Redevelopment Commission

MINUTES OF THE LAFAYETTE REDEVELOPMENT COMMISSION MEETING October 25, 2012 Board of Works Room, City Hall 11:00 am ATTENDANCE: COMMISSIONERS: John Thieme, Jr.; Mary Lundstrom; Jim Terry; Jos Holman; Donald J. Teder; and Greg Eller. CITY OFFICIALS: Ed Chosnek, City Attorney; Mike Jones, City Controller Dennis Carson, Economic Development Director STAFF: Margy Deverall, City Planner; Jennie Peterson, City Planner; and Nancy Hendricks, Administrative Assistant. GUESTS: Keith O’Brien, T-Bird Design; Belinda Kiger, City Parks; Kostas Poulakidas, Krieg DeVault; and Loren Matthes, Umbaugh. Welcome and Call to Order President John Thieme, Jr. welcomed everyone to the meeting, noted that a quorum was present, and opened the meeting of the Lafayette Redevelopment Commission. Approval of the minutes for the September 27, 2012 meeting Donald J. Teder moved to approve the minutes of the Redevelopment Commissioners meeting on September 27, 2012. Mary Lundstrom seconded. The motion passed. In order to receive the financial report from H.J. Umbaugh, President John Thieme, Jr. stated that the order for the agenda would be adjusted. Public Offering of Real Estate The last Neighborhood Stabilization Project (NSP) house has been remodeled and is now available for sale. Two appraisals on the house at 3728 Navarre Court averaged $73,500. Bids will be accepted at the November 15, 2012 meeting. Public notice of the offering will be published in the Journal & Courier and the Lafayette Leader on November 1 and on November 8, 2012. Mary Lundstrom moved to approve the offering. Jos Holman seconded. The motion passed. Trailhead Park Change Orders JF New: Belinda Kiger presented the change in plans and thus in cost for the landscaping considerations for drainage and soil erosion. Adding a plastic product called Scourstop, reduces the need for additional sod, presents a more natural setting than traditional rock, allows prairie grass to absorb larger amounts of water accumulation in heavy rainfall, and prevents long term erosion. The price change may be offset by the reduction in the cost for additional sod. Donald J. Teder moved to approve the change order for JF New. Mary Lundstrom seconded. The motion passed. Milestone: Keith O’Brien presented the change order was for a change to the concrete design. Belinda Kiger clarified that a design change was necessary to make the park shelters ADA accessible. Jim Terry moved to approve the change order for Milestone. Mary Lundstrom seconded. The motion passed. Milestone Contractors Certificate of Completion Milestone’s completion of the Trailhead Park came in $8,000 lower in cost. The warrantee on the work remains in effect for twelve months from September 8, 2012. Jim Terry moved to approve the certificate of completion for Milestone Contractors. Mary Lundstrom seconded. The motion passed. Director’s Report Dennis Carson apologized that the DVD presentation of the Chatham Square award did not come to us in a usable format. Dennis went on to list the projects still in line for continuing development: Centennial Townhomes, Queen Anne Courts, Streetscape V, Wayfinding signs for the downtown, Alabama & 3rd Street improvements, as well as completion of construction projects at Maple Point Drive extension, Quiet Zone from Poland Hill to 18th Streets, the MetroNet TIF establishment and refunding of the bonds in Central and Creasy TIF Districts. Dennis answered questions on the Queen Anne Court project and on roundabouts in the city. Jos Holman moved to accept the director’s report. Mary Lundstrom seconded. The motion passed. Approve October claims Jos Holman moved to approve payment of the October claims totaling $125,123.95. Mary Lundstrom seconded. The motion passed. Resolution LRC #2012-20: Bond Resolution Authorizing Issuance of Refunding Bonds Loren Matthes of H J Umbaugh arrived and presented the financial report on the three bonds being refunded. The interest rate on the current bonds for the Parking Garage is at 6.0% interest and is expected to be reduced to around 2.25% interest. Interest rates for the two Renaissance Place bonds are currently at 5.5% interest and are also expected to be reduced to around 2.25% interest. Total principal and interest for the new bond will be $4,301,186.56 with a debt service saving to the city of $386,405.68. Although the amortization on the three bonds is one schedule, payments will be calculated to pay off the Parking Garage debt first. Kostas Poulakidas, representing Krieg DeVault, presented the procedure and timeline for the bond process and indicated that the bond closing will be sometime in the first two weeks of December 2012. Jim Terry moved to approve Resolution LRC #2012-20. Jos Holman seconded. The motion passed. Public Comment/ Adjournment President John Thieme, Jr. invited comment from the public. Hearing none, Jos Holman moved to adjourn. Mary Lundstrom seconded. The meeting adjourned. Respectfully submitted, Nancy Hendricks, Recording Secretary Approved, _____________________________________________________ Secretary, Lafayette Redevelopment Commission