HomeMy WebLinkAboutCRC-11-01-11CRC Meeting November 1, 201 1
CARMEL REDEVELOPMENT COMMISSION Meeting, Tuesday,
November 1, 2011
President Bill Hammer called the meeting to order at 9:46 a.m. Commission members Jeff
Worrell, Carolyn Anker, Dave Bowers and Brad Meyer were present, constituting a
quorum. Also present were Karl Haas, Les Olds and Megan McVicker.
Others present:
Mayor Brainard, Judge Poindexter, Jim Higgins, Jenny Shoup, Bruce Cordingley, Judy
Hagan and Jim Mullet
The Pledge of Allegiance was said.
Old Business
Approval of Installment Contracts to Purchase Parcel 5 Parking Garages and Related
Certificates of Participation
Mr. Haas stated this action item is a consolidation and updating of the longstanding
contractual agreements the Commission has with Pedcor and its affiliates with respect to
City Center and related parcels, including the purchase of the parking garage on the City
Center project. Mr. Haas gave detail regarding the certificates of participation.
Discussion ensued regarding additional increment that may become available as a result of
this action.
Mr. Worrell moved to approve the installment contracts to purchase Parcel 5 parking
garages and related certificates of participation, seconded by Ms. Anker.
Discussion ensued with regards to cash flow and the possibility of delaying approval.
The motion was approved with a vote of 4 to 1.
Approval of Grant Agreements to Support Additional Back -up Lines of Credit and Related
Line of Credit Documents
Mr. Haas stated this action item places four additional lines of credit running in favor of
4CDC (Carmel City Center Community Development Corporation) in addition to the
existing line of credit. Mr. Haas stated all lines of credit will be backed by grant
agreements from the Redevelopment Commission in favor of 4CDC. Draws on the lines of
credit will not be permitted by 4CDC without approval or sign -off by the Commission. Mr.
Haas outlined the purpose of these lines of credit as well as the amounts with each bank.
Discussion ensued with regards to budget and the possibility of delaying approval.
Ms. Anker noted this action item allows for the creation and opening of the lines of credit
but that the actual spend of those lines would require separate approval.
Discussion ensued.
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CRC Meeting November 1, 2011
Ms. Anker moved approval of the grant agreements to support additional backup lines of
credit and related line of credit documents. Seconded by Mr. Worrell and passed
unanimously.
New Business
Judy Hagan, 10946 Springmill Lane, addressed the Commission and requested the
Commission consider that any future redevelopment on the Monon Greenway help
preserve it as a linear park.
Announcements
None at this time.
Adjournment
Ms. Anker moved the meeting be adjourned and seconded by Mr. Meyer. The meeting was
adjourned at 10:17 a.m.
The next regularly scheduled meeting is on Wednesday, November 16, 2011 at 6:30 p.m.
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