7.b. Action Item #1 – Resolution 2025-16 re: North End Phase III Confirmatory Resolution Synopsis: This is the last step in creating the North End Phase III allocation area.

[7.b. Action Item #1 – Resolution 2025-16 re: North End Phase III Confirmatory Resolution Synopsis: This is the last step in creating the North End Phase III allocation area. ]

WE WILL NOW MOVE ON TO THE ACTUAL ACTION ITEM NUMBER ONE, RESOLUTION 2025-16, WHICH IS CONSIDERATION OF THE NORTH END PHASE 3 CONFIRMATORY RESOLUTION.

>> AS YOU MENTIONED, THIS IS THE LAST AGING CRATING ALLOCATION AREA FOR THE NORTH END PHASE 3.

I WANT TO SHOW ONE MORE TIME WHAT THIS IS. ON THE LEFT IS THE CURRENT MONON ALLOCATION AREA.

WE ARE CARVING OUT THE ORANGE PORTION. THAT IS WHAT IS ÚCREAT AREA. THE BLUE WILL STAY THE EXISTING PHASE 2, AND THE NEW ORANGE PORTION WILL BE THE NEW PHASE 3 ALLOCATION AREA TO ALLOW

THE DEVELOPER TO DIVIDE BETWEEN THE TWO DIFFERENT OWNERS. >> ANY QUESTIONS REGARDING THE NORTH END PHASE 3 CONFIRMATORY RESOLUTION? . IF IT IS YOUR PLEASURE, THE CHAIR WOULD

ENTERTAIN A MOTION OF APPROVAL. >> SO MOVED. >> THANK YOU, COMMISSIONER

BROOKS. IS THERE A SECOND? >> SECOND. >> IT HAS BEEN MOVED AND

SECONDED. PLEASE CALL THE ROLL. >>

[7.c. Action Item #2 – Resolution 2025-17 re: North End Phase II TIF Pledge Synopsis: This will pledge a portion of the TIF generated from the Smokey and Monon Phase II and North End Phase III allocation areas towards the bonds that will support the North End Phase II project. ]

VERY MUCH, COMMISSIONERS. WE WILL NOW MOVE ON TO THE SECOND ACTION ITEM, WHICH IS RESOLUTION 2025-17 , WHICH IS THE NORTH END PHASE 2 TIP LEDGE. IF YOU WOULD GIVE A BRIEF DESCRIPTION.

>> THOSE TWO ALLOCATION AREAS I MENTIONED , BOTH OF THOSE ARE PLEDGING TOWARDS THESE NEW BONDS FOR WHAT IS CALLED NORTH END PHASE 2 PROJECT. WHAT WE ARE DOING HERE, YOU CAN SEE THE PICTURES OF THE ACTUAL DEVELOPMENT AND WHAT IT WILL LOOK LIKE, WE ARE OFFERING 90% OF THE ANNUAL, OR $579,000. IF THE TIFF COMES IN FOR $579,000, THE TIFF WOULD HAVE TO BE 643,000 FOR THAT 90% TO BE 579. IF IT COMES IN LESS THAN THAT 643,000, WE ARE JUST GIVING 90%.

NOT THE 579. BUT IF IT GOES OVER 643, WE ARE ONLY GIVING 579 AND GET THE UPSIDE OF THAT. A LITTLE BIT DIFFEREN FROM MOST DEALS. THAT IS THE WAY THIS ONE WILL WORK.

>> VERY GOOD. THANK YOU, MR. LEE. QUESTIONS REGARDING THE NORTH END PHASE 2 TIF ALLOCATION. SEEING NONE. IF IT IS YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF

APPROVAL. >> MOVE TO APPROVE . >> IS THERE A SECOND ?

>> I WILL SECOND. >> MOVED AND SECONDED. PLEASE CALL THE ROLL.

[7.d. Action Item #3 – Resolution 2025-18 re: North End Phase II Project Agreement Synopsis: This will approve the terms of the North End Phase II project. ]

>> THANK YOU VERY MUCH, GENTLEMEN. IT IS APPROVED. WE WILL NOW MOVE ON TO ACTION ITEM NUMBER THREE, WHICH IS RESOLUTION 2025-18, WHICH IS THE NORTH END PHASE 2 PROJECT

AGREEMENT. ONCE AGAIN, IF YOU WOULD GIVE A DESCRIPTION. >> I WILL GO AHEAD AND GO FORWARD WITH IT. THIS WILL APPROVE CERTAIN KEY TERMS THAT WE WILL INCORPORATE INTO THE PROJECT AGREEMENT. THAT WILL ALSO AUTHORIZE STAFF TO FINALIZE AND EXECUTE THE FINAL VERSION OF

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THE PROJECT AGREEMENT. SOME OF THE KEY POINTS SET FORTH IN THE RESOLUTION , OR WHAT WE EXPECT THE DEVELOPER TO BUILD, IS ABRUPTLY 170 AGE TARGETED APARTMENTS, POSSIBLY 72 FOR RENT TOWNHOMES AND INFRASTRUCTURE NECESSARY FOR THIS DEVELOPMENT. THE DEVELOPER WILL ALSO GRANT AN EASEMENT FOR THE BENEFIT OF THE PUBLIC FOR CERTAIN PARKING SPACES WITHIN THIS PHASE 2 PROJECT. THOSE ARE HIGHLIGHTED ON THE SECOND PAGE OF THE EXHIBIT, THE RESOLUTION. IT IS NOT YOUR STANDARD PARKING STRUCTURE, AND THAT IS WHY IT IS HIGHLIGHTED IN THAT SECTION. THE DEVELOPER WILL ALSO REPORT A RESTRICTIVE COVENANT THAT REQUIRES AT LEAST 85% OF AGE TARGETED APARTMENT UNITS TO BE OCCUPIED AT LEAST BY ONE PERSON THAT IS 55 YEARS OF AGE OR OLDER. THIS IS TO BE IN PLACE FOR THE DURATION OF THE ALLOCATION AREA. ALSO, THE DEVELOPER WILL RESTRICTIVE COVENANT THAT REQUIRES AT LEAST SEVEN OF THE FOUR RENT -- FOR RENT TOWNHOMES TO BE FOR WORKFORCE HOUSING. THIS MEANS AT LEAST SEVEN WILL NEED TO BE RESERVED FOR HOUSEHOLDS EARNING NO MORE THAN 80% OF AMI, AREA MEDIAN INCOME. THE LAST KEY TERM IS THE TIF PLEDGE WE JUST WENT OVER IN THE LAST RESOLUTION. HAPPY TO ANSWER ANY QUESTIONS.

>> THANK YOU, MR. LEE. ANY QUESTIONS REGARDING THE NORTH END PHASE 2 PROJECT AGREEMENT?

>> ON THE PUBLIC PARKING PIECE, IS THERE GOING TO BE A REQUIREMENT THEY DESIGNATE

CERTAIN SPOTS AS PUBLIC PARKING? >> IN THE EXHIBIT TO THE RESOLUTION, IT HIGHLIGHTS WHERE

THE SPECIFIC SPACES WILL BE. >> WILL THERE BE SIGNAGE? >> I BELIEVE SO.

>> I THINK THAT IS AN IMPORTANT PIECE . >> ABSOLUTELY.

>> ANY OTHER QUESTIONS OF MR. LEE? SEEING NONE. IF IT IS YOUR PLEASURE, GENTLEMEN, THE CHAIR

WOULD ENTERTAIN A MOTION OF APPROVAL OF THIS ACTION ITEM. >> SO MOVED.

>> SECOND. >> IT HAS BEEN MOVED AND SECONDED. PLEASE CALL THE ROLL.

[7.e. Action Item #4 – Resolution 2025-19 re: Gramercy Project Agreement Synopsis: This will approve the terms of the Gramercy project. ]

NOW MOVE ONTO THE NEXT ACTION ITEM, ACTION ITEM NUMBER FOUR, RESOLUTION 2025-19, WHICH IS THE GRAMERCY PROJECT AGREEMENT. MR. LEE, GIVE US A DESCRIPTION OF THIS.

THE DEVELOPER WILL RECORD A RESTRICTIVE COVENANT THAT REQUIRES AT LEAST 50% OF THE ROUGHLY 104 APARTMENTS UNITS IN THE SECTION G, WHICH IS THE SECTION IN GREEN, ON THIS MAP.

SHOULD HAVE AT LEAST ONE OCCUPANT WHO IS 55 YEARS OF AGE OR OLDER. THOSE ARE THE KEY

TERMS HERE IN THE GRAMERCY PROJECT AGREEMENT. >> THANK YOU, MR. LEE. I KNOW THERE WAS AN UNFORTUNATE OCCURRENCE OVER AND ANOTHER PART OF GRAMERCY RECENTLY WITH SOME KIDS GETTING IN SOME TROUBLE OVER THERE. WILL THIS PARKING FACILITY HAVE SECURITY CAMERAS?

DO WE ANTICIPATE THAT WILL BE IN PLACE? >> YES.

>> THANK YOU VERY MUCH. GENTLEMEN, QUESTIONS REGARDING THIS PROPOSAL ?

>> YOU MENTIONED SOMETHING ABOUT 80 -- DO YOU HAVE ANY IDEA HOW MANY SCHOOL-AGED CHILDREN COULD

POSSIBLY , OR LIKELY, THE IN THESE UNITS? >> WE DON'T AT THIS TIME. THAT

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IS SOMETHING THAT IS CERTAINLY IN FUTURE PHASE SEVERAL YEARS FROM NOW. BUT USUALLY, THOSE

WILL NOT HAVE ANY CHILDREN. >> OKAY. >> I APOLOGIZE FOR BEING LATE. I

WAS AT ANOTHER PUBLIC MEETING. >> VERY GOOD. LET'S SEE. IF THERE ARE NO MORE QUESTIONS, IF

IT IS YOUR PLEASURE, CHAIR WILL ENTERTAIN A MOTION OF APPROVAL. >> SO MOVED.

>> SECOND. >> MOVED AND SECONDED. PLEASE CALL THE ROLL.

[7.f. Action Item #5 – Resolution 2025-20 re: purchase of land Synopsis: This will authorize the purchase of land adjacent to Signature 55 project. ]

VERY GOOD. IT IS APPROVED. WE WILL MOVE ONTO THE NEXT ACTION ITEM, WHICH IS APPROVAL OF ACTION ITEM NUMBER FIVE, RESOLUTION 2025-20, PURCHASE OF LAND . ONCE AGAIN, MR. LEE , WOULD YOU GIVE US A DESCRIPTION OF THIS PROPOSAL? EXCUSE ME, MR. DIRECTOR.

>> HI, COMMISSIONERS. IN COUNCIL ON MONDAY A NEW PROJECT WAS INTRODUCE CALLED SIGNATURE 55.

IT IS NOW SINCE COVERED IN ALL THE MAJOR NEWS COVERS -- NEWSPAPERS. I THINK THEY TALKED ABOUT IT ON TV. I JUST CAME FROM A CITY COUNCIL LAND-USE MEETING WHERE THEY WERE TAKING UP THIS PROJECT. WE COULD FOCUS THE CAMERA OVER TO THE PDF THAT I HAVE IT. THIS IS SIGNATURE 55.

IT IS AN AGE RESPECTED PROJECT, 200 UNITS. ALMOST $90 MILLION INVESTMENT. THE PROJECT WILL PROVIDE FREE GARAGE AND FREE RESTROOMS TO A FUTURE ADJACENT PARK, WHICH IS HOW THIS PROJECT WAS ENVISIONED. RIGHT NOW, CITY COUNCIL WAS LOOKING AT TAKING UP THE BOND RESOLUTION RELATED TO THIS PROJECT. AS YOU CAN SEE ON THE DEPICTION AT THE BOTTOM RIGHT, YOU SEE THE PROJECT SITS ON ABOUT 60% OF THE SITE, AND ABOUT 40% LOOKS LIKE A FUTURE PARK. UPDATE PASSED OUT OF LAND USE COMMITTEE. GOOD. WHAT YOU SEE HERE IS A PARK . THE DEVELOPER IS ULTIMATELY GOING TO TRANSFER THAT LAND TO US FOR BELOW AVERAGE APPRAISALS. WE'RE GOING TO THEN TRANSFER IT TO THE CITY BECAUSE THE CITY COUNCIL, THE CITY, HAS A 2024 BOND THAT WILL PURCHASED THIS LAND . THE WAY IT IS SUPPOSED TO FUNCTION -- I WILL GO TO THE LAND TRANSFER SLIDE. THIS WAS SHOWN ON MONDAY. THE AUDIENCE HERE IS CITY COUNCIL, BUT IT WORKS FOR US TOO. I AM SPEAKING ON ACTION

[7.g. Action Item #6 – Resolution 2025-21 re: transfer of land adjacent to Signature 55 project to the City Synopsis: This authorizes the transfer of land adjacent to the Signature 55 project to the City to develop a public park. ]

ITEM 5, BUT LET ME ADDRESS FIVE AND SIX TOGETHER BECAUSE THEY FLOW TOGETHER. WE HAVE TWO THINGS WE ARE VOTING ON, WHAT IS THE PURCHASE OF THIS 1.54 ACRES FOR BELOW AVERAGE APPRAISALS.

THAT IS THE FIRST ACTION. NUMBER SIX WILL BE THE RESOLUTION TRANSFERRED TO THE CITY. LET'S THINK ABOUT HOW THIS WILL WORK AND FUNCTION PRACTICALLY. ASSUMING CITY COUNCIL APPROVES THIS PROJECT, THIS BOND, APPROVE THE TRANSFER OF THIS LAND FROM US, THE BOND APPROVAL LET'S THE DEVELOPER GET STARTED ON THE PROJECT. THE BOND APPROVAL THAT'S THE DEVELOPER DESIGN THE PROJECT. THE DEVELOPER SPENDS 69 MONTHS DEVELOPING THE PROJECT. DEVELOPER GOES THROUGH THE BOARD OF ZONING APPEALS, APPROVALS, ARCHITECTURAL REVIEW APPROVALS, PLANNING COMMISSION APPROVALS, GOES THROUGH ALL THOSE STEPS WITH THE RESULT BEING THAT THEY OBTAIN THEIR PERMITS TO CONSTRUCT . THAT IS THE TIME AT WHICH A BANK GIVES A DEVELOPER MONEY. ONCE THEY HAVE THEIR PERMITS IN HAND. SO WHEN WE, AS A CITY KNOW THE DEVELOPER HAS THEIR MONEY TO CONSTRUCT THIS PROJECT AS INTENDED, THAT IS THE POINT MAC AT WHICH THE CITY WILL TAKE TITLE TO THIS LAND. AHEAD OF TIME, THERE IS DESIGN COORDINATION GOING ON BETWEEN THE DEVELOPER AND THE PARKS DEPARTMENT THAT WILL ULTIMATELY BE DESIGNING THIS PART. IN THIS PROJECT, THE PROJECT IS A CENTRAL WATER FEATURE FOR THE PARK. THERE IS TEAMWORK THAT WILL BE HAPPENING, AND THE

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DESIGN PHASE BETWEEN THE PARKS DEPARTMENT AND THE DEVELOPER WITH CRC IN THE ROOM. BUT WE ARE NOT TAKING TITLE TO THAT PARK, THE CITY IS NOT TAKING TITLE INTO WE KNOW THE DEVELOPER HAS THEIR FUNDING TO BUILD A GARAGE AND EVERYTHING ELSE. THE TWO RESOLUTIONS YOU'RE GOING TO VOTE ON HERE EFFECTUATE THAT CONCEPT . THE FIRST ONE IS ALLOWING US TO PURCHASE THIS 1.54 ACRES FOR BELOW AVERAGE APPRAISALS, AND THE NEXT ONE ALLOWS TO TRANSFER TO THE CITY COUNCIL. CITY COUNCIL TODAY , JUST TODAY OUT OF LAND USE, PAST THE RECIPROCAL, ESSENTIALLY, MIRROR RESOLUTION TO TAKE TITLE OF THIS PROPERTY FROM US. THE CRC AND CITY COUNCIL HAVE MATCHING RESOLUTIONS AND INTERGOVERNMENTAL TRANSFER RESOLUTION. WE ARE TODAY VOTING ON THE RIGHT TO BUY THIS PROPERTY AND THE RIGHT TO TRANSFER IT TO THE COUNCIL, AND THEN, ONCE THE DEVELOPER, DEVELOPMENT IS READY TO GO, THAT IS THE.AT WHICH TITLE WILL ACTUALLY BE TAKEN BY THE COUNCIL WITH MONEY FROM 2024 BOND STAY PAST FOR THIS REASON. SO THAT IS KIND OF A LONG SUMMARY. NOW YOU HAVE TWO ACTION ITEMS IN FRONT OF YOU. THE FIRST ONE IS APPROVING THE PURCHASE OF THIS LAND AT BELOW THE AVERAGE OF TWO APPRAISALS.

>> THANK YOU, MR. DIRECTOR. COMMISSIONERS, QUESTIONS OF THE DIRECTOR? REGARDING INFORMATION

BEFORE YOU? >> SO THE TIMING OF THIS. YOU ARE SAYING DEVELOPING -- DEVELOPMENT TIME 6 TO 9 MONTHS, OR WHATEVER THAT MIGHT END UP BEING, DO WE USE YOUR FUNDS --

CRC FUNDS TO BUY AND REIMBURSE? >> NO. THIS IS ALL CONCEPTUAL.

THE ONLY CLOSING WILL HAPPEN WAS THERE IS A SIMULTANEOUS CLOSING AT THE END, AT WHICH.MAC THAT'S

POINT, -- >> WHY IS THE CRC INVOLVED? >> BECAUSE THE FUNDS FOR THIS PROJECT WERE PASSED BY THE CITY FOR THE PARKS PORTION BY THE CITY COUNCIL OUT OF THE 2024 BOND. THOSE ARE NOT CRC MONEY. WE ARE MERELY ACTING AS A CONDUIT TO ALLOW THIS TRANSACTION TO OCCUR WHERE THE CITY ULTIMATELY PURCHASES AND TRANSFERS TO THE PARTS DEPARTMENT. BY THE NATURE OF THIS BEING A PUBLIC-PRIVATE PARTNERSHIP, A RIGHT TO PURCHASE THE LAND AS PART OF OUR PROJECT WITH THE DEVELOPER THAT WE EVENTUALLY IS BEING ASSIGNED

WITHOUT SAYING THAT MUCH TO THE COUNCIL. >> OKAY.

>> OTHER QUESTIONS ? >> THE CRC DOESN'T HAVE THE MONEY TO BUY THIS PROPERTY. THAT MONEY IS HELD BY CITY OF CARMEL. SO WE HAVE THE RIGHT TO BUY IT AND TRANSFER IT, AND THEY HAVE THE RIGHT TO TAKE IT FROM US FOR THE MONEY, WHICH WILL BE PAID AT CLOSING ONCE THE DEVELOPER'S

PROJECT IS BUILT. >> YOU GOT THAT? >> OBVIOUSLY, A LOT OF EYEBALLS LOOKING AT THIS.