Sep 18, 2024 Carmel Redevelopment Commission

[1. PLEDGE OF ALLEGIANCE]

[00:00:14]

>> LIKE TO CALL THIS MEETING. WE HAVE A FORM OF THE MEMBERS PRESENT. OUR FIRST ORDER OF BUSINESS IF YOU WOULD STAND AND JOIN ME IN THE PLEDGE OF ALLEGIANCE.

>> A PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA. AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE

[2. BID OPENING]

ALL. >>> OUR NEXT ORDER OF BUSINESS IS A BID OPENING WHICH IS 311 AND 331.

[3. APPROVAL OF MINUTES]

MARISSA. >> WE DID NOT RECEIVE ANY BIDS.

THANK YOU VERY MUCH. WITH THAT WE MOVE ON TO OUR NEXT ORDER OF BUSINESS, WHICH IS THE AMENDMENT.

THE DRAFTS THAT WERE PROVIDED IN YOUR PACKET. ALL IN FAVOR

[4.a. Cash Flow Report]

PLEASE SAY I. >> GETS APPROVED.

>> MOVING ON TO FINANCIAL MATTERS. MR.LEE.

>> THANK YOU. AND OF MONTH BALANCE FOR AUGUST WAS

$8,537,750. $17,425,313. >> WE MOVE ON TO OUR APPROVAL

[4.b. Approval of Claims]

CLAIMS. >> WE HAVE THREE SETS OF CLAIMS FOR YOU TONIGHT. $91,545.15. THE SECOND ONE FROM THE 2021 FUNDS IN THE AMOUNT OF $1200. THE AMOUNT OF $9462.15. LET ME

KNOW IF YOU HAVE ANY QUESTIONS. >> IF IT'S YOUR PLEASURE --

>> SO MOVED. >> MOVED AND SECONDED. WE BETTER CALL ROLE FOR THIS.

OKAY. NOW JOINING US. >> WE DON'T NEED TO DO A ROLL

[5. EXECUTIVE DIRECTOR REPORT]

LAST MONTH'S ACTIVITIES UNTIL MY COMPUTER RESTARTS. TRYING TO DO IT QUICK.

BUSY SEPTEMBER, A LOT OF STUFF GOING ON. THE BUILDING CONTINUES TO GO UP IN THE CITY CENTER. CONTINUING TO BUILD OUT THEIR CONDOS. EVERYONE HAS BEEN. ON MAGNOLIA YOU CAN SEE THE NEXT TWO ELEVATOR TOWERS GOING UP. LOTS OF SUCCESS HAPPENING THERE WITH THOSE UNITS.

I HOPE WE HEAR SOME GOOD CONVERSATIONS. THE SIGNATURE IS FULLY LEASED. HAMLIN CROSSING IS A BIG ONE. IS GOING TO A MAJOR COMPANY HERE. SEEING A LOT OF PROGRESS, ARCHITECTURES LOOKING BETTER AND BETTER ON THAT BUILDING. SOUTH RANGELINE.

ALSO MAKING REALLY GOOD PROGRESS INCLUDING THE TOWNHOMES AND THAT THE EASTERN EDGE OF THAT SITE. LOOKING

[00:05:06]

FINALLY THE TOWNSHIP PROJECT MOVES FORWARD. THIS IS THE HISTORICAL SOCIETY THAT HELPED WITH THE OTHER PART DISCUSSING THAT TODAY. WE HAD REALLY GREAT NEWS AT COUNSEL. AND HAS A LUXURY HOTEL. MULTI FAMILY UNITS. AND FILLS THE BIG COLD THAT EXISTS TODAY. GETTING SOME NUMBER PARTICLES. HUGE DEVELOPMENT THERE. AND WILL HAVE A POSITIVE EFFECT ALL AROUND. COMING UP FOR A FEW MONTHS. THAT'S EXCITING. THAT CONCLUDES MY DIRECTORS REPORT AND I'LL BE HAPPY TO ANSWER

ANY QUESTIONS. >> THANK YOU, MR.DIRECTOR.

>> SEEM NONE, WE WILL MOVE ON TO THE NEXT ITEM OF BUSINESS WHICH IS THE ARCHITECTURAL REVIEW COMMITTEE. WE DID NOT

[8.a. Public Hearing for Lease regarding the Redevelopment Authority Bonds (2014B Refunding)]

MR.LEE. IS THIS THE PRESENTATION?

>> WE HAVE TIM FOSTER HERE TAKING THE PRESENTATION ON BOTH

OF THESE. >> EXCELLENT, THANK YOU.

>> AS YOU GUYS KNOW, THIS TIME A YEAR THE COMMISSIONER LIKES TO ISSUE BONDS TO MAINTAIN TAX RATE. THERE WAS A LARGE JUMP HERE. IF YOU WANT TO LOOK ON PAGE 2 OF YOUR PACKET, YOU WILL NOTICE THAT WE ARE AT 10% AGAIN. EVEN THE TAX RATE YEAR TO YEAR 2020 TO 2024, THE TAX BREAK REMAINED THE SAME. THERE WAS NO ISSUES. THE ESTIMATE TAX RATE DROPPED TO .7116. FILLING

IN THE TAX RATE TO KEEP IT. >> CAN WE SHOW ON THE SCREEN WHAT YOU'RE TALKING ABOUT FOR ANYONE WATCHING ALONG? THANK YOU.

THERE IS THE DRAFT WITH THE TAX RATES. OVER TIME.

SCHEDULING. IN THE REDEVELOPMENT AUTHORITY.

THESE ARE LEASE RENTAL BONDS THEY WILL BE OUTSIDE OF THE RENT. 3 THE PROJECT THRESHOLD. THE SOURCES. THE 2024 BONDS ARE REFUNDING THOSE BONDS. THE REASON FOR THAT IS TO SWITCH THE BOND TO MAKE IT A PROPERTY TAX. THE SAVINGS OF ABOUT $210,000. NO REMAINING PROCEEDS THROUGHOUT THE CITY. NEXT

[00:10:04]

JUST A REMINDER, THESE ARE NOT BONDS. THIS ACTS AS A CONDUIT THAT'S REALLY A CITY DEAL. PIECES HOW THE BONDS ARE DONE.

WE ARE JUST HERE TO HELP FACILITATE THAT PROCESS.

>> JUST GETTING THIS FOR THE FIRST TIME. WHAT'S THE REASON THIS IS HAPPENING? WHY ARE WE DOING THESE BONDS?

>> WHICH ONES? >> CAN ANSWER?

>> AS MIKE SAID, THIS IS AN EFFORT THAT HAS CITY COUNCIL LEVEL. THESE ARE RENTAL BONDS AS PART OF THE MECHANISM. ACTS AS A PASS-THROUGH. HAD THE MEETING EARLIER THIS WEEK. JUST A FEW THINGS HAPPENING.

TO GET US A BETTER RATE. THAT'S A SMALL PART OF IT. THE LARGER PART OF IT IT'S IMPORTANT FOR THE CITY COUNCIL TO MAINTAIN THEIR TAX RATE, A HUGE DROP IN THE TAX RATE WILL HAVE A NUMBER OF NOT -- NEGATIVE IMPLICATIONS FOR THE REDEVELOPMENT. SO THIS NEW INVESTMENT IN THE INFRASTRUCTURE PAID FOR BY THESE NEW BONDS IS BOTH GETTING US NEW INFRASTRUCTURE AND MAKING SURE THE TAX RATE STAYS THE SAME, WHICH IS THE GOAL OF CITY COUNCIL.

>> THANK YOU. >> SOME YEARS AGO THE INDIANA LEGISLATURE -- YOU MAY HAVE TO HELP ME WITH THE DATES ON THAT.

THEY PASSED A PROGRAM THAT ALLOWS THESE BONDS TO BE DONE AS A MEANS TO FINANCE INFRASTRUCTURE AS WELL. ONE OF THE ROLES THE COMMISSION PLAYS IS HELPING TO FINANCE ANY OF THE ROADS IN FULLER INFRASTRUCTURE. THAT CAN BE

CARRIED OUT. I THINK SO. >> THE COMMISSION AND THE REDEVELOPMENT. THE REDEVELOPMENT COMMISSION WILL SEND THAT TO THE REDEVELOPMENT AUTHORITY. USING THE DEBT SERVICE. IT'S NOT THE COMMISSION.

>> REALISTICALLY THE HEAVY LISTING WILL GO THROUGH THE MAYOR AND CITY COUNCIL BASICALLY FOLLOWING WHAT YOU'RE TALKING ABOUT. HAS TO GO THROUGH THE AUTHORITY AND THE COMMISSION TO REVIEW IT. OTHER THAN UNDERSTANDING THE TAX

BREAK. >> FROM TIME TO TIME YOU MAY SEE SOME OF THESE DEBT NUMBERS WITH THE DEPARTMENT OF LOCAL GOVERNMENT AFFAIRS. IT SHOWS A FAIRLY LARGE NUMBER FOR THE REDEVELOPMENT COMMISSION MATURE THESE TYPES OF THINGS WE ARE DOING ON BEHALF OF THE CITY. THAT'S ONE WAY TO DESCRIBE IT.

ONE QUESTION I DID HAVE, DID WE SEE THE TRANSACTIONS AND LOWERING THE PRIMATES AFFECTING THE INTEREST RATES ON THIS AT

THE PRESENT TIME? >> I WOULD HAVE TO TALK TO HER PRICING DIRECTOR. IT WOULD BE A POSITIVE FOR THE CITY.

>> VERY GOOD. OTHER QUESTIONS? IF IT'S YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION.

>> WE HAVE TO MAKE SURE WE DO BOTH PUBLIC HEARINGS.

>> I'M SORRY, EXCUSE ME. I WOULD LIKE TO DECLARE IT'S --

[00:15:10]

[8.b. Public Hearing for Lease regarding the Redevelopment Authority Bonds (2024 Road Bonds)]

>> IF YOU LOOK AT THOSE SOURCES RIGHT HERE WE CAN PULL IT UP.

IT'S JUST THE BONDS. THAT'S WHAT THE ROAD BONDS ARE REFERRING TO ON YOUR PACKET. WHAT MONEY WILL BE USED FOR

PROJECTS AROUND THE CITY. >> THEY WILL MERGE TOGETHER? THAT'S WHAT CAUSED IT. THANK YOU VERY MUCH. DID YOU WANT TO

ADD ANYTHING? >> I WAS GOING TO SAY HE ALREADY COVERED IT WITH THAT PRESENTATION.

>> ANY QUESTIONS? AT THIS POINT IF NOT, IS GOING ON 6:49. I WILL DECLARE THE PUBLIC HEARING REGARDING THE LEASE FOR THE REDEVELOPMENT AUTHORITY BONDS. THE 2024 ROAD BOND TO BE OPEN.

IS THERE ANYONE THAT WOULD LIKE TO SPEAK IN FAVOR OF THE PROPOSED BOND ISSUE? SEEING NONE, I ASKED THERE IS NO ONE THAT WANTS TO SPEAK IN OPPOSITION TO THE BONDS THAT COULD MAKE THEMSELVES KNOWN. SEEING NO ONE, I WILL DECLARE

[8.c. Action Item #1 – Resolution 2024-06 re: Lease rental bonds]

RESOLUTION 2026 REGARDING THE LEASE RENTAL BONDS CLEARLY IT'S THE RESOLUTION.

>> IF THERE'S ANY QUESTIONS WITH THE REVENUE BONDS WE CAN ASKED TO LEAVE THOSE. THERE'S NO FURTHER QUESTIONS IN THE CHAIRMAN HAVE MOTION OF APPROVAL. THANK YOU. BEEN MOVED AND SECONDED. DO WE NEED TO CALL ROLE WITH THIS ONE? OKAY.

[8.d. Action Item #2 – Declaratory Resolution 2024-07 re: Main and 4th Avenue allocation area]

THERE ARE AS I RECALL STEPS TO TAKE THIS.

THEY ARE AFTER THE COMMISSION FOR DETERMINATION.

IT COMES BACK TO US. WE WOULD CONDUCT A PUBLIC HEARING. THAT WOULD BE CONFIRMATORY RESOLUTIONS. THAT'S THE FIRST SERIES OF ACTIONS.

THESE THREE AREAS TONIGHT ARE PRELIMINARY.

[00:20:08]

THAT'S WHAT YOU SEE ONSCREEN. I KNOW IT'S CONFLICT THING TO GET RETAIL ON THE FIRST FLOOR.

WE HAVE PARCELS OF LAND.

COMING UP AND FOURTH AVENUE. >> YES. CORRECT. THE ALLOCATION AREAS THERE IS DEALS. IS PREMATURE AND PRELIMINARY TO SPEAK ABOUT THAT IN YOUR TERMS. ARE THERE QUESTIONS GENTLEMEN? THE CHAIR WOULD ENTERTAIN A MOTION TO APPROVE RESOLUTION 2024 E- 07.

IT'S BEEN MOVED AND SECONDED ALL IN FAVOR PLEASE SAY I.

[8.e. Action Item #3 – Declaratory Resolution 2024-08 re: Frontage Road Hotel allocation area]

WE WILL NOW MOVE ON TOUR ACTION ITEM NUMBER THREE WHICH IS RESOLUTION 2024. THE REDEVELOPMENT COMMISSION AMENDMENT. THE ECONOMIC DEVELOPMENT AREA AND THE ECONOMIC PLAN. THIS IS THE FRONTAGE ROAD ALLOCATION AREA.

THIS PARCEL IS LOCATED BETWEEN ILLINOIS AND GREENWICH ROAD.

JUST NORTH OF CHARLES. THE LOCATION FOR A HOTEL. LIKE HENRY SAID IT'S TOO EARLY TO SAY WHAT THE CONTRIBUTION WILL BE. WITH THE SPLIT WILL BE. WHAT THAT WILL BE AT THIS

POINT. >> QUESTIONS OF MR.LEE REGARDING PROPOSED ALLOCATION AREA. SEEING NONE. ENTERTAINING

THE MOTION OF APPROVAL. >> MOTION TO APPROVE RESOLUTION

TO E- 408. >> IS THERE A SECOND? THANK YOU, COMMISSIONER BROOKS. MOVED AND SECONDED, ALL IN FAVOR SAY

[8.f. Action Item #4 – Declaratory Resolution 2024-09 re: Meridian Hotel allocation area]

MR.LEE. >> ONCE AGAIN THIS IS PRELIMINARY. THIS IS THE OTHER HOTEL. 4000 SQUARE FEET OF MEETING SPACE. U.S. 31.

MY QUERIES, THEY ARE IN THE HILTON GARDEN INN. AS WELL.

>> IT'S CATTY CORNER. >> I'VE GOT YOU.

OTHER QUESTIONS GENTLEMEN? >> FIND OUT IF THERE REALLY IS

[00:25:01]

>> WE APPRECIATE OUR NEIGHBORS TO THE NORTH FOR SHARING HOTELS OF PEOPLE FOR THE CITY OF CARMEL.

>> OTHER QUESTIONS, AND GENTLEMEN? SEEING NONE, THE CHAIR WANT ASK IF IT'S YOUR PLEASURE OR YOUR MOTION OF

APPROVAL. >> THANK YOU COMMISSIONER. IS THERE A SECOND? IT WAS MOVED AND SECONDED. ALL IN FAVOR PLEASE SAY AYE. ANYTHING OPPOSE SAME SIDE? ACTION ITEM NUMBER FOUR IS APPROVED. THANK YOU VERY MUCH. ONCE AGAIN WE THINK OUR NEIGHBORS TO THE NORTH. ALL THE ACTIVITY AT GRANT PARK.

LET'S SEE. I THINK THAT'S IT FOR ACTION ITEMS. IS THERE ANY

[10. EXECUTION OF DOCUMENTS]

OTHER BUSINESS? >> THERE'S NO OTHER BUSINESS

TONIGHT. >> THANK YOU MR.DIRECTOR. WITH THAT OUR NEXT REGULAR MEETING WILL BE WEDNESDAY OCTOBER THE 16TH AT 6:30 AND I PRESUME THAT WILL BE HERE IN THE COUNCIL CHAMBERS. WITHOUT OBJECTION I WILL DECLARE THIS MEETING TO BE ADJOURNED AND WE THINK TH

* This transcript was compiled from uncorrected Closed Captioning.