Anderson Redevelopment Commission

MINUTES ANDERSON REDEVELOPMENT COMMISSION April 18, 2022 PUBLIC MEETING Mr. Eicks made a motion to approve Resolution 5:00 p.m. ARC02-22 Determining Need to Capture Incremental Via Zoom Conferencing Assessed Valuation and Mr. Washington seconded. Motion passed unanimously; 5 yes, 0 no. MEMBERS PRESENT Richard Symmes, President Opening of Bids for Lease/Rent of 62 Acres at Exit Danny McGhee, Vice President 222 Kenneth Davenport, Secretary Mr. Austin, Board Attorney stated the request for bids David Eicks Perry Washington for the Lease/Rent of 62 Acres at Exit 22 was advertised as required by law. Only one sealed bid STAFF PRESENT was received from Bruce Land Farms, Inc. Mr. Austin Greg Winkler, ED Director opened the sealed bid in front of the Commissioners. Karen Soetenga, ED Dept Mr. Austin stated the bid amount was $262.50 per Mike Austin, Commission Attorney tillable acre, higher than the average of two appraisals that were obtained prior to publication of notice. Mr. OHTERS PRESENT Austin stated Mr. Land has been farming the ground Bruce Land, Bruce Land Farms Inc prior to the new bid and has taken care of the property Ken de la Bastide, Herald Bulletin and there have been no issues. Doug Whitham, Controller Angie Strickler, Citizen Mr. McGhee made a motion to accept Bruce Land OPEN PUBLIC MEETING Farm’s bid for lease of ARC owned tillable acreage near Exit 222 for $262.50 per acre and Mr. Eicks seconded. Motion passed unanimously; 5 yes, 0 no. ROLL CALL AND DECLARATION OF QUORUM Mr. Symmes, at 5:10 pm., established a quorum with five (5) members present. Perspective Bingham Square Apartments Purchaser Mr. Austin stated the Commission had met in MINUTES Executive Session on the 12th of April concerning a Mr. Davenport moved to approve the March 15, 2022 possible sale of the Bingham Square Apartment and April 12, 2022 minutes as presented. Mr. Eicks complex. In the meeting it was discussed a formal seconded. Motion passed unanimously; 5 yes, 0 no. motion may be needed but after rethinking and talking to the Commissioners his opinion is it may be FINANCIALS / INVOICES premature as there is no formal offer and no details Commission members reviewed financials and yet. Mr. Austin stated the Commission has the ability invoices. to say yes or no to a potential sale. Discussion followed. Mr. Eicks moved to approve the invoices in the amount of $4,838,822.60. Mr. Mr. Davenport seconded. Ms. Stickler, citizen, asked if a plan was in place for Motion passed unanimously; 5 yes, 0 no. vetting the new buyer. Mr. Symmes stated yes. Mr. Austin stated there is a process of determining what is BUSINESS needed and it will be through and careful as the Resolution ARC02-22 A Resolution Determining Commission does not want to be in the same position Need to Capture Incremental Assessed Valuation moving forward. Mr. Winkler briefed members on Resolution ARC02- 22 concerning the need to collect 100% of the TIF. Mr. McGhee asked if an executive session could be Mr. Winkler stated the resolution is required on an called in the event P.R. Bingham does not pay their annual basis and is submitted to the County Auditor, upcoming tax bill. Mr. Austin stated yes, a meeting various taxing units and the City Council. could be called and it’s best to address the issue if and when it happens. Brief discussion followed. Mr. Eicks stated there is nothing you can do immediately; they will not lose their property that day. Mr. Eicks, stated they have already breeched their agreement and they have to either sell or rectify the agreement, but we do not want to mislead the public that something immediately can be done because in the event they do not pay their taxes in May. Brief discussion followed. Mr. de la Bastide, asked if they were current on their taxes. Mr. Winkler stated yes. Brief discussion followed. Mr. McGhee asked what happens if they file bankruptcy. Mr. Austin stated the Commission has rights as the bond holder. Like in any bankruptcy, an entity with an interest could potentially wind up with the property or a bankruptcy trustee might oversee the sale of the property. Brief discussion followed. Mr. Austin stated the Commission has a tax priority under the agreement with P.R. Bingham and has a strong position if it goes that route. Mr. Austin stated the hope is that they will find a qualified buyer and move forward. Mr. de la Bastide asked if the bond will be paid back by P.R. Bingham and if there was an additional mortgage on the building. Mr. Winkler stated yes, P.R. Bingham is obligated to pay the bond back and there is a second mortgage. Brief discussion followed. Meeting was adjourned at 5:20pm. , Page 2