[00:00:04]
AND WE'RE LIVE. THANKS VERY MUCH.
GOOD AFTERNOON, LADIES AND GENTLEMEN.
THIS IS THE REGULAR MONTHLY MEETING OF THE CARMEL REDEVELOPMENT COMMISSION.
ARE WE MEETING TODAY VIA THE MICROSOFT TEAMS AND BECAUSE OF COVID 19 AND APPROPRIATE DISTANCING AND ALL THE OTHER GOOD THINGS THAT WE HAVE TO DO.
SO WITH THAT, WE DO HAVE A QUORUM OF OUR MEMBERS PRESENT.
AND SO IF YOU WOULD IF YOU WOULD JOIN ME IN THE PLEDGE OF ALLEGIANCE.
[PLEDGE OF ALLEGIANCE]
AND THANK YOU, HENRY.THE FIRST ITEM ON OUR AGENDA THIS EVENING IS THE APPROVAL OF MINUTES OF OUR APRIL 15TH
[APPROVAL OF MINUTES]
MEETING. ARE THERE ANY CORRECTION OR CORRECTIONS OR ADDITIONS TO THE MINUTES OF APRIL 15TH THAT WERE IN YOUR PACKET? MOVE TO APPROVE. IF YOU WOULD, ADAM, I THINK I HEARD YOU MAKE THE MOTION.IF YOU WOULD SAY YOUR NAME WHEN YOU MAKE THE MOTION AND I THINK, DAVE, YOU YOU WERE SECOND. SO, YEAH, WITH THAT, RACHEL, IF YOU WOULD, PLEASE CALL THE ROLL.
WE'RE NOT GOING TO CALL MR. WORRELL, BECAUSE COUNCILOR WORRELL IS NOT AT THE MEETING, SO WE'RE JUST NOT GOING TO READ HIS NAME. VERY GOOD.
IT IS. THE MINUTES ARE APPROVED.
THANK YOU VERY MUCH. WITH THAT, WE WILL NOW MOVE TO OUR FINANCIAL MATTERS.
[FINANCIAL MATTERS]
MR. LEE, THE CASH FLOW REPORT, PLEASE.[Cash Flow Report]
THANK YOU. THE COMMISSIONS END OF MONTH BALANCED FOR APRIL WAS ONE MILLION NINE HUNDRED EIGHTY ONE THOUSAND SEVEN HUNDRED SIXTY SIX DOLLARS, INCLUDING THE RESTRICTED FUNDS.IT WAS SEVEN MILLION EIGHT HUNDRED SEVENTY TWO THOUSAND NINE HUNDRED SEVENTY THREE DOLLARS. THANK YOU, MR. LEE. QUESTIONS OF MR. LEE REGARDING THE CASH FLOW RATE FOR.
HEARING NONE. WE WILL MOVE ON TO APPROVAL OF CLAIMS AND ONCE AGAIN, MR.
[Approval of Claims]
LEE. YOU HAVE THREE SETS OF CLAIMS BEFORE YOU TONIGHT.FIRST IS NON OPERATING EXPENSES AND THE AMOUNT OF SEVENTY NINE THOUSAND THREE HUNDRED NINETY FOUR DOLLARS AND SEVENTY FOUR CENTS.
THE SECOND IS FROM THE 2016 BOND CLAIMS ANY AMOUNT OF SEVENTY FIVE THOUSAND FIVE HUNDRED TWENTY DOLLARS AND LAST IS THAT 2017 C ONE BOND CLAIMS AND THE AMOUNT OF FOUR HUNDRED THIRTY EIGHT THOUSAND FOUR HUNDRED FIFTEEN DOLLARS AND FIFTY SIX CENTS.
PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS.
THANK YOU, MR. LEE. ANY QUESTIONS OF MR. LEE REGARDING THE CLAIMS? MOVE TO APPROVE. THANK YOU VERY MUCH.
IS THERE A SECOND? THANK YOU, MR. BROOKS. RACHEL, WOULD YOU PLEASE CALL THE ROLL? MR. HAMMER.
THANK YOU VERY MUCH. ANY OTHER FINANCIAL MATTERS TO COME BEFORE US, MR. LEE? NOT THIS TIME.
THANK YOU VERY MUCH. WITH THAT, WE WILL MOVE ON TO THE EXECUTIVE DIRECTORS REPORT.
[EXECUTIVE DIRECTOR REPORT]
MR. DIRECTOR. THANK YOU, MR. PRESIDENT. HENRY MESTETSKY HERE, EXECUTIVE DIRECTOR.CONSTRUCTION CONTINUES ON THE CARMICHAEL, REALLY ALL OVER THE CITY.
ON MONDAY, I HAD A CHANCE TO PRESENT A HOST OF TOPICS TO THE CITY COUNCIL AND I'LL JUST RUN BY THEM REAL QUICK.
THE REDEVELOPMENT COMMISSION INTRODUCED A BUNCH OF PROJECTS.
THEY INCLUDED THE LOT ONE PROJECT THAT THE COMMISSION HAS BEEN WORKING ON AS PART OF ITS OWNERSHIP OF THE PARCELS AROUND LOT ONE WERE FORMER P&Z SITES.
WE INTRODUCED THE PROJECT THAT WOULD BE A 35 MILLION DOLLAR PROJECT.
A LOT GROUP WOULD BE THE DEVELOPER ON THIS ONE.
IT INCLUDES BUT 60000 SQUARE FEET OF OFFICE, 70 APARTMENT UNITS, FOR SALE CONDOS, 225 GARAGE PARKING SPACES.
[00:05:02]
ALL THIS FITTING ON ONE POINT EIGHT ACRES, WHICH IS A POSTAGE STAMP OF A SITE AND A PUBLIC PLAZA. I ALSO THINK EVERYBODY APPRECIATES KIND OF HOW THIS PROJECT FITS WITHIN THE CONTEXT OF MAIN STREET.IT'S A FLOOR SHORTER IN SOME CASES TWO FLOOR SHORTER THAN SOPHIA SQUARE.
AND SO IT'S THAT WE'RE REALLY EXCITED ABOUT THIS PROJECT THAT WILL RAISE THIS VALUE PER ACRE, FOUR MILLION OR ONE POINT EIGHT MILLION TO TWELVE MILLION DOLLARS AN ACRE.
AND THIS PROPERTY WILL ALSO PRODUCE ABOUT 50,000 DOLLARS A YEAR FOR SCHOOLS ONCE THE PROJECT IS BUILT.
THE SECOND PROJECT INTRODUCED THE CITY COUNCIL ON MONDAY IS MELANGE, WHICH IS A ALL FOR SALE UNITS PROJECT BY TWENTY NINE MILLION DOLLARS.
AND THERE WILL BE A PROFIT SHARE COMPONENT WHERE THE CRC WILL RECEIVE SOME INCENTIVE BACK. IF THE FLATS AND CONDOS DO REALLY WELL AGAIN, WHEN ALL IS SAID AND DONE, WE'LL HAVE A SIX MILLION DOLLARS PER ACRE VALUATION HERE AND ULTIMATELY MONEY GOING BACK TO THE SCHOOLS AS WELL. AND ABOUT FORTY ONE THOUSAND DOLLARS A YEAR PLUS.
BROOKSHIRE VILLAGE SHOPS WAS ADDITIONALLY INTRODUCED, THAT PROJECT IS ESSENTIALLY A FACELIFT THAN A REDO OF THE PLAZA ON 126 AND GREY THAT WILL PRODUCE NEW TAX REVENUE, INCLUDING TO THE SCHOOLS.
AND FINALLY, WE INTRODUCED THE CORNER, WHICH IS A ONE SIXTEENTH [INAUDIBLE].
IT WOULD BE ALMOST A 70 MILLION DOLLAR PROJECT, APARTMENTS WITH FIRST FLOOR RETAIL.
IT WOULD RAISE IT WOULD RAISE THE ASSESSED VALUE PER ACRE OF THIS SITE TWENTYFOLD FROM ABOUT HALF MILLION DOLLARS AN ACRE TO TEN AND A HALF MILLION DOLLARS AN ACRE AND PRODUCE TO A HOST OF NEW TAX REVENUE TO THE OTHER TAXING.
ONE BIG ISSUE IS BIG ISSUES COVERED AT COUNCIL.
I THINK THE PRESS DID A GOOD JOB REPORTING ON AS WELL, IS THAT NONE OF THESE PROJECTS HAVE ANY TAXPAYER RISK AT ALL.
THEY ALL ARE DEVELOPER BONDS, WHICH MEANS THAT WHATEVER TAX REVENUE FLOWS FROM THE SITE AND THAT TAX REVENUE ONLY EXISTS BECAUSE THE DEVELOPER IS DOING THE DEAL IN THE FIRST PLACE, FLOWS TO THE DEVELOPER AND AT THE END DEVELOP AND PAYS THE BONDS THAT ARE USED TO INCENTIVIZE THIS PROJECT.
SO IF THE DEVELOPER DOESN'T BUILD THE PROJECT, THEY PROMISE IT'S ONLY THEM THAT RECEIVES LESS, LESS REVENUE ON THEIR BONDS AND THE TAXPAYERS ARE NOT ON THE HOOK AT ALL.
SO IT'S KIND OF A SUMMARY POINT TWENTY SEVEN MILLION DOLLARS AND RISK FREE INCENTIVES FROM THE COUNCIL. GETS THE SUM OF ONE HUNDRED AND FORTY MILLION DOLLARS IN NEW INVESTMENTS THROUGHOUT A CENTRAL CORE AND A LITTLE BIT ON THE EASTSIDE, A HOST OF NEW MONEY FOR THE SCHOOLS AND THE KIND OF STUFF THAT THE CRC CARES ABOUT JOBS, HEADQUARTERS, JOBS, PUBLIC PARKING GARAGES AND MULTIPLE PROJECTS WITH FOR SALE UNITS.
AND SO WE ARE INCREDIBLY EXCITED ABOUT THIS.
THIS IS A IT'S IN FRONT COUNCIL RIGHT NOW AND WE HOPE THAT THEY BRING IT VOTE ON IT POSITIVELY, BRINGING IT BACK OUT SO THAT WE CAN SEE SOME OF THESE PROJECTS COME TO FRUITION. THAT CONCLUDES MY REPORT.
I'M HAPPY TO ANSWER ANY QUESTIONS THAT THE COMMISSIONER MAY HAVE, COMMISSIONERS HAVE.
ARE THERE ANY QUESTIONS REGARDING THE DIRECTOR'S REPORT FROM ANY COMMISSIONERS? YES. I WANT TO KNOW.
I'M SORRY. LAST WEEK, THERE WERE SOME MEETINGS WITH THE CITY COUNCIL FINANCE COMMITTEE MEETING. YOU'RE TALKING ABOUT THE HOTEL AND YOU WANT TO GIVE A LITTLE SYNOPSIS OF OF THAT. AND SO THE THE CITY COUNCIL, THE FINANCE COMMITTEE OF THE CITY COUNCIL HELD THREE HEARINGS, THREE NIGHTS IN A ROW REVIEWING THE HOTEL.
THE FIRST NIGHT WAS SPENT ON HOW WAS THE ORIGINAL ESTIMATE OF WHAT THAT WAS PRESENTED TO COUNCIL BY THE COMMISSION WAS PUT TOGETHER.
WE DISCUSSED THAT MY PREDECESSOR, COREY MEYER, CONSULTED WITH TOP NOTCH ARCHITECTS AND THE REDEVELOPED COMMISSION KIND OF LIMITED HOW MUCH FUNDS SHE COULD SPEND ON A PROJECT THAT WE WEREN'T SURE THAT THE COUNCIL WAS GOING TO EVER APPROVE.
I THINK SHE DID HER BEST WITH GETTING THESE WORLD-CLASS ARCHITECTS TO PUT TOGETHER DESIGNS AND THEN KIND OF A NARRATIVE AND SOME, YOU KNOW, SOME SOME SITE, SOME FLOOR PLANS FOR A POTENTIAL AUTOGRAPH COLLECTION HOTEL.
COREY HAD THAT NARRATIVE AND ALL THOSE DOCUMENTS AND USED SEVERAL DIFFERENT CONSTRUCTION
[00:10:07]
MANAGERS, POTENTIAL CONSTRUCTION MANAGERS, CONSTRUCTION COMPANIES TO PROVIDE ESTIMATES OF WHAT THAT WOULD COST. WE ENDED UP GOING WITH ONE FROM [INAUDIBLE] SEXTON, AND THAT'S A VERY REPUTABLE CONSTRUCTION FIRM HERE IN THE CITY.AND THOSE WERE THE NUMBERS PRESENTED, THE COUNCIL.
AND IT YOU KNOW, I MENTIONED THE COUNCIL THAT I FULLY STOOD BEHIND WHAT COREY DID.
SHE CONSULTED TOP NOTCH FIRMS TO PUT TOGETHER AN ESTIMATE.
ULTIMATELY, WHAT ENDED UP HAPPENING AND THIS WAS A FOCUS OF THE SECOND NIGHT IS.
THAT ESTIMATE WAS DONE, NOT ASSUMING PUBLIC BUILDING.
THE HOTEL WAS DONE PUBLIC PUBLICLY BID, WHICH THERE'S TESTIMONY THAT THAT RAISES THE PRICE OF SOMETHING TEN TO FIFTEEN PERCENT.
HOTEL CONSULTANT PAUL [INAUDIBLE] TESTIFIED THAT HE REQUESTED A ENLARGEMENT OF THE ROOMS TO GET THE AUTOGRAPH BRAND, AND THAT MAY HAVE ADDED ABOUT 7000 SQUARE FEET, AROUND TWO MILLION DOLLARS TO THE HOTEL COST AS WELL.
AND THERE'S A LOT OF TESTIMONY ABOUT HOW THE MARKET JUST EXPANDED AND REALLY LIMITED THE AMOUNT OF LABOR AND RAISED THE PRICES OF CONSTRUCTION COSTS THAT, YOU KNOW, WE WERE BIDDING OUT 2017, 2018 AND 2019 BASED ON THESE MID 2017 ESTIMATES.
SO A LARGE PART OF DAY TWO WAS THE DISCUSSION ABOUT HOW THESE INITIAL 40 MILLION DOLLAR, ALL IN HOTEL ESTIMATES FOR A VARIETY OF FACTORS ENDED UP BEING.
IT ENDED UP BEING LARGER, REALLY, BUT MY COMMISSION TOOK STEPS TO FILL THE GAP THAT.
AND THAT MONEY WAS LARGE IS LARGELY BEING REIMBURSED TO US FROM OUR PARTNER PET CORP.
AND SO DAY THREE WAS SPENT DISCUSSING ALL THE REALLY WE WENT STEP BY STEP AND READ STATUTES ABOUT ALL THE AUTHORITY THAT THE REVAMPED COMMISSION HAS TO KIND OF TAKE THESE STEPS AND THEN FILL THE GAP, PARTLY BECAUSE IT'S THE INTENTION OF THE STATE LEGISLATURE TO MAKE READ ABOUT THE COMMISSION'S KIND OF SEPARATE FROM CITY COUNCIL.
AND SO THAT THOSE WERE KIND OF THREE NIGHTS.
AND I THINK THE FINANCE COMMITTEE THAT THE COUNCIL IS WORKING ON A REPORT.
THIS HAS BEEN COVERED IN THE PRESS AS WELL.
[INAUDIBLE] HAD A STORY ON IT YESTERDAY.
I'M NOT SURE THAT IBJ HAD A STORY ON THIS THING SINCE IT'S BEEN, YOU KNOW, WIDELY KIND OF WIDELY COVERED BEFORE.
AND SO I. IN THE MEANTIME, WE CONTINUE TO BUILD A HOTEL AND LOOK FORWARD TO A GRAND OPENING. WHEN THAT HAPPENS.
THANK YOU, MR. DIRECTOR. ANY OTHER QUESTIONS? I AM ONE I JUST HAVE A COMMENT.
YES. I JUST WANTED TO SAY THANK YOU FOR DOING SOME OF THE THINGS THAT WILL BE GOING TO SCHOOL. I THINK THAT'S A REALLY GREAT FEATURE AND SOMETHING THAT WE CAN SHOW THE POSITIVES COMING OF THIS PROJECT.
SO I REALLY APPRECIATE YOU TAKING THE TIME TO SHARE THOSE ON YOUR SLIDES INTO THE PUBLIC.
THANK YOU, COMMISSIONER. THANK YOU, COMMISSIONER.
I CAN I CAN ALSO ADD THAT WHEN THESE PROJECTS THAT I JUST SHOWED WERE PRESENTED AT THE COUNCIL ON MONDAY, WE DID ALSO HAVE A ROBUST DISCUSSION ABOUT TIF AND THEIR EFFECT ON THE SCHOOLS, BECAUSE I THINK THERE'S A LOT OF MISINFORMATION OUT THERE.
AND I DISCUSSED THAT, YOU KNOW, NO ONE WITH THESE PROJECTS.
IF THE INCENTIVE ISN'T USED, THE PROJECTS AREN'T THERE TO BEGIN WITH.
SO IT'S NOT LIKE THIS MONEY WOULD FLOW TO THE SCHOOLS OTHERWISE.
THERE'S MONEY ONLY EXISTS BECAUSE THE DEVELOPERS ARE DOING THE PROJECT BASED ON SOMETHING. PART TWO WAS THAT A LOT OF THEM, MOST OF THE REVENUE THAT GOES TO SCHOOLS COMES FROM THE STATE ON A PER STUDENT BASIS.
IT DOESN'T COME FROM PROPERTY TAXES ANYMORE.
THAT'S A COMMON MISCONCEPTION.
BUT THERE IS STILL STILL REVENUE THAT COMES FROM PROPERTY TAXES BECAUSE OF THE REFERENDA THAT CARMEL HAS VOTED ON TWICE.
AND IN THAT CASE, REFERENDUM MONEY THAT FLOWS TO THE SCHOOLS THAT THE TIF DOESN'T CAPTURE IT. SO ON THAT LAST PROJECT THAT I TALKED ABOUT, WHERE WE RAISED THE VALUE OF SOMETHING TIMES 20 ASSESSED VALUE OF SOMETHING TIMES 20.
THE NET RESULT OF THE SCHOOLS IS THEY JUST GET 20 TIMES THE REVENUE THAT THEY WERE GETTING BEFORE BECAUSE OF THE CRC PROJECT.
AND I THINK IT'S FAIR TO POINT OUT THAT OUR CARMEL SCHOOLS ARE AMAZING.
I KNOW THAT THE SUPERINTENDENT AND THE BOARD TAKE A KIND OF HOLISTIC APPROACH AND THAT IS, YOU KNOW, SOMETIMES ABOUT DOLLARS PER STUDENT.
SOMETIMES IT'S ABOUT WHAT HAPPENS WHEN THE STUDENTS COME HOME.
AND I THINK EVERYONE RECOGNIZES THAT CRC PROJECTS BRING WHITE COLLAR JOBS HERE, BRING HEADQUARTERS JOBS HERE, BRING, YOU KNOW, CREATE KIND OF A CULTURE AND AN ENVIRONMENT
[00:15:03]
WHERE THIS IS A CITY PEOPLE WANT TO BE.THIS IS A CITY PEOPLE WANT TO MOVE TO.
THIS IS A CITY WHERE PEOPLE THAT WORK AT THESE HEADQUARTERS PUT TIME AND EFFORT IN THEIR CHILDREN'S FUTURE AS WELL.
AND SO INSTEAD OF LOOKING AT IT AS A YOU VERSUS US APPROACH, I THINK THE SCHOOL BOARD AND THE MAYOR OF THE CITY HAVE ALWAYS LOOKED AT THIS AS A TEAM AND THEY SEE THE BENEFIT OF CRC PROJECTS GENERALLY.
THANK YOU, COMMISSIONER BROWNING.
ANY OTHER QUESTIONS FOR THE DIRECTOR? IF NOT, WE WILL MOVE ON TO OUR COMMITTEE REPORTS AND WE'LL BEGIN WITH THE FINANCE
[COMMITTEE REPORTS]
COMMITTEE. MR. BOWERS, WE DID NOT MEET THIS MONTH.SO THANK YOU. THANK YOU VERY MUCH.
WELL, WITH THAT, WE'LL MOVE ON TO THE ARCHITECTURAL REVIEW COMMITTEE AND OUR BELIEF THAT COMMISSIONER BROOKS. THANK YOU.
THANK YOU, COMMISSIONER BROOKS.
WITH THAT, WE WILL MOVE ON TO OLD BUSINESS.
IS THERE ANY OLD BUSINESS TO COME BEFORE US THIS EVENING?
[OLD BUSINESS]
THERE IS NOT, MR. PRESIDENT. THANK YOU, MR. DIRECTOR. IF NO BUSINESS WILL MOVE ON TO NEW BUSINESS AND WE ARE REFERRED TO ACTION ITEM,[NEW BUSINESS]
WHICH IS REVISED RESOLUTION 2020-09, WHICH IS THE INTENT REGARDING THE TIF.[Action Item #1 – Resolution 2020-09 re: Intent of TIF Increment]
MR. LEE, WOULD YOU CARE TO COMMENT ON THIS? YES. THANK YOU. AS THE FIRST RESOLUTION FOR YOU TONIGHT, THIS IS AN APPROVAL THAT ALL REDEVELOPMENT COMMISSIONS ARE REQUIRED TO MAKE EVERY YEAR.THIS RESOLUTION ESSENTIALLY STATES THAT THE CRC PLANS TO RETAIN ALL THE TIF THAT THEY RECEIVE NEXT YEAR IN 2021 IN ORDER TO MAKE THAT SERVICE PAYMENTS AND FULFILL THEIR GENERAL MISSION. SO ONCE THIS RESOLUTION IS APPROVED AND SIGNED, WE'LL SEND OUT A LETTER WITH THIS RESOLUTION ATTACHED TO EACH OF THE DIFFERENT TAXING UNITS AND NOTIFYING THEM OF THIS. THANK YOU, MR. LEE. OTHER QUESTIONS OF MR. LEE REGARDING THIS RESOLUTION.
IF NOT, THE CHAIR WOULD ENTERTAIN A MOTION FOR APPROVAL.
IS THERE A SECOND? CAMPAGNA SECOND.
THANK YOU VERY MUCH, RACHAEL, IF YOU WOULD, PLEASE CALL THE ROLL.
SO LET'S SEE, WE HAD FOUR AYES, RACHEL? IF YOU WANT WHEN YOU CALL THE ROLL AFTER IT'S DONE.
IF YOU WOULD SIGNIFY THAT THE ACTION ITEM PASSES, THAT THAT WOULD BE LET'S START DOING THAT FROM NOW ON. YES.
ALL RIGHT. THANK YOU VERY MUCH. WE'LL MOVE ON TO.
THANK YOU, COMMISSIONERS. MOVE ON TO ACTION ITEM NUMBER TWO, WHICH IS A REVISED MIDTOWN
[Action Item #2 – Revised Midtown Taxpayer Agreements]
TAXPAYER AGREEMENTS.THANK YOU. SO THESE ARE THE TAXPAYER AGREEMENTS FOR THE MIDTOWN NORTH PROJECT, WHICH CONSISTS OF THE ALLIED SOLUTIONS BILL, THE OFFICE BUILDING, MJ INSURANCE OFFICE BUILDING, SUN KING AND THE MIDTOWN NORTH GARAGE.
THE ORIGINAL PROJECTION USED FOR THE BONDS AND THUS FOR THESE TAXPAYER AGREEMENTS, ASSUMED THAT THE PROJECT WOULD BE FULLY ASSESSED AROUND LIKE JANUARY 1ST OF 2018 OR BY JANUARY 1ST, 2018.
PARTS OF THE PROJECT FINISHED JUST A LITTLE BIT AFTER THAT, WHICH MEANT THAT THERE WASN'T GONNA BE THE AMOUNT OF TIF GENERATED FOR THE 2019 PAYMENTS THAT WE WERE COUNTING FOR.
AND SO, HOWEVER, WHEN THE ASSESSMENTS DID FULLY COME IN, IN 2019, THEY WERE HIGHER THAN ORIGINALLY PROJECTED. SO THIS MEANT THAT THE COMBINATION OF BOTH 2019, 2020 TIF COULD COVER THE AGGREGATED FINANCIAL COMMITMENTS FOR BOTH YEARS.
AND SO SINCE THIS ISN'T GOING TO AFFECT US IN THE OVERALL OUTCOME OF THE AMOUNT OF MONEY WE RECEIVED TO GO TOWARDS THE BONDS AND TOWARDS THE RESERVE FOR MIDTOWN NORTH, WE DECIDED TO HELP THEM WITH THEIR CASH FLOW, OUR PARTNERS MIDTOWN BY AGGREGATING THESE TWO YEARS BETWEEN 19 AND 2020.
AND THIS DOES NOT AFFECT THE BOND PAYMENTS WE HAD ENOUGH TO THAT WE RECEIVED LAST YEAR.
AND IN ADDITION TO THE PILOT PAYMENT FOR THE GARAGE, BECAUSE THAT IS A NOT TAXABLE PROPERTIES WILL BE RECEIVE PILOT PAYMENTS FOR THAT.
SO THE COMBINATION OF THOSE TWO, WE'RE ABLE TO HAVE ENOUGH TO MAKE THAT SERVICE AND PUT SOME INTO THE RESERVE. BUT ANY DIFFERENCE THAT WE ORIGINALLY SUPPOSED TO GET TO 2019 WILL
[00:20:05]
NOT BE COVERED IN 2020 ACCORDING TO THIS AGREEMENT.THANK YOU, MR. LEE. QUESTIONS OF MR. LEE REGARDING THIS ACTION ITEM.
IF NOT THE CHAIR WILL ENTERTAIN A MOTION OF APPROVAL FOR THE REVISED MIDTOWN TAXPAYER AGREEMENTS.
CAMPAGNA, MOVE TO APPROVE. THANK YOU.
VERY GOOD. RACHEL, IF YOU WOULD, CALL THE ROLL, PLEASE.
MR. BROOKS. MR. CAMPAGNA. AYE. ACTION ITEM NUMBER TWO IS PASSED.
THANK YOU VERY MUCH. THANK YOU, COMMISSIONERS.
WE WILL NOW MOVE ON TO ACTION ITEM NUMBER THREE, WHICH IS THE DECLARATORY RESOLUTION
[Action Item #3 – Declaratory Resolution 2020-10 RE: The Corner allocation area]
NUMBER 2020-10 REGARDING THE QUARTER ALLOCATION AREA.LET'S SEE. IS THIS YOU, HENRY, OR IS THIS MIKE? THIS IS ME AS WELL. SO THIS IS YOUR SECOND RESOLUTION OF THE NIGHT.
THIS FOR THE CORNER PROJECT, WHICH DIRECTOR [INAUDIBLE] TOUCHED ON A LITTLE BIT EARLIER THIS EVENING AND PRESENTED AT COUNCIL ON MONDAY NIGHT.
AND THIS IS AT THE INTERSECTION, THE SOUTHWEST CORNER OF 116TH AND RANGE LINE.
AND THIS DECLARATORY RESOLUTION IS THE FIRST STEP IN CREATING THE ALLOCATION AREA FOR THAT PROJECT. SO ONCE THIS IS APPROVED, THEN I'LL GO ON TO THE PLANNING COMMISSION AND THEN TO CITY COUNCIL, AND THEN I'LL COME BACK AGAIN TO THE CRC FOR A PUBLIC HEARING AND A CONFIRMATORY RESOLUTION.
THERE'S THE PROJECT THERE ON THE SCREEN.
THANK YOU, MR. LEE. QUESTIONS OF MR. LEE REGARDING THIS ACTION ITEM.
I JUST HAD ONE QUESTION AND IT'S TALKED ABOUT IT'S THE IT'S AN INTEGRATED IN THE ONE HUNDRED AND TWENTY SIXTH STREET BORDER ECONOMIC DEVELOPMENT AREA.
IS THAT JUST INTERTWINES AROUND? AND LET'S JUST FIX THIS UP.
RIGHT. THAT IS THE LARGEST ECONOMIC DEVELOPMENT AREA THAT WE HAVE IN THE CITY.
AND IT TOUCHES A LOT OF DIFFERENT ALLOCATION AREAS THAT WE HAVE.
AND IT REACHES DOWN BECAUSE THAT'S THE CLOSEST ONE TO IT.
SO IT NEEDS TO BE THE CLOSEST EDA THAT YOU CAN PUT IT INTO.
AND SO THAT'S WHY IT IS IN AND THAT OUT IN THAT ECONOMIC DEVELOPMENT AREA.
IF NOT THE CHAIRMAN AND OBTAIN A MOTION OF APPROVAL.
BROOKS HERE MOTION TO APPROVE RESOLUTION 2020-10.
THANK YOU, COMMISSIONER. IS THERE A SECOND? BOWERS IS THE SECOND.
RACHEL, IF YOU WOULD, PLEASE CALL THE ROLL.
MR. CAMPAGNA. ACTION ITEM NUMBER THREE HAS PASSED.
THANK YOU VERY MUCH. THANK YOU, COMMISSIONERS.
WE WILL NOW MOVE ON TO OUR NEXT ACTION ITEM, WHICH IS ACTION ITEM NUMBER FOUR.
[Action Item #4 – TIF Pledge Resolution 2020-11 RE: The Corner Bonds]
IT IS THE TIF PLEDGE RESOLUTION 2020- 11 REGARDING THE CORNER BONDS.MR. LEE. SO, AGAIN, THIS IS THE SECOND RESOLUTION IN REGARDS TO THE CORNER PROJECT AND THIS WHAT THIS DOES IS PLEDGE THE TIF FROM THAT PROJECT TOWARDS THE BONDS, AND THIS WOULD BE ONE HUNDRED PERCENT OF THE INCREMENT FOR THESE BONDS TO GO TOWARDS IT.
AND THIS IS ALSO CONTINGENT UPON CITY COUNCIL APPROVING THIS, AS WELL AS ECONOMIC DEVELOPMENT COMMISSION APPROVING THE BONDS AND THEN, OF COURSE, ALSO CREATE CREATION OF THE ALLOCATION AREA. THANK YOU, MR. LEE. QUESTIONS FOR MR. LEE. I HAVE ONE QUESTION.
I BELIEVE THESE ARE STRUCTURED AS DEVELOPER BONDS, SO THE RISK IS ALL ON THE DEVELOPER.
IS THAT CORRECT, MR. LEE? THAT IS CORRECT.
THANK YOU VERY MUCH. ANY OTHER QUESTIONS, COMMISSIONERS? IF NOT, EXCUSE ME, COMMISSIONER BOWERS.
DID YOU HAVE SOMETHING? I WAS GOING TO MOVE TO APPROVE.
OH, THANK YOU VERY MUCH. IS THERE A SECOND? THIS IS CAMPAGNA, SECOND.
RACHEL, WOULD YOU PLEASE CALL THE ROLL? MR. HAMMER.
AYE. ACTION ITEM NUMBER FOUR IS PASSED.
THANK YOU VERY MUCH, COMMISSIONER.
WITH THAT, WE'LL MOVE ON TO OUR NEXT ACTION ITEM, WHICH IS ACTION ITEM NUMBER FIVE, WHICH
[Action Item #5 – Amendment to Programming, Facility Management, Operations, and Maintenance]
IS AN AMENDMENT TO THE PROGRAMMING FACILITY MANAGEMENT OPERATIONS AND MAINTENANCE[00:25:02]
AGREEMENT FOR THE PALLADIUM.LET'S SEE, I GUESS, MR. DIRECTOR? YEAH. SO THIS IS AN AGREEMENT THAT IT'S AN AMENDMENT THAT THE ONLY SUBSTANTIVE CHANGE IN THE AMENDMENT ESSENTIALLY DELINEATES THE RESPONSIBILITY FOR WHO MAINTAINS THE OUTSIDE OUTSIDE THE DOORS OF THE PALLADIUM AS BETWEEN THE CITY AND THE PALLADIUM ORGANIZATION, THE CENTER FOR THE PERFORMING ARTS.
SO WHERE BEFORE IT WAS JUST A LITTLE BIT UNCLEAR AND THERE'S SOME OVERLAP, JUST KIND OF SPECIFIES THAT IT'S ALL THE CITY, TOO.
SO THEN IN EFFECT, IT'S THE CITY'S INSURANCE CARRIER THAT COVERS ANYTHING THAT MAY HAPPEN OUTSIDE THE WALLS, THE DOORS OF THE.
OF THE FACILITY, THE PALLADIUM FACILITY.
THAT'S THE ONLY CHANGE THAT OCCURS HERE.
THIS WAS NEGOTIATED BETWEEN CITY LEGAL DOUGLAS HANEY AND OUR CORPORATE COUNSEL WELL THE CITY'S CORPORATE COUNSEL.
AND BETWEEN THE PALLADIUM AND THE CENTER FOR THE PERFORMING ARTS.
SO BECAUSE THE CRC HERE IS STILL TECHNICALLY THE OWNER, EVEN THOUGH WE HAVE NO RIGHTS IN ANY OF IT, IT'S ALL PASSED THROUGH TO THE CENTER FOR THE PERFORMING ARTS.
ONCE THIS IS KIND OF NEGOTIATED BETWEEN THE TWO ENTITIES ON THIS, WE JUST HAVE TO VOTE ON IT AS WELL. SO IT'S MORE ADMINISTRATIVE HERE ON ON THE PART OF THE CRC.
I'M HAPPY TO ANSWER ANY QUESTION.
ANY QUESTIONS, COMMISSIONERS? HEARING NONE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.
CAMPAGNA SECOND. THANK YOU, COMMISSIONER.
RACHEL, WOULD YOU PLEASE CALL THE ROLL? MR. HAMMER.
AYE. ACTION ITEM NUMBER FIVE IS PASSED.
THANK YOU VERY MUCH, COMMISSIONERS.
WITH THAT, WE WILL NOW MOVE ON TO ACTION ITEM NUMBER SIX, WHICH IS APPROVAL OR CERTAIN
[Action Item #6 – Approval of utility easements]
UTILITY EASEMENTS, WHICH IS CERTAIN NON-EXCLUSIVE DISTRIBUTION EASEMENTS FOR DUKE ENERGY.MR. DIRECTOR, IS THIS YOURS? THAT IS ME.
SO THIS ACTION IS IN RELATION TO THREE EASEMENTS WHICH ARE BEING COORDINATED BETWEEN DUKE ENERGY AND THE CITY OF CARMEL, ALL IN CONJUNCTION WITH A DISTRIBUTION RELOCATION AGREEMENT THAT THE CITY OF CRIMINAL AND DO HAVE NEGOTIATED, WHICH WILL BE SIGNED ONCE THESE EASEMENTS ARE EXECUTED.
SO THREE OF THESE EASEMENTS ACTUALLY ARE ON CRC PROPERTY NORTH OF THE FIRE STATION, YOUR DOWNTOWN JUST SOUTH OF CARMEL CITY CENTER.
THE THREE OF THEM ARE LOCATED WITHIN THE LIMITS OF THE MELANGE PROJECTS.
THESE ARE ALL BEING COORDINATED WITH THE DEVELOPER AND REVIEWED BY CITY ENGINEER AND CITY LEGAL AND READY FOR YOUR SIGNATURE, IF YOU WILL APPROVE.
THANK YOU, MS. [INAUDIBLE]. IS THERE ANY QUESTIONS REGARDING THESE EASEMENTS, COMMISSIONERS. IF NOT, THE CHAIR WILL ENTERTAIN A MOTION OF APPROVAL.
AT YOUR PLEASURE. BOWERS MOVE TO APPROVE.
THANK YOU, COMMISSIONER. IS THERE A SECOND? WHO DID YOU CAPTURE THE MOTION? MR. BOWERS. BROOKS SECONDS.
THANK YOU VERY MUCH. WITH THAT, RACHEL, IF YOU PLEASE CALL THE ROLL.
ACTION ITEM NUMBER SIX HAS PASSED.
THANK YOU VERY MUCH, COMMISSIONER.
AND NOW WE'LL MOVE ON TO OUR FINAL ACTION ITEM, WHICH IS APPROVAL OF CONTRIBUTIONS TO A
[Action Item #7 – Approval of contribution to TIF study]
TIF STUDY. AND LET'S SEE, MR. LEE, IS THIS YOU OR.MR. DIRECTOR. SO THE CITY IS INCREDIBLY EXCITED BECAUSE THE CITY RECEIVED A GRANT FROM SCHMIDT FUTURES OF EIGHTY THOUSAND DOLLARS TOWARDS A 33 PERCENT GRANT TOWARDS A STUDY OF TIFF EFFECTS ON THE CITY OF CARMEL.
ONE OF OUR LAST. THE LAST STUDY WE DID WAS OLD.
AND BY THE TIME IT ACTUALLY CAME OUT, IT WAS DONE BY [INAUDIBLE].
IT DIDN'T CAPTURE A LOT OF I MEAN, IT WAS FROM PRIOR TO 2010.
[00:30:03]
OBVIOUSLY, WE'RE IN A DIFFERENT WORLD TODAY BECAUSE OUR MODEL PROJECTS WE'VE DONE OBVIOUSLY GROWN. SO IN ORDER TO REALIZE ON THE GRANT MONEY, IT HAS TO MATCH THE CITY OR THE CITIES MATCHING TO AN EXTENT, AND SO THAT THE MATCHING GRANTS ARE BEING ESSENTIALLY DIVIDED BETWEEN DIFFERENT ENTITIES.THE CITY COUNCIL'S VOTING ON THIS AS WELL FOR LARGER PORTIONS.
BUT THE CRC, BECAUSE WE'RE INVOLVED IN SO MUCH OF THIS, IS GOING TO PROVIDE THIRTY FIVE THOUSAND DOLLARS TOWARDS TOWARDS THIS STUDY.
IT'LL BE COORDINATED BY THE CITY.
BUT WE ARE PARTICIPATING IN IT TO AN EXTENT.
SO THE REQUEST FROM THE REDEVELOPMENT COMMISSION IS TO FUND OUR PORTION OF THE STUDY.
SOME OF IT IS BEING FUNDED BY THE CITY, OF COURSE, AS WELL.
ARE THERE ANY QUESTIONS REGARDING THIS ITEM, COMMISSIONERS? MR. DIRECTOR. BILL BROOKS HERE.
WHAT'S THE TIMEFRAME ON THIS? WHEN WE. WHAT WOULD WE EXPECT TO SEE THE RESULTS OF THE STUDY? ANY IDEA? NO, I I'M NOT SURE.
I KNOW WE'LL BE COMPREHENSIVE, BUT I DON'T KNOW MUCH ELSE.
SO THIS IS BEING FUNDED BY THE CITY, BY THE ECONOMIC DEVELOPMENT COMMISSION AND BY THE REDEVELOPMENT COMMISSION AND.
HOPEFULLY, IT SHOWS US WHAT WE ALL KNOW BY DRIVING AROUND AND SEEING KIND OF WHAT'S HAPPENING IN THE CITY ALREADY.
APPRECIATE. ANY OTHER QUESTIONS, COMMISSIONERS? IF NOT, IF IT'S YOUR PLEASURE.
THE CHAIRMAN, I'LL ENTERTAIN A MOTION OF APPROVAL.
BROOKS, SECOND. THANK YOU, COMMISSIONER BROOKS.
RACHEL, WOULD YOU PLEASE CALL THE ROLL? MR. HAMMER. AYE.
MR. CAMPAGNA. AYE. ACTION ITEM NUMBER SEVEN HAS PASSED.
THANK YOU VERY MUCH, COMMISSIONERS.
AND THAT'S THE EXTENT OF OUR NEW BUSINESS TONIGHT.
IS THERE ANY OTHER BUSINESS TO COME BEFORE THE COMMISSION THIS EVENING?
[OTHER BUSINESS]
NO, THERE IS NOT, MR. PRESIDENT.THANK YOU. THANK YOU, MR. DIRECTOR. WELL, WITH THAT, OUR NEXT REGULAR MEETING WILL BE ON WEDNESDAY, JUNE 17TH AT 6:30 P.M. I DON'T KNOW IF HE'LL BE IN PERSON OR VIA TELECONFERENCE, DEPENDING ON THE STATUS OF THE WORLD.
BUT ANYWAY, THANK YOU ALL FOR YOUR PARTICIPATION THIS EVENING AND STAY SAFE.
WITH THAT, UNLESS THERE IS AN OBJECTION, THE CHAIR WILL DECLARE THE THIS COMMISSION MEETING TO BE ADJOURNED.
[ADJOURNMENT]
WE ARE ADJOURNED. THANK YOU VERY MUCH.AND RACHEL WILL BE FORWARDING DOCUMENTS FOR YOUR SIGNATURE.
THANK YOU, EVERYONE. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.