[00:00:08]
>> IF I CAN CALL THE REDEVELOPMENT COMMISSION MEETING TO ORDER. GOOD AFTERNOON LADIES AND GENTLEMEN. WE HAVE A FULL QUORUM OF OUR MEMBERS PRESENT AND I WOULD LIKE TO THANK EVERYBODY FOR PBEING FLEXIBLE WITH THE SCHEDULE WITH THE HOLIDAYS TRYING TO FIND THE RIGHT TIME WITH THE ROOMS AVAILABLE AND
[1. PLEDGE OF ALLEGIANCE]
EVERYTHING. IT'S BEEN FUN.WITH THAT I WOULD LIKE TO GO AHEAD AND CALL THE MEETING TO ORDER IT IF YOU WOULD JOIN ME IN THE PLEDGE OF ALLEGIANCE.
>> I PLEDGE OF 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.
[2. BID OPENING – sale of property]
>> OUR FIRST ORDER OF BUSINESS TODAY IS A BID OPENING RELATED TO THE SALE OF A PROPERTY AND MY ? I WILL TURN THIS OVER TO YOU.
>> WE DID NOT RECEIVE ANY BIDS.
WITH THAT WE HAVE OUR NEXT ITEM OF BUSINESS THE APPOINTMENT OF
[3. APPOINTMENT – 4CDC board member]
A MEMBER TO THE CDC BOARD AND MR. DIRECTOR.>> WE RECOMMEND THAT RON CARTER BE REAPPOINTED FOR THE MILLIONTH TIME TO SERVICE OUR APPOINTEE FOR THE CDC.
>> THANK YOU MR. DIRECTOR. IF IT IS YOUR PLEASURE LADIES AND GENTLEMEN, WE HAVE A MOTION FOR THE RETAINMENT OF MR. CARTER FOR THE CDC BOARD.
>> IT HAS BEEN MOVED AND SECONDED.OW ARE WE GOING TO DO THE? WE WILL BE DOING A.
>> VERY GOOD. THE NEXT ITEM TODAY IS THE APPROVAL OF THE MINUTES. ARE WE GOING TO DO THE ANNUAL REPORT NEXT? OKAY.
I AM SORRY ON ONE LIST IT WAS REVERSED BUT OKAY.
[4. ANNUAL REPORT TO TAXING DISTRICTS]
THIS IS. WE WILL DO OUR ANNUAL REPORT TO THE TAXING DISTRICTS WE HAVE ARE REPRESENTATIVES HERE IF YOU WOULD LIKE TO COME FORWARD AND GIVE US A REPORT.>> I WILL NOTE THAT ALL OF THE PROPER INVITATIONS TO THE TAXING DISTRICTS HAVE GONE OUT WE INVITED EVERY POSSIBLE TAXING DISTRICT TO WASH HIS PRESENTATION.
>> I AM TIM FOSTER I AM A CONSULTANT AT BAKER TILLY AND I WILL BE PRESENTING THIS PRESENTATION REQUIRING THAT THE RDC HOLDS A MEETING TO DISCUSS BUDGETING, LONG-TERM PLANNING IMPACT OVERTAXING UNITS. WE HAVE THE MEMBERS OF THE COMMISSION PIETY IS THAT A PARTNER RETREAT
>> CAN I GET YOU TO PUT THAT IN THE BOX THAT WILL ALLOW US TO HAVE THE CAMERA SHOW IT ON THE SCREEN FOR ANYBODY WATCHING THIS MEETING ONLINE LATER? THANK YOU.
>> THERE IS THE TEAM THAT WORKS IN CARMEL.
CARLSON IS ALSO HERE THIS NEXT SLIDE SHOWS THE MECHANICS AND HOW IT WORKS. SLIDE FIVE SHOWS DIFFERENT BOUNDARIES ON THE DIFFERENT AREAS THAT MAKE UP THE REDEVELOPMENT DISTRICT AND ALLOCATION, THE ELECTRONIC DEVELOPMENT AREA. SLIDE SIX IS TERMS AND ALLOCATION AREA AND IF YOU HAVE ANY QUESTIONS FEEL FREE TO CHIME IN. SLIDE SEVEN IS A MAP THAT SHOWS MOST OF THE ALLOCATION SLIDE EIGHT ARE THE AREAS THAT MAKE UP UNDER THE PROPOSED 2002 ? 2022 AMENDMENT.
SHOWING IT SHOULD BE ADDED ASSUMING IT PASSES.
[00:05:06]
SLIDE NINE TALKS ABOUT SHOWING DEFICIENT DEVELOPMENTS IN THOSE AREAS SAME THING ON SLIDE 10. SLIDE 11 WE HAVE THE OUTSTANDING OBLIGATIONS THAT ARE PAYABLE.NOTHING WAS ADDED IN 2022. SLIDE 12 THE FIRST FOUR AMENDMENTS OF THE REVENUE DEPOSIT AGREEMENT.
SLIDE 14 WE HAVE THE REVENUE AND DEBT.
THESE COME FROM THE ANNUAL REPORT.
WE HAVE GRAPHS SHOWING THE OBLIGATIONS AS WELL AS THE SEALS AND YOU WILL SEE THE CRC SUPPLEMENT RESERVE AND REVENUES THE COVER THESE OBLIGATIONS. SLIDE 16 ANOTHER SLIDE TALKING ABOUT THE PERFORMING ARTS CENTER NEXT IS SLIDE 17 AND THE SLIDES ARE ABOUT DEVELOPMENT AREAS WHERE THE CRC RECEIVES A PORTION AND THEY ARE NOT ON THE HOOK FOR ANY OF THE OBLIGATIONS. THAT'S ON THE DEVELOPERS.
SLIDE 18 THE LAST FOR PROJECTS SIGNATURE ? APARTMENTS CONCOURSE AND ERS WERE ADDED THIS YEAR.
YOU CAN SEE HOW MUCH THEY COLLECTED THIS YEAR.
[INDISCERNIBLE] >> CAN I INTERRUPT YOU FOR A MINUTE? NOW PEOPLE ARE GOING TO BE WATCHING THIS SO I WANT TO MAKE SURE EVERYONE IS CLEAR SO LET'S GO BACK TO WHERE YOU JUST WERE. GRAND AND MAINE.
SO 19 PAGES THAT WERE INTERRUPTED YOU? THE ACTUAL, AND WHAT YOU ARE DOING IS GOING THROUGH EACH AND GIVING THE FINANCIAL SUMMARY FOR US BUT ALSO FOR THE PUBLIC SO THE ACTUAL ANNUAL DEVELOPER TIF THIS WAS, CAN YOU JUST GO
THROUGH >> 75 PERCENT IS THE AMOUNT OF TIF REVENUE THAT THE DEVELOPER COLLECTED.
THE ANNUAL DEBT PAYMENT SINCE THE PURCHASER OF THE BOND THE CRC IS NOT OBLIGATED TO COME UP WITH THAT SHORTFALL IT'S ON THE DEVELOPER. AND THEN THE OTHER AMOUNT THE 262,000 IS THE AMOUNT THE CRC HAS COLLECTED THIS YEAR.
>> SO IF I WERE A CITIZEN LOOKING AT THIS ONLY AMOUNT OF TIF AVAILABLE FOR THIS PROJECT IS THE 788 YET THE BUILDING AND THE BOND IS ACTUALLY COSTING MORE THAN THAT BUT THE DEVELOPER IS RESPONSIBLE. IS THAT CORRECT? AND THE CRC IS KEEPING 262 FOR OTHER PROJECTS AND EXPENSES THAT CAN BE USED FOR.
>> AND I WOULD LIKE TO SAY ONE THING.
ON THAT PARTICULAR EXAMPLE. HE DEVELOPER DID MAKE THAT PAPERWORK SO THERE ARE NO ISSUES THERE FROM MY DEFAULT STANDPOINT. I THINK THAT'S IMPORTANT AS WELL. SO THANK YOU FOR MAKING THAT CLARIFICATION. REGARDLESS OF WHAT THE TIF IS THE BOND IS THE BOND AND THE DEVELOPER IS RESPONSIBLE AND WE HAVE NOT HAD A SITUATION WHERE THAT HAS NOT OCCURRED.
HAVE WE?I NEED A SOLID KNOW WE HAVE NOT.
>> IN THAT SITUATION. THAT WILL GO AWAY OVER TIME SO THE NEGATIVE NUMBER WILL COME DOWN AS THE VALUE GOES UP AND THEN IT WILL CAUSE THE AMOUNT OF INCREMENT THAT IS COLLECTED TO INCREASE WHICH WILL REDUCE THE SHORTFALL.
>> ON SLIDE 20 IT'S PRETTY MUCH THE SAME THING.
>> CAN WE ZOOM OUT SLIGHTLY SO WE CAN SEE THE SLIDE IN ITS ENTIRETY AND NOT HAVE THE TITLE PLEASE?
>> VERY SIMILAR TO THE PREVIOUS SLIDE.
THE COMMISSION COLLECTED AROUND 125,000 SLIDE 21 IS SIMILAR AGAIN SLIDE 22. [INDISCERNIBLE] NEXT 160 STREET
[00:10:19]
CENTER FOLLOWED BY SLIDE 25 THE HEADQUARTERS NEXT WE HAVE FRANCISCAN FOLLOWED BY FIREHOUSE 27 WHERE THIS ONE IS AN ESTIMATE IT'S NOT ACTUAL COLLECTIONS ARE EXPECTED TO COME IN AND PAY 24 WHEN THE PROJECT STARTED PRODUCING INCREMENT SLIDE 28 SET UP THE SAME WAY AS THE PREVIOUS SLIDE.I WILL USE THE COMPANY RESPONSIBLE FOR THE SHORTFALL IT'S ON THE COMPANY. WE HAVE.
[INDISCERNIBLE] APARTMENTS CONCOURSE ON SLIDE 30.
SLIDE 31 WE HAVE DEVELOPER TIF PROJECTS FOR ALL GOING TO THE COMMISSION. SLIDE 32 WE HAVE HUNDRED PERCENT GOING TO THE DEVELOPMENT AND WE HAVE THE ARTS DISTRICT AREA ANNUAL REVENUE IS ABLE TO COVER THE DEBT PAYMENTS IN THE AREA. AGAIN REVENUES WERE ABLE TO COVER ANY OBLIGATIONS 35. THIS SLIDE HAS NOT CHANGED THE COMPANY IS NOT DRAWING ANY MORE MONEY.
NEXT THE CITY CENTER AREA THREE DIFFERENT ALLOCATIONS THAT MAKE UP CITY CENTER. THIS SLIDE WE HAVE SHOWING THE REVENUES COVER THE 2016 BONDS THERE IS A SHORTFALL BUT THAT IS ON THE DEVELOPER FOR PAYMENTS SO IT'S NOT AN OBLIGATION CRC NEXT WE TALKED ABOUT MID TOWN AND MIDTOWN WEST AND HERE WE HAVE YOU CAN SEE 2016 REVENUES ARE COVERING THE OBLIGATION MIDTOWN SOUTH. AND REVENUES COVER THE OBLIGATION THIS YEAR MIDTOWN WEST PAGE 41 WE HAVE THE REVENUES COVERING THE APPLICATIONS THE FOLLOWING SLIDE TALKS ABOUT SOME FUTURE DEVELOPER PROJECTS BEING PROPOSED WITH TIF SPLITS AND SLIDE 43 IS A PICTURE OF WHAT THOSE POSSIBLE DEVELOPMENTS WILL LOOK LIKE IN THE NEXT SLIDE TALKS ABOUT THE IMPACT OF TIF OVERLAPPING UNITS THIS SLIDE SHOWS WHAT ENTITY MAKES UP THE TOTAL.
[INDISCERNIBLE] THE FOLLOWING SLIDE EXPLAINS AND DISCUSSES WHETHER OR NOT TIF. [INDISCERNIBLE] THE NEXT SLIDE IS SUPPORTING THAT WITH A ARTICLE FROM THEM THIS SLIDE TALKS ABOUT SCHOOLS ARE PRIMARILY FUNDED FROM STATE ENROLLMENT AND TIF DOESN'T HURT THEM AND FINALLY THIS JUST SUMS UP A PIE GRAPH OF THE DIFFERENT TAXING UNITS THAT MAKE UP THE TAXING RATE. ANY QUESTIONS?
>> CAN YOU JUST GO OVER THE BASIC CONCEPT OF THE TIF AND WHY WE USE IT AND HOW IT INCREASES THE ASSESSED VALUE OR IF HENRY WANTS TO DO THAT, THAT IS FINE.
>> I AM HAPPY TO DO THAT. GENERALLY THE USE OF TIF ENABLES THE KIND OF PROJECT THAT WOULD NEVER EXIST ON ITS OWN. USING TIF TO INCENTIVIZE A PROJECT BASED ON THE LAST 15 PROJECTS THAT HAVE BEEN DONE AT
[00:15:05]
THE REDEVELOPMENT COMMISSION WE HAVE EMPIRICAL EVIDENCE THAT IT RAISES THE VALUE OF THE PARCELS OF WHICH THE PROJECT IS 10 TIMES, 20 TIMES, 30 TIMES AND IT'S PRETTY EASY TO VISUALIZE CONCEPTUALLY IF THERE IS A PROPERTY AND A DEVELOPER CAN ONLY AFFORD TO PUT A COUPLE OF TWO-STORY APARTMENT BUILDINGS ON THEIR BECAUSE IN INDIANA I DEVELOPER USUALLY CANNOT AFFORD TO BUILD PARKING GARAGES. THE LAND IS TOO CHEAP AND FLAT AND IT'S EASY FOR DEVELOPERS TO ? APARTMENTS IF THE CITY WANTS TO INCENTIVIZE HIGHER ASSET VALUES FOR THE LAND IN A MORE VIBRANT AREA AND A SMARTER URBAN DEVELOPMENT ONE EXAMPLE IS TO USE THE FUTURE TAXES FROM A PROJECT TO BUILD A GARAGE THAT ALLOWS THAT GARAGE TO BE WRAPPED WITH MULTI FAMILY SO NOW INSTEAD OF TWO-STORY BUILDINGS THE SAME PARCEL CANAL FIT A MUCH LARGER $50 MILLION APARTMENT PROJECT WITH FIRST FLOOR RETAIL AND ONLY MADE POSSIBLE BY THE FACT THAT THE FUTURE TAXES FROM THAT PROJECT ARE USED FOR THE CONSTRUCTION OF THE GARAGE ON THAT PROJECT INITIALLY.THAT'S A PRETTY GOOD EXAMPLE OF HOW TIF GENERALLY WORKS AND SO THE CITY GETS A RESULT BETTER QUALITY PROJECTS THAT HAVE A HIGHER ASSESSED VALUE SO THEY CAN CONTINUE PAYING TAXES EVEN AFTER THE TIF AREAS EXPIRE THE LAST 25 YEARS WE HAVE LARGER BETTER QUALITY PROJECTS THAT CONTINUE PAYING TAXES TO THE CITY AND WE JUST WENT THROUGH A BUNCH OF THEM WHERE THERE IS NO RISK ON THE CITY OR ON THE TAXPAYERS WHEN THESE DEVELOP THE BOND STYLE TIF PROJECTS ARE DONE.
SO THAT GENERALLY IS HOW TIF WORKS USE THE FUTURE TAXES ASSUMING A PROJECT WILL PAY IN THE PROJECT CAN ONLY GET BUILT IF PART OF THE INCENTIVE IS FUTURE TAXES AND INCREASES OUR VALUE AND IT CREATES ALLOWS US TO USE URBAN PLANNING AS A TOOL TO CREATE A VIBRANT DOWNTOWN. DOES THAT ANSWER YOUR QUESTION COMMISSIONER?
>> AND I UNDERSTAND THAT SO THE NEXT PART OF THE PROCESSES YOU WILL GET AN ASSET WITH A HIGHER ASSESSED VALUE MAY BE INITIALLY. NOT ALL THAT BUT NOW WE HAVE SEEN SOME OF THOSE TAXES BEING SPLIT AND IT'S GOING TO INCREASE THE ASSESSED VALUE GOING FORWARD INTO THE FUTURE WHEN IT IS OUT OF WHATEVER THE NEGOTIATED TIF IS AND
>> THAT IS 25 YEARS AND THERE'S OTHER BENEFITS AND AMONG THEM THE FACT THAT WE HAVE A SCHOOL REFERENDUM RATE ON TOP OF ANY PROPERTY THAT ATTACHES TO ANY PROPERTY IN THE CITY AND SO WHEN WE TAKE A PROPERTY THAT IS WORTH AROUND $300,000 AND TURN IT INTO A $50 MILLION PROJECT THAT IS THE INCREASE OF NEW MONEY FLOWING TO THE SCHOOLS BECAUSE OF REFERENDUMS ON TOP OF EVERY SINGLE PROPERTY. AND ANOTHER WAY TO PUT IT IS THIS EASIER WITH APARTMENTS BECAUSE YOU CAN IMAGINE EVEN IF THE URBAN STYLE PROJECT DOESN'T HAPPEN MAYBE SOMEBODY PUTS UP TWO-STORY APARTMENTS. IT'S A LOT EASIER CONCEPTUALLY WITH NEW OFFICE JOBS. CAR BEING CHIEF AMONG THEM IF THE FUTURE TIF IS NOT USED TO INCENTIVIZE THAT PROJECT AND COVER THE COST OF THE GARAGE THAT PARKS THE OFFICE THE OFFICE DOESN'T FIT ON THAT PIECE OF LAND AND THERE IS NO PROJECT THERE AT ALSO TIF IS USED TO ESSENTIALLY POWER ECONOMIC DEVELOPMENT IN THE CITY DEPENDING ON WHAT KIND OF PROJECT WE ARE TALKING ABOUT.
>> THANK YOU. I KNOW THAT IT'S A VERY STRONG MESSAGE ABOUT THE VALUE OF TIF AND EDUCATING EVERYONE IN THES INCREASED ASSESSED VALUE FOR THE CITY I FELT IT WAS IMPORTANT THAT WE SHARE THAT KNOWLEDGE WITH ANYONE THAT MIGHT BE WATCHING THIS PRESENTATION TODAY.
>> TO ANYONE WATCHING AND LISTENING YOU'RE TALKING ABOUT PROJECTS HOWEVER THE TIF PROJECTS THE LAST FIVE YEARS HAVE A COMBINED APARTMENT IN FOR-SALE RESIDENTIAL PROJECTS
[00:20:03]
THAT WE AS A CITY ALSO GET A BENEFIT OF INCOME TAXES THAT ARE PAID IN THE CITY AND SO WHEN A PIECE, ONE THING ABOUT 116 AND RANGE LINE FOR EXAMPLE AN OLD STRIP CENTER THAT HAS BEEN DEMOLISHED AND THAT TURNS INTO A FIVE-STORY APARTMENT PROJECT ALL OF THE INCOME THAT NOW BECOMES CARAMEL ADDRESSES ALSO GET THE BENEFIT OF A LOT OF THAT INCOME TAXES WELL SO THERE'S ALL SORTS THAT ARE NOT COVERED BY THIS REPORT.>> OTHER QUESTIONS COMMISSIONERS?
>> SO IN PREVIOUS REPORTS IT SEEMED TO ME LIKE WE HAD A SUMMARY OF THE ANNUAL REVENUE I DON'T SEE THAT IN HERE.
MAYBE I MISSED IT. 30 TO 32 MILLION.
>> I THINK IT'S PAGE 5. >> WHAT IS THAT NUMBER? I AM LOOKING AT PAGE 5 AND I DON'T SEE A NUMBER.
AND THE REASON I AM ASKING IS BECAUSE THIS IS A DOCUMENT THAT THE PUBLIC WOULD FIND HELPFUL AND VALUABLE
>> PAGE 15 ARE WE STILL IN THE 30S?
>> IS 30 MILLION.HE REVENUE FROM 2022.
>> GREAT. FOR THE PERSON I'M GOING TO SEND THIS TO THE AVERAGE TAXPAYER, WHERE DO THEY SEE THAT NUMBER?
>> IS THE FIRST LINE UNDER THE REVENUE
>> >> I JUST HAVE TO LOOK AT THE GRAPH. THAT IS WHAT YOU'RE SAYING.
THANK YOU THIS IS WHAT I AM LOOKING FOR.
>> I THINK CAN YOU FLIP THE NEXT PAGES FOR ONE MORE SECOND?
>> AGAIN THIS IS PROBABLY THE MOST IMPORTANT SUMMARY OF EVERYTHING WE HAVE TALKED ABOUT TODAY.
THIS BAR GRAPH IS THAT WHAT IT'S CALLED? THIS GRAPH REPRESENTS CRC REVENUES EVERY YEAR THROUGH 2037 WHICH IS THE LAST YEAR THAT OBLIGATIONS HAVE TO BE PAID OUT OF THE BIG TIF AND IT SHOWS THE REVENUE THAT WE RECEIVE AND HOW WE ARE MAKING PAYMENTS AND THAT WE ARE PLANNING AHEAD IN THE YEARS 35, 36, 37 SOME OF THE ALLOCATION AREAS RIGHT NOW WE HAVE A SAVINGS ACCOUNT WE CALL THE RESERVE TO COVER THOSE IN THE 36, 37 YEARS AND THAT'S PRUDENT FISCAL PLANNING.
>> MR. LEE I KNOW YOU HAVE IT IN YOUR CASH FLOW REPORT BUT IT MIGHT BE A GOOD IDEA TO REMIND EVERYONE HOW MUCH IS CURRENTLY IN THOSE RESERVE ACCOUNTS?
>> FOR ANYBODY THAT COULDN'T HEAR WHERE THAT WAS 7.7 MILLION. CEMEX OUT IN CASE SOMEBODY PROTESTS THEIR TAXES OR WHATEVER AROUND DON'T GET THE PAYMENT ON TIME WE HAVE A SOURCE OF FUNDS TO TAKE CARE OF
THE PROBLEM AND >> PAGE 14 DOES HAVE THE
BALANCE IN JUNE 2022 >> WE ARE DOING A LITTLE BIT OF BACKGROUND WE HAVE PROPERTY TAX BACKUP ON A BOND WE HAVE A PILOT OR FASHION SOME SORT OF GUARANTEE AND TREATMENT CAN WE GO BACK TO ONE OF THOSE CITY CENTER SLIDES? STUDENT THE MAJORITY OF THE PROJECTS WE HAVE LOOKED AT TODAY DURING THE PRESENTATION ARE WHAT ARE CALLED DEVELOPER BACK BONDS DEVELOPER TIF ON THE BOND IS BOUGHT BY THE DEVELOPER AND IF NO TAXES ARE PAID ON A PROJECT AND NO FUNDS ARE COLLECTED BY THE CITY TO TURNOVER MAKE DEBT SERVICE ON
[00:25:02]
THOSE THE HOLDERS OF THE BONDS ARE DEVELOPERS AND NEITHER THE CITY OR THE TAXPAYERS ARE EVER ON THE HOOK FOR THAT.THERE ARE SOME PROJECTS THAT HAVE BEEN DONE IN THE PAST THAT WE CAN CONSIDER KABBALISTIC TRANSFORMATIONAL PROJECTS.
CITY CENTER, MIDTOWN THAT REALLY NEEDED TO START AND TO MAKE OUR MONEY GO FURTHER THERE WAS A PROPERTY TAX BACKUP TO GET BETTER RATES AND GET MORE NET PROCEEDS FROM THOSE SPONSORED IN THAT CASE WHAT USUALLY HAPPENS IF THERE IS EVER A CHANCE THAT THERE IS A RISK THAT THE TAXPAYER OBLIGATION WOULD EVER BE TRIGGERED, THAT USUALLY HAS TO GO TO A PUBLIC REFERENDUM UNLESS A BOND COUNSEL DETERMINES THE KINDS OF PROTECTIONS THAT THE REDEVELOPMENT COMMISSION HAS PUT IN PLACE ON THOSE BONDS ARE SUCH THAT THE TAX PAYER BACKING WILL NEVER GET TRIGGER SERVICES REDEVELOPMENT COUNSEL AND BOND COUNSEL WORKING TOGETHER WITH LAYERS OF PROTECTION TO MAKE SURE THE TAXPAYER BACKING DONE TO GET US BETTER RATES WOULD NEVER BE TRIGGERED.
WE NEVER HAD A REFERENDUM WE ALWAYS HAD BOND ? THAT RECOGNIZE THAT SO CITY CENTER IS A ? SO ITS TOUGH TO SEE ON THE RIGHT THERE ARE VARIOUS PROTECTIONS THAT MAKE SURE THE TAXPAYER BACKING NEVER GETS TRIGGERED.
IN THIS CASE THERE ARE DEVELOPER PAYMENT IN ADDITION TO TAXES AND WE KNOW WHAT THE DEBT SERVICE NEEDS TO BE ON THOSE BONDS AND IF IT EVER GETS BUILT IF IT EVER PAYS TAXES REGARDLESS OF THAT THE DEVELOPER HAS TO WRITE A CHECK, EACH HALF YEAR WHEN TAXES ARE DUE TO MAKE THOSE BOND PAYMENTS SO EACH BUILDING IN CITY CENTER FOR EXAMPLE THERE IS A PIATS ON EVERY SINGLE BUILDING FOR THE LAST TWO ARE BEING BUILT NOW FOR THESE WERE BEING BUILT THE DEVELOPER JUST CUT THE CHECK AND ANYBODY, THESE PIATS ARE RECORDED ON THE LAND BEFORE THE MORTGAGES AND EVEN IF THE DEVELOPER SELLS THE BUILDING THE NEW OWNER AS TO MAKE THE SAME PAYMENTS AS REQUIRED ON THE PIATS IN ADDITION TO THE PIATS THERE WERE GLOBAL GUARANTEES MONEY PARENT COMPANIES PERSONAL GUARANTEES.
I NOW IN THE PAST WHEN WE VENT A PERSONAL GUARANTOR MEANING THE INDIVIDUAL CORPORATE WE HAVE COMMISSIONER BAUER SOME OUTSIDE PROFESSIONAL LEADS ON A REVIEW OF THOSE ENTITIES TO MAKE SURE THE GUARANTORS ARE ACTUALLY MONEY GUARANTORS ON THE SPECIFIC PROJECT THERE'S ALSO LETTERS OF CREDIT FROM FINANCIAL INSTITUTIONS AS WELL AND ALL OF THOSE LAYERS OF PROTECTION WORK TOGETHER TO MAKE SURE THE TAXPAYER BACKING NEVER GETS TRIGGERED. AND THAT COMES WITH A BOND OPINION AS WELL. SO THAT IS JUST AN EXAMPLE OF THE VARIOUS WAYS WE PROTECT OUR TAXPAYERS WHILE STILL DOING INCREDIBLE PROJECTS.
>> JUST TO ADD TO THAT THE CRC IS GETTING ANNUAL FINANCIAL REPORTING FROM THE DEVELOPER GROUPS BASED ON A PREAPPROVED BASIS AND MIKE TRACKS THAT ON AN ANNUAL BASIS AS WELL FOR US.
>> AND I WILL ADD IF ANY OF THESE ASSETS GET SOLD BY DEVELOPER OWNERS. THEN WE VENT THE FINANCIALS OF THE BUYERS BECAUSE THEY STEP INTO THE SHOES AS REPLACEMENT GUARANTORS FOR EXAMPLE SO THIS IS SOMETHING THAT IS INCREDIBLY THOROUGH AND THOUGHT OUT IN THE WAY SO WE TRACK THIS.
>> OTHER QUESTIONS AT THIS POINT? SEEING NONE WE WOULD LIKE TO THANK YOU FOR YOUR ANNUAL REPORT AND APPRECIATE THAT VERY MUCH.
FOR ONE SECOND YOU MIGHT GIVE A LITTLE BACKGROUND, IF YOU WOULD, ON BAKER TILLY AND WHAT THE ROLE IS.
I KNOW YOU ARE AN ACCOUNTING FIRM BUT YOU'RE ALSO QUALIFIED FOR MUNICIPAL FINANCE AND OTHER ASPECTS.
[00:30:03]
YOU WANT TO GIVE US 1/32. [INDISCERNIBLE] BAKER TILLY?>> >> SO MUNICIPAL ADVISORS FOR THE CITY OF CARMEL AND OTHER TOWNS AND COUNTIES IN INDIANA AND OUR PARTNERS HAVE LICENSES THAT ALLOW US TO DO THAT AND WE ARE JUST ABLE TO ASSIST WITH ANY MATTERS THAT THE COMMISSION NEEDS MOSTLY FINANCIAL OBVIOUSLY.
WE ARE NOT LAWYERS.E DEFTLY SEEK THE HELP OF LEGAL COUNSEL AND SOME ISSUES AS WELL AND IT'S KIND OF A FORTE AND
>> I WILL ADD THAT BAKER TILLY AND ITS PREDECESSORS HAVE BEEN ON BOARD SINCE THE FORMATION OF THE CARMEL REDEVELOPMENT COMMISSION AND MUNICIPAL ADVISORS FROM DAY ONE AND THAT CONTINUITY IS VERY APPRECIATIVE.
>> THERE HAVE BEEN MANY DIFFERENT PEOPLE AND HEIDI AND SOME OF THE FACES HAVE CHANGED BUT BAKER TILLY HAS BEEN THERE.
>> ONE THING THAT WAS IMPORTANT TO NOTE WAS YOUR FIRM IS LICENSED AND QUALIFIED AS MUNICIPAL ADVISORS AND SO JUST SOMETHING YOU DO BECAUSE YOU WANT TO DO IT.
BUT IT DOES TAKE A LOT OF WORK TO GET THERE.
[5. APPROVAL OF MINUTES]
SO WITH THAT. IF THERE ARE NO FURTHER QUESTIONS WE WILL MOVE ON AND ARE THERE ANY CORRECTIONS OR ADDITIONS TO THOSE MINUTES? MOVE TO APPROVE.THANK YOU.WOULD YOU PLEASE CALL THE ROLE SINCE THE VOTING
MACHINES ARE NOT WORKING TODAY >>.
[6a. Cash Flow Report]
THANK YOU VERY MUCH WE WILL NOW MOVE ON TO OUR FINANCIAL MATTERS AND THE CASH FLOW REPORT.MR. LEE. ASSUMING THE BALANCE FOR NOVEMBER WAS $6,774,567 INCLUDING THE RESTRICTED FUND 6,000,700 ? AND WE DID RECEIVE THE TIF EARLIER THIS WEEK AND WE HAD SOME LATE PAYERS TO THE TUNE OF ABOUT $880,000 THAT WE WILL BE RECEIVING TOMORROW SO OVERALL WE DID BETTER THAN WE THOUGHT WE WOULD FOR THE SECOND HALF OF THE YEAR.
>> IT WOULD TAKE JUST A SECOND I WOULD APPRECIATE IT IF YOU WOULD DESCRIBE WHAT HAPPENS WHEN SOMEBODY PAYS LATE AND HOW WE CAN GET THE FUNDS ADVANCED FROM THE COUNTY.
>> CERTAINLY WHEN SOMEBODY PAYS LATE THAT USUALLY GOES TO THE NEXT CYCLE AND IT WAS DUE IN NOVEMBER AND IF IT GOT PAID LATE AND NORMALLY WOULD GO TO THE DISTRIBUTION AND WE CAN ALWAYS REQUEST FROM THE COUNTY AND WE CAN OBLIGE THIS TO HAVE THAT TO US AHEAD OF TIME ESPECIALLY WITH THE DEVELOPMENT BOND THAT WE NEED TO HAVE THIS PAID TO OUR BONDED TIME THAT WE CAN REQUEST THEM TO PAY ON THAT AND WE HAVE DONE THAT BEFORE AND THANKFULLY THEY CAN HELP US OUT.
>> ALL OF THE BOND PAYMENTS ARE CURRENT AND I KNOW WE HAVE ONE OR TWO LATER LEFT TO BE PAID BY THE END OF THE YEAR BUT WE HAVE MORE THAT SHOULD TAKE CARE OF THAT.
>> THEY WILL ALL GET PAID BY JANUARY 1. SUMI THANK YOU VERY
[6b. Approval of Claims]
MUCH. SUE MAKE ANY OTHER QUESTIONS ABOUT THE CASH FLOW REPORT? IF NOT WE WILL MOVE ON TO THE APPROVAL OF CLAIMS WHAT'S AHEAD.>> WE HAVE 43 SETS OF CLAIMS ONE IN THE AMOUNT OF $15,652,127.21. A MAJORITY OF THAT IS FOR DEBT SERVICE THE SECOND ONE IS FOR THE 2021 BONDS IN THE AMOUNT OF 127,000 AND THE AMOUNT OF $387. ET ME KNOW IF YOU HAVE ANY
QUESTIONS. >> ANY QUESTIONS FOR MR. LEE? A FEW MINUTES AGO THE DIRECTOR WAS TALKING ABOUT THE LOCAL OPTION INCOME TAX FUNDS THAT ARE BEING GENERATED BY PEOPLE LIVING IN THE CITY OF CARMEL SO THIS IS LOCAL INCOME TAX IT IS
[00:35:04]
THE SHARING OF A PORTION OF THE COUNTY LOCAL INCOME TAX WITH THE CITY OF CARMEL AND IN THE PAST I HAVE BEEN ? SOME PEOPLE HAVE BEEN WORRIED PEOPLE WHO WERE LIVING IN APARTMENTS OR WHATEVER WERE PAYING THEIR SHARE AND THEY REALLY GO SO THIS MECHANISM AND THAT'S AN IMPORTANT FINANCING TOOL THAT THE CITY USES AND SO ANY OTHER QUESTIONS OF MR. LEE AT THIS POINT? WAS THAT.IF IT IS YOUR PLEASURE GENTLEMEN AND LADIES.
THAT YOUR CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL OF THE CLAIMS FOR THIS MONTH.
>> IS THERE A SECOND? MOVED AND SECONDED.OULD YOU PLEASE CALL THE ROLL?
[7. EXECUTIVE DIRECTOR REPORT]
IT IS APPROVED. WE WILL NOW MOVE ON TO THE EXECUTIVE DIRECTOR REPORT ON. [INDISCERNIBLE].>> I THINK THE BAKER TLLY HAD A THOROUGH REPORT OF NOT JUST PAST PERFORMANCE BUT SOME OF THE NEW PROJECTS THAT ARE HAPPENING AND I DON'T WANT TO BE REDUNDANT.
SO I WOULD WANT TO TAKE THIS MOMENT TO SHOW SOMETHING NEW.
REDEVELOPMENT COMMISSION HAS BEEN WORKING IN CONJUNCTION WITH COMMUNITY RELATIONS ON A NEW WEBSITE THAT IS ALMOST A COMBINATION WEBSITE FOR THE REDEVELOPMENT COMMISSION AS WELL AS A BUSINESS EXPANSION AND RETENTION WEBSITE FOR THOSE OUTSIDE OF THE CITY LOOKING TO INVEST.
IT ALLOWS IT GIVES A QUICK OVERVIEW OF WHY CARMEL IS A GOOD PLACE TO CALL HOME AND MOVE YOUR FAMILY TO AND ALSO JUST PROVIDING QUICK BLURBS AND LINKING TO OTHER ATTRACTIONS, PROGRAMS THINGS THAT MAKE LIVING IN CARMEL GREAT.
I WILL SAY THAT THE SITE IS STILL A WORK IN PROGRESS AND THERE IS A SECTION 4 SITE SELECTORS OFTEN TIMES THEY SOMETIMES WANT EMPIRICAL DATA AND INFORMATION THAT THEY WORK TO PREPARE FOR THEIR CLIENT SO WE WANT TO PUT IT IN ONE PLACE AND MAKE IT EASILY ACCESSIBLE. FOR THE PURPOSES OF THE COMMISSION THIS IS PROBABLY THE MOST EXCITING PAGE IT IS ALL THE PROJECTS THAT THE REDEVELOPMENT COMMISSION HAS DONE IN THE PAST. PROJECTS THEY ARE WORKING ON NOW AND PROJECTS CONSTRUCTED. EACH OF THESE ARE CLICKABLE AND ALLOWS YOU TO SEE FIRST OF ALL WHAT A PROJECT IS HOW TAX INCREMENT FINANCE HAS BENEFITED EACH PROJECT.
AND I THINK IT ALLOWS PEOPLE. LET'S PICK A DIFFERENT ONE.
IT ALLOWS PEOPLE TO SEE, ESPECIALLY PEOPLE MOVING TO CARMEL, WHAT WAS THERE BEFORE THESE BUILDINGS WENT UP SO IT ALLOWS US TO TRACK THE PROGRESS OF THE REDEVELOPMENT COMMISSION FROM THE BEGINNING TO BUILDINGS TODAY SO IF ANYBODY WANTS ANY INFORMATION ON THE BUILDING THAT THE REDEVELOPMENT COMMISSION HAS BEEN INVOLVED IN, THIS IS A GO TO SOURCE FOR ALL OF THAT. EVERY PROJECT IS LISTED ON HERE. ADDITIONALLY THERE IS INFORMATION ON THE REDEVELOPMENT COMMISSION IN EDUCATIONAL WHAT TAX INCREMENT FINANCES SO WE WANTED TO PUT TOGETHER A ONE-STOP SHOP TO ALLOW ANYONE INTERESTED WITH THE REDEVELOPMENT COMMISSION THE PROJECTS, TO HAVE A WEBSITE
[00:40:04]
FOR THAT. I WILL BE PRESENTING THIS AT COUNCIL'S NEXT MEETING AND GENERALLY WORKED TO IMPROVE THE WEBSITE AND DISSEMINATE INFORMATION TO MAKE SURE THAT IT IS ACCESSIBLE. I WILL ALSO SAY THAT WHEN MAKING CITIES LIVABLE CONFERENCE WAS HERE ONE THING THEY DID WAS PUT UP SIGNAGE NEXT TO PROJECTS TO SEE BEFORE AND AFTER PICTURES AND EACH HAS A CODE THAT LINKS BACK TO THE PROJECTS ON THIS WEBSITE. THIS IS SOMETHING WE WILL CONTINUE DOING AND THAT CONCLUDES THE DIRECTORS REPORT AND I'M HAPPY TO ANSWER ANY QUESTIONS.>> DO WE HAVE QUESTIONS FOR THE DIRECTOR? COMMISSIONERS? SEE NONE.
WE WILL MOVE ON TO THE ARCHITECTURAL REVIEW COMMITTEE.
COMMISSIONER BROOKS? WE DIDN'T WANT ? WE DID NOT MEET THIS MONTH.
>> THANK YOU COMMISSIONER. WITH THAT IS THERE ANY OLD BUSINESS TO COME BEFORE THE COMMISSION TODAY?
[10a. Action Item #1 – Resolution 2022-33: Defeasance of 2013 Illinois Street Bonds]
SEEING NONE. WE WILL MOVE ON TO NEW BUSINESS AND THE FIRST ACTION ITEM AS RESOLUTION 2022 ? 33 WHICH IS THE 2013 ILLINOIS STREET BONDS AND THIS WILL ALLOW THE PAYOFF OF THE BALANCE OF THE 2013 STREET BONDS AND MR. LEE WOULD YOU DESCRIBE THIS FOR THE COMMISSION?>> I WANT TO GO TO THE SUPPLEMENTAL RESERVE AND AS WE MENTIONED THAT IS SET UP TO COVER US IN THOSE LEAN YEARS AND WHEN THOSE HAVE FALLEN OFF WE HAVE A DEBT STILL OUTSTANDING SO IT'S LIKE A SAVINGS ACCOUNT NOW WE ARE UTILIZING IT TO PAY OFF DEBT EARLY AND RIGHT NOW THE RESERVE FUND HAS 7.7 MILLION. AND THE REASON WHY WE ARE DOING THIS NOW ARE THE STREET BONDS ONLY HAVE ABOUT 4.8 MILLION OF PRINCIPAL AND THEY BECAME UNREDEEMABLE THIS YEAR.
SO THEY ARE REDEEMABLE NOW AND WE ARE LOOKING TO PAY OFF THAT PRINCIPAL AMOUNT AS WELL AS IN THE INTERESTS SINCE THE LAST BOND PAYMENT AND WE HAVE A SERVICE IN PLACE THAT WE CAN USE TO PAY DOWN TO THE TUNE OF 575,070 DO THAT MATH TOGETHER WE NEED TO HAVE ABOUT $4.3 MILLION FROM THE SUPPLEMENTAL RESERVE FUND TO PAY THIS OFF AND WE WILL BE DOING THAT AT THE BEGINNING OF JANUARY AND SO THAT SHOULD RESULT IN THE SAVINGS OF $1.2 MILLION AND SO I THINK THIS IS A NO-BRAINER TO SAVE SOME INTEREST AND ONE THING WE HAVE TO DO SINCE WE ARE TAKING 4.3 MILLION WE HAVE TO PAY SOME OF THAT BACK SO WE HAVE FUNDS IN THEIR AND THE OTHER THING WE HAVE TO DO IS AMEND THE REVENUE DEPOSIT AGREEMENT WHICH STIPULATES THOSE THINGS SO WE WILL BE PUTTING MORE MONEY BACK INTO THE RESERVE OVER THE NEXT FEW YEARS TO MAKE UP FOR THAT SO THIS IS AMENDING THE REVENUE DEPOSIT TO REFLECT THAT.
LET ME KNOW IF YOU HAVE ANY QUESTIONS.
>> THIS IS ONE OF THOSE THINGS THAT REQUIRE BOTH COUNSELING COMMISSION ACTION AND THIS WILL BE GOING TO COUNCIL LATER THIS MONTH.
>> QUESTIONS COMMISSIONERS? I KNOW THAT I THINK IT'S IMPORTANT TO NOTE THAT MIKE AND BILLY BAKER TILLY HELPS IN THIS AND OUTSTANDING BONDS TO SEE IF THEIR OPPORTUNITY IS TO PAY THEM OFF EARLY AND IN THE RECENT PAST WHEN RATES WERE VERY LOW WE TOOK THE OPPORTUNITY TO REFINANCE USING A MORE ATTRACTIVE INTEREST RATE SO THIS IS A REGULAR PART OF WHAT WE DO TO MAKE SURE THAT THE BONDS ARE PERFORMING AT THE BEST LEVEL WE POSSIBLY CAN.
>> I BELIEVE WE COULD DO ANOTHER ONE OF THESE AS WELL.
>> THE OTHER THING THAT IS IMPORTANT IS BECAUSE OF THAT CARMEL DOES HAVE A GOOD REPUTATION IN THE BOND COMMUNITY I BELIEVE WE DID HAVE SOME BONDS AND ONE OF THE ACTIVITIES THAT THE REDEVELOPMENT COMMISSION WORKS WITH THE CITY VERY CLOSELY THE ROOT FINANCING FOR CITIES IN
[00:45:01]
INDIANAPOLIS IS A STRANGE ANIMAL AND AND IT ALLOWS THAT TO BE FINANCED AND SO WE ARE IN THE PROCESS OF CLOSING.T MAY HAVE CLOSED YESTERDAY OR TODAY AND THE ROADWORK THAT IS DONE HERE WITH THE REDEVELOPMENT COMMISSION AND JUST IN GENERAL WHAT KIND OF INTEREST RATES ARE WE SEEING ON THOSE BONDS?>> WE HAD 10 BIDDERS. IT WAS A GREAT EVENING.
AND >> ANYWAY THIS IS ONE OUTFLOW OF ALL OF THAT BUT IT'S A CONTINUING PROCESS THAT WE DO IN THE CITY DOES AS WELL WITH THE BONDS THAT ARE NOT RELATED AND HOW WE MANAGE FINANCES.
>> REGARDLESS OF WHAT SHE READ ON FACEBOOK OR SEE LETTERS TO THE EDITOR WE HAVE 2 SO FAR THE FINANCIAL REPORTING THAT'S GOING ON AT THIS MEETING IS A GREAT EXAMPLE OF THE STRENGTH OF THE REDEVELOPMENT COMMISSION AND GOOD FISCAL MANAGEMENT THAT IS EASY SOMETIMES TO PICK PARTS OF IT APART BUT THE OVERALL PICTURE DOESN'T GET TALKED ABOUT IN MY OPINION.
>> ANY MORE QUESTIONS OF MR. LEE REGARDING THE CURRENT ACTION ITEM FOR US ON THE 2013 ILLINOIS STREET BONDS? SEEING THAT OFFICIAL OR PLEASURE, WE WOULD ENTERTAIN A MOTION OF APPROVAL.
>> MOTION TO APPROVE RESOLUTION 2022 33 ILLINOIS STREET BONDS.
>> IT HAS BEEN MOVED AND SECONDED.WOULD YOU PLEASE CALL THE ROLL?
[10b. Action Item #2 – Declaratory Resolution 2022-34 re: ATT allocation area]
>> THANK YOU VERY MUCH. WE WILL MOVE ON TO THE NEXT ACTION ITEM NUMBER TWO WHICH IS A DECLARATORY RESOLUTION FOR THE ATT ALLOCATION. [INDISCERNIBLE] SAMANTHA BOND FOR THIS HAS BEEN APPROVED BY COUNSEL.
IT'S A RECAP AND THIS IS IN THE MIDTOWN AREA THAT'S THIRD AVENUE GOING NORTH AND SOUTH AND THIS IS JUST WEST OF THE MIDTOWN WEST PROJECT AND MERCHANTS BANK IS LOCATED IN THIS IS A BUCKINGHAM PROJECT IN THE TUNE OF 130 MILLION IT'S GOING TO HAVE TO 34 MULTIFAMILY UNITS 80,000 SQUARE FEET OF CORPORATE HEADQUARTERS AND A BOUTIQUE HEADQUARTER THERE WILL BE PUBLIC PARKING.
>> THIS IS THE FIRST STEP IN A SEVERAL STEP PROCESS AND THINGS WILL GO TO THE CARMEL PLANNING COMMISSION AND AFTER THAT IT WILL GO TO THE CARMEL CITY COUNCIL AND IT COMES BACK HERE FOR A PUBLIC HEARING ON THE MATTER AND FINALLY THERE WOULD BE A CONFIRMING RESOLUTION THAT WOULD BE ADOPTED AND THIS IS THE ONSET OF THE PROCESS AND THERE ARE STILL A NUMBER OF STEPS HOPEFULLY.
>> ANY QUESTIONS OF MR. LEE REGARDING THIS PROJECT? SEEING NONE, IF IT IS YOUR PLEASURE WE WILL ENTERTAIN A MOTION OF APPROVAL FOR ACTION ITEM NUMBER TWO RESOLUTION 2022 ? 34.
>> I WILL MAKE A MOTION TO APPROVE RESOLUTION 2022 ? 34 REFERENCING THE AMENDMENT TO THE RESOLUTION AND DEVELOPMENT
[00:50:01]
PLAN FOR THE OLD TOWN ECONOMIC DEVELOPMENT AREA WHICH IS THE ATT ALLOCATION AREA.>> THANK YOU IS THERE A SECOND? IT HAS BEEN MOVED AND SECONDED.
IF YOU WOULD PLEASE CALL THE ROLL.
[10c. Action Item #3 – Declaratory Resolution 2022-35 re: Crossing allocation areas]
>> WE WILL MOVE ON TO OUR NEXT ACTION ITEM WHICH IS RESOLUTION 2022 ? 35 AND THAT'S AMENDING THE RESOLUTION FOR THE CROSSING ALLOCATION AREAS. MR. LEE IF YOU WOULD DESCRIBE THIS PROJECT.
>> THIS IS A SIMILAR SCENARIO IT HAS GONE TO THE BOND PROCESS WE ARE CREATING A BOND ? FOR THIS AREA SO IF YOU REMEMBER THIS IS THE REPUBLIC AIRWAYS PROJECT THERE ARE TWO PHASES TO THIS. THE SOUTHERN PHASE IS PHASE 1 WHICH HAS THE TRAINING CENTER WITH THE FLIGHT SIMULATORS AND THE NORTHERN SECTION IS WITH THE CORPORATE HEADQUARTERS OFFICE AND PARKING GARAGE WITH MULTI FAMILY UNITS AND THIS IS A GENERAL MILLION DOLLAR PROJECT AND LIKE YOU SAID BEFORE THIS IS THEFIRST . [INDISCERNIBLE] AND STARTING IN JANUARY.
>> QUESTIONS OF MR. LEE? ONCE AGAIN THIS WILL BE GOING TO THE PROCESS I DESCRIBED EARLIER AND I DID HAVE ONE QUESTION I VIEW IN THIS MEETING AND AS YOU WERE COMING EAST ON HUNDRED 26 STREET INSTEAD OF REACHING THE ROUNDABOUT COME OVER 31 THERE IS AN ENTRANCE INTO THE PROPERTY THAT IS A PRETTY SHARP DROP-OFF AND THAT WAS A PRE-EXISTING ENTRANCES THAT PURCHASE OF ? ANTICIPATED THAT WILL REMAIN AS AN ENTRANCE OR WHAT WOULD BE HAPPENING?
>> I AM ASSUMING THAT WOULD CHANGE AT SOME POINT THAT THE NORTHERN PART IS A FUTURE DEVELOPMENT.
THAT HAS NOT BEEN DETERMINED YET.
>> COMMISSIONERS, QUESTIONS OF MR. LEE AT THIS POINT? SEEING THAT IF IT IS YOUR PLEASURE THE CHAIR WILL ENTERTAIN A MOTION OF APPROVAL.
>> I MOVE THAT WE APPROVE RESOLUTION 2022 ? 35.
>> IT HAS BEEN MOVED AND SECONDED.OULD YOU PLEASE CALL THE ROLL?
[10d. Action Item #4 – Declaratory Resolution 2022-36 re: 111 Penn Redevelopment Area.]
>> WE WILL MOVE ON TO ACTION ITEM FOR WHICH IS RESOLUTION 2022 ? 36 WHICH IS DESIGNATION AND REDEVELOPMENT AREA TO BE KNOWN AS A 111 PIN REDEVELOPMENT AREA.NCE AGAIN IF YOU WOULD DESCRIBE THIS PROJECT.
>> THIS HAS BOND APPROVAL AGAIN BY CITY COUNCIL THIS IS A LARGE PROJECT PUTTING FORWARD AT 111TH AND PENN AND THIS IS JUST A REDEVELOPMENT AREA IT'S CURRENTLY AN ADA AND THIS FIRST IS TO CREATE A REDEVELOPMENT AREA AND WE ARE DOING THIS BECAUSE IT'S PREFERABLE IN TERMS OF INVESTING INTO THE PROJECT AND THIS DOESN'T CHANGE ANYTHING FOR US IS JUST TO HELP WITH THE PROCESS. THIS IS THE FIRST STEP OF THE PROCESS.
>> COMMISSIONERS, QUESTION OF MR. LEE AT THIS POINT? SEEING AND IF IT IS YOUR PLEASURE THEY WILL ENTERTAIN A
MOTION OF APPROVAL. >> APPROVAL FOR THE REDEVELOPMENT AREA IN THE CITY TO BE KNOWN AS THE 111 PENN REDEVELOPMENT AREA.HANK YOU COMMISSIONER BROOKS.
IS THERE A SECOND? THANK YOU COMMISSIONER BOWERS
[00:55:09]
IT HAS BEEN MOVED AND SECONDED. WOULD YOU PLEASE CALL THE ROLL FOR US?[10e. Action Item #5 – Approval of 2023 Budget]
>> THANK YOU VERY MUCH AND NOW WE WILL MOVE ON TO THE FINAL ACTION ITEM OF THE DAY WHICH IS APPROVAL OF THE REDEVELOPMENT COMMISSION 2023 BUDGET AND ONCE AGAIN, MR. LEE.
>> THIS IS FAIRLY SIMILAR TO LAST YEAR AND STOP ME WHEN YOU HAVE QUESTIONS. AGAIN THIS IS NOT SIMILAR TO THE DEPARTMENT BUDGETS WE DON'T END UP AT THE END OF THE YEAR WE START ALL OVER AGAIN. IT'S A FLUID BUDGET AND SO IT STARTS AT THE BEGINNING OF THE YEAR FOR THE NEXT YEAR'S RIGHT NOW WE ARE ANTICIPATING ? TO START THE YEAR AND YOU CAN SEE THE RECEIPTS AND THE DEVELOPMENT BONDS AND ALSO THE PIATS PAYMENTS AND WE ARE EXPECTING $33.5 MILLION.
YOU CAN SEE THE TRANSFERS IN HERE AND WE HAVE THE DEBT SERVICE TO THE TUNE OF 32 MILLION I HAVE UPDATED THIS TO TAKE OUT THE 2013 ILLINOIS STREET BONDS THE CITY COUNCIL APPROVES THAT.
>> IF YOU LOOK AT THE SCREEN TO THE LEFT.
>> SO THE ENERGY CENTER PAYMENTS IN THE MISCELLANEOUS RECEIPTS THE LARGE PORTION IS COMING FROM ANOTHER RESERVE TO HELP PAY FOR THE PROJECTION PROJECT AND AFTER THAT SECTION THE EXPENDITURES WE HAVE THE LEGAL FEES WHICH STATE THE SAME AMOUNT AND SAME WITH ACCOUNTING FEES AND MISCELLANEOUS PROFESSIONAL FEES AND I DON'T ANTICIPATE US USING ALL OF THESE AND THE BIG ONE IS THE CAPITAL IMPROVEMENT PROJECTS AND SOME ARE EARMARKED AND WE DON'T HAVE CONTRACTS IN PLACE AND THIS IS WHAT WE THINK IT HAPPENED NOT WHAT WE THINK DEFINITELY WILL HAPPEN IN A SOW AFTER THAT THIS IS THE MAX AMOUNT WE WOULD BE USING NEXT YEAR.
SO AFTER THAT THESE LINE ITEMS ARE THE SAME AMOUNTS WE IN THE YEAR IF WE HAVE ALL THOSE EXPENDITURES WAS $630,000 AND WE TRY TO AIM TO KEEP US ABOVE 500,000 AND ONE THING I CHANGE FROM WHAT YOU HAD IN YOUR PACKET UNTIL NOW IS REVISING THE BEGINNING BALANCE TO TAKE OUT THE FUNDS THAT WE NEED FOR PAYING OFF THE 2023 ILLINOIS STATE BONDS.
THIS WHAT YOU HAVE IN YOUR PACKET.
LET ME ENOUGH YOU HAVE ANY QUESTIONS.
>> SO ON THE ARCHITECTURAL FEES THAT YOU BUDGETED YOU ARE DOING THE SAME AMOUNT AS LAST YEAR. HOW DO THE NUMBER OF PROJECTS THAT YOU ANTICIPATE COMPARED TO WHAT WE SPENT THIS YEAR? STUDENT THE BIGGEST CHUNK IS FOR A PROJECT WE THOUGHT WE WOULD PAY FOR THIS YEAR AND THAT'S THE MAIN THING.
WE ARE PROBABLY SIMILAR AMOUNT OF PROJECTS THAT WE DID LAST YEAR THAT WE DID THIS YEAR DEPENDS ON THIS BIG PROJECT AN . [INDISCERNIBLE] RESPONSIBILITY.
>> OTHER QUESTIONS COMMISSIONERS?
>> ONE MORE. SO THE PROJECT FOR THE PALLADIUM. I DON'T KNOW WHO TO DIRECT THIS TO. IS THAT IN HERE SOMEWHERE?
>> THE PROJECTION PROJECT? IT'S IN THE CAPITAL IMPROVEMENT PROJECTS.
>> IS JUST IN THAT NUMBER? OKAY THANK YOU.
OTHER QUESTIONS COMMISSIONERS?
>> I THINK IF WE DON'T SPECIFICALLY HAVE A FINANCE COMMITTEE ANY LONGER. WE CAN CONTINUE TO TALK ABOUT ADJUSTMENTS THAT GO ON AND THIS IS A LIVING DOCUMENT AND TO
[01:00:05]
YOUR POINT THE ARCHITECTURAL FEES, THEY ONLY SPENT 11 PERCENT OF THAT LINE ITEM SO IT GETS REALLOCATED TO SOMETHING ELSE. LIKE CAPITAL EXPENSE OR SOMETHING THAT COMES UP DURING THE COURSE OF THE YEAR.WE HAVE DONE A VERY GOOD JOB OF THE LAST 10 YEARS OF LOOKING AT THIS DOCUMENT AND LOOKING AT ADJUSTMENTS IN THE COURSE OF THE YEAR AND STAYING IN THE BOUNDARIES OF THE CASH FLOW THAT WE HAVE. SO WE'RE NOT GOING TO HAVE ANY ISSUES WITH THAT WHEN CONTINUATION OF THE DIALOGUE.
>> THANK YOU. AND THE OTHER COMMENTS AT THIS POINT? SEEING NONDEFENSIVE PLEASURE OF THE COMMISSION THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL FOR THE 2023 BUDGET FOR THE REDEVELOPMENT COMMISSION.
>> THANK YOU. IS THERE A SECOND?
>> IT HAS BEEN MOVED AND PSECONDED.WOULD YOU PLEASE CALL THE ROLE?
>> TO MAKE IT HAS BEEN APPROVED THANK YOU VERY MUCH COMMISSIONERS. ANY OTHER BUSINESS TO COME BEFORE THE COMMISSION TODAY?
>> THERE IS NOT TO MR. PRESIDENT.
[12. EXECUTION OF DOCUMENTS]
>> UNLESS THERE IS NO OBJECTION, I WILL DECLARE OUR MEETING TO BE ADJOURNED SUBJECT TO THE EXECUTION OF DOCUMENTS.
OUR NEXT REGULAR MEETING IS SCHEDULED FOR WEDNESDAY, JANUARY 18 AND 2023 AND AT 6:30 PM IN THE CITY COUNCIL CHAMBERS. SO WITH THAT, WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.