Anderson Redevelopment Commission

MINUTES ANDERSON REDEVELOPMENT COMMISSION May 14, 2013 PUBLIC MEETING CERTAIN FUNDS AND ACCOUNTS, AND 4:30 p.m. PLEDGING CERTAIN REVENUES Conference Room #1 120 East 8th Street RESOLUTION ARC05-13 A RESOLUTION Anderson, IN 46016 TRANSFERRING FUNDS FOR THE PURPOSE OF FUNDING AN ECONOMIC DEVELOPMENT MEMBERS PRESENT FACILITY Joe Royer, President Mrs. Bauer explained that she will discuss both items Kevin Sulc, Member together as they relate to each other. ARC04-13 is Justin Puckett, Secretary / Treasurer the bond resolution authorizing the sale of a taxable TIF bond. It is a standard bond resolution. The MEMBERS ABSENT Commission previously passed a resolution for GTI as Mike Farmer, Vice-President a separate bond and did pledge the TIF from the GTI Carolyn Scott, Member allocation area to the payment of that bond. The Roger Clark, Non-Voting Member bond did not sale; however, the funds that were deposited into the escrow account have been used by STAFF PRESENT GTI. This bond resolution intends to replace the Ann Marie Bauer, Attorney previous one. She will bring a resolution to rescind Greg Winkler, Director the previous resolution. Basically, this will be one Michael Frischkorn, Deputy Director bond resolution that authorizes a bond sufficient to April Phillips, Financial Specialist cover the GTI and Hy-Pro project contributions. Karen Pettigrew, Small Business Specialist ARC05-13 is a resolution authorizing transferring of funds to an escrow account to be accessed by Hy-Pro OTHERS PRESENT according to the terms of the project agreement. Ashley Hopper, City Attorney Sam Pellegrino, City Controller Mr. Sulc affirmed that in essence these two David Umpleby, Kreig DeVault resolutions would be replacing a portion of the GTI Buzz Krohn, O.W. Krohn & Associates bond. He asked at what point does the previous GTI Bill Nagengast, Economic Development Commission bond resolution get rescinded. President Gracie Suko, Economic Development Commission Mrs. Bauer stated that she and bond counsel decided Secretary/Treasurer to allow this process to go through to completion. Robin Wagner, Economic Development Commission The one additional document that the Commission will Member see is the appropriation of the funds. This time the monies will pass through the escrow through a pledge to the Economic Development Commission (EDC). ROLL CALL AND DECLARATION OF When the bond sells, the Commission will appropriate QUORUM the proceeds to the TIF. This is the extra step that will Mr. Royer called the meeting to order at 4:30 p.m. be done at the end and will be the last resolution. She and declared a quorum with three (3) members intends to bring it to the Commission at the June present. meeting. The City Council will review for first and second reading of the bond ordinance tomorrow. The BUSINESS third reading will be at the June City Council meeting. The EDC will have a public hearing prior to the June City Council meeting. RESOLUTION ARC04-13 A BOND RESOLUTION OF THE CITY OF ANDERSON REDEVELOPMENT Mr. Sulc stated he can see the appearance that the COMMISSION AUTHORIZING THE ISSUANCE GTI bond is being done twice. OF CERTAIN TAXABLE BONDS, CONTINUING Mrs. Bauer stated a resolution will be brought before the Commission to rescind the previous bond resolution for GTI. An ordinance to repeal will also be heard by the City Council. Another item to address is the elimination of the separate GTI allocation area. This new bond backed by the consolidated area. There is no need for a separate allocation area. . Mr. Umpleby discussed the different ways the bonds can be packaged and the language. A discussion was held on why the original GTI bond did not sell and the rates of the new bond. Mr. Krohn explained the bond amount will be for $5.64 million for 12 years at a fixed interest rate of 4.2 percent. A majority of the bond will be to reimburse the TIF levy for the GTI project, and previously incurred expenses. Mr. Winkler stated the advantage of pairing the two projects into one bond is that it creates a real savings and maximum flexibility for the Commission. Mr. Sulc moved to approve Resolution ARC04-13. Mr. Puckett seconded. Motion passed unanimously; 3 yes, 0 no. Mr. Puckett moved to approve Resolution ARC05-13. Mr. Sulc seconded. Motion passed unanimously; 3 yes, 0 no. MISCELLANEOUS All persons in attendance introduced themselves. ADJOURNMENT Meeting adjourned at 4:53 p.m. Prepared by: April K. Phillips Anderson Redevelopment Commission (ARC): May 14, 2013 Page 2