Dec 20, 2023 Carmel Redevelopment Commission

[1. PLEDGE OF ALLEGIANCE]

[00:00:15]

>>> GOOD EVENING, LADIES AND GENTLEMEN.

THIS IS THE REGULAR MEETING OF THE CARMEL, INDIANA REDEVELOPMENT COMMISSION. WE HAVE A QUORUM SO I'LL CALL THE MEETING TO ORDER. AND WOULD ASK THAT YOU 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 ALL.

[2. ANNUAL REPORT TO TAXING DISTRICTS]

>> THANK YOU VERY MUCH. LET'S SEE, OUR NEXT ORDER OF BUSINESS IS OUR ANNUAL REPORT TO THE TAXING DISTRICTS.

AND HEIDI, I BELIEVE THIS IS -- >> GOOD EVENING.

GOOD TO SEE YOU ALL. LET ME GET MY COMPUTER UP HERE.

ALL RIGHT, THANK YOU FOR HAVING US HERE TODAY.

TIM FOSTER FROM BAKER TILLY IS WITH ME IN THE AUDIENCE.

THIS IS YOUR ANNUAL MEETING REQUIREMENT THAT YOU HAVE TO INVITE THE OVERLAPPING TAXING UNITS TO.

AND AS A PART OF STATUTE YOU HAVE TO TALK ABOUT THE LONG-TERM PLAN, THE BUDGET, AND THE IMPACT TO THE OVERLAPPING TAXES UNITS.

THIS WILL TAKE CARE OF THAT REQUIREMENT.

IT IS A SUMMARY OF QUITE A BIT OF INFORMATION THAT'S IN THE REPORT THAT YOU GUYS KNOW THAT WE DO EVERY YEAR.

WE WILL JUST JUMP RIGHT IN, BUT DFINITELY WANT TO OPEN IT UP FOR QUESTIONS WHENEVER YOU SEE FIT.

SO I HAVE REVISED THE PRESENTATION FROM LIKE 49 SLIDES DOWN TO 19 JUST TO STREAMLINE THINGS A LITTLE BIT.

SO IT WILL LOOK A LITTLE BIT DIFFERENT THAN WHAT YOU GUYS ARE USED TO, BUT IF YOU NEED TO SEE ANY PICTURES OF ANY PROJECTS, THEN WE CAN DEFINITELY HELP THERE.

SO YOU GUYS OBVIOUSLY KNOW WHO YOU ARE, WE PUT THIS SLIDE IN HERE IN CASE OVERLAPPING TAXING UNITS ARE HERE WHICH WE HAVE ROGER FROM THE SCHOOLS WITH US TONIGHT.

>> THIS IS THE MOST OVERLAPPING TAXING UNITS THAT HAVE EVER

ATTENDED A MEETING LIKE THIS. >> YES.

SO THANK YOU VERY MUCH FOR BEING HERE.

YOU ALL KNOW HOW TIF WORKS. THIS IS THE BASIC TIF SLIDE.

YOU HAVE IT ALL FOR A REFERENCE. IF TAXPAYERS COME TO YOU WITH ANY QUESTIONS, I THINK IT'S A GOOD GO TO SLIDE THAT EXPLAINS THOSE BASIC CONCEPTS OF INCREMENTAL ASSESSED VALUES.

SO AGAIN, JUST A GOOD SLIDE TO HAVE AT YOUR FINGERTIPS AS REDEVELOPMENT COMMISSION MEMBERS.

THE SLIDE WE PUT IN HERE FOR THE DEFINITIONS OF AN ECONOMIC DEVELOPMENT AREA AND AN ALLOCATION AREA, AGAIN JUST BASIC TERMS THAT ARE NECESSARY TO KNOW FOR REDEVELOPMENT COMMISSION MEMBERS. AS YOU KNOW EACH ONE OF YOUR TIF AREAS DOES HAVE VARYING EXPIRATION DATES BASED UPON WHEN THE TIF AREAS WERE CREATED. THIS IS JUST GENERAL INFORMATION ABOUT TIF AREAS AND NOT SPECIFIC TO YOUR INDIVIDUAL TIF AREAS THAT YOU HAVE IN PLACE. AS YOU KNOW, TIF AREAS CAN BE EXPANDED. PARCELS CAN BE PULLED OUT OF EXISTING AREAS AND MAKE NEW TIF AREAS AND THAT IS SOMETHING YOU HAVE DONE IN CARMEL. WHEN WE TALK ABOUT GENERAL TIF OR BIG TIF, THIS IS A LIST OF THOSE TIF AREAS.

AND THIS IS THE LIST OF TIF AREAS THAT IS IN YOUR REVENUE DEPOSIT AGREEMENT THAT DIRECTS THE CLERK TREASURER ON HOW TO PAY VARIOUS BONDS THAT YOU HAVE OUTSTANDING.

SO JUST WANTED TO TOUCH ON THAT. WE'RE GOING TO GET INTO EACH ONE OF THESE. THIS ALSO IS A LISTING OF ALL OF THE OBLIGATIONS THAT ARE PAYABLE CURRENTLY FROM YOUR GENERAL TIF.

AGAIN THESE ARE ALL THE OBLIGATIONS THAT ARE IN THE BIG TIF ANNUAL REPORT THAT WE PUT TOGETHER TO MAKE SURE THAT ALL OF THE REVENUES ARE COMING IN AS PLANNED AND ARE COVERED EACH YEAR. AGAIN A GOOD LISTING, YOU CAN SEE AGAIN THAT WE'VE KIND OF CHANGED THE STRUCTURE OF THIS SLIDE TO SHOW YOU VERY QUICKLY THE NAME OF THE BONDS, THE PROJECT IT FINANCED. THE ORIGINAL AMOUNT OF THE BONDS AND WHEN EACH ONE OF THOSE BONDS WILL MATURE AS WELL.

AND WE THINK IT'S IMPORTANT TO LOOK AT FINAL MATURITY DATES SO

[00:05:02]

NEXT SLIDE IS A TIMELINE OF THE VARIOUS CHANGES THAT HAVE BEEN MADE TO YOUR REVENUE DEPOSIT AGREEMENT.

AGAIN UNDER THE TOP TWO BULLETS, NUMBER ONE AND NUMBER TWO RIGHT UNDERNEATH THE TITLE, THIS WAS PUT INTO PLACE TO ESTABLISH A PROCEDURE FOR THE CLERK TREASURER TO SET ASIDE YOUR TIF MONIES TO PAY YOUR CRC OBLIGATIONS THAT WERE ON THE PRIOR SLIDE. AND ALSO WAS USED TO ESTABLISH THE SPECIAL RESERVE FUND THAT IS USED TO COVER THOSE YEARS 2045-47 THAT ARE SHORT TO MAKE SURE THAT THERE ARE ALWAYS SUFFICIENT FUNDS IN THAT SPECIAL RESERVE TO COVER THOSE PAYMENTS.

SO AS YOU CAN SEE THROUGHOUT THE TIMELINE, WE'VE MADE A LITTLE BIT OF NOTES UNDER EACH ONE OF WHY AN AMENDMENT WAS MADE JUST FOR YOUR HISTORY AND FOR YOUR REFERENCE SO YOU HAVE THAT INFORMATION. BUT EVERY TIME WE ISSUE A BOND, THIS IS AMENDED. IF YOU DECIDE TO USE A SPECIAL RESERVE BOND, THIS IS AMENDED. THERE ARE VARIOUS REASONS WHY THIS HAS BEEN AMENDED KIND OF ON THE PATH.

AGAIN GOOD HISTORY TO KEEP AHOLD OF AND WE'LL CONTINUE TO GROW AS CHANGES ARE MADE TO THAT AGREEMENT.

>> WE OBVIOUSLY TRACK THIS VERY CAREFULLY.

WHEN THERE'S AN OPPORTUNITY TO PAY OFF A BOND OR PAY FOR SOMETHING OUT OF THE RES, OUT OF THE MONEY THAT'S IN THIS ACCOUNT, WE TAKE THAT TO COUNCIL AND ASK THEM FOR PERMISSION.

WE'VE DONE THAT NUMEROUS TIMES. WE DID THAT TO HELP FUND SOME OF THE ZOTEC WORK. WE DID IT TO HELP FUND SOME OF THE CONSTRUCTION PERIOD INSURANCE YOU COULD SAY THAT SOME OF THE DEVELOPERS WANTED ON SOME OF THE BONDS.

SO WE DO THIS QUITE OFTEN. WE DID IT MOST RECENTLY WHEN MIKE TOOK A REFUNDING OF ILLINOIS STREET BONDS TO CITY COUNCIL TO TRY TO PAY IT OFF. SO WE USE THIS MONEY WHEN IT MADE SENSE TO REDUCE OUR TIF OBLIGATIONS.

BACK TO YOU. >> AND THEN WE TRACK THAT IN THE TIF ANNUAL REPORT TOO JUST TO MAKE SURE THAT EVERYTHING IS CASH FLOWING APPROPRIATELY. SO THE NEXT SLIDE YOU ARE ALL VERY FAMILIAR WITH. THE BARS REPRESENT THE OUTSTANDING OBLIGATIONS AND THE GRAY SHADED AREA IN THE BACKGROUND OR IT KIND OF LOOKS LIKE TAN UP ON THE SCREEN REPRESENTS THE TAX INCREMENT REVENUE COMING IN.

AND SO YOU CAN SEE THE REVENUE IS EXCEEDING THE DEBT SERVICE PAYMENTS. IN YEAR 2028, YOU CAN SEE IT'S ABOUT 115% COVERAGE AND ABOUT $4.6 MILLION OF EXCESS TIF IN THAT PARTICULAR YEAR. AND YOU CAN SEE HOW IT GROWS AND CHANGES THROUGHOUT. THE DARK GRAY OR DARK TAN BEHIND THE GRAY IS THE REPRESENTATION OF THE BUILDING UP OF THAT SPECIAL RESERVE FUND AND THEN THE SPENDING DOWN OF THAT SPECIAL RESERVE FUND SO YOU CAN SEE THE CORRELATION OF THOSE REVENUES COMING IN, BUT ALSO TO COVER THE DEBT BUT ALSO BUILDING UP THAT SPECIAL RESERVE TO BE SUFFICIENT TO PAY THEM THE FEW YEARS THAT ARE A LITTLE BIT SHORT.

AGAIN THAT GROWS AND CHANGES AND SHIFTS AS THE TAX RATES CHANGE, THIS IS DEFINITELY A MOVING CHART EVERY YEAR.

SO EVERYTHING IS LOOKING IN GREAT SHAPE THOUGH.

TIF IS COMING IN. THAT'S MY REPORT FOR YOU.

BUT TO TAKE IT A LITTLE BIT DEEPER AGAIN JUST WANT TO MAKE SURE YOU HAVE ALL OF THE INFORMATION THAT YOU NEED AS A COMMISSIONER. SO THIS SLIDE NUMBER TEN LAYS OUT ALL OF THE DEVELOPER TIF PROJECTS WHERE THERE ARE TIF SPLITS IN PLACE. BASICALLY WHERE A PERCENTAGE OF THE TIF IS GOING TO PAY FOR A BOND OBLIGATION OR AN INCENTIVE TO THAT COMPANY IS THAT FIRST NUMBER.

THE 25% IS COMING TO THE REDEVELOPMENT COMMISSION.

SO YOU CAN SEE THE TIF SPLITS CLEANLY LAID OUT THERE.

THE WAY THE REVENUE IS SHOWN HERE, SO YOU CAN SEE THAT PAY 24 CRC REVENUE COLUMN. SO IF THERE IS REVENUE TO BE GENERATED IN PAY 24, THERE IS A NUMBER THAT'S SHOWN THERE.

BUT YOU CAN SEE IN THIS ESTIMATED FIRST TAX PAYABLE YEAR, THERE'S NOT A DATE. THAT MEANS THAT THERE'S TIF THAT'S BEEN COMING IN AND IT'S COMING IN AT THE LEVEL THAT IS SHOWN IN YOUR PAY 24 CRC TIF. IF THERE IS ANY TIF COMING IN IN 2024 BUT IN A LATER YEAR LIKE THE SIGNATURE LINE ITEM HERE, WE HAVE PLUGGED IN A DATE, 2025 NEXT YEAR IS WHEN WE'RE ANTICIPATING TIF TO FIRST COME ON.

AND THEN THE RELATED TIF REVENUE IS THE NUMBER NEXT TO IT JUST SO YOU CAN HAVE A SENSE OF ALL OF THESE DIFFERENT DEVELOPMENTS COMING IN AND WHEN WE'RE ANTICIPATING TAX REVENUE TO COME IN TO THE REDEVELOPMENT COMMISSION.

SO I JUST WANTED TO BE SURE TO EXPLAIN THAT SO IT WAS CLEAR.

THEN THE NEXT COLUMN OVER, THE PAY 24 DEVELOPER TIF, THAT IS

[00:10:06]

NOTED AT THE BOTTOM, THE DEVELOPER IS RESPONSIBLE FOR THE PAYMENTS ON THE BONDS. THESE ARE ALL EDC BONDS.

WE TRY TO TAKE A LOT OF INFORMATION AND PUT IT INTO A CHART. IF THERE'S A CERTAIN TIF AREA YOU WANT TO SEE, WE HAVE HYPERLINKED THESE ON THE LEFT-HAND SIDE IF FOR SOME REASON YOU WANT TO RECALL WHAT AREA THAT IS AND WHAT DEVELOPMENT IT IS, THEIR HYPERLINKED HERE ON THE LEFT-HAND SIDE TO THE CHOOSE CARMEL WEBSITE THAT HENRY AND MIKE OVERSEE WHICH IS AMAZING.

IT'S AN AMAZING WEBSITE. I WOULD WISH A LOT OF COMMUNITIES HAVE IT. THE NEXT SLIDE ON SLIDE 11 AGAIN IS A LIST OF DEVELOPER TIF PROJECTS.

IN THIS CASE 100% OF THE REVENUES GENERATED COME TO THE REDEVELOPMENT COMMISSION. SO YOU CAN SEE ALL OF THOSE LISTED OUT. AGAIN THE TIF SPLIT WE HAVE IN THERE, THE FIRST TAX PAYABLE YEAR THAT WE ARE ANTICIPATING ANY REVENUE TO BE GENERATED. AND IF THERE'S NOT A YEAR, THEN IT'S BEEN GENERATED ALREADY. I COULD HAVE PUT TOTALS ON HERE, BUT YOU CAN DO A QUICK ADD. AND THAT'S ANNUAL REVENUE.

NEXT SLIDE, SLIDE 12 ARE THE DEVELOPER TIF PROJECTS WHERE 100% OF THE TIF IS GOING TO THE DEVELOPER.

YOU CAN SEE THAT HERE, YOU CAN SEE THE AMOUNT OF TIF THAT'S COMING IN. AND IF THERE'S A DEBT OBLIGATION, YOU CAN SEE THE DEBT PAYMENT NEXT TO THE TIF COMING IN. AGAIN THERE ARE DIFFERENT, LIKE PIATS IN PLACE THAT COVER THE SHORTFALL BETWEEN THE ACTUAL TIF AND THE DEBT SERVICE PAYMENT. SO WHEN YOU SEE DIFFERENCES THERE, ALL OF THESE HAVE DEVELOPER OBLIGATIONS ON THEM TO MAKE THE PAYMENTS IF THERE ARE SHORTFALLS FOR ANY REASON.

AND THE ONES THAT HAVE NONE, WE CURRENTLY DON'T HAVE ANY BONDS THAT ARE OUTSTANDING. SO YEAH.

THE NEXT COUPLE OF SLIDES GET AWAY FROM THAT NONGENERAL TIF OR THAT NON-BIG TIF PARCEL. YOU ISSUED TWO DIFFERENT BONDS FOR THAT PROJECT AND YOU CAN SEE THE DIFFERENT COMPONENTS OF EACH ONE OF THOSE BONDS. THE ORIGINAL PRINCIPLE AMOUNT, A FINAL MATURITY DATE, AND THEN WE ADDED IN SECURITIES HERE JUST BECAUSE THESE ARE STACKED UP AND THERE'S AN SBT ON THE BACK OF THESE. SO WE JUST ADDED A LITTLE BIT MORE DETAIL HERE. BUT AGAIN, NO ANTICIPATION OF THE SBT BEING NEEDED BECAUSE OF ALL OF THE DEVELOPER GUARANTEES THAT ARE IN PLACE TO COVER ALL OF THESE.

THE NEXT IS ON MIDTOWN WEST. AGAIN YOU CAN SEE THE THREE BONDS THAT HAVE BEEN ISSUED FOR THOSE PROJECTS.

THE PROJECTS LISTED IN THE PROJECT COLUMN AGAIN IS A QUICK VIEWPOINT OF WHAT EACH ONE OF THOSE FUNDED AND THE ORIGINAL AMOUNT OF THE BONDS, THE FINAL MATURITY DATE WE'LL KEEP AN EYE ON AND THE SECURITY OF THOSE BONDS AS WELL.

AGAIN THERE ARE DEVELOPER GUARANTEES IN PLACE FOR ALL OF THESE. AND WHERE IT SAYS CBB, THAT'S THE CARMELL BOND BANK. ANY QUESTION ON THE DETAIL OF THE DIFFERENT TIF AREAS? IF YOU WERE LOOKING AT THIS AND YOU WERE LIKE I WISH I HAD ONE MORE THING INCLUDED IN THIS PRESENTATION WITH REGARD TO YOUR TIF AREAS, PLEASE LET ME KNOW.

WE HAVE LOTS OF INFORMATION IN THIS TIF REPORT, WE JUST TRY TO STREAMLINE IT TO COVER WHAT YOU NEED FOR THESE MEETINGS.

AGAIN THE OVERALL VIEW OF THE TIF AREAS IS VERY HEALTHY AND NO

GENERAL CONCERN. >> HEIDI, I GUESS ONE THING IS WE DO HAVE THOSE GUARANTEES FROM THE DEVELOPERS ON THESE.

AND THEY'RE LAYERED. WE GET AN ANNUAL A RELIANCE LETTER IF YOU WILL FROM THEIR CPA SAYING THEY ARE STILL IN COMPLIANCE WITH THE COVENANCE WE HAVE IN PLACE.

I DON'T KNOW IF WE'RE MONITORING THESE GUYS BECAUSE IT'S 25

YEARS. >> THAT'S VERY HELPFUL.

[00:15:03]

>> IT DOESN'T MAKE A DIFF

-- >> RIGHT.

>> AT STAFF LEVEL WE TRACK IT. AT BAKER TILLY, WE WANT TO MAKE

SURE -- >> THE LAST COUPLE OF SLIDES ARE JUST ON THE IMPACT TO THE OVERLAPPING TAXING UNITS.

WHEN WE REFER TO OVERLAPPING TAXING UNITS, IT'S ALL OF THOSE FOLKS HERE IN THE CIRCLES. THE COUNTY, TOWNSHIP, SCHOOL, OBVIOUSLY LIBRARY, AND ANY SPECIAL TAXING DISTRICTS LIKE THE SOLID WASTE MANAGEMENT DISTRICT.

SO JUST ALWAYS LIKE TO REITERATE, YOUR GUYS TIF AREAS HAVE ALWAYS MET THE BUT FOUR TEST.

I ALWAYS LIKE TO READ IT IN PUBLIC MEETINGS.

AND BASICALLY IT READS IF THE INCREASE OF ASSESSED VALUE FROM THE NEW DEVELOPMENTS WOULD NOT OCCUR BUT FOR THE TIF INCENTIVE THEN IT CANNOT BE LOST TO THE OVERLAPPING TAXING UNITS.

SO AGAIN, JUST A GOOD THING FOR YOU ALL TO KNOW AS REDEVELOPMENT COMMISSION MEMBERS THAT YOUR TIF AREAS MEET THE BUT FOR TEST.

EVERY TIME WE DO A TAX IMPACT STATEMENT, THAT'S SOMETHING WE HAVE TO LOOK INTO AND MAKE SURE THAT IS BEING MET.

ALSO ADDED IN THIS SLIDE, JUST FOR YOUR INFORMATION, OBVIOUSLY THE SCHOOL HAS ALWAYS GOTTEN ALONG REALLY WELL WITH THE CITY AND PLAYED WELL IN THE SANDBOX TOGETHER.

THE SCHOOLS HAVE REFERENDUM RATES IN PLACE AND THAT CANNOT BE CAPTURED AS A PART OF THE TAX RATE THE TIF IS CALCULATED BASED OFF OF. BUT THEY GET TO PUT ALL OF THE CAPTURED ASSESSED VALUES FROM THE CITY'S TIF AREAS TOWARDS THE CALCULATION OF THEIR REFERENDUM WHICH IS GREAT.

SO IN THAT CASE, THE AMOUNT OF TOTAL CAPTURED ASSESSED VALUE FOR PAY 24 IS ABOUT 2.5 BILLION. YOU TAKE THAT TIMES THE $0.24 REFERENDUM RATE AND THE ANNUAL REFERENDUM REVENUE THEY'RE GETTING FROM YOUR ASSESSED VALUE IS NEARLY $6 MILLION ANNUALLY OF REVENUE. SO AGAIN, YOU GUYS ARE A PERFECT EXAMPLE OF WHERE MULTIPLE OVERLAPPING TAXING UNITS ARE WORKING VERY WELL TOGETHER FOR THE BENEFIT OF BOTH PARTIES IN MAKING TIF WORK. JUST WANTED TO POINT THAT OUT.

SO THAT IS ALL I HAVE THIS EVENING UNLESS YOU GUYS HAVE ANY

QUESTIONS FOR ME. >> HEIDI, THANK YOU VERY MUCH

FOR THE REPORT. >> YOU'RE WELCOME.

>> COMMISSIONERS, ANY QUESTIONS OF HEIDI AT THIS POINT? GOOD, THANK YOU VERY MUCH. SO WE APPRECIATE THAT.

[3. APPROVAL OF MINUTES]

ARE THERE ANY CORRECTIONS OR ADDITIONS TO THE DRAFT MINUTES THAT WERE PREPARED AND PROVIDED TO YOU, COMMISSIONERS? IF NOT, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.

>> SO MOVED. >> THANK YOU, COMMISSIONER.

IS THERE A SECOND? >> SECOND.

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

[4.a. Cash Flow Report]

>> AYE. >> OPPOSED SAME SIGN? IT IS APPROVED. VERY GOOD.

WITH THAT, WE WILL NOW MOVE ON TO THE FINANCIAL MATTERS AND WE'LL BEGIN WITH THE CASH FLOW REPORT AND MR. LEE.

>> THANK YOU. THE COMMISSION'S END OF MONTH BALANCE WAS $7,339,340. AND THE RESTRICTED FUNDS IT IS

$12,794,284. >> THANK YOU, MR. LEE.

[4.b. Approval of Claims]

>> YOU HAVE BEFORE YOU TONIGHT, TWO SETS OF CLAIMS TO BE APPROVED. THE FIRST FOR NONOPERATING EXPENSES IN THE AMOUNT OF $16,280,091.33.

AND THE SECOND FROM THE 2021 TIF BONDS IN THE AMOUNT OF $1,487,500. I WILL NOTE OVER $15 MILLION OF THAT IS FOR OUR SEMIALLEN DEBT SERVICE.

>> ANY QUESTIONS FOR MR. LEE? THAT WAS GOING TO BE MY QUESTION, BUT YOU GOT TO IT. SEEING NONE, IF IT'S YOUR PLEASURE, COMMISSIONERS, CHAIR WOULD ENTERTAIN A MOTION OF

[00:20:02]

APPROVAL FOR CLAIMS HERE. >> MOTION TO APPROVE.

>> THANK YOU, COMMISSIONER. >> I'LL SECOND.

>> IT'S BEEN MOVED AND SECONDED. ALL IN FAVOR OF THE APPROVAL OF

CLAIMS SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN. THEY ARE APPROVED.

THANK YOU VERY MUCH. ANY OTHER FINANCIAL MATTERS TO

[5. EXECUTIVE DIRECTOR REPORT]

COME BEFORE US, MR. LEE? >> NOT AT THIS TIME.

>> THANK YOU VERY MUCH. WITH THAT, WE'LL MOVE ON TO THE

EXECUTIVE DIRECTOR'S REPORT. >> THANK YOU.

HI EVERYONE. HENRY MESTETSKY, REDEVELOPMENT DIRECTOR. LOTS OF FUN THINGS GOING ON CURRENTLY IN THE CITY OF CARMEL. THE WINDSOR IS FORMING A NICE BACKDROP FOR OUR CHRISTMAS MARKET.

SAMS MOVING FORWARD, THEIR TAVERN ON THE GREEN PROJECT IS MAKING ITS WAY THROUGH CITY APPROVALS NOW.

FIRST ON MAIN IS FINALLY STARTING TO LOOK LIKE THE RENDERING. WE PREDICT Q1 IN 2024 CONSTRUCTION. MAGNOLIA IS CONTINUING CONSTRUCTION. THEY HAVE A SIGN UP ANNOUNCING A NEW RESTAURANT GOING UP THERE. THAT PROJECT IS GOING FORWARD.

THE LODGE I BELIEVE IS BASICALLY DONE, THEY JUST HAVE TO SHUT THE COURTYARD. CRC IS MOVING FORWARD ON THE SQUARE CONDOS. PROJECT AGREEMENT FOR THAT IS EXECUTED. THEY'RE MOVING TO DESIGN NOW.

AT THE CROSSINGS REPUBLIC, WE'RE LOOKING FOR REPUBLIC'S HEADQUARTERS TO BEGIN CONSTRUCTION IN 2024.

IT'S MAKING ITS WAY THROUGH THE CITY APPROVAL PROCESS NOW.

FULL SPEED AHEAD ON THEIR CONSTRUCTION.

THAT'S MILLION DOLLAR CONDOS IN THE TOP FLOOR OF THAT BUILDING.

SOUTH RANGE LINE HERE, A VIEW INTO THE FUTURE OF FULLY BUILT ELEVATOR TOWERS ONE DAY. SOONER THAN LATER.

ICON ON MAIN IS ALSO AT OLD MERIDIAN AND MAIN STREET.

THAT PROJECT IS GETTING ITS APPROVALS THROUGH THE CITY.

THEY THINK THEY'LL HAVE THEIR FOUNDATION RELEASE TO GET THE GARAGE GOING IN THE NEXT FEW WEEKS.

THE TOP LEFT IS A RENDERING OF A PUBLIC PLAZA THAT'S GOING TO BE AT THAT OLD MERIDIAN AND MAIN CORNER.

SLIGHTLY SMALLER THAN MIDTOWN, BUT PROVIDES ACTIVITIES WITH A SPLASH PAD, STAGE, FOR SOME OF OUR WEST SIDERS TO DRIVE TO INSTEAD OF MIDTOWN. SQUARE NORTH MOVING THROUGH CITY APPROVALS AS WE SPEAK. AT&T'S SITE REDEVELOPMENT IS OBVIOUSLY MOVING FORWARD IF YOU'VE DRIVEN BY THERE WHICH YOU PROBABLY HAVEN'T. AND THEY'RE GOING FOR THEIR PERMITS NOW SO WE SUSPECT CONSTRUCTION TO START FAIRLY SOON. THE TOWNSHIP PROJECT CONTINUES TO TAKE SHAPE. WE'LL PROBABLY HAVE A PICTURE NEXT TIME OF A BUNCH OF STEEL BEAMS OUT.

THAT PROJECT IS MOVING FORWARD AHEAD.

SOME OTHER STUFF. THAT IS THE DIRECTOR'S PRESENTATION TODAY AND I'M HAPPY TO ANSWER ANY QUESTIONS THE

COMMISSIONERS MAY HAVE. >> THANK YOU, MR. DIRECTOR.

QUESTIONS OF THE DIRECTOR AT THIS POINT? SEEING NONE, WE WILL MOVE ON TO COMMITTEE REPORTS.

ANYTHING TO REPORT FROM THE ARCHITECTURAL REVIEW COMMISSION?

>> WE DID NOT MEET THIS MONTH. >> THANK YOU, COMMISSIONER.

WE'LL NOW MOVE ON TO ACTION ITEM NUMBER ONE WHICH IS A FIRST ITEM BUT IT'S ACTUALLY UNDER OLD BUSINESS.

AND THIS IS THE JAMES BUILDING SECONDARY ROOF ACCESS STAIR CONTRACT AWARD. DIRECTOR --

>> WE'RE GOING TO TAKE SOME MORE TIME WITH THAT ONE TO MAKE SURE

[8. NEW BUSINESS ]

>> OKAY. THE DIRECTOR ASKED IF WE COULD MOVE ACTION ITEM NUMBER 15 WHICH IS A ROUNDABOUT ART CONTRACT UP TO THIS POINT ON THE AGENDA. ARE THERE ANY OBJECTIONS TO

[00:25:03]

>> THANK YOU. OKAY, SO THE CITY OF CARMEL, THE MAYOR'S OFFICE PUT TOGETHER A COMMITTEE OF ARTISTS TO ASSIST WITH SELECTING TWO PIECES OF ART IN FRONT OF THE SCHOOL AND THE LIBRARY. WE VOTED ON THE LIBRARY ONE LAST MEETING. THEY USED A NATIONAL NETWORK WHICH IS HOW MANY MUNICIPALITIES BUY LARGE PIECES OF ART.

I'VE NEVER BEEN TO THE C-O-U-W-A-R-T WEBSITE.

IT'S A NATIONWIDE, THAT'S PROBABLY NOT THE RIGHT ANSWER, WORLDWIDE ARTIST SEARCH. SO THROUGH WORKING WITH THAT AND THROUGH A PARTNERSHIP WITH THE SCHOOLS, I WILL SAY THAT -- I'LL GET THIS WRONG. I'M SORRY, ASSOCIATE SUPERINTENDENT IS HERE. THIS ROUNDABOUT ART IS A SIGN OF THE PARTNERSHIP THE REDEVELOPMENT COMMISSION AND THE SCHOOLS HAVE HERE. WE GENERATE THEM PLENTY OF TIF AND THEY ARE NICE TO US WHICH IS NOT HOW SOME RELATIONSHIPS IN OTHER PARTS OF THE STATE BETWEEN THE SCHOOL AND THE REDEVELOPMENT COMMISSIONS ARE. PRETTY MUCH AN OUTLIER.

OKAY. A GIGANTIC COMPOSITION OF SHIMMERING SCULPTED STEEL WORK, THE HEAD AND NECK OF A STUDENT FACE UPWARD TO THE SKY AND STARS WILL RISE SUSPENDED ABOVE THE ROUNDABOUT. THEIR EXPRESSION ALIVE AND INSPIRING, WILL GAZE WITH PEACE AND OPTIMISM TO THE FUTURE.

THEIR MINDS WILL BE FULL OF THOUGHTS AND REFLECTIONS AND THEIR HAIR LIFTED UPWARDS IN CARMEL'S BREEZE WILL CONTAIN A COMPOSITION OF STARS AND PLANETS OF NEURONS FIRING CURIOSITY.

IT'S A CELEBRATION OF THE SCHOOL'S VIBRANT ACADEMIA AND ARTS TEACHING. IT IS A CELEBRATION OF OUR COMMUNITIES TOGETHER AND OF CARMEL'S JOURNEY.

HOW IS THAT? THIS IS A PIECE OF ART THAT'S ABOUT 25 FEET TALL. IT LIGHTS UP AT NIGHT WITH A SOFT GLOW, WARM GLOW LEDS. SO IT'S NOT GOING TO PRODUCE TOO MUCH LUMENS TO BOTHER THE NEIGHBORS.

CLEARLY WE'RE HERE TO HELP. THIS IS KIND OF THE EDUCATIONAL CAMPUS SIDE OF OUR TOWN. SO BOTH THE TAKING FLIGHT AND THIS ONE BOTH LOOK REALLY GOOD AND HAVE OBVIOUSLY SYMBOLISM AND ABSTRACT AND THOUGHT BEHIND THE COMPOSITIONS.

THIS ONE IS REALLY NEAT. IT'S BY AN ARTIST CASTO SOLANO.

HE'S BASED IN SPAIN. SO HIS ARTWORK IS FEATURED THROUGHOUT THE WORLD. SO I THINK YOU'VE SEEN US WORK WITH OUR LOCAL ARTISTS TO DEVELOP REALLY GREAT ART BUT ALSO GO ACROSS THE WORLD TO GET WORLD RENOWNED ARTISTS AS WELL.

THIS IS AN EXAMPLE OF THAT. WE DON'T HAVE THE CONTRACT YET, BUT STAFF IS QUITE EXPERIENCED IN NEGOTIATING THESE CONTRACTS AND THE REQUEST IS THAT YOU ALLOW STAFF TO NEGOTIATE A CONTRACT AND ENTER INTO A CONTRACT FOR $400,000 IS THE PRICE FOR THE ART AND IT'S TRULY PRICELESS.

WITH THAT, I'M HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE ABOUT THE ROUNDABOUT ART. IT DOES NOT HAVE A NAME YET, STILL WORKING THROUGH THAT. I'M HAPPY TO ANSWER ANY QUESTIONS. THE ONLY MAINTENANCE IT REALLY REQUIRES, I MEAN THIS IS A STEEL STRUCTURE, SO THE ONLY MAINTENANCE IT REALLY REQUIRES IS SEMIANNUAL CLEANING AND REPLACEMENTS OF THE LED BULBS EVERY ONCE IN A WHILE.

THERE'S ALREADY POWER THAT'S RAN TO THE SITE.

THIS CONTRACT IS EXPECTED TO BE ALL ENCOMPASSING, SO FOUNDATION, ELECTRIC WORK, ANYTHING THAT A SUB CONTRACTOR WOULD BE REQUIRED TO DO WOULD BE PUT ALL UNDER THE ARTIST SO WE HAVE ONE PERSON RESPONSIBLE. I'M HAPPY TO ANSWER ANY QUESTIONS AND I SO APPRECIATE THEM BEING HERE.

THE HOPE IS THIS CAN GET SOME STUDENT INVOLVEMENT GOING AS WE

[00:30:02]

PARTNERSHIP. >> THANK YOU AGAIN, MR. DIRECTOR. ANY QUESTIONS AT THIS POINT OF THE DIRECTOR REGARDING THIS ACTION ITEM? IF NOT, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL

IF THAT'S YOUR PLEASURE. >> MOTION TO AUTHORIZE EXECUTION OF CONTRACT FOR ROUNDABOUT ART WITH CASTO SOLANO AND STUDIO FOR TERMS TO BE NEGOTIATED WITH STAFF FOR $400,000 PAYABLE FROM

THE 902 FUND. >> THANK YOU, COMMISSIONER.

IS THERE A SECOND? >> SECOND THAT MOTION.

>> THANK YOU, COMMISSIONER. IT'S BEEN MOVED AND SECONDED.

THEREFORE ALL IN FAVOR PLEASE SAY AYE.

>> AYE. >> ANY OPPOSED SAME SIGN.

IT IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. NOW WE'LL MOVE BACK TO OUR REGULAR AGENDA ORDER WITH ACTION ITEM NUMBER TWO WHICH IS THE DECLARATORY RESOLUTION NUMBER 2023-38.

AND THIS IS THE CONNER PRAIRIE ALLOCATION AREA.

AND THIS IS THE FIRST STEP IN CREATING THE CONNER PRAIRIE ALLOCATION AREA. JUST TO REMIND YOU VERY QUICKLY, THERE ARE FOUR STEPS, ACTUALLY FIVE STEPS IN THE PROCESS.

DECLARATORY RESOLUTION BEING THE FIRST.

IT THEN GOES TO THE CARMEL PLANNING COMMISSION, THEREAFTER TO CITY COUNCIL. THEN COMES BACK HERE FOR A PUBLIC HEARING AND THE FINAL STEP WOULD BE A CONFIRMATORY RESOLUTION THAT'S AFTER THE PUBLIC HEARING.

SO WITH THAT, MR. LEE. >> THANK YOU.

AS YOU MENTIONED, THIS IS THE FIRST STEP IN CREATING THIS ALLOCATION AREA. YOU'VE PROBABLY SEEN ARTICLES AND DISCUSSIONS AT CITY COUNCIL REGARDING THIS FUTURE DEVELOPMENT AT CONNER PRAIRIE LAND ON THE CARMEL SIDE.

THE COMMERCIAL PORTION OF THIS WILL INCLUDE OFFICE SPACE, A BOUTIQUE HOTEL AND RETAIL. WE ARE STILL IN EARLY NEGOTIATIONS WITH THE DEVELOPER ON THIS PROJECT.

WE WANTED TO MAKE SURE THAT WE CAPTURED THE CURRENT ASSESSED VALUE BEFORE IT STARTS INCREASING.

PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS.

>> QUESTIONS, COMMISSIONERS? >> ONE QUESTION AS CONNER PRAIRIE IS A NOT FOR PROFIT. AND I DON'T KNOW THE ENTITIES THAT THEY'LL CONSTRUCT UNDER, BUT WOULD THERE BE AN AGREEMENT THAT THERE IS SOME TAX PAID OR I GUESS HOW WOULD THAT WORK?

>> THE PORTIONS THAT ARE GOING TO HAVE COMMERCIAL TENANTS IN IT WILL HAVE TO BE TAXABLE. RIGHT NOW THERE'S ONLY TWO LARGE PARCELS, THAT'S WHAT WE HAVE TO SHOW ON IT.

EVENTUALLY IT WILL GET SMALLER PARCELS FOR THOSE COMMERCIAL COMPONENTS BUT THAT WILL HAPPEN AT A LATER TIME.

>> BECAUSE THE OWNER CAN BE A NOT FOR PROFIT BUT THE TENANT --

>> IF YOU HAVE A FOR PROFIT ENTITY, THEY GET TAXED.

IF A LANDLORD HAS MULTIPLE TENANTS AND ONE OF THEM IS FOR PROFIT AND THE OTHERS IS NOT, THE COUNTY IS GOING TO HIT THEM FOR THE FOR PROFIT TENANT. SO REGARDLESS OF HOW THIS PROJECT GETS FIGURED OUT, THERE WILL BE A OFFICE COMPONENT THAT'S A PURELY FOR PROFIT COMPONENT, RESTAURANTS, HOTELS, AND SOME OTHERWISE NONPROFIT ENTITY.

SO THE ENTITY WILL BE PAYING TAXES.

ONE EXAMPLE IS THE JAMES BUILDING NOT FOR PROFIT DC THAT HAS NORMAL TENANTS IN THERE, THERE'S A TAX THAT GETS APPLIED.

WHEN YOU HAVE A FOR PROFIT TENANT, WHETHER YOU'RE FOR PROFIT OR NOT, YOU PAY TAXES. THIS WOULD COME IN AT A 0 BASIS BECAUSE IT'S ALL NONPROFIT. WE ONLY CAPTURE THE BENEFIT, THERE'S NO WAY YOU CAN GO LOWER THAN 0.

>> IN THE LINE THAT YOU SEE IN THE PICTURE, EVERYTHING TO THE EAST OF THAT IS BASICALLY THE FLOODPLAIN AREA, IS THAT WHY

IT'S NOT INCLUDED? >> THAT PORTION IS NOT SHOWN TO HAVE ANY OF THE COMMERCIAL COMPONENT FOR THE NEXT PHASE ON

THERE. >> OTHER QUESTIONS, COMMISSIONERS? SEEING NONE, IF IT'S YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL FOR OUR ACTION ITEM NUMBER TWO DECLARATORY RESOLUTION 2023-38.

>> MOVE TO APPROVE. >> THANK YOU, COMMISSIONER.

IS THERE A SECOND? >> SECOND.

>> IT HAS BEEN MOVED AND SECONDED.

THEREFORE ALL IN FAVOR PLEASE SAY AYE.

>> AYE. >> OPPOSED SAME SIGN.

IT IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. WE WILL NOW MOVE ON TO OUR NEXT ACTION ITEM, ACTION ITEM NUMBER THREE WHICH IS APPROVAL OF THE

[00:35:06]

ONCE AGAIN, MR. LEE. >> THANK YOU.

THIS IS ESSENTIALLY A TRUE UP AT THE END OF THE YEAR.

THIS IS TO SHIFT MONEY FROM CERTAIN EXPENDITURE LINE ITEMS THAT DIDN'T NEED TO UTILIZE THEIR ORIGINAL BUDGETED AMOUNT TO THE LINE ITEMS THAT EXCEEDED THEIR BUDGETED AMOUNT.

AND AS YOU CAN SEE ON HERE THERE'S A COUPLE OF THOSE THAT WENT OVER, BUT THE VAST MAJORITY OF THEM WERE UNDER.

AND THEN SINCE WE ARE CASH BASED, A LARGE MAJORITY OF THIS IS RELATED TO PROJECTS UNDER THE CAPITAL IMPROVEMENTS YOU SEE UP THERE, AND THE MAJORITY OF THOSE ARE GOING OVER TO THE 2024

BUDGET. >> THANK YOU, MR. LEE.

QUESTIONS OF MR. LEE ON THE REVISED 2023 BUDGET.

COMMISSIONER. >> I'LL JUST SAY THAT WE'VE DONE THIS EVERY YEAR NOW FOR THE LAST DOZEN YEARS PLUS, AND WE REALLY DO IT TWICE A YEAR. AND SO IT'S SORT OF STANDARD OPERATING PROCEDURE SO THERE'S NOTHING REALLY CHANGING HERE OTHER THAN LIKE MIKE SAID, SOME THINGS ARE GETTING PUSHED INTO A DIFFERENT FISCAL YEAR AND IT ALL SEEMS TO BE IN LINE.

>> THANK YOU, COMMISSIONER. OTHER QUESTIONS? SEEING NONE, IF IT'S YOUR PLEASURE, COMMISSIONERS, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL FOR THE REVISED 2023

BUDGET. >> MOTION TO APPROVE CARMEL REDEVELOPMENT COMMISSION'S REVISED 2023 BUDGET.

>> THANK YOU, COMMISSIONER. IS THERE A SECOND? IT'S BEEN MOVED AND SECONDED. THEREFORE ALL IN FAVOR PLEASE

SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN. SEEING NONE, THE REVISED BUDGET IS APPROVED. THANK YOU VERY MUCH.

WE WILL NOW MOVE ON TO OUR NEXT ACTION ITEM WHICH IS ACTION ITEM NUMBER FOUR AND THIS IS APPROVAL OF OUR 2024 BUDGET FOR THE REDEVELOPMENT COMMISSION. ONCE AGAIN, MR. LEE.

>> AS YOU CAN SEE ON HERE, WE HAVE A FAIRLY LARGE BEGINNING BALANCE. A LOT OF THAT IS DUE TO THE CAPITAL IMPROVEMENT PROJECTS WE JUST TALKED ABOUT BEING SHIFTED FROM 2023 TO 2024. SO AFTER THAT, YOU CAN SEE OUR ESTIMATED TIF RECEIPTS THAT INCLUDES OUR PIATT PAYMENTS AS WELL AT $34 MILLION. THEN UNDER THAT WE SHOW OUR REQUIRED TRANSFERS TO RESERVES, BOTH OUR SUPPLEMENTAL RESERVES AND OUR BOND RESERVES. AND UNDER THAT SECTION, WE HAVE OUR DEBT SERVICE. AND YOU CAN SEE THAT OUR TIF AND PIATT PAYMENTS COME IN HIGHER THAN OUR TOTAL DEBT SERVICE.

THE NEXT SECTION IS THE REMAINDER OF OUR REVENUE FOR THE ENERGY PAYMENTS AND MISCELLANEOUS RECEIPTS.

THAT IS AT $1.4 MILLION. AND THEN THE BIG CHANGE HERE IS THAT YOU CAN SEE OUR PROFESSIONAL FEES BUDGET IS ACTUALLY LOWER THAN WE ORIGINALLY BUDGETED FOR IN 2023, BUT A LITTLE BIT HIGHER THAN WHAT WE ENDED UP PAYING IN 2023.

THE CAPITAL IMPROVEMENT PROJECTS, MULTIPLE PROJECTS HAVING TO ISSUE A BOND AND HAVING TO WASTE MONEY ON INTEREST AND CLOSING COSTS. A LOT OF THOSE WERE PART OF THE 2023 BUDGET LIKE I MENTIONED EARLIER.

WE ALSO HAVE THE BALANCE OF SEVERAL ART-RELATED CONTRACTS INCLUDING THE ROUNDABOUT ART WE JUST TALKED ABOUT AND FROM LAST MEETING THAT ARE GOING INTO THIS BUDGET IN THE CAPITAL IMPROVEMENTS LINE ITEM. AND I'M HAPPY TO ANSWER ANY QUESTIONS. THE REMAINING PART OF THIS IS PRETTY STANDARD WITH THE TRUSTEE FEES.

YOU CAN SEE WE HAVE A YEAR END BALANCE OF ABOUT $1 MILLION.

>> THANK YOU, MR. LEE. ANY QUESTIONS OF MR. LEE REGARDING THE PROPOSED BUDGET? COMMISSIONER.

>> AGAIN JUST A QUICK COMMENT THAT LEE AND I MET WITH MIKE AND HENRY NOT ONLY REVIEWING THE 23 BUDGET, BUT THE 24 BUDGET.

WE HAD A GREAT CONVERSATION, WE TALKED ABOUT SOME SPECIFIC LINE ITEMS THAT MAYBE WE CAN TIGHTEN THE BELT OR FIGURE SOME THINGS OUT. WE ALSO LOOKED AT ARE THERE OPPORTUNITIES FOR REALLY PAYING OFF SOME BONDS.

MUCH WHAT BAKER AND TILLY WERE TALKING ABOUT EARLIER.

MIKE IS GOING TO DO A LITTLE BIT OF HOMEWORK ON THAT AS WELL AND GET BACK TO US IN THE NEXT MONTH OR TWO.

>> THANK YOU VERY MUCH. ANY OTHER QUESTIONS, COMMISSIONERS? SEEING NONE, IF IT IS YOUR PLEASURE, THE CHAIR WILL ENTERTAIN A MOTION OF APPROVAL

FOR OUR 2024 BUDGET FOR THE CRC. >> MOTION TO APPROVE THE CARMEL

[00:40:04]

>> THANK YOU, COMMISSIONER. IS THERE A SECOND?

>> SECOND. >> THANK YOU AS WELL.

WITH THAT, THE CHAIR WOULD THEREFORE CALL THE QUESTION.

ALL IN FAVOR PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED? IT IS APPROVED.

THANK YOU VERY MUCH, COMMISSIONERS.

WE WILL NOW MOVE ON TO OUR ACTION ITEM NUMBER FIVE WHICH IS RESOLUTION 2023-39 FOR THE MICHIGAN ROAD PROJECT TERMS.

AGAIN MR. LEE. >> I'LL DO THIS ONE, SO THE NEXT FEW THINGS ARE PROJECT TERMS FOR AREAS THAT ARE CREATED ALLOCATION AREAS THAT HAS GONE THROUGH CITY COUNCIL THESE ARE CONCEPTS WHERE WE ARE -- SOMEONE HAS GOT SOMEONE AT THE DOOR. LIKE FINANCE DIRECTOR LEE SAID WE ARE PUTTING CASH UP FRONT, WE ARE GETTING TIF BACK TO STRUCTURE THOSE DEALS. SO ACTION ITEM NUMBER FIVE, THIS IS THE EDGE PROJECT ON MICHIGAN ROAD.

IT HAS MADE IT THROUGH CITY COUNCIL AND THE PLANNING COMMISSION. IT'S AN URBAN, SORRY SUBURBAN STYLE MULTIFAMILY PROJECT. WE ARE INCENTIVIZING IT BY ASSISTING WITH SOME INFRASTRUCTURE INCLUDING A STOPLIGHT THAT'S GOING TO GET PUT IN AS PART OF THAT PROJECT.

THIS IS THE WAY THAT THESE WORK IS THAT THE REDEVELOPMENT COMMISSION GRANTS FUNDS TO A MIDTOWN COMMUNITY DEVELOPMENT CORPORATION. THE COMMUNITY DEVELOPMENT CORPORATION ENTERS INTO A PROJECT AGREEMENT WITH THE DEVELOPER TO MAKE SURE THE DEVELOPER BUILDS WHAT THEY SAID THEY WERE GOING TO FOR THE INCENTIVE.

SO THIS IS REALLY A GRANT APPROVING THE PROJECT AND USING OUR PARTNER AT MIDTOWN CDC TO HELP EFFECTUATE THE INTENT.

>> THANK YOU, MR. DIRECTOR. COMMISSIONERS, QUESTIONS REGARDING THIS PROPOSED RESOLUTION? SEEING NONE, IF IT'S YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL FOR OUR ACTION ITEM NUMBER FIVE WHICH IS RESOLUTION 2023-39, THE TERMS OF THE MISSION ROAD

PROJECT. >> MOTION TO APPROVE RESOLUTION 2023-39, APPROVAL OF THE TERMS OF THE MICHIGAN ROAD PROJECT.

>> THANK YOU, COMMISSIONER. IS THERE A SECOND?

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

SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN. IT IS APPROVED, THANK YOU VERY MUCH COMMISSIONERS. AND WE WILL NOW MOVE ON TO OUR NEXT ACTION ITEM WHICH IS RESOLUTION 2023-40 WHICH IS THE COMMISSION APPROVAL OF THE TERMS OF THE STAR PROJECT.

MR. DIRECTOR. >> THIS IS VERY SIMILAR, THIS IS A PROJECT ON MAIN STREET THAT IS BEING INCENTIVIZED.

AND WE HAVE AN ALLOCATION OVER THE PROJECT.

SIMILAR TO BEFORE IT'S THE STAR PROJECT ON MAIN STREET.

HAPPY TO ANSWER ANY QUESTIONS THOUGH.

>> VERY GOOD. ANY QUESTIONS OF THE DIRECTOR REGARDING APPROVAL OF THE TERMS OF THE STAR PROJECT? SEEING NONE, IF IT IS YOUR PLEASURE, THE CHAIR WOULD

ENTERTAIN A MOTION OF APPROVAL. >> MOTION TO APPROVE RESOLUTION 2023-40, APPROVAL OF THE TERMS FOR THE STAR PROJECT.

>> THANK YOU VERY MUCH, COMMISSIONERS.

IS THERE A SECOND? >> SECOND.

>> IT'S BEEN MOVED AND SECONDED. THEREFORE I'LL CALL THE QUESTION. ALL IN FAVOR PLEASE SAY AYE.

>> AYE. >> OPPOSED SAME SIGN.

IT IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. WE'RE NOW GOING TO MOVE ON TO ACTION ITEM NUMBER SEVEN WHICH IS RESOLUTION 2023-41 WHICH IS CONFIRMING AMENDMENTS TO THE DECLARATORY RESOLUTION AND REDEVELOPMENT PLAN FOR THE PENN 111 REDEVELOPMENT AREA.

MR. LEE. >> AS YOU MENTIONED THIS ONE AND ACTUALLY THE NEXT FIVE ACTION ITEMS ARE ALL CONFIRMATORY RESOLUTIONS. THEY'LL BE ALL VERY SIMILAR.

FOR THE PENN 111 CONFIRMATORY RESOLUTION, JUST TO RECAP THAT THIS IS 12 SEPARATE ALLOCATION AREAS.

THE PROJECT COULD TAKE 20 YEARS TO COMPLETE, BUT WE NEED TO CREATE THE AREAS NOW SINCE THIS IS THE LOWEST THE AD WILL BE.

[00:45:03]

QUESTIONS. >> THANK YOU, MR. LEE.

COMMISSIONERS, ANY QUESTIONS OF MR. LEE REGARDING RESOLUTION 2023-41? SEEING NONE, IF IT'S YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.

>> YOU NEED TO DO THE PUBLIC HEARING.

>> OH I'M SORRY. HERE WE GO.

I APOLOGIZE FOR THAT, I MISSED IT ON OUR AGENDA HERE.

BEFORE WE ACT ON THIS, IF WE COULD I WOULD LIKE TO DECLARE A PUBLIC HEARING OPEN FOR THE PENN 111 CONFIRMATORY RESOLUTION.

I'LL DECLARE IT OPENED AND I'VE GOT IT'S 7:25 P.M. THE PUBLIC HEARING IS NOW OPEN. IS THERE ANYONE THAT WOULD LIKE TO SPEAK IN FAVOR OF THE PROJECT AT THIS POINT? SEEING NONE, IS THERE ANYONE THAT WOULD LIKE TO SPEAK IN OPPOSITION TO THE PROJECT? SEEING NO ONE, THE CHAIR DECLARES AT 7:26 P.M., THE PUBLIC HEARING TO BE CLOSED.

THANK YOU VERY MUCH. WE WILL NOW MOVE ON TO OUR ACTION ITEM NUMBER SEVEN WHICH WAS RESOLUTION 2023-41.

ANY FINAL QUESTIONS OF MR. LEE ON THIS PROPOSAL AT THIS POINT? SEEING NONE, LET'S SEE, DO WE HAVE A MOTION?

I BELIEVE WE DID ON THIS ONE. >> I DON'T THINK SO.

>> OH, OKAY THEN THE CHAIR WOULD ENTERTAIN A MOTION.

COMMISSIONERS? >> MOTION TO APPROVE RESOLUTION

2023-41. >> IS THERE A SECOND TO THE

MOTION? >> SECOND THE MOTION.

>> THANK YOU. IT'S BEEN MOVED AND SECONDED.

ALL IN FAVOR PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN. IT IS APPROVED, THANK YO VERY MUCH, COMMISSIONERS. WE WILL NOW MOVE ON TO OUR ACTION ITEM NUMBER EIGHT WHICH IS WELL ACTUALLY BEFORE WE DO THAT, WE WILL DO A PUBLIC HEARING FOR THE AMENDED 126TH STREET AND PROSCENIUM II CONFIRMATORY RESOLUTION.

BEFORE I DECLARE THIS OPEN, MR. LEE, WOULD YOU GIVE US A BRIEF DESCRIPTION OF THE PROJECT?

>> SURE. SO THIS ACTUALLY IS FOR PROSCENIUM II. WE HAD A CONFIRMED RESOLUTION BEFORE, BUT THIS IS TO RESET THE BASE YEAR TO 2023.

ALSO FOR THE 126TH STREET AREA, IT PRUNES THE PARCELS THAT YOU SEE HERE UP ON SCREEN FROM THE AMENDED 126TH STREET AREA.

THAT HELPS THE BASE TIF FOR THIS AREA.

>> THANK YOU, MR. LEE. ANY OTHER QUESTIONS ABOUT THE PROPOSAL? IF NOT, THE CHAIR WOULD I BELIEVE IT LOOKS LIKE IT'S 7:28, I WILL DECLARE A PUBLIC HEARING TO BE OPEN. AND WOULD ASK IF THERE IS ANYONE PRESENT THAT WOULD LIKE TO SPEAK IN FAVOR OF THE AMENDED 126TH STREET AND PROSCENIUM II CONFIRMATORY RESOLUTION? SEEING NO ONE, IS THERE ANYONE THAT WOULD LIKE TO SPEAK IN OPPOSITION? THE CHAIR DOES NOT SEE ANYONE, SO I'VE GOT LOOKS LIKE 7:29, SO I WILL DECLARE THE PUBLIC HEARING TO BE CLOSED. THANK YOU VERY MUCH.

AND NOW WE WILL MOVE ON TO OUR ACTION ITEM NUMBER EIGHT WHICH IS RESOLUTION 2023-42 WHICH IS THE AMENDED 126TH STREET AND PROSCENIUM II CONFIRMATORY RESOLUTION.

SO I BELIEVE MR. LEE GAVE US A DESCRIPTION.

ANY FURTHER QUESTIONS AT THIS POINT? SEEING NONE, WE WILL MOVE ON IF IT'S THE PLEASURE OF THE COMMISSION, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.

>> MOTION TO APPROVE RESOLUTION 2023-42 CONFIRMING AMENDMENTS TO THE DECLARATORY RESOLUTION TO THE AMENDED 126TH STREET

ECONOMIC DEVELOPMENT AREA. >> THANK YOU VERY MUCH, COMMISSIONER. IS THERE A SECOND?

>> SECOND THE MOTION. >> THANK YOU, COMMISSIONER.

[00:50:03]

SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN? IT IS APPROVED, THANK YOU VERY MUCH, COMMISSIONERS. WE WILL NOW MOVE ON TO OUR NEXT ITEM WHICH IS A PUBLIC HEARING ON THE FRANCISCAN NORTH CONFIRMATORY RESOLUTION. AND ONCE AGAIN MR. LEE.

JUST GIVE US A BRIEF SUMMARY OF THE PROJECT AND WE'LL OPEN THE

HEARING. >> VERY SIMILAR TO PROSCENIUM II, WE'RE JUST RESETTING THE BASE HERE FOR THE FRANCISCAN

NORTH ALLOCATION AREA. >> THIS IS FOR THE AREA THAT THEY HAVE NOT YET COMPLETED, I GUESS IT WOULD BE NORTH OF THEIR

EXISTING BUILDINGS? >> CORRECT.

>> OKAY, THANK YOU VERY MUCH. WELL, I HAVE 7:30 SO I WILL DECLARE A PUBLIC HEARING TO BE OPEN REGARDING THE FRANCISCAN NORTH CONFIRMATORY RESOLUTION AND WOULD ASK IF THERE'S ANYONE PRESENT THAT WOULD LIKE TO SPEAK IN FAVOR OF THE PROJECT? THE CHAIR DOES NOT SEE ANYONE SO I WOULD NOW ASK ANYONE THAT WISHES TO SPEAK IN OPPOSITION TO LET THE CHAIR KNOW.

AND ONCE AGAIN THE CHAIR DOES NOT SEE ANYONE WISHING TO SPEAK IN OPPOSITION. SO AT 7:31, I WILL DECLARE THE HEARING TO BE CLOSED. THANK YOU VERY MUCH.

WE WILL NOW MOVE ON TO ACTION ITEM NUMBER NINE WHICH IS APPROVAL OF THE RESOLUTION 2023-43 WHICH IS A RESOLUTION CONFIRMING AMENDMENTS TO THE DECLARATORY RESOLUTION AND DEVELOPMENT PLAN FOR THE NORTH ILLINOIS STREET ECONOMIC DEVELOPMENT AREA OTHERWISE KNOWN AS THE FRANCISCAN ALLOCATION AREA. ANY FURTHER DESCRIPTION YOU WANT

TO GIVE? >> NOTHING FURTHER TO ADD.

>> THANK YOU, MR. LEE. COMMISSIONERS, QUESTIONS? SEEING NONE, IF IT IS YOUR PLEASURE, COMMISSIONERS, CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.

>> MOVE TO APPROVE RESOLUTION 2023-43 FOR THE NORTH ILLINOIS STREET ECONOMIC DEVELOPMENT AREA.

>> THANK YOU VERY MUCH, COMMISSIONER.

IS THERE A SECOND? >> SECOND THE MOTION.

>> VERY GOOD. THANK YOU, COMMISSIONER.

IT HAS BEEN MOVED AND SECONDED. THEREFORE THE CHAIR WOULD ASK THAT ALL IN FAVOR PLEASE SAY AYE.

>> AYE. >> ANY OPPOSED SAME SIGN.

THANK YOU VERY MUCH, COMMISSIONERS.

RESOLUTION 2023-43 IS APPROVED. WE WILL NOW MOVE ON TO OUR NEXT ITEM WHICH IS A PUBLIC HEARING FOR THE MICHIGAN ROAD CONFIRMATORY RESOLUTION. ONCE AGAIN, MR. LEE, IF YOU WOULD GIVE US A BRIEF DESCRIPTION OF THE PROJECT.

>> THIS IS ONE OF THE PROJECTS THAT DIRECTOR MESTETSKY JUST DESCRIBED THAT'S ON MICHIGAN ROAD THAT INCLUDES THE MULTIFAMILY ROUGHLY 200 UNITS. AND IT WILL BE CONTRIBUTING SOME FUNDING TO THE INTERSECTION LIGHT THERE.

>> THANK YOU, MR. LEE. SEEING NONE, THE CHAIR WILL DECLARE A PUBLIC HEARING FOR THE MICHIGAN ROAD CONFIRMATORY RESOLUTION TO BE OPENED AT 7:32 P.M. IS THERE ANYONE THAT WISHES TO MAKE COMMENTS IN FAVOR OF THE PROJECT? THE CHAIR DOES NOT SEE ANYONE. IS THERE ANYONE PRESENT THAT WOULD LIKE TO MAKE COMMENTS OPPOSING OR IN OPPOSITION TO THE PROPOSED PROJECT? THE CHAIR DOES NOT RECOGNIZE ANYONE OR SEE ANYONE WISHING TO SPEAK.

SO AT 7:33 P.M., THE CHAIR WILL DECLARE THE PUBLIC HEARING TO BE CLOSED. THANK YOU, COMMISSIONERS.

WE WILL NOW MOVE ON TO RESOLUTION 2023-44 WHICH IS THE CONFIRMATORY RESOLUTION FOR THE MICHIGAN ROAD PROJECT.

AGAIN, MR. LEE, ANY COMMENTS FROM YOU?

>> NONE AT THIS TIME. >> COMMISSIONERS, QUESTIONS AT THIS POINT? SEEING NONE, IF IT IS YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL

TO BE CONSIDERED. >> MOTION TO APPROVE RESOLUTION 2023-44 FOR THE MICHIGAN ROAD ECONOMIC DEVELOPMENT AREA.

>> THANK YOU, COMMISSIONER BOWERS.

IS THERE A SECOND TO THE MOTION? >> SECOND THE MOTION.

>> THANK YOU, COMMISSIONER. HAVING BEEN MOVED AND SECONDED, THE CHAIR WOULD CALL THE QUESTION.

ALL IN FAVOR PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED SAME SIGN. VERY GOOD.

[00:55:05]

WE WILL NOW MOVE ON TO OUR NEXT PUBLIC HEARING REGARDING THE STAR CONFIRMATORY RESOLUTION. ONCE AGAIN, MR. LEE.

>> THANK YOU. THIS IS THE OTHER PROJECT THAT DIRECTOR MESTETSKY JUST TALKED ABOUT OFF OF MAIN STREET.

THIS PROJECT WILL HAVE ROUGHLY 35 APARTMENTS AND SOME RETAIL AS WELL ON THE FIRST FLOOR. PLEASE LET ME KNOW IF YOU HAVE

ANY QUESTIONS. >> THANK YOU VERY MUCH.

ANY QUESTIONS, COMMISSIONERS, REGARDING THE STAR ALLOCATION AREA? SEEING NONE, THE CHAIR AT 7:34 P.M. DECLARES THE PUBLIC HEARING FOR THE STAR CONFIRMATORY RESOLUTION PROJECT TO BE OPEN.

IS THERE ANYONE PRESENT THAT WOULD LIKE TO SPEAK IN FAVOR OF THIS PROJECT? THE CHAIR DOES NOT SEE NOR RECOGNIZE ANYONE TO SPEAK IN FAVOR.

IS THERE ANYONE PRESENT THAT WOULD LIKE TO SPEAK IN OPPOSITION TO THE PROPOSED PROJECT? ONCE AGAIN, THE CHAIR DOES NOT SEE ANYONE OR RECOGNIZE ANYONE PRESENT TO SPEAK. THEREFORE AT 7:35 P.M., I WILL DECLARE THE PUBLIC HEARING TO BE CLOSED.

AND WE WILL MOVE ON THEN TO OUR NEXT ACTION ITEM NUMBER 11 WHICH IS CONSIDERATION OF RESOLUTION 2023-45, THE STAR CONFIRMATORY RESOLUTION. ONCE AGAIN, MR. LEE, ANY FURTHER

COMMENTS? >> NOT AT THIS TIME.

>> THANK YOU VERY MUCH. COMMISSIONERS, ANY QUESTIONS REGARDING THE CONFIRMATORY RESOLUTION FOR THE STAR PROJECT?

COMMISSIONER. >> MOTION TO APPROVE RESOLUTION 2023-45 FOR THE STAR ECONOMIC DEVELOPMENT AREA.

>> THANK YOU, COMMISSIONER. IS THERE A SECOND TO THE MOTION?

>> SECOND THAT MOTION. >> THANK YOU, COMMISSIONER.

THE MOTION HAS BEEN MOVED AND SECONDED.

THEREFORE I WILL CALL THE QUESTION.

ALL IN FAVOR, PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED, SAME SIGN. VERY GOOD.

THE RESOLUTION 20 EXCUSE ME 2023-45 FOR THE STAR CONFIRMATORY PROJECT IS APPROVED.

WE WILL NOW MOVE ON TO OUR NEXT PROJECT WHICH IS RESOLUTION 2023-46. THIS IS ACTION ITEM NUMBER 12, THE HAMILTON CROSSING I TIF PLEDGE RESOLUTION.

MR. LEE, ONCE AGAIN. >> THANK YOU.

THIS IS NOT A CONFIRMATORY RESOLUTION, THIS IS A TIF PLEDGE RESOLUTION. SO THIS WILL PLEDGE 100% OF THE TIF FROM THE CROSSING 1 ALLOCATION AREA TO BONDS.

THAT INCLUDES THE TRAINING FACILITY AND THE EXPANDED HOTEL THAT YOU SEE HERE IN THE LIGHT BLUE.

>> THANK YOU, MR. LEE. QUESTIONS OF MR. LEE REGARDING THIS PROJECT? SEEING NONE, IF IT IS YOUR PLEASURE, COMMISSIONERS, CHAIR WOULD ENTERTAIN A MOTION OF

APPROVAL FOR RESOLUTION 2023-46. >> MOTION TO APPROVE RESOLUTION 2023-46 PLEDGE OF CERTAIN TAX INCREMENT REVENUES TO THE CITY OF CARMEL, INDIANA REVENUE BONDS.

>> THANK YOU, COMMISSIONER. IS THERE A SECOND?

>> SECOND THE MOTION. >> THANK YOU, COMMISSIONER.

IT'S BEEN MOVED AND SECONDED. THEREFORE THE CHAIR WILL CALL FOR THE QUESTION. ALL IN FAVOR PLEASE SAY AYE.

>> AYE. >> OPPOSED SAME SIGN.

IT IS APPROVED, THANK YOU VERY MUCH, COMMISSIONERS.

WE WILL NOW MOVE ON TO ACTION ITEM NUMBER 13 WHICH IS RESOLUTION 2023-46 WHICH IS THE HAMILTON CROSSING 2 TIF PLEDGE RESOLUTION. ONCE AGAIN, MR. LEE.

>> THIS IS THE SAME THING JUST FOR THE NORTHERN HALF.

THIS WILL PLEDGE 100% FROM THE CROSSING TWO AREA TO ONE OF MORE SERIES OF DEVELOPER BONDS. THIS IS FOR THE SECOND PHASE WHICH YOU SEE IN YELLOW WHICH IS THE REPUBLIC HEADQUARTERS BUILDING, PARKING GARAGE, AND FUTURE MULTIFAMILY PORTION THAT

WILL WRAP THE GARAGE. >> THANK YOU, MR. LEE.

QUESTIONS OF MR. LEE REGARDING THE PHASE TWO RESOLUTION?

>> IS THAT A SECOND PARKING GARAGE?

>> JUST ONE. >> VERY GOOD.

ANY OTHER QUESTIONS AT THIS POINT? SEEING NONE, IF IT'S YOUR PLEASURE, COMMISSIONERS, CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL FOR RESOLUTION 2023-46.

[01:00:03]

>> MOVE TO APPROVE RESOLUTION 2023-47 PLEDGE OF CERTAIN TIF REVENUES TO THE PAYMENT CITY OF CARMEL, INDIANA DEVELOPMENT

BONDS TO HAMILTON CROSSING 2. >> SECOND THAT MOTION.

>> THANK YOU, COMMISSIONER. SO FOR THE HAMILTON CROSSING 2 PROJECT HAVING BEEN MOVED AND SECONDED, THE CHAIR WOULD CALL THE QUESTION ON THE CONSIDERATION AND APPROVAL OF RESOLUTION 2023-47. ALL IN FAVOR, PLEASE SAY AYE.

>> AYE. >> OPPOSED SAME SIGN.

THE RESOLUTION IS APPROVED. THANK YOU VERY MUCH, COMMISSIONERS. SO WE'VE ALREADY REVIEWED ACTION ITEM 15 SO LET'S SEE I THINK 14 WE'VE GOT LEFT HERE WHICH IS THE EXCEPTION OF ACCEPTANCE OF THE TRANSFER OF CERTAIN PROPERTIES FROM THE CITY TO THE CRC. THIS WOULD BE THE CITY'S IT AND COMMUNICATION PROPERTY WHICH IS LOCATED JUST NORTH OF MAIN STREET AT THE NEXT CORNER. MR. DIRECTOR, IF YOU'D LIKE TO.

>> TIS THE SEASON FOR PRESENTS AND THE REDEVELOPMENT COMMISSION HAS GIVEN CARMEL A PRESENT WHICH IS THE LAND YOU SEE HIGHLIGHTED IN RED. CERTAIN OF THOSE PARCELS ARE OWNED BY THE CRC. THE BIG PARCEL ALONG WHERE THE PARKING IS NOW AND WHERE THE IT BUILDING SITS TODAY, THOSE ARE OWNED BY THE CITY. THE IT DEPARTMENT HAS MOVED TO NEW DIGS AT THE TOWNSHIP BUILDING.

SO AT SOME POINT THIS BECOMES EMPTY, SOONER THAN LATER.

AND IT IS IN THE PATH OF A FUTURE DEVELOPMENT TO BE APPROVED BY A CITY COUNCIL WHEN THAT TIME COMES.

BUT IN THE MEANTIME AGGREGATING THE LAND, FIGURING IT OUT, DOING SOME DEMO, THAT IS WHAT THE CRC'S MISSION IS.

SO THIS ACTION ITEM ALLOWS US TO TAKE TITLE TO LAND THAT A SANTA

DECIDED TO GIVE TO US. >> THANK YOU, MR. DIRECTOR.

QUESTIONS OF THE DIRECTOR REGARDING THE TRANSFER OF THIS PROPERTY AND ACCEPTANCE FROM THE CITY.

COMMISSIONER BOWERS. >> IN THE MEANTIME WHO MAINTAINS, SNOW REMOVAL, THOSE TYPES OF THINGS.

AND THEN TWO, ONCE THEY MOVE, WILL THE PARKING LOTS BE ALLOCATED AS PUBLIC PARKING UNTIL THERE'S A NEW PROJECT?

>> WE HAVE A RELATIONSHIP WITH THE STREET DEPARTMENT WHERE THEY ASSIST US IN MAINTAINING AND MANAGING AT LEAST MAINTAINING AND TAKING CARE OF PARCELS IN THE CITY.

SO STREET DEPARTMENT WOULD MAINTAIN THIS IN THE MEANTIME.

YEAH, I SUSPECT THAT THIS WOULD BE PARKING FOR EVERYONE UNTIL

THERE'S A PROJECT. >> OTHER QUESTIONS? I BELIEVE IN THE PAST THE CITY COUNCIL HAS PLACED CERTAIN RESTRICTIONS ON STUDENT PARKING FOR THE HIGH SCHOOL IN THESE AREAS. DO WE ANTICIPATE THEY MIGHT DO THAT IN THIS CASE IF IT IS USED FOR PARKING?

>> PARKING AT REDEVELOPMENT PROJECTS IS REALLY DONE BY CONTRACT NOT BY CITY COUNCIL ACTION.

I HAVE MET WITH VARIOUS DEVELOPERS IN THIS AREA AND THEY HAVE ALL, WE HAVE DISCUSSED DIFFERENT WAYS OF HANDLING IT, HOW TO PROPERLY SIGN SHORT-TERM PARKING.

BUT REALLY LIKE ON A PROJECT LIKE THAT, THEY'LL JUST HAVE A SECURITY GUARD STAND OUT THERE AND KICK THE STUDENTS OUT.

AND AFTER A FEW WEEKS, END OF THE BEGINNING OF THE YEAR, THEY DON'T NEED TO DO THAT ANYMORE. SO THERE WILL BE SOME OF THAT.

BUT STUDENTS, DON'T PARK HERE OR YOU'LL GET TOWED.

GO PARK AT THE SCHOOL WHERE YOU'RE SUPPOSED TO.

MR. MCMICHAEL IS GONE. BUT THIS IS A THING OUR DOWNTOWN DEALS WITH. I'VE HAD TO COME AND MEET WITH DIFFERENT CEOS AND STUDENTS GO AND PARK IN THE GARAGES AND IT'S A SHORTER WALK OFTENTIMES FOR THE STUDENTS TO PARK IN THESE GARAGES THAN IN THE LOT WHERE THE STUDENTS ARE SUPPOSED TO PARK. AND THEY'LL GET TOWED, SO STOP

[01:05:05]

FOR A 5,000 STUDENT HIGH SCHOOL. >> THANK YOU, MR. DIRECTOR.

ANY OTHER QUESTIONS AT THIS POINT.

IF NOT, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL OF RESOLUTION 2023-48 WHICH IS THE TRANSFER OF THE CITY IT COMMUNICATIONS PROPERTY AND SURROUNDING PARKING FROM THE

CITY TO THE CRC. >> MOTION TO APPROVE RESOLUTION 2023-48 TRANSFER OF CITY IT COMMUNICATIONS PROPERTY AND SURROUNDING PARKING FROM THE CITY OF CARMEL TO CRC.

>> THANK YOU, COMMISSIONER. IS THERE A SECOND TO THE MOTION?

>> SECOND. >> THANK YOU, COMMISSIONER.

IT'S BEEN MOVED AND SECONDED. THEREFORE THE CHAIR WILL CALL THE QUESTION. ALL IN FAVOR OF RESOLUTION

2023-48 PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED, SAME SIGN. IT IS APPROVED.

THEREFORE THANK YOU VERY MUCH, COMMISSIONERS.

WE WILL NOW MOVE ON, AS I MENTIONED WE'VE ALREADY DEALT WITH ACTION ITEM 15. WE'LL NOW MOVE ON TO ACTION ITEM 16 WHICH IS A RESOLUTION 2023-49, THIS IS THE PURCHASE OF LAND AT 331 WEST MAIN STREET. MR. DIRECTOR.

>> STICKING ON THE TOPIC OF MAIN STREET LAND ACQUISITION, LOOKING AT THIS PICTURE TAKES ME BACK TO MY YOUTH WHEN THE REDEVELOPMENT DEPARTMENT BUILT THE LAURIE BUILDING THAT'S PICTURED HERE.

ALTHOUGH YOU CAN'T REALLY TELL IT.

BUT IT'S PROBABLY FAIR TO SAY THAT THE REDEVELOPMENT DEPARTMENT HAS TRANSFORMED EVERY BLOCK OF MAIN STREET SINCE ITS INCEPTION. WE CONTINUE TO DO THAT AND INVEST IN OUR MAIN STREET BECAUSE THAT IS WHERE OUR FESTIVALS, INTERNATIONAL ART FESTIVAL, MANY OF OUR FESTIVALS TAKE PLACE. IT'S PART OF OUR FRONT DOOR.

IN THAT VEIN, WE CONTINUE TO INVEST IN UNDERDEVELOPED PROPERTY RIGHT ALONG OUR MAIN STREET.

WE'RE LOOKING AT 331 WEST MAIN. IF YOU'RE ENTERING MAIN STREET, YOU GO THROUGH THE ARCHES PASSED THE ROUNDABOUT.

AND YOU SEE THESE CORNICE LINES OF 4 AND 5 STORY BUILDINGS.

BUT THEN YOU RUN INTO THIS THING AND YOU'RE LIKE OH THAT'S JUST A HOUSE I GUESS BECAUSE MAIN STREET HASN'T STARTED YET, EXCEPT IT HAS. SO IT'S OUR JOB TO MAKE IT BETTER. THIS IS A NUMBER OF PARCELS HERE WITH DIFFERENT OWNERS. THERE'S AN INVESTOR THAT OWNS THESE TWO PARCELS. THE REDEVELOPMENT COMMISSION PREVIOUSLY PURCHASED THIS PARCEL.

SO NOW WE ARE WORKING ON THE PARCEL THAT WOULD ENABLE US TO IN TEAMWORK WITH THE INVESTOR GRAB ESSENTIALLY THE MAIN STREET FRONTAGE THAT CAN BE A FUTURE PROJECT ONE DAY AS WE CONTINUE BUILDING OUT OUR MAIN STREET. THIS WOULD PROBABLY BE THE DIVIDING LINE BETWEEN TRADITIONAL NEIGHBORHOODS AND OUR URBAN MAIN STREET. THIS IS OFTENTIMES THE FRONT DOOR, OFTENTIMES THE INTRODUCTION TO OUR ENTIRE URBAN CORE IS THIS VIEW AND THIS HOUSE.

SO AS THE REDEVELOPMENT COMMISSION HAS FOR 20 YEARS PURCHASED PROPERTY, WORKED OUT THE RIGHT DESIGN, MOVED FORWARD ON PROJECTS. THIS IS KIND OF STEP ONE OF THAT. SO SINCE WE ALREADY HAVE SOME OF THE PARCEL ON THIS BLOCK AGGREGATED AND AS WE'RE TALKING TO THE DIFFERENT PEOPLE HERE, THIS IS OUR OPPORTUNITY, THIS IS THE FIRST TIME THIS HOUSE HAS BEEN UP FOR SALE.

SO THIS IS OUR OPPORTUNITY TO STRIKE AND CONTINUE FULFILLING OUR MISSION ESSENTIALLY. THE PURCHASE PRICE IS $850,000 WHICH IS ESSENTIALLY IN LINE WITH OTHER OFFERS THAT THEY WERE GETTING AT THE SAME TIME THEY WERE GETTING OUR OFFER.

WE GOT THERE FIRST. THAT'S THE POWER OF A DEPARTMENT THAT CAN SEE A LISTING AND REACT WITHIN HALF AN HOUR TO GET IT UNDER CONTRACT. IF THIS COMMISSION CHOOSES TO APPROVE THIS PROJECT, THIS PURCHASE, I WILL BE TAKING THIS TO CITY COUNCIL NEXT TO APPLY 2021 TIF BONDS EARMARKED FOR LAND ACQUISITION FOR THIS PURCHASE.

>> THANK YOU, MR. DIRECTOR. ARE THERE ANY QUESTIONS OF THE DIRECTOR REGARDING THE PURCHASE OF THIS PROPERTY AT 331 WEST

[01:10:06]

>> MOVE TO APPROVE RESOLUTION 2023-49 THE LAND PURCHASE OF 331 WEST MAIN STREET IN THE AMOUNT OF $850,000 PLUS CLOSING COSTS.

>> THANK YOU, COMMISSIONER. >> SORRY.

THE PURCHASE PRICE IS HIGHER ON THE AVERAGE OF TWO APPRAISALS THAT WE HAVE FOR REFERENCE. THAT IS ALL.

NO, YOU'RE JUST MAKING YOUR VOTE WITH THE KNOWLEDGE THAT THE PURCHASE PRICE IS HIGHER THAN TWO APPRAISALS.

>> SO THE PROPOSED PURCHASE PRICE OF $850,000 THAT'S SHOWN

HERE IS THE CORRECT PRICE? >> IT IS THE CORRECT PRICE, JUST I WANT YOU TO NOTE THAT WE OBTAINED TWO APPRAISALS AND THAT IS HIGHER THAN ONE, LOWER THAN THE OTHER.

THERE'S SOME UPSET REALTORS AND UPSET PEOPLE IN THERE THIS WEEK

BECAUSE WE GOT THERE FIRST. >> THANK YOU VERY MUCH.

>> I'M JUST GOING TO MAKE A COMMENT.

JUST TO ADD ON TO THAT, IT'S NOT UNUSUAL IN THIS CORRIDOR AND UP AND DOWN RANGELINE THAT WE DEALT WITH THE LAST 15 YEARS, WE ALWAYS TRY TO KEEP WHAT WE'RE EYEING A SECRET BECAUSE THIS IS EXACTLY WHAT HAPPENS, YOU GET INTO A BIDDING WAR.

SO IT'S NOT UNUSUAL ON THE REAL ESTATE SIDE OF THINGS.

AND I THINK THE OTHER COMMENT IS FROM A WHO'S GOING TO PAY FOR IT, HOW IT'S GOING TO GET PAID FOR AND I KNOW THERE'S A COUPLE OF DIFFERENT OPTIONS ON THE TABLE, WE'VE GOT CASH.

WE ALSO HAVE THE POSSIBILITY OF SOME PROCEEDS.

SO THAT'S WHY IT'S NOT ON HERE. BUT THAT WAS SOMETHING THAT WAS DISCUSSED AT OUR BUDGET MEETINGS.

>> I WILL TELL YOU THAT THE SPEED TO CLOSING IS THE REASON WHY WE GOT THIS UNDER CONTRACT BEFORE EVERYONE ELSE.

SO WHILE THE FULL INTENT IS TO USE OUR LAND ACQUISITION DOLLARS EARMARKED FOR LAND ACQUISITION THAT DOESN'T REQUIRE COUNCIL APPROVAL, THIS LAND ACQUISITION IS NOT SUBJECT TO THAT COUNCIL APPROVAL BECAUSE WE DIDN'T HAVE THAT LUXURY AT THAT TIME.

WE NEED TO CLOSE. BUT IT IS OUR INTENT TO TAKE THIS TO CITY COUNCIL AND REQUEST THAT THE LAND ACQUISITION FUNDS THAT WE HAVE BE USED FOR THIS LAND ACQUISITION.

THAT WILL BE GOING TO THE NEW COUNCIL IN JANUARY.

>> THANK YOU, MR. DIRECTOR. WE DO HAVE A RESOLUTION THAT HAS BEEN OFFERED BY THE COMMISSIONER OVER HERE AT $850,000 PLUS CLOSING COSTS. IS THERE A SECOND TO THE MOTION?

>> SECOND. >> IT'S BEEN MOVED AND SECONDED.

THEREFORE THE CHAIR WOULD CALL THE QUESTION.

ALL IN FAVOR PLEASE SAY AYE. >> AYE.

>> ANY OPPOSED, SAME SIGN. IT IS APPROVED.

THANK YOU VERY MUCH, COMMISSIONERS.

IS THERE ANY OTHER BUSINESS, MR. DIRECTOR, TO COME BEFORE US

THIS EVENING? >> THERE IS NOT.

IT'S BEEN AN EXCITING YEAR AS BAKER TILLY'S PRESENTATION SHOWS. THE CRC'S FINANCES ARE BETTER THAN EVER. LOTS OF ACTIVITY THIS YEAR.

I SUSPECT THE INTEREST RATE ENVIRONMENT AND THE LENDING VIERLT IS GOING -- ENVIRONMENT IS GOING TO SLOW US DOWN THE FIRST PART OF 2024. BUT THE FED HAS SAID SOME INTERESTING THINGS. THEY CAN WEATHER THE SHORT-TERM ECONOMIC CONDITIONS BECAUSE THESE ARE LONG-RANGE PROJECTS.

I'M INCREDIBLY PROUD OF THE STAFF THAT WE HAVE AND THE WORK THE TEAM HAS DONE AND LOOKING TO ENTER 2024 ROARING ALONG.

AND I THANK EACH OF YOU FOR YOUR SERVICE THIS YEAR.

>> THANK YOU VERY MUCH, MR. DIRECTOR.

I'D LIKE TO ALSO THANK THE STAFF FOR ITS HARD WORK THIS YEAR.

YOU'VE DONE AN AWFUL LOT AND WE APPRECIATE IT AND THE FOLKS THAT SUPPORT US, OUR COUNCIL, OUR GOOD FOLKS THAT DO THE REPORTS FOR US FROM BAKER TILLY. I'D LIKE TO WISH EVERYONE A VERY HAPPY HOLIDAY SEASON AND A SAFE ONE.

SO WITH THAT, UNLESS THERE IS AN OBJECTION, I'M GOING TO DECLARE

[10. EXECUTION OF DOCUMENTS]

[01:15:04]

OUR NEXT REGULAR MEETING WILL BE ON WEDNESDAY THE 17TH OF JANUARY AT 6:30 P.M. HERE IN THE COUNCIL CHAMBERS.

SO WITH THAT OBJECTION, WE ARE ADJOURNED

* This transcript was compiled from uncorrected Closed Captioning.