Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION SPECIAL MEETING MEMORANDA FOR Friday, September 5, 2014 at 2:00pm Zionsville Town Hall-Community Meeting Room 1100 West Oak Street Members Present: Luke Phenicie, President (attended via telephone), Mark Plassman, Vice- President, Craig Anderson, Secretary, Katie Culp, Treasurer, and Brad Johnson Also Present: Ed Mitro, Town Manager, and Wayne DeLong, AICP, Director of Planning & Economic Development. A. Opening a. Call meeting to order-Mark Plassman called the meeting to order at 2:00pm B. Old Business a. Rosie’ Place Incentive Discussion: Mark Plassman introduced the agenda item and indicated that any incentive package should focus on the total of all Town incentives not exceeding 20 percent of the total project costs. Much discussion centered on the costs of components of the projects; be it costs incurred by Rosie’s directly or costs incurred by the owner of the building (when directly related to the tenancy of Rosie’s Place). The Commission discussed the project’s identified costs and after comments from both representatives of the property owner as well as representatives of Rosie’s Place it was determined that the project’s overall cost was currently estimated at $294,000. Upon confirming the project cost and discussing the dollar amount of the Commission’s incentive, staff requested clarification on the interest of the Commission in establishing any criteria related to the appeals of future property assessments. The Commission indicated that incentives associated Rosie’s Place are not associated with the creation of Assessed Value; the project is viewed as an employee creation project. Specific to incentives, it was discussed that the Zionsville Architectural Review Committee (“ZARC”) is intending to award $10,000 to Rosie’s Place related to proposed enhancements to the façade. With that in mind the Commission intended to award Rosie’s Place an incentive not to exceed 20 percent of the project’s total cost (less the dollar value of any incentive awarded by the ZARC). It was noted that, based on the ZARC award of $10,000, the Commission would incentivize Rosie’s Place with an additional $48,800 (based on the current known construction costs)-the total incentive Rosie’s Place would therefore receive from Town is currently identified as $58,800 (the 20 percent). 1. Action Taken: A motion was made by Brad Johnson to incentivize Rosie’s Place with an incentive not to exceed 20 percent of the total project’s costs. The motion was seconded by Craig Anderson (note, the motion was clarified as the current identified construction costs are $294,000 and as of this date the current projected ZARC grant  will be $10,000, that the identified dollar value of the project did not warrant the establishment of restrictions by the Commission on future appeals by the property owner, and that up to 80 percent of the Commission’s incentive could be released to Rosie’s Place upon issuance of an Improvement Location Permit, with the balance being released to Rosie’s Place within 30 days of the issuance of a full Certificate of Occupancy). It was noted that the final number could be higher or lower than $48,800 as the project evolves. The motion passed unanimously by a vote of members present in the room (Note: Luke Phenicie was not eligible to vote on the item as he was not physically in attendance of the meeting). C. New Business a. Rosie’s Place MicroLoan request: At 2:51pm Mark Plassman introduced the MicroLoan request of Rosie’s Place. Katie Culp summarized the MicroLoan Committee’s review and recommendations. Per the applicant, the loan proceeds would be used to secure / purchase: furniture, dishes, silverware, and a computer system. Per the Commission: Maximum amount of the loan: $25,000; 5 year term; 3 percent interest rate; personal guarantee required; first lien rights required; no prepayment penalty; loan subject to verbal reference from current banker (Huntington). 1. Action Taken: A motion was made by Katie Culp to approve the Loan activity based on the identified terms. The motion was seconded by Craig Anderson. The motion passed unanimously by a vote of members present in the room (Note: Luke Phenicie was not eligible to vote on the item as he was not physically in attendance of the meeting). b. Moody’s MicroLoan request: This item was tabled to a future meeting. D. Other Business: No other business, but clarification was offered that while Luke Phenicie chose to attend the meeting via telephone, his attendance was not required in order for the Commission to achieve a quorum. E. Adjournment Respectfully Submitted, Craig Anderson, Secretary The next meeting of the Redevelopment Commission is scheduled for September 22, 2014 at 6:30pm.