Economic Development Commission

MINUTES ECONOMIC DEVELOPMENT COMMISSION September 14, 2017 PUBLIC HEARING report sent to the Planning Commission. A Public 4:30 p.m. Hearing notice was properly published. The project Conference Room #1 was sent to the Indiana Housing Community 120 East 8th Street Development Authority for authorization in May and Anderson, IN 46016 the timing will be to sell the bonds in October and close the same month. Mr. Brown, Buckingham PUBLIC MEETING Companies, an affiliate of the 501 c3 Buckingham Immediately Following Public Hearing Foundation, was introduced and stated the Foundation Conference Room #1 actually owns the property and Buckingham 120 East 8th Street Companies is providing the redevelopment and Anderson, IN 46016 property management for the asset. Mr. Lanane asked if the project will have an income qualifying MEMBERS PRESENT component. Mr. Brown stated, yes, when the asset Bill Nagengast, President was acquired it had just entered it’s extended use Antony Bibbs, Vice President period as being previously developed as a tax credit Lisa Hobbs, Member property. Previously there were 50% AMI (Area Median Income) units and 60% AMI units as well as some market use units. New requirements state 100% MEMBERS ABSENT will be income qualified at 60% AMI, as determined by Mary Jamerson, Secretary/Treasurer HUD. Mr. Lanane stated the administration is in favor Roger Reed, Member of the issuance of this bond. STAFF PRESENT PUBLIC HEARING CLOSED Tim Lanane, City Attorney Greg Winkler, Executive Director PUBLIC MEETING OPENED Karen Soetenga, Economic Development Staff MINUTES OTHERS PRESENT Mr. Bibbs moved to approve the August 10, 2017, Doug Whitham, City Controller minutes as received. Ms. Hobbs seconded. Motion Tyler Kalachnik, Ice Miller LLP passed; 3 yes, 0 no. Christopher Kashman, Ice Miller LLP Justin Brown, Buckingham Companies BUSINESS Martha Scott, Citizen Resolution EDC07-17 Resolution Recommending Residential Tax Abatement for Michelle E. Marshel , 6425 Bluegrass Drive Ms. Scott, mother of Michelle Marshel, introduced OPENING OF PUBLIC HEARING herself and stated she would be living in the new home with her daughter and went on to describe the ROLL CALL AND DECLARATION OF home to be built. A brief discussion followed. Mr. QUORUM Winkler stated the cost of the home will be $241,795. Mr. Nagengast opened the Public Hearing at 4:30 pm Mr. Winkler stated he recommends approval and Mr. and declared a quorum with three (3) members in Lanane stated the administration does as well. attendance. Mr. Winkler stated the hearing was for Economic Development Revenue bonds for Cottages Mr. Bibbs moved to approve Resolution EDC07-17 of Anderson Housing Partners, LLC. Mr. Winkler for Michelle E. Marshel, 6425 Bluegrass Drive. Ms. stated the bonds will be used for the remodeling of The Hobbs seconded. Motion passed unanimously; 3 Cottages of Anderson in the amount of 5 million dollars yes, 0 no. not to exceed the aggregate. The bond is a pass through bond and the City has no liability or risk Resolution EDC09-17 Economic Development involved. The bond is paid solely by the private entity Revenue bonds for Cottages of Anderson involved. Mr. Winkler stated the total does not count Housing Partners, LLC against our bank certified limit of 10 million dollars. Mr. Kalachnik, Ice Miller LLP, bond counsel to the City Ms. Hobbs approved Resolution EDC09-17, of Anderson, was introduced to the Commission. Mr. Economic Development Revenue Bonds for Kalachnik stated the project had come before the Cottages of Anderson Housing Partners, LLC. Mr. Commission in March and was approved with a project Bibbs seconded. Motion passed unanimously; 3 yes, 0 no. MISCELLANEOUS ADJOURNMENT Meeting was adjourned at 4:42 p.m. Economic Development Commission (EDC): March 9, 2017 Page 2