Way, design plans for a new office building by City Center and the Parcel 7C parking garage flow changes. Mr. Worrell stated the committee tabled a meeting agenda item regarding stairs from City Center Drive to the Monon Trail on the southside of the tunnel, as they felt it was an item the full Commission should discuss. Ms. Anker stated the Finance Committee met on June 2, 2011 and continues to create a set of draft dashboard documents that will be used internally by the staff as well as ultimately by the Commissioners. Ms. Anker also stated the committee will begin to create a "buy -up list," which will list potential projects in which the CRC would like to invest as well as CRC funds available, as a tool to help Commissioners in the decision - making process. Ms. Anker noted additional financial documents from the Finance Committee were included in the Commissioners' packet. After the conclusion of the report, Ms. Anker asked Mr. Haas to discuss a potential add - on agenda item regarding an instrument to be used and a grant to be made to the 4CDC. Mr. Haas stated the 4CDC has the opportunity to obtain a $2.5 million line of credit that would be unsecured except for an agreement by the Redevelopment Commission to grant funds sufficient to backup that line of credit. Mr. Haas stated it would be expected that the draws on the line of credit pursuant to that grant would be approved by the Redevelopment Commission in order to have oversight of any draws on the line of credit and thereby control the amount of the grant to which the Commission is obligated. Mr. Haas stated that having this line of credit would free up $1 million of funded reserve on which negative arbitrage is being paid, and that those funds would then be available for other Commission projects. The line of credit would stand in the stead of that reserve and no interest would be paid unless there was an actual draw. Therefore, the Commission could reverse the situation of having negative arbitrage and then any other 2 CRC Meeting, June 15, 2011 funds would be available to cover expenditures or shortfalls where the Commission might want to have funds applied. Ms. Anker moved amendment of the agenda to include an action item regarding consideration of approval of a grant to 4CDC. Seconded by Mr. Bowers. Discussion ensued. Unanimously approved. Ms. Anker moved the CRC approve a grant to 4CDC in order to support an opportunity for the 4CDC to attain a line of credit in the amount of $2.5 million, on terms to be approved by the President of the CRC and the Finance Committee. Seconded by Mr. Bowers and passed unanimously. Mr. Cleveland gave a brief report regarding the status of the employment contract information. Update on Properties Mr. Olds gave an update on the Parcel 47 Sophia Square project. Mr. Olds stated the developer has opened the garage to the public; however, the CRC has not accepted ownership of the garage because the courtyard does not have a waterproof membrane. Mr. Olds stated that, upon completion of waterproofing, they will call for an inspection of the garage and work towards formal acceptance of the garage in order to announce public parking is truly available on the CRC's portion of the garage (P1). Mr. Olds opened the floor to questions regarding properties outlined in the monthly Commissioners' packet. Mr. Olds stated 2nd Ave NW will remain open as part of the regular vehicular traffic plan surrounding Sophia Square. Mr. Weddle with REI Construction, Project Manager for Parcel 7B /C, gave an update and slideshow presentation on the construction progress. Marketing & Public Relations Update Melanie Lentz reported the first CRC newsletter was distributed to 37,000 homes. Ms. Lentz is currently working on a sponsorship brochure and updating an Arts & Design District brochure. Ms. Lentz stated Rock the District went well, receiving positive feedback from Arts & Design District merchants. Upcoming Arts & Design District events include Jazz on the Monon on June 23, a Gallery Walk on July 9 and Art of Wine on July 16. Discussion ensued regarding communication of public parking areas, Arts & Design District parking and directional signage and communication to the schools and public library regarding event road closures. 3 CRC Meeting, June 15, 2011 Mr. Hammer noted an update from Rob DeRocker was included in the Commissioners' packets. Mr. Hammer stated Mr. DeRocker will be in town in the upcoming week and that he would be happy to set up appointments should Commissioners be interested in meeting with him. Old Business Rejection of Bids for Palladium Landscape Palladium landscape bids were received at the May 18, 2011 CRC meeting; however, bids received were in excess of the budget established for the project. Mr. Olds recommended the Commission reject all the bids. Mr. Worrell moved the Commission reject the bids, seconded by Ms. Anker. Passed unanimously. Awarding of Parcel 5 Street & Wayfinding Sign Package Mr. Olds stated this package includes Veterans Way signage in addition to all elements involved on Range Line Road as well as City Center Drive. Mr. Olds stated this is included in the 2011 budget and requested approval of the contract in the amount of $86,103.19. Mr. Bowers moved to approve Parcel 5 street and wayfinding sign package contracts in the amount of $86,103.19, subject to available funding. Seconded by Mr. Worrell. Discussion ensued. Unanimously approved. Approval of Resolution 2011 -5 re: TIF Pledge Resolution for Indiana Spine Group Anneliese Williams, with Barnes & Thornburg, outlined the TIF Pledge Resolution 2011- 5 relating to the Indiana Spine Group, within the Meridian & Main allocation area. Mr. Haas stated the TIF Pledge Resolution is consistent with the project agreement negotiated and approved by Commission. Ms. Anker moved to approve Resolution 2011 -5 Re: Resolution of the City of Carmel Redevelopment Commission pledging certain tax increment revenues to the payment of Economic Development Revenue Bonds of the City of Carmel. Seconded by Mr. Worrell. Discussion ensued with regards to the Meridian & Main project, estimated amount of TIF revenue, bond payments, and clarification of CRC responsibility. Passed unanimously. Mr. Browning gave an update on construction progress of the project. New Business Mr. Olds referenced and gave background on a proposal regarding a sculpture for the roundabout at the north entrance of the Arts & Design District. Mr. Olds outlined the cost and payment plan for the sculpture. 4 CRC Meeting, June 15, 2011 Mr. Olds requested the Commission add this item to the agenda for review and discussion. Discussion ensued regarding security monitoring of the north roundabout area as well as the staff and Finance Committee's input regarding approval. Ms. Anker noted the Finance Committee has not seen the proposal and has not been able to weigh this item vis -a -vis any other items on a "buy -up list" to provide a recommendation to the Commission. Mr. Worrell moved to amend the agenda to allow this item. Seconded by Mr. Bowers and passed unanimously. Discussion ensued regarding other CRC projects, budget priorities, and timing of a decision. Mr. Worrell stated he would like to rely on the Finance Committee to help prioritize and ensure the CRC has funds available for this sculpture project. Mr. Worrell noted that by taking away arts funding the City Council has chosen to remove a tool that had been a successful part of Carmel's growth and that he would like the Commission to keep doing what is needed to grow and promote Carmel in order to distinguish Carmel from other communities competing for the same economic dollars; however, he also wanted to ensure the Commission can afford it. Mr. Worrell moved to refer this proposal to the Finance Committee for its recommendation. Seconded by Mr. Bowers. Discussion ensued to clarify and define what would be included in the Finance Committee's recommendation and that the overall Commission would review and approve the final decision. Approved unanimously. Other Business None at this time. Announcements Spark buttons are available for $3 at Arts & Design District businesses and the Farmers Market to support the July 4 fireworks. Adjournment Ms. Anker moved the meeting be adjourned and seconded by Mr. Bowers. The meeting was adjourned at 8:31 p.m. The next regularly scheduled meeting is Wednesday, July 20 at 6:30 p.m. 5