[00:00:06]
>> THE CHAIR: WE DO HAVE A QUORUM DEAR CAROL I WOULD LIKE TO CALL THE MEETING TO ORDER, AND I WOULD LIKE TO BEGIN WITH THE PLEDGE OF ALLEGIANCE, STAND WITH ME.
>> 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. APPROVAL OF MINUTES]
>> THE CHAIR: THANK YOU VERY MUCH.
WE WILL NOW GO ON TO OUR NEXT AGENDA ITEM THE APPROVAL OF THE MINUTES OF OUR MEETING OF MAY 20 US, ARE THERE ANY CORRECTIONS OR ADDITIONS TO THE DRAFTS HE RECEIVED IN YOUR PACKETS? SEEING NONE, IF IT'S HER PLEASURE OF THE WOULD ENTERTAIN
A MOTION FOR APPROVAL. >> MOVED TO APPROVE.
>> SECONDED. >> THE CHAIR: ALL IN FAVOR, PLEASE SAY PLEASE SAY AYE. ANY OPPOSED?
[3.a. Cash Flow Report]
AYE IS APPROVED. WITH THAT WE WILL GO ONTO OUR FINANCIAL MATTERS AND WE'LL BEGIN WITH THE CASH FLOW REPORT.MR. LEE. >> THE COMMISSION BUMPED TO MIKE BALANCE FOR MAY WAS $4,000,499, INCLUDING RESTRICTED FUNDS AT $90,875,568. WE ARE EXPECTED TO GET OUR TIF TOMORROW BUT IT LOOKS LIKE WE ARE GOING TO BE BETTER OFF THAN
WHAT WE HAD IN THE BUDGET. >> THE CHAIR: THANK YOU VERY
[3.b. Approval of Claims]
MUCH. ANY QUESTIONS FOR MR. LEE ON THE CASH FLOW REPORT. SEEING NONE WE'LL MOVE ON TO THE APPROVAL OF CLAIMS, ONCE AGAIN, MR. LEE.>> TWO SETS OF CLAIMS THE FIRST FOR NONOPERATING EXPENSES THE AMOUNT OF THE $70,052,601.25 THAT INCLUDES ALL OF JUNE BOND PAYMENTS, THAT'S WHY IT'S THAT HIGH.
SECOND SET OF CLAIMS IS THE 856 FUND AND THE AMOUNT OF $1,995.
>> THE CHAIR: ANY QUESTIONS FOR MR. LEE REGARDING THE CLAIMS BEFORE US. IF IT'S YOUR PLEASURE COMMISSION OR THE CHART WILL ENTERTAIN A MOTION OF APPROVAL.
>> THE CHAIR: IT'S BEEN MOVED AND SECONDED TO ALL IN FAVORITE OF APPROVING THE CLAIMS BEFORE US, SAY AYE.
[4. EXECUTIVE DIRECTOR REPORT]
ANY OPPOSED? IT IS APPROVED, THANK YOU VERY MUCH, COMMISSIONER. WITH THAT WE WILL MOVE ON TO THEEXECUTIVE DIRECTOR'S REPORT. >> THANK YOU VERY MUCH MR. PRESIDENT, ANOTHER BUSY MONTH OF CONSTRUCTION IN THE CITY OF CARMEL. THAT'S A NICE IMAGE, IT KIND OF MATCHES THE RENDERING FROM FIVE YEARS AGO.
LOTS OF WORK, LOTS OF PROGRESS GOING ON, THAT'S A LOVELY IMAGE THAT MARIANA TOOK THAT SHOWS THE PLAYGROUND THAT'S BEING WORKED ON AND HOW IT FORMS THE BACKDROP TO THAT.
PRETTY NEAT. CIVIC SQUARE IS NOW SELLING CONDOS, THE FIRST PEOPLE HAVE MOVED IN WHICH IS REALLY COOL.
THE REPUBLIC HEADQUARTERS CONTINUES WORKING ON THEIR HOTEL. LOTS OF WORK GOING ON, THIS PICTURE IS OLD BECAUSE I SEE MASONRY HASN'T STARTED GOING UP ON THE FACADE. IT'S GOING TO LOOK PRETTY GREAT IN THE NEXT FEW MONTHS AS THE MASONRY POPS UP.
IF YOU HAVE DRIVEN BY THE AT&T SITE, THE MERCHANT BANK HEADQUARTERS THE THIRD AVENUE RESIDENCE IS THERE ON THE RIGHT ARE UNDER CONSTRUCTION. IF YOU HAVE BEEN BY THERE THERE'S A GIANT HOLE IN THE GROUND WERE UNDERGROUND PARKING IS. MORE FOR SALE UNITS COMING TO OUR CITY. LOTS OF GREAT PROGRESS ON OUR NOMADIC PLAZA WE WILL BE REACHING OUT TO COMMISSIONERS TO SCHEDULE A WALK-THROUGH TOUR, AND THE PLANNED COMMISSION AND ALL THE WONDERFUL VOLUNTEERS. THE HERON CLUB, THERE'S A PICTURE OF THE PARK IN THIS SLIDE, IT'S NOT GOING TO LOOK LIKE THAT. IT'S ACTUALLY GOING TO LOOK LIKE THIS, EVEN BETTER. LOTS OF WORK HAS BEEN DONE BY OUR COUNTERPARTS AT THE CARMEL-CLAY PARKS AND RECREATION DEPARTMENT. MICHAEL PLITT SINGH HAS DONE A TON OF WORK ON THIS I KNOW HOW MUCH HE HAS BEEN INVOLVED WITH THE MAYOR'S COMMISSION ON VETERANS.
I'M HOPING I'M NOT GETTING THAT NAME WRONG.
OUR FORMER COLLEAGUE BILL BROOKS IS HANGING OUT THESE DAYS, HE'S IN A BETTER PLACE. HE'S GOING TO BE HANG OUT AT
[00:05:03]
THIS PARK MOST OF THE TIME WHILE WE ARE IN HERE.LOTS OF GREAT WORK BY THE CITY COUNCIL, LOTS OF GREAT WORK BY THE VETERANS COMMUNITY, LOTS OF GREAT WORK BY THE PARKS AND RECREATION DEPARTMENT A WONDERFUL PUBLIC-PRIVATE PARTNERSHIP. I BELIEVE MICHAEL PLITT SINGH SHARED THIS AT A PREVIOUS COUNCIL MEETING, THOSE ARE THE LATEST RENDERINGS OF THE VETERANS PARK.
I WILL NOTE IF YOU SEE THAT WATERFALL FEATURE, IT LOOKS LIKE THAT ON PURPOSE BECAUSE THERE IS A COLUMN THERE FOR EACH ONE OF THE MILITARY BRANCHES. THAT'S A PURPOSEFULLY DESIGNED FEATURE. NORTH AND CONTINUES ITS CONSTRUCTION. WHAT'S COOL TO SEE OFF THE HIGHWAY, PRETTY SOON WE WILL SEE SOME BUILDINGS RISE AND A LOT MORE ACTIVITY THERE. FNALLY THE CITY COUNCIL APPROVED IN AN EARLIER MEETING THE PROSCENIUM 3 PROJECT I BELIEVE THAT WAS APPROVED 9-0 WHICH IS VERY EXCITING STUFF.
IF YOU DRIVE BY THAT PIECE OF LAND TODAY, THEY ARE WORKING TO CLEAN IT UP AHEAD OF CARMEL FEST AND HOPEFULLY WE WILL SEE SOME CONSTRUCTION ON THAT SITE SOON. THAT CONCLUDES MY REPORT I'M
HAPPY TO ANSWER ANY QUESTIONS. >> THE CHAIR: DO WE HAVE QUESTIONS? SPEAK OF THE VETERANS PARK, IS THAT GOING TO BE CONSTRUCTED ON THE SAME TIMELINE AS THE
APARTMENT COMPLEX? >> APARTMENTS GO FIRST COME APARTMENT STICK OUT THE DRAINAGE THAT SERVES BOTH IN APARTMENTS
COME IN AFTERWARDS. >> ANY UPDATE ON THE HOTEL
EXPANSION IN THE RAND BUILDING? >> FOR ANYONE WATCHING, LAST YEAR THERE WAS A PROPOSAL TO EXPAND THE HOTEL CARMICHAEL TO THE ADJACENT RAND BUILDING THERE WAS A VERSION OF THAT PROPOSAL THAT WAS BROUGHT BEFORE CITY COUNCIL FOR INFORMATIONAL PURPOSES AND ALSO THIS COMMISSION FOR A DEEP DIVE.
WE ARE WORKING THROUGH THAT NOW AND HOPING TO HAVE SOMETHING COME BACK BEFORE THIS COMMISSION FAIRLY SOON.
IF YOU ARE A MEMBER A BIT EARLIER A COUPLE MEETINGS GO WE HAD A VOTE TO DO SOME EXTENSIONS FOR THE LOAN RELATED TO THAT AS WE ARE WORKING THROUGH THOSE ISSUES.
I SUSPECT SOMETHING IN THE NEXT MONTH OR TWO.
[5. COMMITTEE REPORTS]
>> ANY OTHER QUESTIONS, COMMISSIONERS? SEEING NONE, WE WILL MOVE ON TO THE COMMITTEE REPORTS,
ARCHITECTURAL REVIEW COMMITTEE. >> WE DID NOT MEET THIS MONTH.
>> WITH THAT, IS THERE ANY BUSINESS TO COME BEFORE US?
[7. NEW BUSINESS]
>> THE CHAIR: THERE IS NO BUSINESS.
WE'LL I WANT NEW BUSINESS, WE DO HAVE AN ITEM BEFORE US.
ESTOPPEL CERTIFICATE FOR THE SALE OF SIGNATURE DEVELOPMENT, MR. DIRECTOR. I WOULD LIKE TO REVIEW THAT WITH
US. >> IF YOU LOOK AT THE SCREEN, IT'S A SIGNATURE PROJECT. IT'S FANTASTIC.
DEVELOPER OF A SIGNATURE PROJECT IS SELLING THE MULTIFAMILY PORTION OF THE PROJECT -- THE CONDOS ARE GOING TO BE GOING ON SALE THE NEXT FEW WEEKS, ALSO A BUNCH OF RETAIL BUT THE MULTIFAMILY PORTION IS BEING SOLD TO A POTENTIAL BUYER ALONG WITH AN ASSIGNMENT OF THE TIF BOND THAT COMES WITH IT.
-- THIS IS AT OLD MERIDIAN AND MAIN.
JUST NORTH OF ICON. IF YOU DRIVE BY THERE TODAY, A SIGN THAT SAYS HARM EAT STEAK HOUSE AT THE CORNER.
WHEN A LARGE TRANSACTION, LARGE ASSET DISPOSITION LIKE THIS OCCURS, EVERYONE HAS ATTORNEYS, EVERYONE HAS DOCUMENTS TO BE SIGNED THESE ARE CUSTOMARY DOCUMENTS WHEN LAND IS BEING TRANSFERRED OR AN ASSET IS BEING TRANSFERRED.
CUSTOMARY DOCUMENTS INCLUDE A ESTOPPEL YOU GET A BUNCH OF ENTITIES TO SAY THERE IS NO DEFAULT, THERE'S NOTHING WRONG -- THE CRC, THE ROLES THE REDEVELOPMENT ENTITY, CUSTOMARY SIGNS ESTOPPELS, WHATEVER OTHER CUSTOM DOCUMENTS ARE HEATED TO EFFECTUATE A TRANSACTION FROM OUR END AND CONSENT TO WHATEVER BONDS ARE BEING TRANSFERRED. VISTA REQUEST IN FRONT OF YOU TO SIGN THOSE CUSTOMARY DOCUMENTS AS WE ALWAYS DO.
A ESTOPPEL STOPS US FROM LATER CLAIMING THERE'S A DEFAULT OF
[00:10:01]
THE PROJECT. IT'S A VERY CUSTOMARY THING, THEY ARE ALSO GETTING A ESTOPPEL I ASSUME NOT FROM US BUT FROM EVERY TENETS THERE IS NO LANDLORD-TENANT ISSUES GOING ON IN. THIS IS PRETTY STANDARD STUFF.AS THEY ARE NOT IN DEFAULT, EVERYTHING IS GREAT.
THAT'S WHAT THE DOCUMENT IS GOING TO SAY, WE ARE HERE REQUESTING YOUR PERMISSION TO SIGN AND NEGOTIATE THOSE
CUSTOMARY DOCUMENTS. >> THE CHAIR: QUESTIONS?
>> THE BOND OR THE TIF HAS NOTHING TO DO WITH US SO WE DON'T HAVE THE DO WITH THE FINANCES?
>> YOU ARE CORRECT, THAT'S GOOD TO POINT THAT OUT TO.
THIS IS A BOND THAT HAS NO CITY RECORDS NO CITY OBLIGATIONS, NO LIABILITIES, OUR ONLY JOB IS WHEN THE TIF FLOWS IN, THEY PAY IT TO THE BONDHOLDER OR WHOEVER THE BONDHOLDER MAY BE IT'S ABOUT TO BE A DIFFERENT BONDHOLDER. OUR OBLIGATIONS TO THEM DON'T INCREASE BECAUSE OF THE DIFFERENT BONDHOLDER, HERE'S
WHAT YOU GOT. >> I THINK COMMISSIONER BOWERS MORE OR LESS RAISE THE ISSUE BUT IF THERE'S EVER A TIME YOU WANT ANYTHING OUT OF THIS IN EXCHANGE FOR THE ESTOPPEL CERTIFICATE, WE AREN'T ON THE HOOK FOR IT IN THE WAY.
I GUESS THERE'S NOTHING WE WOULD WANT TO ASSERT AND ASK THE
PURCHASER OR THE SELLER -- GO. >> THEY ARE SELLING THEIR CONDOS IN EVERY THING ELSE IS GREAT, FOR ANYONE ELSE LISTENING INVESTING $100 MILLION INTO OUR CITY, WE WON'T FIND ANY REASONS -- WE ARE HERE TO MAKE SURE COMMERCE OCCURS.
>> THE CHAIR: ARE THERE ANY OTHER QUESTIONS? SEEING NONE THE CHAIR WILL ENTERTAIN A MOTION TO APPROVE.
>> MOTION TO APPROVE. >> IS THERE A SECOND?
>> MOVED AND SECONDED TO. ALL THOSE IN FAVOR, PLEASE SAY
[8. OTHER BUSINESS]
AYE. ANY OPPOSED? IT IS APPROVED, THANK YOU VERY MUCH COMMISSIONERS.IS THERE ANY OTHER BUSINESS TO COME BEFORE US?
[9. EXECUTION OF DOCUMENTS]
>> THERE IS NOT TO. >> THANK YOU MR. DIRECTOR.
WITH THAT, COMMISSIONERS, WE SHOULD GO AHEAD AND WITHOUT OBJECTION DECLARE US TO BE AN ADJOURNMENT ENDING THE EXECUTION OF DOCUMENTS
* This transcript was compiled from uncorrected Closed Captioning.