Anderson Redevelopment Commission

MINUTES ANDERSON REDEVELOPMENT COMMISSION April 16, 2013 Mrs. Scott arrived at the meeting. PUBLIC MEETING Ms. Bauer stated the resolution includes the acreage 4:30 p.m. that was recently annexed. Currently part of the Conference Room #1 acreage is owned by the Shearer Estate, a portion of 120 East 8th Street it is owned by Corporation for Economic Development, Anderson, IN 46016 and a portion is owned by Hy-Pro. The area is being added to the Consolidated TIF area and the MEMBERS PRESENT Consolidated Allocation area. Bond counsel Joe Royer, President recommended that the property should not have its Justin Puckett, Secretary / Treasurer own allocation area. Staff may come back to the Kevin Sulc, Member Commission in May and request an elimination of the Carolyn Scott, Member GTI allocation area and have it become a part of the Consolidated Allocation area. In its purest state, the money collected in the allocation area, must be spent MEMBERS ABSENT only in the allocation area. The cleanest way would be Mike Farmer, Vice-President to eliminate the GTI allocation area and have both the Roger Clark, Non-Voting Member GTI and Hy-Pro properties in the Consolidated Allocation area. STAFF PRESENT Ann Marie Bauer, Attorney Mr. Winkler mentioned that it made sense for the Greg Winkler, Director purposes of the marketing and selling of the bond to Michael Frischkorn, Deputy Director have just one consolidated area. April Phillips, Financial Specialist Karen Pettigrew, Small Business Specialist Ms. Bauer acknowledged the resources of the Consolidated Allocation area will need to be pledged OTHERS PRESENT to bonds anyway. This simplifies the process. Pete Heuer, Chairman, Board of Public Works Frank Owens, Building Commissioner Mr. Winkler stated the advantage according to the Baylee Pulliam, Herald Bulletin financial advisor is that as long as the TIF is maintained with at least 250% coverage as far as ROLL CALL AND DECLARATION OF debt to income, the City will able to market and sell QUORUM either taxable or non-taxable bonds. This will give the Mr. Royer called the meeting to order at 4:30 p.m. flexibility to do infrastructure and economic and declared a quorum with three (3) members development projects. The 250% coverage drives the present. interest rate down which lowers the cost of the bond. BUSINESS Mr. Sulc confirmed the resolution was amending the RESOLUTION #ARC02-13 RESOLUTION OF THE plan to add the annexed area and add a project. CITY OF ANDERSON, REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY Mr. Winkler presented the Commission with a letter RESOLUTION AND THE ALLOCATION AREA AND from Hy-Pro stating that if all things are even THE REDEVELOPMENT PLAN FOR THE Anderson residents will receive hiring preference. CONSOLIDATED SOUTHWEST/EAST- They have hired eight persons from Madison County CENTRAL/SOUTH DOWNTOWN with five being from Anderson. Hy-Pro is ready to REDEVELOPMENT AREA have an official ground breaking within the next Mr. Winkler explained the proposed resolution starts couple of weeks. the TIF process for the addition of the Hy-Pro acreage. Mr. Sulc moved to approve Resolution ARC02-13. Mrs. Scott seconded. Motion passed unanimously; 4 yes, 0 no. MISCELLANEOUS Ms. Phillips requested approval to pre-pay an invoice for the Herald Bulletin for a legal ad in the amount of $52.64. Mr. Sulc moved to approve the payment to the Herald Bulletin. Mr. Puckett seconded. Motion passed unanimously; 4 yes, 0 no. ADJOURNMENT Meeting adjourned at 4:42 p.m. Prepared by: April K. Phillips Anderson Redevelopment Commission (ARC): April 16, 2013 Page 2