Loading...
CRC-11-16-11 I CRC Meeting, November 16, 2011 CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday, November 16, 2011 President Bill Hammer called the meeting to order at 6:50 p.m. Commission members Carolyn Anker, Jeff Worrell, Brad Meyer and Greg Phillips were present, constituting a quorum. Also present were Les Olds, Karl Haas, Don Cleveland, Michael Lee and Matt Worthley. Others present: Jim Higgins, Kyle Lemoi, Mike Anderson, Brandon Bogan, Heidi Amspaugh, Loren Matthes, Bruce Donaldson, Jim Mullet and Bryan Mitchell The Pledge of Allegiance was said. PRESENTATION: Additional Theater Equipment for Center for the Performing Arts Kyle Lemoi, Director of Production with the Center for the Performing Arts, presented and outlined a list of equipment requests and their related costs for the Palladium, Tarkington and Studio Theater, based on the request of the Commission at the last regular meeting. Discussion ensued. The Commissioners expressed appreciation for their Mr. Lemoi and Mr. Anderson's time in outlining and explaining the requests. Approval of Minutes October 19, 2011: Moved for approval by Mr. Worrell, seconded by Ms. Anker and unanimously approved November 1, 2011: Moved for approval by Mr. Worrell, seconded by Mr. Meyer and unanimously approved Financial Matters Mr. Lee announced the October 2011 end of month operating balance is $73,224. Mr. Hammer questioned if the final TIF payment amount the CRC would receive for the year had been determined. Mr. Lee said the number has not been determined but that we should know by the end of November. Mr. Lee requested the Commission's approval to pay invoices for the CRC General Fund in the amount of $783,650.97, subject to available funding. Mr. Worrell moved to approve CRC General Fund claims in the amount of $783,650.97, seconded by Ms. Anker. Passed unanimously. Mr. Lee requested the approval of PAC invoices for regular construction in the amount of $106,315.91, subject to available funding. Mr. Worrell moved to approve disbursement of funds from the PAC construction fund in the amount of $106,315.91. Seconded by Mr. Meyer and passed unanimously. 1 CRC Meeting, November 16, 2011 Approval of Change Orders Mr. Olds requested the Commission ratify change orders approved for the Palladium and Parcel #73 construction in the amount of $21,316.01. Mr. Olds referenced and outlined a handout distributed to Commissioners regarding the change orders. Discussion ensued. Ms. Anker moved ratification of the change orders for the Palladium and Parcel 73, per State Board of Accounts requirements, in the amount of $21,316.01. Seconded by Mr. Meyer and approved unanimously. 2011 Budget Review Mr. Lee referenced a handout of the 2011 budget distributed to Commissioners, prepared by Mr. Higgins with London Witte Group. Mr. Lee noted the handout outlines and compares the original 2011 budget and the anticipated amount the CRC will have at the end of the year. Mr. Lee noted that the overall budget does not change; however, line item numbers have been revised to reflect the actual activity from the year. Ms. Anker noted the Finance Committee has reviewed this budget. Ms. Anker moved to approve the revisions to the CRC 2011 Budget, seconded by Mr. Worrell. Unanimously approved. Committee Reports Ms. Anker stated the Finance Committee has met three times since the last CRC meeting to discuss various items, including the 2012 budget. Ms. Anker commended the CRC staff, particularly Mr. Lee, on their work to provide more dashboard documents that help Commissioners better understand the finances. Mr. Worrell stated there is nothing to report with the Plan Review and Interior Design Panel, as they have not recently met. Mr. Meyer noted the Administrative/Personnel Committee has not met; however, they are working on meeting in the next few weeks. Update on Properties Mr. Olds opened the floor to questions regarding properties outlined in the monthly Commissioners' packet. Discussion ensued regarding the historic "Nutt" sign at Parcel 47 as well as brickwork at City Center. Marketing Public Relations Update Ms. McVicker will e -mail the marketing and public relations update to Commissioners, as she was not in attendance at the meeting due to illness. Old Business Approval of Resolution 2011 -10 re: Approval of 4CDC Closing Draw with Star Financial Bank, M &I Bank and Marine Bank Mr. Haas stated that the three action items (Action Items #3 -5) regarding 4CDC closing draws could be approved together. Mr. Haas referenced a motion made at the last regular meeting that required the Commission approve draws on lines of credit available to the 4CDC. Mr. Haas stated we are ready for closing for three lines of credit, including Star 2 CRC Meeting, November 16, 2011 Financial Bank, M &I Bank and Marine Bank. Mr. Haas noted that a resolution is attached to this action item that would approve a disbursement of closing fees and costs for each of these lines of credit. Ms. Anker stated she is pleased from a Finance Committee perspective to see the Commission is starting to abide by the new process and it is exactly in line with the intention. Ms. Anker moved that the Commission approve the 4CDC's draw on Star Financial, Fowler State Bank, and M &I Bank funds to pay the closing costs. Mr. Haas corrected that "Fowler State Bank" should be replaced with Marine Bank. Ms. Anker restated her motion. Ms. Anker moved the CRC approve the 4CDC's draw on the Star Financial, the Marine Bank and the M &I Bank funds to pay the closing costs. Seconded by Mr. Worrell and passed unanimously. New Business Approval of Resolution 2011 -11 re: Approving Amendment to Lease with Carmel Redevelopment Authority In Connection With Bond Refunding Bruce Donaldson, counsel with Barnes Thornburg, outlined and gave background on this item. Mr. Donaldson stated the proposal is for the Redevelopment Authority, who met and approved this item earlier in the day, to issue refunding bonds to take advantage of lower interest rates of the current market and that the CRC's action is to correspondingly amend the lease rentals downward to match the new bond debt service and take advantage of the savings. Loren Matthes and Heidi Amspaugh, with H.J. Umbaugh Associates, distributed and reviewed a handout outlining the numbers and savings. Ms. Amspaugh noted the deal does not extend or change the maturity of bonds and that the net present value of savings to the City of Carmel is $1.6 million. Mr. Hammer noted that this is a savings resulting from refunding process and that the role of the Redevelopment Commission is part of a structure under Indiana law and that the Commission is more of a conduit to serve as a pass through on this item. Mr. Hammer noted this is not a debt the CRC has incurred, but rather this is City debt that, by using this mechanism, we help facilitate. Mr. Donaldson stated that statement was correct and that all of this has to be approved by City Council. Mr. Donaldson stated they have an ordinance introduced to Council for their consideration and approval. Mr. Worrell moved to authorize the execution of an amendment to lease between the City of Carmel Redevelopment Authority and the City of Carmel Redevelopment Commission. Seconded by Ms. Anker and passed unanimously. Approval of 4CDC Draw with Star Financial and Grant to Center for the Performing Arts Mr. Haas gave background on this item and noted again that, as per the resolution adopted by the Commission, the Commission needs to approve the draw by the 4CDC for their purpose of making a grant to the Center for the Performing Arts. 3 CRC Meeting, November 16, 2011 Mr. Hammer informed the Commission that, after discussions with the Chairman of the CRC Finance Committee, he has asked Commissioner Bowers to serve as the contact person with the Performing Arts Foundation with regard to future draws and noted that his thought that this will be helpful to both the Commission and Performing Arts Foundation. Ms. Anker moved to approve a $1,500,000 draw request made by the 4CDC for the grant to the Center for the Performing Arts, contingent upon payment of sums owed to the CRC, such as for the Energy Center charges. Seconded by Mr. Worrell and unanimously approved. Approval of Additional General Conditions to Signature Construction's Contract for Snow Removal at Veterans Way Mr. Olds stated that, due to the Veterans Way elevated platform not being 100% complete, the City will not takeover operations and maintenance. Mr. Olds stated that, after a great deal of discussion, it was decided that our Construction Manager will take responsibility for snow removal on the deck area for this winter. Mr. Olds outlined the process and issues associated with determining a solution for the snow and ice removal. Mr. Olds noted that it was decided a spray -on material of a special chemical made with corn syrup would be used, so as not to damage the surface. Mr. Olds stated this was a two -part approval, including the approval of an allowance of $120,000 for snow removal and approval of $36,000 to purchase a tanker truck full of the chemicals. Mr. Olds stated this should only be a one year event, as the following year this work will be assumed by the City Street Department. Discussion ensued regarding the project and budget. Mr. Worrell noted he would like to see Signature Construction bill per month or per week, and pay them on an as- needed basis rather than giving them an amount up front. Mr. Worrell moved to approve a budget of $120,000 for snow removal to be paid to Signature Construction for snow removal at Veterans Way and that the CRC be invoiced monthly. Seconded by Ms. Anker and unanimously approved. Approval of the Purchase of De -Icing Materials for Elevated Roads Mr. Worrell moved to approve the $36,000 for the corn syrup materials for de- icing, seconded by Mr. Meyer. Passed unanimously. Other Business None at this time. Announcements Mr. Cleveland stated the maintenance staff has apologized for the construction noise during the meeting. Mr. Hammer noted this construction is for the air handlers to accommodate the new energy system to the Energy Center. Adjournment Ms. Anker moved the meeting be adjourned subject to the execution of documents and seconded by Mr. Worrell. The meeting was adjourned at 8:12 p.m. The next regularly scheduled meeting is Wednesday, December 21 at 6:30 p.m. 4