[00:00:09] GOOD EVENING, LADIES AND GENTLEMEN. THIS IS THE REGULAR MONTHLY MEETING OF THE CARMEL REDEVELOPMENT COMMISSION. WE ARE HERE IN CITY COUNCIL CHAMBERS. WE DO HAVE A QUORUM OF MEMBERS PRESENT. THAT INCLUDES COMMISSIONER AASEN, [1. PLEDGE OF ALLEGIANCE] WHO IS JOINING US ELECTRONICALLY. WITH THAT, I WILL CALL THE MEETING TO ORDER. I WOULD ASK YOU TO STAND AND JOIN ME IN THE PLEDGE OF ALLEGIANCE. >> I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION, UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR [2. APPROVAL OF MINUTES] ALL. >> THANK YOU VERY MUCH. THE FIRST ORDER OF BUSINESS THIS EVENING, AFTER THE PLEDGE, IS APPROVAL OF THE MINUTES OF OUR MEETING OF OCTOBER 16 . ARE THERE ANY CORRECTIONS OR ADDITIONS TO THE MINUTES THAT WERE PROVIDED TO YOU IN DRAFT FORM? IF YOU SEE NONE, THE CHAIR WILL ENTERTAIN MOTION OF APPROVAL. >> SECOND. >> MOVED AND SECONDED. PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> VICE PRESIDENT BOWERS. >> . >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER AASEN. >> AYE. >> THINK YOU VERY MUCH. IT IS [3.a. Cash Flow Report] APPROVED. WE WILL NOW GO TO MR. LEE FOR THE REPORT ON FINANCIAL MATTERS. EXCUSE ME, WE WILL AGAIN WITH THE CASH FLOW REPORT. >> THE END OF MONTH BALANCE FOR OCTOBER WAS $8,637,552. THAT INCLUDES RESTRICTED FUNDS, $17,548,435. >> THANK YOU. ANY QUESTIONS OF MR. LEE REGARDING THE BALANCES? SEEING NONE. WE WILL MOVE ON TO [3.b. Approval of Claims] APPROVAL OF CLIENTS. >> THREE SENT THE CLAIMS TONIGHT. ONE IS FOR THE NON-OPERATING EXPENSES IN THE AMOUNT OF $245,218.23. THE SECOND ONE IS FOR THE 2021 GEOBONDS IN THE AMOUNT OF $64,200. THE FINAL ONE IS FOR THE 2021 TIP BONDS IN THE AMOUNT OF $128,375. LET ME KNOW IF YOU HAVE ANY QUESTIONS. >> THANK YOU. ANY QUESTIONS OF MR. LEE REGARDING THE CLAIMS BEFORE US THIS EVENING? SEEING NONE. COMMISSIONERS, IF IT IS YOUR PLEASURE, MOTION OF APPROVAL. >> MOVED TO APPROVE. >> SECOND. >> MOVED AND SECONDED. PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> VICE PRESIDENT BOWERS. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER AYE. >> IT IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. ANY [4. EXECUTIVE DIRECTOR REPORT] OTHER FINANCIAL MATTERS TO COME BEFORE US THIS EVENING? THANK YOU VERY MUCH. WE WILL MOVE ON TO THE EXECUTIVE DIRECTORS REPORT. MR. MESTETSKY. >> THINK EVERYONE'S. REDEVELOPMENT DIRECTOR. IF WE CAN SHOW THE SCREEN, IT IS ANOTHER LONG MONTH FULL OF CONSTRUCTION PROJECTS AND CRANES IN THE CITY OF CARMEL. I WILL FLY THROUGH SOME OF THE PROJECTS GOING ON. CITY CENTER, CONTINUES TO GET BUILT OUT. THEY ARE CURRENTLY MOVING AND WORKING ON TENANTS ON THE FIRST FLOOR. THAT IS GOOD STUFF. SAME WITH THE WINDS ARE. THOSE BUILDINGS ARE WORKING ON FIRST FLOOR TENANTS THAT WILL BE OFFICE TENANTS, AND RESIDENTS THAT ARE MOVING IN ABOVE. I THINK IT POINTED THIS OUT LAST TIME, BUT CARMEL CITY CENTER OVERALL HAS WON MONUMENTAL AWARDS AS A FINALIST FOR NEIGHBORHOOD REVITALIZATION. IT IS NICE TO GO TO INDY AND SEE CARMEL BEING RECOGNIZED. CONTINUES THE BUILDOUT OF THE FOR SALE UNITS ON THE CORNER . I BELIEVE A LOT OF BUSINESSES ARE MOVED INTO THAT PROJECT. MAGNOLIA IS UP WITH TWO MORE OF THEIR STRUCTURES UNDER CONSTRUCTION. THAT IS FLYING FORWARD. I THINK WE WILL HEAR SOME ANNOUNCEMENTS VERY SOON ABOUT FIRST FLOOR RETAIL THAT WILL MOVE IN THERE. I HEAR THERE'S GOING TO BE A GOOD SUSHI SPOT. THE SIGNATURE, RECENTLY HAD A RIBBON-CUTTING , WHICH USED TO BE ON THAT LAND BEFORE ANYTHING ELSE WAS. NOW THAT WAS A GREAT CARMEL RETAILER, AND THEY SOLD THEIR LAND TO THE DEVELOPER, AND THIS BECAME A PUBLIC-PRIVATE PARTNERSHIP AND STOUTS NOW [00:05:05] CONTINUES TO OWN ALL THE RETAIL AS PART OF THAT PROJECT, INCLUDING THEIR OWN SHOE STORE, ALONG WITH ALL THE OTHER RETAIL. PRETTY GREAT TO SEE A CARMEL BUSINESS CONTINUE TO STAY IN THESE DEALS EVEN AS THEY READ IT OUT. WE ARE CURRENTLY WORKING THROUGH THE CIVIC SQUARE CONDOS , THE PARKING GARAGE THAT COMMISSIONER BROOKS MIGHT HAVE SOME MORE INFORMATION ON IN A BIT. THIS IS THE REPUBLIC HEADQUARTERS THAT CONTINUES TO GO UP. THE BUILDING IS LOOKING MORE AND MORE BEAUTIFUL EVERY DAY. TRAN 25 HAS MADE A TON OF PROGRESS. THE SCRIPT STREETSCAPE IS FULLY BUILT OUT. LOOKING FORWARD TO THOSE TENANTS MOVING IN SOON ENOUGH. THE RANGELINE PROGRESS IS PRETTY GREAT. THE FACADE IS FULLY UP. THEY ARE BUILDING OUT THE 9033 SPACE. -- 1933 SPACE. ONE OF THE HEADQUARTERS THAT WILL MOVE IN THERE IS A TOP ARCHITECTURE FIRM. I THINK ON THE I DJ LIST RECENTLY IT WAS TOP FIVE. ACROSS THE STREET IS ALSO TOP-FIVE IN THE STATE IN TERMS OF WORK. PRETTY INCREDIBLE TO HAVE TWO OF CENTRAL INDIANA'S TOP ARCHITECTURAL FIRMS IN THE ART AND DESIGN DISTRICT. A LOT OF PROFESSIONALS EATING LUNCH EVERY DAY. PRETTY GREAT. I HAVE TO SAY THIS EVERY TIME. I WAS ASKED ABOUT THIS TODAY. THAT GARAGE WON'T BE THE FINAL VERSION OF WHAT IS ON THE CORNER. IT WILL BE A LOVELY PLAZA WITH BEAUTIFUL ARCHITECTURE. THAT WORK IS MOVING FORWARD. WE LEAVE CONCRETE STRUCTURES TO GET BUILT IN NORTH KOREA AND NOT HERE. WE HAVE BEAUTIFUL FACADES. DON'T WORRY, EVERYONE. LOTS OF WORK BEING DONE ON THE AT&T SITE. THIS IS BOTH THE BANK EXPANSION, WHICH IS LOOKING BEAUTIFUL, AND THE GARAGE IS GOING UP FOR THE MULTIFAMILY THAT IS PART OF THAT. I ALSO WANT TO RECOGNIZE THAT WE HAD -- THERE WAS A GRAND OPENING OVER THE WEEKEND OF THE CARMEL HISTORICAL SOCIETY THAT GOT A LOT OF PRESS AS WELL. THE MAYOR WAS THERE. THIS WAS A PROJECT FUNDED PRIMARILY BY THE TOWNSHIP, BUT THE REDEVELOPMENT COMMISSION HAD THAT WE PUT IN THERE TO MAKE SURE THE INTERIOR , ALL OF THE EXHIBITS WERE DESIGNED WELL. WE PAID FOR THAT DESIGN WORK AND MADE SURE WE GOT THE FACADE TO LOOK THIS WAY. THAT BUILDING IS BEAUTIFUL. WE ARE GLAD IT IS UP. WITH THAT, THAT CONCLUDES MY REPORT. I AM HAPPY TO ANSWER ANY QUESTIONS THE COMMISSIONERS MAY HAVE. >> COMMISSIONERS, ANY QUESTIONS OF THE DIRECTOR? THANK YOU , DIRECTOR. ANY NOTION WHEN THIRD AVENUE WILL BE COMPLETE? >> WE WILL AFTER FRIENDS IN THE ENGINEERING DEPARTMENT. WE ARE NOT INTIMATELY INVOLVED IN THAT. BUT WE WILL ASK. >> THANK YOU VERY MUCH. WELL, [5. COMMITTEE REPORTS] WITH THAT, WE WILL MOVE ON TO THE NEXT ACTION ITEM, COMMITTEE REPORTS. COMMISSIONER BROOKS, THE ARCHITECTURAL REVIEW COMMITTEE. WE MET. HALLELUJAH. >> WE MET TODAY. AS DIRECTOR SAID, REVIEWED THE CIVIC SQUARE CONDO PROJECT. TO BRING YOU UP TO SPEED ON THAT, THAT IS A CONDOMINIUM WRAP ON THAT GARAGE, WHICH IS 50 RED TRUCK ROAD. IT IS THE NORTH AND WEST SIDES OF THE GARAGE. IT IS LOOKING GREAT. THERE WERE ONLY A COUPLE VERY MINOR ITEMS. 1A SIGNAGE THING AND ONE A DECORATIVE ITEM. AS WE KNOW, THERE IS NOT TO BE ANY SIGNAGE ON THAT BUILDING, BUT A COUPLE OF POINTS WERE MADE SO WHEN IT GOES THROUGH THE ARCHITECTURE, DESIGN, LIGHTING, LANDSCAPING AND SIGNAGE PROCESS THEY WILL BE ADDRESS. I THINK IT IS GOING TO BE GREAT ON THAT. THAT IS THE REPORT. IT WAS APPROVED BY THE COMMITTEE TO GO FORWARD. WE ARE EXCITED TO SEE THAT HAPPEN. THANK YOU. >> ANY QUESTIONS OF COMMISSIONER BROOKS? SEEING NONE. WE WILL MOVE ONTO THE NEXT ITEM, WHICH IS OLD BUSINESS. ANY OLD BUSINESS BEFORE US THIS EVENING? [7.a. Action Item #1 – STARTedUP Foundation contribution ] >> THERE IS NOT. >> THANK YOU, MR. DIRECTOR. MOVING ONTO NEW BUSINESS. ACTION ITEM NUMBER ONE, WHICH IS A FOUNDATION CONTRIBUTION. >> WE WILL ASK THE CITY EXECUTIVE DIRECTOR FOR ECONOMIC DEVELOPMENT TO COME UP AND TALK ABOUT THIS WONDERFUL ITEM. >> GOOD EVENING, COMMISSIONERS. [00:10:07] I AM THE EXECUTIVE DIRECTOR OF ECONOMIC DEVELOPMNT FOR THE CITY OF CARMEL. WHAT YOU HAVE BEFORE YOU IS A SMALL DONATION, SMALL CONTRIBUTION TO THE START IT UP FOUNDATION. AS YOU LIKELY KNOW, INDIANA CODE THAT ESTABLISHES USES FOR TAX INCREMENT FUNDS ALLOWS DOLLARS TO BE USED FOR JOB TRAINING ACTIVITIES. IT IS NOT SOMETHING CARMEL IS TYPICALLY DONE, BUT IT IS ALLOWABLE AND SOMETHING WE LIKE TO TRY IN THIS CASE. THE INNOVATION, THE FELLOWSHIP -- IS A 3 1/2-YEAR-OLD PROGRAM CREATED BY THE START IT UP FOUNDATION, WHICH HAS BEEN IN OPERATION SINCE 2018. START IT UP FOUNDATION BEGAN IN INDIANA. IT SEEKS TO CREATE AN ENTREPRENEURIAL CLASS OF PROBLEM SOLVERS . IS TRYING TO GIVE HIGH SCHOOL STUDENTS THIS AVENUE TO BECOME PROBLEM SOLVERS THROUGH CAPITALISM, THROUGH THE ECONOMY, ESSENTIALLY. THE FUNDING BEFORE YOU TODAY IS FOR AN INNOVATOR EDUCATOR FELLOWSHIP. THE PROGRAM HAS MORE THAN 100 TEACHERS AROUND THE STATE PARTICIPATING . IT CONNECTS EDUCATORS WITH YEAR-ROUND SUPPORT. SO THEY CAN ACCESS PIERS AND BUSINESS LEADERS AND ALL SORTS OF OTHER TOOLS FOR THE COURSE OF THE YEAR AS THEY ARE HELPING THE STUDENTS. THIS SUPPORTS THE TEACHERS WHO WERE HELPING THE STUDENTS. AND CARMEL ARE CURRENTLY THREE EDUCATOR FELLOWS . WHAT IS INTERESTING ABOUT THIS PROGRAM IS THAT , WHILE IT PROMOTES ENTREPRENEURSHIP, IT DOESN'T FROM A WIDE BASE OF SUBJECTS. WITH THREE EDUCATORS FOCUS ON BIOMEDICAL SCIENCE, ENGINEERING AND FIBER ARTS. VERY DISPARATE COLLECTION OF SUBJECT AREA, BUT THEY'RE ALL NOW TRYING TO BRING ENTREPRENEURIAL PROBLEM-SOLVING TO THEIR STUDENTS THROUGH THEIR SUBJECT AREA. ON AVERAGE, FELLOWS HAVE 120 STUDENTS. IT IS LIKELY ABOUT 300 CARMEL STUDENTS WILL BE PARTICIPATING THIS YEAR IN THIS PROGRAM WITH THE THREE TEACHERS THEY HAVE. THE REQUEST OF $10,000 WILL SUPPORT ONE. THAT IS WHAT WE ARE STARTING WITH. THAT IS ALL WE HAVE SUGGESTED THAT WE WILL DO AT THIS POINT. WHAT IS INTERESTING TOO IS THERE IS AN OPPORTUNITY FOR INVOLVEMENT. FOR INSTANCE, I EXPECT IN THE SPRING THE MAYOR WILL PARTICIPATE IN WHAT IS CALLED THE INNOVATION WORKSHOP. THAT IS WHERE STUDENTS COME AND PRESENT THEIR IDEAS TO BUSINESS LEADERS AND CIVIC LEADERS TO SEE THE FRUITS OF THEIR WORK WITH THEIR TEACHERS . IF IT GAINS TRACTION. I INVITE ANY OF YOU WHO WANT TO PARTICIPATE IN THAT, WE ARE HAPPY TO FORWARD YOUR NAME ALONG AND PARTICIPATE THE SAME DAY THE MAYOR DOES. YOU ARE WELCOME TO DO THAT. LASTLY, I WILL JUST SAY , THE FOUNDATION IS CONTINUING TO CREATE FUNDRAISING OPPORTUNITIES. THEY WILL CONTINUE TO FUND RAISE FOR THE NETWORK THEY WOULD LIKE TO GROW IN CARMEL AT 2 TO 3 MORE TEACHERS. THAT IS THEIR GOAL. ALL WE HAVE TALKED ABOUT SO FAR IS THIS ONE CONTRIBUTION FOR NEXT YEAR. THAT IS WHAT WE REQUEST TONIGHT. HAPPY TO ANSWER ANY QUESTIONS >> VERY GOOD. QUESTIONS, COMMISSIONERS? >> DOES THAT BRING THE NUMBER OF EDUCATORS UP TO FOUR? >> IT WILL FUND ONE OF THE THREE, BUT OBVIOUSLY, THEIR FUNDRAISING FOR AS MANY AS THEY CAN. WE WILL FUND ONE OF THE EXISTING. >> ANY OTHER QUESTIONS? COMMISSIONER BROWN , FROM THE PERSPECTIVE OF THE SCHOOL BOARD, ANYTHING ELSE? >> I DON'T THINK I HAVE ANY SPECIFIC QUESTIONS. THIS IS THE FIRST TIME I HAVE HEARD OF IT. IT SOUNDS EXCITING. I LIKE THE IDEA OF HELPING STUDENTS BRING IDEAS FORWARD AND MAKE PRESENTATIONS. IT SOUNDS PRETTY EXCITING. >> WOULD LOVE TO GET YOU THERE IN THE SPRING SO YOU CAN BE PART OF THE WORKSHOP. >> I WOULD LOVE TO BE. >> MAY I SURMISE THAT , SINCE THE REDEVELOPMENT COMMISSION IS OFFERING THIS CONTRIBUTION, THAT WE ARE ALIGNING WITH THE GOALS OF THE FOUNDATION ARE WITH WHAT WE DO HERE IN REDEVELOPMENT? THAT IS ACTUALLY THE NEXUS. WHILE THE STATUTE ALLOWS FOR ANY JOB TRAINING, WE COULD DO ANY JOB TRAINING, AND MANY TIMES IN MANY COMMUNITIES REDEVELOPMENT COMMISSIONS WILL USE TO SUPPORT A BUSINESS ATTRACTION EFFORT. IF COMPANY A COMES IN, THEY NEED 100 MACHINISTS, WE WILL HELP YOU TRAIN PEOPLE TO BE A MACHINIST. WE ARE OBVIOUSLY TAKING A DIFFERENT TACK IN AN ENTREPRENEURIAL WAY. MORE BUSINESS FOCUSED. OBVIOUSLY, FOLKS AT THE HIGH SCHOOL LEVEL, IT IS A CHOICE. WE CAN SUPPORT [00:15:04] BUSINESS DEVELOPMENT IN OTHER WAYS. I THINK WE WILL OVER TIME. BUT THIS IS A READY-MADE, PROVEN TRACK RECORD OPPORTUNITY TO SUPPORT YOUNG ENTREPRENEURS. IT SEEMED LIKE A GOOD FIRST STEP INTO THIS SPACE WHERE WE HAVEN'T PARTICIPATED MUCH. >> THANKS AGAIN. VERY GOOD. ANY OTHER QUESTIONS? >> THE TRAINING THAT WE ARE PROVIDING WITH THIS MONEY , IS IT FOR A STUDENT OR FOREIGN EDUCATOR? >> GOES TO THE EDUCATOR. IT SUPPORTS THE EDUCATOR'S EFFORTS WITH THE STUDENT >> GIVES THEM THE TOOLS FOR THE COURSE OF THE YEAR TO PROVIDE THE EXPERIENCES FOR THE STUDENTS. THAT IS WHY IT IS CALLED EDUCATOR FELLOW. THAT IS WHAT WE ARE SUPPORTING, EDUCATOR FELLOWS, OR ONE EDUCATOR FELLOW. >> HOW MANY STUDENTS? >> ABOUT 120 ON AVERAGE EACH FELLOW HAS. I DON'T HAVE SPECIFICALLY THE THREE CARMEL TEACHERS, HOW MANY THEY HAVE. IT IS SUGGESTED WILL LIKELY BE 300 CARMEL STUDENTS PARTICIPATING WITH THOSE THREE EDUCATORS RIGHT NOW. >> OKAY. >> VERY GOOD. THANK YOU. COMMISSIONER AASEN. >> I LIKE THE IDEA OF PAYING FOR THIS USING TIF. WAS THERE ANY DISCUSSION ABOUT SUPPORTING SEPARATELY THROUGH THE BUDGET? WAS IT ALWAYS ANTICIPATED TO USE TIF? ALTHOUGH I DO LIKE THE IDEA, BECAUSE WE CAN ONLY INCREASE THE BUDGET BY SO MUCH. >> YOU KNOW, THAT IS A GREAT QUESTION. WE DIDN'T LOOK AT THIS AS A PARTICULAR BUDGET ITEM. CERTAINLY HAPPY TO DO THAT IN THE FUTURE. THIS IS NOT A SIGNIFICANT INVESTMENT. IT SEEMS KIND OF A SAFE HARBOR TO POTENTIALLY USE THE TIF FOR IT THIS TIME. WE WILL SEE HOW IT GOES. CERTAINLY, IF IT IS SUCCESSFUL, IF WE GET GREAT TRACTION, IF YOU ALL PARTICIPATE IN THE EVENT AND FEEL IT IS TERRIFIC, WE COULD LOOK AT IT AS A BUDGET ITEM IN THE FUTURE. >> I LIKE THE IDEA OF USING TIF, JUST BECAUSE , AS WE MENTIONED BEFORE, THE STATE LIMITS OUR ABILITY WHEN IT COMES TO INCREASING THE SIZE OF THE BUDGET YEAR BY YEAR. BUT TIF BEING SEPARATE FROM THAT OFFERS AN OPPORTUNITY TO FUND SOMETHING LIKE THIS. I DO LIKE THAT IDEA. >> THANK YOU , COMMISSIONER. OTHER QUESTIONS? >> ARE YOU PLANNING TO MAKE THIS A REGULAR ? >> WE HAVE NOT COMMITTED TO THAT. I THINK THAT WAS MOSTLY TO BE FAIR TO THE ORGANIZATION. WE DON'T WANT TO SET THEM UP FOR A COMMITMENT THEY WERE NOT NECESSARILY PREPARED TO MAKE. THIS WAS AN EFFORT TO TRY IT AND SEE IF IT WORKS, SEE IF IT IS HAVING THE IMPACT WE WANT IN CARMEL SCHOOLS. IT IS RELATIVELY NEWER TO CARMEL SCHOOLS. IT HAS BEEN AROUND 3 1/2 YEARS, BUT IT IS A NEWER ARRIVAL TO CARMEL. OUR THOUGHT WAS TO TRY IT AND SEE IF IT WORKS AND SEE IF IT GETS THE TRACTION IN THE COMMUNITY WE REVISIT. BUT NO COMMITMENTS WERE MADE TO GO BEYOND ONE YEAR. >> THANKS. MAY I IMPOSE UPON YOU TO TELL ME THE THREE AREAS WE ARE CONCENTRATING ON? >> ABSOLUTELY. THESE ARE THE THREE TEACHERS WHO HAVE RAISED THEIR HAND AND SAID I WANT TO BE AN EDUCATIONAL FELLOW. THEY TEACH BIOMEDICAL SCIENCE, ENGINEERING AND FIBER ARTS, WHICH IS A TEXTILE. TEXTILE ARTS. >> THAT WAS ONE ALWAYS CURIOUS ABOUT. >> I KNOW IT IS TEXTILE ARTS, BUT IT IS NOW CALLED FIBER ARTS. >> VERY GOOD. COMMISSIONERS, ANY OTHER QUESTIONS? SEEING NON-. IF IT IS YOUR PLEASURE, COMMISSIONERS, SURE WOULD ENTERTAIN A MOTION TO APPROVE. MOTION TO APPROVE. >> SECOND. >> MOVED AND SECONDED. PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> VICE PRESIDENT BOWERS. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER AASEN AYE. >> IT IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. WE [7.b. Action Item #2 – Assign Purchase Option ] LOOK FORWARD TO THE SESSION IN MARCH. WE WILL NOW MOVE ON TO THE ACTION ITEM NUMBER TWO, WHICH IS APPROVAL OF A -- ASSIGNMENT OF A PURCHASE OPTION FOR 1132 SOUTH RANGELINE ROAD TO THE CARMEL MIDTOWN COMMUNITY REDEVELOPMENT CORPORATION. MR. DIRECTOR. >> I WANT TO MAKE SURE THE SLIDE I'M SHOWING IS VISIBLE AS I TALKED. IF WE COULD SO TO THAT. THIS IS RELATED TO A PROJECT THAT THE CITY COUNCIL APPROVED EARLIER THIS YEAR. NOW THAT CITY COUNCIL HAS GIVEN ITS APPROVAL TO THIS CONCEPT, TO THIS PROJECT AS A CONCEPT, WE HAVE TO DO SOME INTERMEDIATE STEPS. IF YOU LOOK TO THE BOTTOM RIGHT ON WHAT YOU SEE IN FRONT OF YOU, IT GIVES YOU A LAYOUT OF ALL THE LAND INCLUDED THAT IS TO BE AGGREGATED TO [00:20:05] MAKE THIS PROJECT A REALITY. DOWN AT THE BOTTOM IN GREEN IS THE OPTION PARCEL. THAT IS A PARCEL THAT WAS OWNED BY OLDTOWN THAT WE HAVE AN OPTION AGREEMENT FOR. THE MIDTOWN CDC IS AVAILABLE AND HAS THE FUNDS TO TAKE TITLE TO THIS PROPERTY . THIS IS AN IMPORTANT PROPERTY THAT WOULD BE IMPORTANT WHETHER THE PROJECT HAPPENS OR NOT . IT IS RIGHT OUTSIDE CITY HALL. IT IS PART OF THE FRONT DOOR TO US, ESPECIALLY NOW THAT BOTH PROSCENIUM ONE AND TWO ARE BUILT. THIS IS THE THIRD CORNER. TO GIVE THE CITY AS MUCH FLEXIBILITY ON THAT PARCEL, THE REQUEST IS TO ASSIGN THE REDEVELOPMENT COMMISSION'S PURCHASE OPTION, WHICH IS AT 2.3 MILLION, THE AVERAGE OF TWO APPRAISALS, WHICH BY THE WAY, ALMOST NEVER HAPPENS THE STATE THAT THE DEVELOPER AGREES TO THAT. WE HAVE TO APPRECIATE THAT WHEN IT HAPPENS. IF SO, THIS IS A REQUEST FOR THE ASSIGNMENT OF THAT PURCHASE OPTION TO THE MIDTOWN CDC FOR THEM TO BE ABLE TO CLOSE ON THAT BY THE END OF THE YEAR. >> VERY GOOD. >> HAPPY TO ANSWER ANY OTHER QUESTIONS ABOUT THIS ACTION ITEM. >> COMMISSIONERS, QUESTIONS OF THE DIRECTOR REGARDING THIS ASSIGNMENT? SEEING NONE . IF IT IS YOUR PLEASURE, THE CHAIR WILL ENTERTAIN MOTION OF APPROVAL. >> MOVED TO APPROVE THE OPTION FOR 1132 SOUTH RANGELINE ROAD TO MIDTOWN COMMUNITY DEVELOPMENT CORPORATION. >> THANK YOU. IS THERE A SECOND? >> SECOND. >> THANK YOU, COMMISSIONER. PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> VICE PRESIDENT BOWERS. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER AASEN AYE. >> THANK YOU. >> THANK YOU VERY MUCH. IT IS APPROVED. THAT IS THE LAST OF THE NEW BUSINESS. ANY OTHER BUSINESS TO COME BEFORE US THIS EVENING? >> THERE IS NOT. WE PROBABLY WILL HAVE A FULL AGENDA NEXT MONTH. BUT THIS IS ALL WE HAVE FOR NOW. >> VERY GOOD, MR. GARDNER. -- [9. EXECUTION OF DOCUMENTS] THANK YOU, MR. DIRECTOR. SEEING THERE IS NO BUSINESS BEFORE US. WITHOUT OBJECTION, THE CHAIR WILL DECLARE AS TO BE IN ADJOURNMENT PENDING THE * This transcript was compiled from uncorrected Closed Captioning.