Dec 18, 2024 Carmel Redevelopment Commission

[1. PLEDGE OF ALLEGIANCE]

[00:00:22]

>> I WILL CALL OUR MEETING TO ORDER AND OUR FIRST ORDER OF BUSINESS IS THE PLEDGE OF ALLEGIANCE IF YOU STAND AND

JOIN. >> 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 ALL. THANK YOU VERY MUCH. WHEN

[2. ANNUAL REPORT TO TAXING DISTRICTS]

COME FORTH. >> GREAT. THANK YOU VERY MUCH FOR HAVING US. WE ARE GOING TO TAGTEAM THE PRESENTATION THIS EVENING. SO THIS IS YOUR ANNUAL MEETING REQUIREMENT AND STATUE REDEVELOPMENT COMMISSION THROUGHOUT INDIANA. THEY HAVE TO BE ONCE A YEAR. YOU HAVE TO INVITE THE OVERLAPPING TAXING UNITS TO THIS MEETING. AND YOU HAVE TO TALK ABOUT THREE THINGS. THE BUDGET FOR THE AREA LONG-TERM PLAN AND THAT IMPACT TO THE OVERLAPPING TAXING UNITS PER THIS PRESENTATION TAKES CARE THAT REQUIREMENT FOR YOU GUYS. ALSO PROVIDE YOU PROBABLY MORE DETAIL THAN STANDARD MEETINGS WE GO TO. ALONG WITH THE ANNUAL TIFF REPORT THAT WE PUT TOGETHER FOR YOU GUYS THAT HAS SO MANY DETAILS ON YOUR I AREAS. THAT MAKE UP YOUR BIG TIFF WHICH WE WILL COVER AS WELL THIS EVENING. WE WANT TO MAKE SURE THE YOU HAD A COPY OF THAT. IF YOU PREFER TO HAVE IT ELECTRONICALLY, WE CAN GET IT TO YOU THAT WAY AS WELL. SO, THAT WE WILL GET STARTED. I DON'T BELIEVE I HAVE ANY OVERLAPPING TAXING UNITS. SO, THE FIRST COUPLE OF SLIDES WE HAVE IN HERE BECAUSE OF OVERLAPPING TAXING UNITS COME TO THE MEETING. WE LIKE TO EDUCATE THEM ON TIFF AND WHAT IT IS, YOU GUYS ARE IS A REALLY TELL THE -- REDEVELOPMENT COMMISSION. WE TYPICALLY TALK ABOUT ECONOMIC DEVELOPMENT AREA, BOUNDARIES, COMPARED TO ALLOCATION AREA BOUNDARIES AND WHAT THOSE ARE. ONE OF YOU GUYS CREATED TIFF AREA, YOU ALL ARE VERY FAMILIAR WITH THAT SO, WE ARE GOING TO MOVE ALONG SINCE THERE IS NO ONE IN THE AUDIENCE RELATED TO THIS. ALSO THE SLIDE AGAIN, WE TYPICALLY JUST EDUCATE QUICKLY ON WHAT TIFF IS. ESSENTIALLY IT IS AN INCREASE AND ASSESSED VALUE DO TO NEW DEVELOPMENT IN A PARTICULAR NEW AREA. THAT REVENUE COMES TO YOU ALL. SERVING AND BENEFITING THE TIF AREA. ONCE THE TIF AREA COMES TO MATURITY, ALL OF THAT ASSESS THE VALUE ROLLS ONTO THE TAX BASE OF THE OVERLAPPING TAX UNITS AND THAT IS SOMETHING THAT WE HAVE BEEN MEETING WITH THE MAYOR, WE HAD DISCUSSIONS IN ANTICIPATION OF WHAT THAT WILL LOOK LIKE FOR YOU GUYS. UPON THE MATURITY DATE OF SOME OF YOUR TIF AREA. DEFINITELY PREPARED FOR THAT WHEN THE TIME COMES AND WE ARE GETTING SOME OF THE BRAINPOWER MOVING ON WHAT THAT CAN MEAN FOR THE CITY. SO, IT IS A GOOD THING.

THIS LIE JUST HITS ON EXPIRATION DATES OF TIF AREAS.

AGAIN, YOU GUYS ALL KNOW PRETTY WELL. HOW THAT WORKS -- YOUR TIF AREAS WHEN YOU ESTABLISH THEM ANY PLEDGE THE TIF TO AN APPLICATION. START THE LIFE OF THE TIF AREA. THAT DEPENDS ON WHERE THE TIF AREAS WERE STARTED AND I DO HAVE DIFFERENT EXPIRATION DATES FOR BECAUSE THE LAW HAS CHANGED OUR FEARS PER THIS IS KIND OF JUST AGAIN GENERAL INFORMATION. TO EDUCATE THE PUBLIC SO THAT IT IS OUT THERE. DIVE IN TO YOUR GUISES TIF AREAS. WE REFER TO THE BIG TIF OR THE GENERAL TIF. THAT IS WHAT IS COVERED IN THIS BIG TIF ANNUAL REPORT THAT YOU HAVE IN FRONT OF YOU. THE BIG TIF IS MADE UP OF THE LIST OF THIS TIF AREA WHICH IS -- IT IS GROWING. WITH THE DIFFERENT TIF AREAS.

IF YOU SEE A PERCENTAGE NEXT TO THE TRENTON AREA NAME. THAT IS THE PERCENTAGE OF THE TIF GENERATED THE COMES TO THE BIG TIF OR GENERAL TIF TO USE -- TO BE USED OR GENERATED AREAS. SO THE 23 FOUR TIF REPORT. WE WANT TO TALK HIGH LEVEL ON ASSUMPTIONS THAT ARE IN HERE. THE BASE OF THIS INFORMATION IS BASED OFF OF 2024 ASSESSED VALUES AND 2024 TAX RATES PER

[00:05:05]

THAT IS SOMETHING THAT WE TRACK ALONG WITH MIKE AND THE TEAM TO MAKE SURE THAT WE ARE AWARE OF ANY OPPORTUNITIES TO POTENTIALLY REFUND BONDS, BONDS ARE COMING DUE AND WE HAVE THOSE KIND OF IN OUR FORESIGHT. SO, THAT IS A SUMMARY OF THE DISTRICT OBLIGATIONS. I WILL WRAP UP WITH A REVENUE POSITIVE AGREEMENT AND I WILL HAND IT OVER TO TIM. YOUR REVENUE DEPOSIT AGREEMENT IS IN YOUR LAST DEPENDENCY AS A PART OF THE TIF REPORT. ESSENTIALLY, THAT IS AN AGREEMENT TO THE BONDHOLDERS THAT YOU WILL SET ASIDE TIF REVENUES TO COVER 2035 THROUGH 2037 TIF SHORTFALL. AND SO, THAT IS AN AGREEMENT THAT IS IN PLACE. WE MONITOR IT REGULARLY TO MAKE SURE THAT IT IS ALWAYS SUFFICIENT TO COVER THOSE THREE YEARS OF TIF SHORTFALL. THIS LIE JUST LAYS OUT THE DIFFERENT AMENDMENTS THAT HAVE OCCURRED ALONG THE WAY. AND IT IS SOMETHING THAT WE ARE OFTEN LOOKING AT TO MAKE SURE THAT IT IS NOT OVERFUNDED . ARE THERE OPPORTUNITIES TO UTILIZE A SPECIAL RESERVE, TO MAYBE PAY OFF OUTSTANDING BONDS AND SAVE SOME INTEREST COSTS. IS IT SOMETHING THAT WE CAN INVEST IF WE ARE LOOKING AT POTENTIALLY IN TESTING THE SPECIAL RESERVE TO GAIN EVEN MORE INTERES INTO THAT FUND. TO BE ABLE TO USE IT TO DO DIFFERENT THINGS BUT WE ALWAYS ENSURE THAT IT IS -- TO COVER THOSE THREE YEARS. 2035 THROUGH 2037 SHORTFALL. JUST WANT TO ALWAYS POINT THAT OUT AGAIN, IS THE VERY LAST DEPENDENCY ON THE BIG TIF REPORT. WITH THAT, I WILL TURN

IT OVER TO TIM. >> THE SLIDE HERE SHOWS THE AMOUNT OF REVENUE OVER TIME -- ALSO THE OBLIGATIONS AS THEY COME OFF. YOU CAN SEE THE PEAK REVENUE YEAR IS 2028. THEN IT GOES DOWN AS MORE ALLOCATIONS FALL OFF. MORE OBLIGATIONS FALL

[00:10:05]

>> YOU CAN SEE ALL OF THESE DETAILED

>> HERE THESE PROJECTS ARE 100% TO THE DEVELOPER. THE DEVELOPER IS RESPONSIBLE FOR ANY SHORTFALL OR DEBT PAYMENTS.

THESE ARE DETAILED IN THE TIF REPORT . HERE, WE TALK ABOUT THE NON-TRAN01 AREA, CITY CENTER, DOWNTOWN -- ] THIS IS SHOWN THE PROJECT IN THE PRINCIPAL AMOUNT OF THE BONDS. THIS TALKS ABOUT MIDTOWN AND MIDTOWN WEST. HERE IS THE IMPACT, JUST EXPLAINS HOW EVERY UNIT IS IMPACTED BY TIF. YOU GUYS ALL KNOW -- YOU CANNOT HAVE TIF UNLESS IT MEETS THIS

TEST. >> ALL OF THE TIF AREAS WHEN THEY WERE CREATED TO THE -- THIS COVERS THE IMPACT PORTION OF THE REPORTING

REQUIREMENT. >> THIS JUST TALKS ABOUT HOW MUCH MONEY THE SCHOOL WILL COLLECT BECAUSE THE TIF CANNOT BE CACHED WITH THE REFERENDUM A RATE HERE THIS IS JUST AN ESTIMATE BECAUSE IT IS A 2024 TAX RATE WITH THE PAID SCHOOL INVESTMENT CAPTURES A DECENT AMOUNT OF TIF THAT THEY CAN USE ON EXPENSES PITTSBURGH YOU THAT THE TIF THE TIF CANNOT CAPTURE THE REFERENDUM THAT THE TAX WHAT YOU ALL PAY. THE SCHOOL GETS 100% OF THE REVENUE GENERATED FROM THE CAPTURED AV, THE TAXES GENERATED FROM THE CAPTURED AV FROM YOUR TIF AREA. YOUR CAPTURED AV IS THAT 2.7 BILLION NUMBER TIMES THEIR OPERATING REFERENDUM WHICH IS THAT $.23 RATE WHICH WE DO KNOW THAT THEY ARE MAXING THAT OUT FOR 2025, WE WILL SEE WHAT THAT SHAKES OUT TO BE. THEY GET 6.4 -- 6.646 MILLION OF ANNUAL REVENUE FROM THE ASSESSED VALUE. YOU GUYS ARE CAPTURING IN THE TIF AREAS. DIRECT

REVENUE. >> IF I CAN JUMP IN HERE.

EARLIER THIS YEAR, COMMISSIONER GREG BROWN -- WAS ON THE SCHOOL BOARD, WAS HAVING A CONVERSATION WITH THE SCHOOL BOARD AND I REMEMBER COMMISSIONER BROWN ASKING -- OFFICIALS FROM THE SCHOOL ABOUT THE SPECIFIC TOPIC AND I REMEMBER SCHOOL OFFICIALS SAYING THAT -- CARMEL SCHOOLS RECEIVE MORE REVENUE FROM TIF AREAS THAN A SCHOOL DISTRICT ANYWHERE ELSE IN THE STATE OF INDIANA. I THINK THAT IS

IMPORTANT TO POINT OUT. >> COMMUNITY PLAYERS, RIGHT? THIS IS YOU GUYS WORKING TOGETHER, THAT IS WHY THEY ARE FANS OF TIF. THE UNDERSTAND HOW IT WORKS NOW CAN DIRECTLY

BENEFIT THE SCHOOLS. >> THIS LIE JUST SUMS UP THE ECONOMIC DEVELOPMENT, NOW TIF -- HOW TIF IS USED TO SUPPORT

IT. >> ULTIMATELY, ECONOMIC DEVELOPMENT TIF AREAS BENEFIT THE OVERALL TAXING UNITS AND YOU GUYS , YOU KNOW, A GREAT EXAMPLE OF HOW TIF SHOULD BE USED THROUGHOUT THE STATE AND ARE OFTEN LOOKED AT AS A ROLE MODEL OF HOW IT SHOULD BE USED AND YOU KNOW, CONTINUE TO GROW THEIR COMMUNITY. YEAH. KEEP IT UP. THAT IS ALL WE HAVE.

>> I WANT TO ADD THAT -- THIS IS THE FIRST TIME WE'VE EVER INSTITUTED ESSENTIALLY A NEW COLUMN IN OUR REPORT TO ACCOUNT FOR POTENTIAL U.S. 31 IMPACTS. WE HAVE NEVER DONE THAT ANY PRIOR YEAR. IT IS A REFLECTION OF US BEING AS CONSERVATIVE AS POSSIBLE. ABOUT WHAT COULD HAPPEN AND IT ALSO MATCHES -- IF YOU SOUGHT IN THE CURRENT OF CARMEL THIS WEEK -- THERE WAS A STORY ABOUT THE FUTURE OF U.S. 31. HAD SOME REALLY GREAT QUOTES FROM THE MAYOR -- AND I THINK THAT ART TIF REPORT, KIND OF SHOWS UP BOTH OF THE THINGS THAT MAYOR HAD IN THE U.S. 31

[00:15:03]

>> ANY QUESTIONS FOR US? >> SO WHEN WE SAY -- 31 OFFICE MERIDIAN OFFICE QUARTER, IT IS THE EAST SIDE OF MERIDIAN,

RIGHT? >> IT IS BOTH SIDES.

>> SO, BUT IT WOULD EXCLUDE THE HOSPITALS, EXCLUDES --

>> THAT IS CORRECT. >> BECAUSE THEY ARE NOT -- THEY CONTINUE TO PAY WITH A PAY PERIOD

>> CORRECT. >> ALL OF THE OFFICES.

>> OFFICE SPACE. YES. >> I HAD A QUESTION. SO, YOU HAVE A SUMMARY THE DESIGNATED TIF AREAS. I THINK I HAVE SEEN A CHART LIKE THIS BEFORE. PROBABLY MANY YEARS AGO OUT OF THE THAT SHOWED SOMETHING WHERE IT WAS -- WHEN TIF DISTRICTS WERE SET TO EXPIRE IN KIND OF AT THE EXPIRATION DATE, WOULD BE THE PROJECTED REVENUE. JUST OFF THE TOP OF YOUR HEAD, WHAT IT WERE YOU LOOKING AT WHERE YOU SEE A SIZABLE TIF DISTRICT MAY EXPIRE -- HOW FAR AHEAD ARE WE LOOKING, AGAIN?

>> IF YOU LOOK ON HER TIF REPORT AND YOU GO BACK TO THE DETAILED PAGE. REALLY -- ON PAGE --

>> I WANTED TO KNOW WHICH --, TO KNOW WHICH DISTRICTS, NOT

WHICH BONDS PIT >> WE HAD THAT INFORMATION --

IT WOULD BE -- >> MAY BE JUST AT A LITTLE --

LATER DAY. >> IF YOU LOOK AT PAGE 21 ON THE DETAILED TIF REPORT. YOU CAN SEE THE TIF AREAS. WE HAVE NOTED ALONG EACH TIF AREA, IF YOU GO BACK TO THE OTHER TIF AREA. ABOUT FIVE PAGES BACK, WE FOOTNOTING WHEN EACH ONE OF THE TIF AREAS DROP AND YOU CAN SEE, LIKE THE 126 STREET AREA, THAT ENDS IN 2034. THAT IS ABOUT 2.8 MILLION OF REVENUE SO THEN YOU CAN BACK INTO THE ASSESSED VALUE AND UNDERSTAND THE LEVEL.

BUT YOU .8 MILLION OF REVENUE IS NO LONGER WANT TO BE CAPTURED AND RECEIVED BY THE REDEVELOPING COMMISSION. YOU CAN SEE -- WE FOOTNOTING, AND THE TIF WHEN EACH ONE OF THE TIF STREAMS WILL END. OUT HERE ON THE FAR RIGHT-HAND SIDE THE DEVELOPER TIF AREAS. THAT IS ON LIKE THE NEXT THREE PAGES. AND SO YOU CAN SEE WHAT EACH ONE OF THOSE IS SET TO EXPIRE. IF THE TIF IS NOT BEEN PLEDGED TO ANY LONG-TERM OBLIGATIONS THAT LIFE HAS NOT STARTED. ONCE THE TIF HAS BEEN PLEDGED TO THE OBLIGATION, 25 YEAR LIFE STARTS ON THE OBLIGATIONS. YOU HAVE AND FULL OF DEVELOPER TIF AREAS THAT ARE NOT BEEN PLEDGED TO OBLIGATIONS THAT WILL CONTINUE ON UNTIL IT IS LEGALLY PLEDGED.

>> IT IS ALL IN THERE, YOU JUST HAVE TO LOOK THROUGH IT.

>> IT IS ALL INCLUSIVE AND THIS IS JUST ONE CHART, ALSO THE OFFICE VACANCY DROPS, ALSO SHOWN -- VITIATED GRAY AREA IN THE BACK IS THE REVENUE. AND THEY INDICATE THAT SERVICE.

YEAH. >> FOR ANY OF OUR CITIZENS WATCHING ON TV THAT DO NOT HAVE THIS THING DIRECTLY IN FRONT OF THEM. IT IS ESSENTIALLY SOME OF THOSE OLDER OFFICE BUILDINGS ON U.S. 31 THAT COME OFF IN ABOUT THREE YEARS. THAT DROP THAT YOU CAN SEE IN THAT 2028 YEAR PERIOD FROM 2028 TO 2029.

>> DO WE DEFINE IN HERE, I KNOW IT IS PROBABLY IN THE FOOTNOTES.

STP BACKUP. >> IF YOU READ INTO THE DEPTHS SECTIONS THE STAR ON PAGE FIVE, IT EXPLAINS WHY EACH BOND ISSUE WAS ISSUED. WHAT THE SECURITY IS FOR EACH OF THEM. SO THAT IS VERY HELPFUL INFORMATION AS WELL. JUST A LITTLE BIT OF HISTORY. IF YOU ARE NEWER TO THE REDEVELOPMENT COMMISSION.

KIND OF WANT TO UNDERSTAND THE PAST. IT IS A GOOD EXPLANATION.

>> ONE OF THE KEY THINGS THAT MIKE REPORTS ON WHEN WE HAVE OUR MONTHLY MEETING IS -- THE RESERVES THAT WE HAVE SET ASIDE TO DEAL WITH THOSE YEARS. AND OF COURSE, YOU OBVIOUSLY LOOK AT IT AS WELL. THAT IS AN IMPORTANT PART OF OUR

[00:20:05]

>> IF YOU HAVE ANY QUESTIONS THAT ARISE, IF YOU WANT TO LOOK THROUGH THIS. DO NOT HESITATE TO REACH OUT AND WE CAN ANSWER THEM FOR YOU. WE'RE ALWAYS AVAILABLE FOR ANY QUESTIONS

THAT YOU HAVE. >> HEIDI, I WOULD LIKE TO THANK YOU AND TIM FOR YOUR HARD WORK ON THIS. IT IS ALWAYS VERY -- IT IS LIKE READING THE PHONE BOOK BUT IT IS A LOT OF GOOD

[3. APPROVAL OF MINUTES]

PACKETS, COMMISSIONERS? >> I MOVE APPROVAL.

>> THANK YOU. IS THERE A SECOND?

>> SECOND. IT HAS BEEN MOVED AND SECONDED. ALL IN FAVOR

[4.a. Cash Flow Report]

>> THANK YOU. THE COMMISSION END OF MONTH BALANCE IN NOVEMBER WAS 8,579,000. INCLUDING THE RESTRICTED FUNDS.

IT IS 17,499,500 $56. WE DID RECEIVE HER TIF BACK ON MONDAY.

THAT SHOULD BE ENOUGH TO COVER ALL OF OUR DEBT OBLIGATIONS IT WAS SLIGHTLY HIGHER THAN WHAT WE WERE PROJECTING BY 30 OR $50,000. THERE WERE A COUPLE OF OTHER PARCEL OWNERS THAT PAID A LITTLE LATE. EVENTUALLY THAT WILL INCREASE EVEN MORE.

>> WHEN SOMEONE HAS AN AMOUNT UNDER APPEAL, HOW IS THAT HANDLED?

IN TERMS OF TIF DISTRIBUTION? >> IT USUALLY RESULTS IN A

[4.b. Approval of Claims]

>> THANK YOU. ANY QUESTIONS FOR MR. LEE REGARDING THE CASH FLOW REPORT? IF NOT, WE WILL MOVE ON TO THE APPROVAL OF CLAIMS ONCE

AGAIN, MR. LEE. >> YOU HAVE BEFORE YOU THREE SETS OF CLAIMS TONIGHT. THE FIRST IS FOR NON-OPERATING EXPENSES, THE AMOUNT OF 16,000,500 30,000 , THE LIGHT SOME OF THAT IS FOR BOND PAYMENTS. THE SECOND ONE IS FOR THE 2021 LIT GEO BONDS IN THE AMOUNT OF $3027.34. AND FINALLY, FROM THE A 56 GIFT FUND IN THE AMOUNT OF $4300.

PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS.

>> QUESTIONS FOR MR. LEE REGARDING THE CLAIMS FOR

DECEMBER? >> SEEING NONE, IF IT IS YOUR PLEASURE, GENTLEMEN. A MOTION FOR APPROVAL.

>> APPROVED. >> IT HAS BEEN MOVED AND SECONDED ALL IN FAVOR PLEASE SAY I. A POST, SAME SIDE. IT IS

[5. EXECUTIVE DIRECTOR REPORT]

>> THANK YOU VERY MUCH. I'M HENRY, THE EXECUTIVE DIRECTOR FOR EVERYONE WATCHING. IT HAS BEEN A GREAT YEAR, WITH LOTS OF ACTIVITY. LECH IS GET INTO THE HIGHLIGHTS OF THE PREVIOUS MONTHS. THE CITY CENTER IS WRAPPING UP. WE WILL SEE THE RETAIL OPEN IN THE SECOND QUARTER OF 2025. THE WINDSOR HAS ITS OCCUPANCY PERMIT AND JUST BUILDING UP THE FIRST FLOOR RETAIL AT THAT POINT. THE SQUARE CLOSED LAST WEEK SO WE SHOULD EXPECT CONSTRUCTION ON THAT PROJECT TO START IN THE NEXT FEW WEEKS. THAT IS A MAJOR, MAJOR PROJECT WITH APARTMENTS AND RETAIL AND THE BUILDING INTO THE YELLOW THAT YOU SEE THEIR IS A CONDO BUILDING. ALL FOR SALE. WE ARE CONTINUING TO ADD A MIX OF A LOT OF TYPES IN OUR CORE.

REALLY EXCITING PROJECT. FIRST ON MEN CONTINUES TO BUILD OUT IT'S FOR SALE CONDO PORTION OF THE PROJECT. SAME WITH MAGNOLIA.

THEY ARE CONTINUING TO BUILD NEW BUILDINGS. USES ON HERE FOR JUST A LITTLE BIT LONGER, HOPEFULLY WILL HAVE SOME ANNOUNCEMENTS ON THE FIRST FLOOR RETAIL AND THEN THE SLIDE WILL COME OFF BECAUSE, THE PROJECT WILL BE DONE. ANOTHER BIG EVENT THAT HAPPENED JUST IN THE LAST WEEK WAS THAT THE CIVIC SQUARE CONDOS CLOSED. THAT PROJECT HAS ITS CONSTRUCTION PERMITS. WE EXPECT CONSTRUCTION TO BEGIN FIRST

[00:25:01]

ADDITIONALLY, I WOULD LIKE TO UPDATE THE COMMISSION ON A PROJECT CALLED ART ÉLAN PLAZA. THIS IS FOURTH STREET , THIS IS RIGHT BY THE FOUNTAIN. AS YOU ARE ENTERING OUR ARTS AND DESIGN DISTRICT. THE PLAN COMMISSION HEARD THIS PROJECT YESTERDAY. ON A QUESTION ABOUT REMOVING CERTAIN COMMITMENTS THAT WOULD NOT -- SO THAT THE RENDERING IN FRONT OF YOU, COULD HAPPEN. THERE IS A STEP TONIGHT THAT OUR ECKERT TECH SHIRT REVIEW COMMITTEE TOOK COMMISSIONER BROOKS WILL TALK ABOUT BUT I WANTED THIS IMAGE IN EVERYONE'S HEAD AS COMMISSIONER BROOKS DISCUSSES IT. THIS WILL GO TO PLANTING -- PLANNING AN EASY OFFICER TOMORROW, THOUGH SHOULD BE THE FINAL STEPS OF PLAN APPROVAL. THIS IS A PROJECT THAT IS FIRST FLOOR RETAIL, SECOND FLOOR FOR SALE CONDOS , THIRD FOR PRIVATE RESIDENCE. IT HAS THIS BEAUTIFUL ENTRANCE TO OUR MAIN STREET. WITH THAT, THAT COMPLETES MY DIRECTORS REPORT AND I'M HAPPY TO ANSWER ANY QUESTIONS.

[6. COMMITTEE REPORTS]

>> THANK YOU MR. DIRECTOR. COMMISSIONERS, DO YOU HAVE A QUESTIONS OF THE DIRECTOR REGARDING THIS EVENING'S REPORT? SEEING NONE. WE WILL MOVE ON TO OUR NEXT ITEM. WHICH IS -- THE COMMITTEE REPORTS AND THE ARCHITECTURE REVIEW

COMMITTEE. >> THANKS, MR. PRESIDENT. AS DIRECTOR MENTIONED JUST A MOMENT AGO. WE HAVE AN ARCHITECTURAL REVIEW COMMITTEE MEETING JUST EARLIER TO THE -- TODAY. WE -- BEAUTIFUL, BEAUTIFUL STRUCTURE. IT IS A REMINDER TO EVERYONE, IT WAS TABLED LAST MONTH. LAST MONTH ARCHITECTURAL REVIEW AND WE GOT AROUND TO HAVING A LOOK AT IT TONIGHT WITH SOME MINOR CHANGES AND WE ARE REALLY PLEASED WITH WHAT WE SAW. THE SITE PLANS WERE REVIEWED, THE BUILDING PLANS AND ELEVATIONS WERE REVIEWED. AND OUR COMMUNITY -- COMMITTEE APPROVED IT WITH CONSIDERATION FOR FINAL REVIEW, BY THE ADOS WHICH IS ARCHITECTURAL DESIGN OF LIGHTING AND SIGN APPROVAL, I THINK THAT IS WHAT ADLS STANDS FOR. THE FINAL DETAILS WILL BE WRAPPED UP AND ONCE THAT IS WRAPPED UP, WE WILL BE ON THE WAY FOR THAT NEXT STEP THAT DIRECTOR TALKED ABOUT. THEN, IN NEW BUSINESS, WE HAD A LOOK -- A VERY QUAINT LITTLE HOUSE ON 320 SOUTH RANGELINE ROAD. WHICH IS IN OUR AREA. SO, IT NEEDS APPROVAL IF IT HAS ANY KIND OF CHANGES TO IT. AND THE NEW OWNERS, WANT TO REPLACE ROTTING WOOD AND RAILINGS AND THEY WANT TO PUT SOME NEW DOORS ON IT.

THEY WANT TO PUT A NEW COAT OF PAINT WITH A NEW COLOR ON IT.

WE HAD NO PROBLEM WITH ANY OF THAT, EVERYONE WAS ABOVE BOARD.

AND LOOKED REALLY GOOD SO WE APPROVED THAT. THAT IS MY

[00:30:02]

REPORT, MR. PRESIDENT. >> THANK YOU MR. COMMISSIONER BROOKS. ANY QUESTIONS?

[8.a. Action Item #1 – Approval of 2025 Budget]

WE'LL MOVE ON TO NEW BUSINESS. AND OUR FIRST ACTION ITEM IS APPROVAL OF THE BUDGET FOR THE CARMEL REDEVELOPMENT COMMISSION FOR THE 2025 CALENDAR YEAR. AND SO, WITH THIS, MR. LEE. IF YOU WOULD LIKE TO REVIEW THIS WITH THE COMMISSION.

>> THANK YOU. HERE BEFORE YOU IS THE CRC 2025 PROPOSED BUDGET. FOR THOSE WHO DO NOT KNOW, WATCHING AT HOME, THIS YEAR'S CRC ON REVERTING FUN. ANYTHING THAT YOU DON'T USE AT THE END OF THE YEAR ROLLS OVER TO THE NEXT YEAR. THIS IS WHY WE HAVE THIS LARGE BALANCE YOU SEE AT THE BEGINNING OF 2025 PRAYER THAT NUMBER WILL OBVIOUSLY NOT BE EXACTLY THAT.

IT WILL BE CLOSE TO THAT SINCE WE ARE ON A CASH BASIS. SO -- TO BEGIN THE YEAR WE ARE STARTING WITH ABOUT $6.3 MILLION. AFTER THAT, WE SHOW OUR RECEIPTS, THE FIRST PART IS THE TIF. THAT TIF IS NET OF DEVELOPER PASS-THROUGHS. IT ALSO INCLUDES OUR PAYMENTS FOR THE CITY CENTER AND TOWN BONDS.

AND SO, THIS ALSO INCLUDES THE TIF FROM THOSE AREAS WHICH IS A LITTLE BIT DIFFERENT THAN WHAT HEIDI WAS SHOWING IN THEIR REPORT. INCORPORATE ALTHOUGH SINCE WE ALSO SHOW THE DEBT ASSOCIATED WITH THEM. THERE YOU HAVE THE $33.98 MILLION IN OUR TIF.AFTER THAT WE SHOW OUR TRANSFERS TO RESERVES. THE TRANSFER TO THE SUPPLEMENTAL RESERVE IS WHAT IS PRESCRIBED IN THE REVENUE DEPOSIT AGREEMENT. WE'RE JUST FOLLOWING THAT A TRANSFER TO BOND RESERVES. ANYTHING OVER THE TIF BEGET THAT IS OVER THE DEBT SERVICE GOES INTO THOSE BOND RESERVES AND THAT IS WHAT I'M PREDICTING WILL BE FOR THOSE AMOUNTS. AFTER THAT, WE TAKE OUT OUR DEBT SERVICE WHICH IS BASED OF COURSE ON THE AMORTIZATION SCHEDULE THAT WE HAVE WHICH EQUALS OUT TO ABOUT 33.7 MILLION. WHEN YOU DO THE RESERVES AND THE DEBT SERVICE, THAT IS WHERE YOU GET, SHOWING THAT NEGATIVE -- THE 1.5 MILLION BUT OF COURSE, WE HAVE PLENTY IN OUR BEGINNING BALANCE TO COVER ALL OF THIS. AND WE ALSO HAVE THE NEXT SECTION WITH OTHER RECEIPTS THAT IS NOT TIF.

1.2 MILLION OF OUR ENERGY PAYMENTS AND MISCELLANEOUS RECEIPTS. THOSE ARE ALL OF OUR RECEIPTS. THEN WE MOVED ON TO OUR EXPENDITURES AND THIS IS PRETTY MUCH THE SAME IT IS FOR MOST YEARS.

OUR LEGAL FEES, ARCHITECTURE FEES, ACCOUNTING FEES AND MISCELLANEOUS PROFESSIONAL FEES, THIS IS ABOUT THE AMOUNTS THAT WE ALWAYS HAVE FOR THESE LINE ITEMS GOING OUT TO ALL PROFESSIONAL FEES AROUND $1 MILLION. SO OUR CAPITAL IMPROVEMENT PROJECTS IS OUR BIGGEST LINE ITEM FOR EXPENDITURES AND THIS INCLUDES A LOT OF THINGS THAT WERE ORIGINALLY IN OUR BUDGET FOR THIS YEAR FOR PROJECTS THAT WERE UNDERWAY STARTED WITH CONTRACTS IN 2023 EVEN -- THERE IS ABOUT HALF 1 MILLION IN HERE FOR THE ROUNDABOUT SCULPTURES WE TALKED ABOUT, EVEN LAST YEAR. THAT WE STILL HAVE ABOUT HALF TO GO TO PAY ON THOSE. THE OTHER PORTION OF THIS IS ABOUT 1.5 FOR THE CONTRIBUTIONS TO PROJECTS THAT DON'T NECESSARILY -- NECESSITATE A FULL BOND FOR IT. IF THERE'S SOMETHING THAT DOESN'T NEED LIKE A FULL BOND AMOUNT, DO SOME CONTRIBUTIONS OF PROJECTS AND THAT IS WHAT THE OTHER ONE .5 OF THIS AND ALSO, ONE POINT -- 1.1 MILLION IN THERE FOR A CONTINGENT LIABILITY AS WELL. THEN WE HAVE JUST A SMALL AMOUNT FOR BOND AND TRUSTEE FEES. THEN AT THE END, WE ALSO HAVE OTHER EXPENDITURES OF 250,000 , AFTER ALL THAT IS ADDED TO GATHER , OUR YEAR END BALANCE RIGHT NOW, ISSUING 1.5 BILLION. I WILL SAY LASHER WE WERE SHOWING A SIMILAR AMOUNT FOR ENDING BALANCE IT, WE CAME OUT WITH THE 6 MILLION. IT DEPENDS ON TIMING OF THE PROJECTS AND WHEN WE FINISH THINGS AND WHAT OTHER REVENUES WE MAKE IT THROUGHOUT THE YEAR. RIGHT NOW WE ARE SHOWN THE YEAR END BALANCE OF 1.5 WHICH IS FAIRLY HEALTHY. WE ALWAYS TRY TO STAY ABOVE 500,000. WITH ALL THE CONTRIBUTIONS TO THE RESERVES, WE ARE SHOWING THE TOTAL AMOUNT WITH RESERVES IS 11,300,000. ARE THERE ANY QUESTIONS ON ANY

PART OF THIS? >> THANK YOU MR. LEE.

QUESTIONS, COMMISSIONERS, TO MR. LEE FOR THE PROJECT? SEEING NONE. ANY THOUGHTS, COMMISSIONER?

>> AS WE TALKED ABOUT IN THE PAST, THIS IS A BUDGET BUT IT IS SORT OF A LIVING DOCUMENT IN THAT, WE DO NEED SEVERAL -- WE MEET SEVERAL TIMES A YEAR, WE DISCUSSED WHAT IS GOING ON, OBVIOUSLY THE CAPITAL IMPROVEMENT PROJECTS -- IT IS STILL A GUESSTIMATE BECAUSE WE DON'T HAVE A FIXED -- WE DON'T HAVE FIXED NUMBERS YET WE CAN ADJUST THAT A LITTLE BIT. WHILE ISSUING 1.5 WHICH IS HEALTHY, WE HAVE THE ABILITY TO

[00:35:01]

>> MIGHT MAKE ONE,. FOR ANYONE THAT IS NOT FAMILIAR WITH THIS.

OUR OPERATING EXPENSES IS OUT OF THE CITY BUDGET, WHICH IS WHY THIS IS AS STYLIZED AS IT IS. OTHERWISE, IT WOULD HAVE MUCH MORE DETAIL ASSOCIATED WITH IT.

>> GOOD POINT. >> ANY OTHER QUESTIONS ARE COMMENTS, COMMISSIONERS? IF NOT, IF IT IS YOUR PLEASURE, THE CHAIR WILL HAVE A MOTION OF APPROVAL FOR THE BUDGET OF

2025. >> A MOTION TO APPROVE THE CARMEL 2025 BUDGET AS PRESENTED.

>> THANK YOU, COMMISSIONER. >> SECONDED

>> SECONDED. THEREFORE, ALL IN FAVOR PLEASE SAY I.

[8.b. Action Item #2 – Declaratory Resolution 2024-10 re: Clay Terrace allocation area]

>> I. >> OPPOSED, SAME SIDE. THE BUDGET FOR NEXT YEAR IS APPROVED. VERY GOOD, COMMISSIONERS. WE WILL NOW MOVE ON TO OUR SECTION AS SECOND ACTION ITEM. AND THIS IS RESOLUTION 2024 DASH 10. WHICH IS THE INTERLOCAL AGREEMENT WITH HAMILTON COUNTY. MR. DIRECTOR. YOU MIGHT WANT TO GIVE A LITTLE BACKGROUND ON

THIS. IF YOU WOULD. >> THANK YOU MR. PRESIDENT. SO, THE NEXT THREE ITEMS, I WILL JUST ADDRESS ALTOGETHER. AND THEN WE CAN VOTE ON THEM INDIVIDUALLY BUT I WILL PROVIDE THE BACKGROUND. OKAY. I DON'T KNOW IF THAT WAS CAUGHT ON CAMERA OR NOT. PROBABLY NOT. WE ARE HERE TO TALK ABOUT CLAY TERRACE AND THE CLAY TERRACE INTERLOCAL AGREEMENT. SO -- LET'S KIND OF TALK ABOUT SOME BACKGROUND WHERE WE ARE. SO, CLAY TERRACE IS ON THE NORTH SIDE OF THE CITY OF CARMEL .

CLAY -- ESSENTIALLY, WHEN I SAY CLAY TERRACE I'M REALLY TALKING ABOUT TWO DISTINCT COUNTY TIF AREAS . ONE ON THE WEST SIDE OF THE U.S. 31 AND 146 STREET , WHERE CLAY TERRACE IS. THAT IS THE WESTSIDE. ONE ON THE EAST SIDE, WHERE THE LOWE'S IS. THESE WERE, ORIGINALLY IN THE YEAR 2000.

WESTSIDE WAS PART OF THE CITY OF CARMEL, THE EASTSIDE WAS UNINCORPORATED SORRY -- UNINCORPORATED HAMILTON COUNTY AND TO PAY FOR SOME OF THESE -- TO CONNECT TO U.S. 31, 146 THREE, THE COUNTY AND THE CITY CREATED THESE ALLOCATION AREAS, THEY WERE COUNTY ALLOCATION AREAS, INTERLOCAL AGREEMENT.

STATE LAW TODAY, DOES NOT ALLOW OVERLAPPING TIF AREAS FROM DIFFERENT TAXING UNITS. A TERM CALLED THE PANCAKE TIF IF YOU WILL, THEY ARE ESSENTIALLY NOW, THIS ENTIRE LAND, IS WITHIN THE CITY OF CARMEL. IT IS ESSENTIALLY IMPOSSIBLE FOR THE CITY CARMEL TO CREATE A PROJECT THERE WITHOUT TEAM WORKING WITH OUR PARTNERS AT THE COUNTY. SO, IN FRONT OF YOU TODAY IS AN INTERLOCAL AGREEMENT THAT ESSENTIALLY SPELLS OUT HOW THE COUNTY WOULD REMOVE CERTAIN PORTIONS OF ITS LARGE ALLOCATION AREAS TO ALLOW THE CITY TO CREATE NEW ALLOCATION AREAS SO THAT A POTENTIAL FUTURE REDEVELOPMENT PROJECT COULD BE TAKEN TO OUR CITY COUNCIL. OTHERWISE, NOTHING IS GOING TO HAPPEN HERE UNTIL 2030 WHICH IS WHEN THE COUNTY BONDS RUN OUT. IN THE IMAGES THAT YOU ARE LOOKING AT. WHAT YOU SEE FROM -- ON THE LEFT SIDE ON THE WEST SIDE IS -- YOU SEE THE OVERALL CLAY TERRACE TIF IN PURPLE WITH -- I GUESS THAT IS RED OR ORANGE RED. WITH A SMALLER PORTION OF THAT CUT OUT, CONTEMPLATED TO BE CUT OUT WITH A FUTURE CLAY TERRACE PROJECT ON THE EAST SIDE, WITHIN THE OVERALL COUNTY TIF AREA. YOU SEE THERE IN PURPLE, A SMALLER PORTION OF THAT BEING CUT OUT FOR THE CITY TO CAPTURE THE TIF FROM THE NEW DJ WAREHOUSE. THOSE ARE ESSENTIALLY THE NEW CITY TIF AREAS TO BE CONTEMPLATED TO BE CREATED WHEN THE COTERMINOUS COUNTY PARCELS GET CUT OUT OF THE COUNTY TIF AREA SO THE ESSENTIALLY GET HANDED OVER TO THE CITY. SO, IF YOU DON'T

[00:40:03]

AS WE DISCUSSED THE COUNTY REMOVES ALLOCATION AREAS TO ENABLE THE CITY TO THEN CREATE THEM. THERE ARE TWO ALLOCATION AREAS THAT YOU CREATED. ON THE EAST SIDE OF U.S. 31, IT WILL BE CALLED THE BJ'S ALLOCATION AREA. 100% OF THE TIF AREA WILL FLOW TO THE COUNTY. ON THE WESTSIDE WHAT WE CALL THE TERRACE ALLOCATION AREA. IF AND ONCE THE CARMEL CITY COUNCIL APPROVES A FUTURE PROJECT THERE, A 95% OF THE TIF GENERATED BY THE PROJECT WILL BE USABLE BY OUR CITY COUNCIL AT THEIR DISCRETION TOWARDS THE PROJECT THERE. AND 5% OF THAT TIF ALSO FLOW TO THE COUNTY. IN EACH OF THOSE INSTANCES, IN EACH OF THOSE INSTANCES WHERE TIF FLOWS FROM CRC OR CITY ALLOCATION AREAS TO THE COUNTY, AFTER BOND PAYMENTS ON THE COUNTIES OBLIGATIONS THAT THEY HAVE, COUNTY TIF COVERS. ANY REMAINING FUNDS ESSENTIALLY WILL BE CALLED EXCESS FUNDS FROM THIS. MUST BE USED FOR IMPROVEMENTS BY THE COUNTY FOR 146 STREET. OUR COUNTY HAS A LONG-STANDING GREAT RELATIONSHIP WITH OUR CHIEF INFRASTRUCTURE OFFICER. THEY WORK ON PROJECTS TOGETHER ALL THE TIME. WE JUST HAD A ROUNDABOUT BILLED AT 146 STREET I BELIEVE, THERE IS THAT ONGOING COORDINATION THAT ALWAYS HAPPENS. IT WOULD JUST BE -- AS PART OF THAT BUT ANY EXCESS FUNDS GENERATED HERE BEYOND THE SERVICE FOR THE COUNTY BENEFIT THE CITY OF CARMEL ANYWAYS BECAUSE THEY ARE BEING USED FOR 146 STREET IMPROVEMENTS. IT IS WORTH NOTING THAT TO ENABLE THIS TO HAPPEN, TO ENABLE -- FOR THE COUNTY TO ENABLE THE CITY TO CREATE ALLOCATION AREAS, THE COUNTIES CUTTING OUT THEIR ALLOCATION AREAS, THE COUNTIES THEN IMMEDIATELY GETTING LESS REVENUE. BECAUSE THEY'RE GETTING RID OF ALLOCATION AREAS THAT PAY SOME TIF TODAY. AND SO, IN THE COUNTY, IT HAS CORRESPONDING BONDS, BOND OBLIGATIONS THEY HAVE TO MEET.

TODAY, THEY ARE -- THE OBLIGATIONS ARE SITTING AT AROUND 107 TO 113% COVERAGE. SO, AS PART OF THIS, WHAT WE EXPECT IS FOR THE TIF FROM THE BJ AREA HUNDRED $9000 A YEAR ANNUALLY. THOSE ESTIMATES ARE ESTIMATED FRANKLY ON ALMOST THE EXACT SAME BUILDING SITTING -- A COUPLE OF YEARS AGO, YOU DRIVE BY IT EVERY TIME YOU GO TO AN EVENT AT EMBASSY SUITES THERE. I THINK WE HAVE VERY GOOD COMPS FOR ESTIMATING TIF.

THE ONE KIND OF FURTHER THING HERE IS, THE CRC , FOR THE FIVE YEARS THE COUNTY BONDS REMAIN OUTSTANDING IS GUARANTEEING $25,000 A YEAR OF THE BJ'S TIF THAT WE ALL ESTIMATE TO BE $109,000 A YEAR. MEANING, ESSENTIALLY A TORNADO HAS TO GET EVERYONE FOR THIS TO EVER GET TRIGGERED. OUR $25,000 A YEAR GUARANTEE DOES NOT GET TRIGGERED UNLESS THE COUNTY FALLS BELOW 100% COVERAGE THAT TODAY SITS AT 107 TO 113. SO, THE LIKELIHOOD OF THIS EVER HAPPENING ISN'T NOTABLY SMALL.

AT THE SAME TIME, WE PROVIDE SOME ASSURANCES TO THE COUNTY , IT IS GOING TO GET LESS MONEY OF THE RESULT OF DOING THIS AT LEAST IN THE SHORT TERM. BUT IN THE END, IT IS A WIN-WIN FOR EVERYBODY. PROCEDURALLY, THE COUNTY REDEVELOPMENT COMMISSION APPROVED THE INTERLOCAL THIS WEEK. WE HAVE A VOTE TODAY HERE AT THE CRC LEVEL. TOMORROW, I BELIEVE, THE COUNTY COMMISSIONERS ARE MEETING TO APPROVE THE SAME INTERLOCAL -- THIS IS ALREADY BEEN PLACED ON IT AGENDA FOR OUR CITY COUNCIL FOR CONSIDERATION AND HOPEFULLY APPROVAL. JANUARY 6TH. BUT IN

[00:45:02]

>> THANK YOU MR. DIRECTOR. COMMISSIONERS, QUESTIONS OF THE DIRECTOR? SEEING NONE. IF IT IS YOUR PLEASURE, CHAIR WOULD

ENTERTAIN A MOTION. >> WE ARE GOING TO GO HERE ONE AT A TIME. SO, THE FIRST THING IN FRONT OF YOU IS ACTION ITEM NUMBER TWO WHICH IS, RESOLUTION OF APPROVING THE INTERLOCAL

ITSELF. >> OKAY.

>> SO MOVED. >> SECOND.

>> IT HAS BEEN MOVED AND SECONDED. ALL IN FAVOR PLEASE SAY I. SAME SIDE IF YOU ARE AGAINST. IT IS APPROVED. THANK

[8.c. Action Item #3 – Declaratory Resolution 2024-11 re: Lowe’s Way allocation area]

AGREEMENT AND LET'S SEE, -- >> WE ARE ON JACKSON ITEM NUMBER THREE. THIS IS CREATING THE ALLOCATION AREA ON THE WEST SIDE OF U.S. 31. THIS IS THE CLAY KARIS -- TERRACE ALLOCATION AIR. JUST AS WE, THE COUNTY REDEVELOPMENT COMMISSION HELD THEIR DECLARATORY RESOLUTION TO CUT IT OUT. THIS FOLLOWS THE NOW CREATION OF THAT SAME PARCEL BOUNDARY.

>> ONCE AGAIN, THE CREATION OF THE ALLOCATION AREAS AMENDMENT PROCESS I THINK IS THE SAME STEPS AS CREATING A REGULAR

DISTRICT IF I AM NOT -- >> I BELIEVE THAT IS CORRECT.

>> IT WILL STILL HAVE TO GO THROUGH ADDITIONAL STEPS AND ULTIMATELY COME BACK HERE. SO --

>> MR. PRESIDENT, COMMISSIONER --

>> WE HAVE SOMEBODY IN THE AUDIENCE, IN CASE ANYONE IS WATCHING. THESE WILL ALL GO TO CITY COUNCIL, FOR ANOTHER APPROVAL ON JANUARY 6TH. EVEN WITH THE APPROVAL, -- THIS IS NOT IMPROVING ANY SPECIFIC PROJECT. ANY PROJECT THAT WOULD HAPPEN WHEN THEY SHOWED UP AT THAT MAP THERE. THAT ORANGE AREA. WOULD LIKELY COME BACK TO COUNSEL -- IF IT HAS BONDS ASSOCIATED WITH THE PROJECT AND AT THAT POINT, THE CITY COUNCIL COULD DEBATE THE MERITS OF THE PROJECT BUT -- WITHOUT THESE ALLOCATION AREAS, BEING A LOCAL AREA, WE REALLY CAN BEGIN TO NEGOTIATE WHAT THAT PROJECT COULD BE. THIS KIND OF JUST ALLOWS US TO BEGIN TO WORK ON PROJECTS BECAUSE WITHOUT THE FUNDING COMING IN. YOU CAN'T REALLY -- THERE REALLY WON'T

BE ANY PROJECTS COMING. >> THAT IS ACCURATE.

>> TO HAVE A MOTION TO SECOND? DO YOU WANT TO MAKE A MOTION?

>> YES. >> I WOULD MOVE TO APPROVE

ACTION ITEM NUMBER THREE. >> I WILL SECOND.

>> QUESTION, COMMISSIONER? MOVED AND SECONDED. ALL IN

FAVOR PLEASE SAY I. >> I.

>> OPPOSE, SAME SIDE. IT IS APPROVED, THANK YOU VERY MUCH COMMISSIONERS. AND NOW WE WILL GO TO OUR FINAL ACTION ITEM WHICH IS THE DECLARATORY RESOLUTION , 2412 WHICH IS THE BJ WHOLESALE -- TO THE EAST INTERCHANGE THERE. SAME CIRCUMSTANCES. AND SITUATION. QUESTION, COMMISSIONER? SEEING NONE. IF IT IS YOUR PLEASURE, CHAIR WOULD ENTERTAIN A MOTION

OF APPROVAL. >> MOTION TO APPROVED EQUATORIAL RESOLUTION 2024 - 12. DESIGNATION OF THE BJ'S ECONOMIC DEVELOPMENT AREA AND DEVELOPMENT PLAN.

[9. OTHER BUSINESS]

>> SECOND. >> SECOND.

>> IT HAS BEEN MOVED AND SECONDED. ALL IN FAVOR PLEASE

SAY I. >> I.

>> OPPOSED SEAM SIDE. IT IS APPROVED. THANK YOU VERY MUCH GENTLEMEN. IS THERE ANY OTHER BUSINESS TO COME BEFORE US THIS

EVENING? >> THERE IS NOT ANY OTHER BUSINESS. AGAIN, I DEEPLY, DEEPLY WANT TO THANK OUR COMMISSIONERS FOR ANOTHER GREAT YEAR. I REALLY APPRECIATE CHUCK , BRANDON COMMISSIONER THIS YEAR, LEARNED ALL OF OUR FINANCES IN ABOUT A DAY. THAT MAN IS IMPRESSIVE. AND I THINK WE HAVE HAD A GREAT YEAR. A LOT OF PROGRESS. THE CRC, I ALSO, I

[00:50:03]

WE ARE -- OUR STAFF YOU'RE DOING OUR WORK AND THE CRC IS AN EFFICIENT MACHINE AND OUR FINANCES ARE TIPTOP. AND IT IS REALLY GREAT WHEN THE COUNCIL HIRES A THIRD PARTY TO CORROBORATE ALL OF THAT. I THINK THAT WAS A HUGE WIN FOR US. I'M REALLY THANKFUL. WITH THAT, THANK YOU AGAIN FOR A GREAT YEAR AND I LOOK FORWARD TO 2025.

>> THANK YOU , MR. DIRECTOR. I WOULD LIKE TO OFFER MY THANKS TO THE STAFF FOR THEIR HARD WORK THIS YEAR. I WOULD LIKE TO OFFER BAKER TILLY. OUR THANKS FOR THEIR HELP WITH THE BOND ISSUES AND ANNUAL TIFF -- TIF REPORT. WE APPRECIATE THAT. I WOULD LIKE TO THINK THE MEMBERS OF THIS COMMISSION FOR YOUR

[10. EXECUTION OF DOCUMENTS]