The URL can be used to link to this page

Home My WebLink AboutCRC-11-14-12 CRC Meeting, November 14, 2012 CARMEL REDEVELOPMENT COMMISSION Meeting, Wednesday, November 14, 2012 President Bill Hammer called the meeting to order at 7:08 p.m. Commission members Dave Bowers and Jeff Worrell were present,constituting a quorum. Also present were Les Olds, Michael Lee,Megan McVicker and Matt Worthley. Others present: Bruce Donaldson,Jim Higgins and Bryan Mitchell The Pledge of Allegiance was said. Mr. Olds requested an item be added to the agenda under Old Business that would authorize the CRC president to sign a final agreement and amendments relating to the Nash Building on Parcel 5. Mr. Bowers moved to amend the agenda, seconded by Mr. Worrell. Unanimously approved. Approval of Minutes October 17, 2012: Moved for approval by Mr. Worrell and seconded by Mr. Bowers. Passed unanimously. Financial Matters Mr. Higgins stated the October 2012 end of month operating and non-operating balance is $525,608. Mr. Higgins requested the Commission's approval of operating expenditures in the amount of $249,288.52. Mr. Bowers moved to approve operating claims in the amount of$249,288.52, seconded by Mr. Worrell. Unanimously approved. Mr. Higgins requested the Commission approve non-operating expenditures in the amount of $647,407.51. Mr. Worrell moved to approve non-operating invoices in the amount of $647,407.51, seconded by Mr. Bowers. Passed unanimously. Mr. Higgins requested approval of PAC construction fund claims in the amount of $47,621.13. Discussion ensued. Mr.Worrell moved approval for disbursement of PAC construction fund claims in the amount of$47,621.13, seconded by Mr. Bowers. Unanimously approved. Approval of Change Orders Mr. Olds presented a change order for the environmental cleanup involved with the demolition of the grain silo in the amount of$151,273.38. Mr. Worthley outlined the changes from the original contract amount and reasons for the changes. Mr. Olds noted that, according to state rules and regulations, this change order is permitted due to unforeseen circumstances for environmental issues. 1 CRC Meeting, November 14, 2012 Discussion ensued. Mr. Bowers moved to approve the change order for the demolition and abatement of Parcel 14 in the amount of$151,273.38, seconded by Mr. Worrell. Mr. Olds stated there are adequate funds in the construction funds budget to cover this amount. Passed unanimously. Committee Reports Mr. Bowers stated the CRC Finance Committee met with the City Council's Finance Committee last week and that the refinance discussion is moving out of committee to the full City Council for further dialogue and a possible vote on Monday, November 19. There was no update from the Plan Review Committee or Administrative Committee, as they have not recently met. Update on Properties Mr. Olds gave an update regarding construction of the limestone stairs at the Palladium. Old Business Action Item#2: Resolution 2012-9 re: amending Resolution No. 2012-6 to increase maximum permitted lease rentals relating to refinancing of CRC obligations This action item amends the prior resolution that approved financing a lease relating to the refinancing of outstanding CRC obligations. The amendment increases the maximum permitted annual lease rental amount to allow for deferral of principal payments on the refunding bonds, as requested by a financial advisor to the City Council. Conversation ensued regarding the three possible refinancing structures that have been discussed. Mr. Donaldson stated, while the City Council was undecided at the present time regarding which structure to approve, this amendment would allow for accommodation of any of the possibilities. Mr. Hammer requested Mr. Bowers, as co-chair of the Finance Committee, provide the CRC's recommendation of the best refinancing structure. Mr. Bowers stated the recommendation from the CRC's standpoint is moving back towards the original proposal. Discussion ensued regarding cost implications of the various proposals and Parkwood TIF. Mr. Hammer requested a sense of recommendation from the Commission. With Mr. Bowers' recommendation on the floor, he asked if Mr. Worrell was in agreement. Mr. Worrell stated that, while he certainly appreciated the work that was done on other plans, he would agree that the original plan presented was best. Mr. Hammer concurred. Mr. Hammer requested Mr. Donaldson relay the CRC recommendation to City Council. Mr. Worrell moved to approve a resolution to increase maximum permitted lease rentals of the CRC obligations. Seconded by Mr. Bowers and unanimously approved. Action Item#3: Resolution approving Revenue Deposit Agreement relating to CRC refinancing Mr. Donaldson gave background and outlined the Revenue Deposit Agreement. The agreement sets forth the priorities for allocating TIF revenues and other CRC revenues to the payment of obligations that will be outstanding following the refinancing. 2 CRC Meeting, November 14, 2012 Mr. Worrell questioned if there was a way to make the agreement contingent on the refinance taking place. Mr. Donaldson agreed an amendment could be included that states the agreement is only effective if there is a closing on the refinancing obligations. Discussion ensued. Mr. Donaldson stated that if this agreement is amended or modified in the future it would take approval of the Redevelopment Commission and the City Council. Mr. Bowers moved to approve Resolution 2012-10 approving the form of a revenue deposit agreement between the City of Carmel, Indiana, and the City of Carmel Redevelopment Commission, and authorizing certain matters related thereto. Seconded by Mr. Worrell and passed unanimously. Mr. Donaldson noted that, in the context of researching the refinancing, it was discovered there is a reserve fund for the 2008 bonds; and,due to an administrative oversight or miscommunication, some of the monies in that fund were used to pay debt service. Mr. Donaldson stated that, while a formal resolution is not required, they are technically required to notify the market of that fact. Mr. Donaldson requested the Commission authorize him to move forward with sending out a notice to that effect. Brief discussion ensued. After looking to Mr. Worrell and Mr. Bowers for their consent,Mr. Hammer authorized the notice be executed and distributed. Action Item#4: Authorize the President of the Carmel Redevelopment Commission to sign the amended Parcel#5, Nash Building Project Agreement Mr. Olds requested the Commission's approval in authorizing the president to sign the amended Parcel#5, Nash Building Project Agreement, with modifications to meet the Carmel City Council requirements. Mr. Olds gave background on the agreement. Discussion ensued. Mr. Worrell moved to approve this action item, seconded by Mr. Bowers. Unanimously approved. New Business None at this time. Other Business None at this time. Announcements Ms. McVicker announced Holiday in the Arts District will take place on Saturday, December 8 and feature Santa&Mrs. Claus, elves &reindeer,carriage rides and more. A Gallery Walk will follow that same day from 5-10 p.m. 3 CRC Meeting, November 14, 2012 Adjournment Mr. Bowers moved the meeting be adjourned pending the execution of documents and seconded by Mr. Worrell. The meeting was adjourned at 8:03p.m. The next regular meeting is scheduled for Wednesday,December 19 at 6:30 p.m. An executive session was held directly prior to the public meeting in which pending litigation and the purchase or lease of real property were discussed. The Commission hereby certifies that no subject matter was discussed in the executive session other than the subject matter specified in the public notice. • 4