Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION MEETING MEMORANDA FOR Monday, January 25, 2016 at 6:00pm Zionsville Town Hall Community Meeting Room 1100 West Oak Street Members Present: Brad Johnson, President, Luke Phenicie, Vice-President, Mark Plassman, Secretary, Wade Achenbach, Treasurer, and Katie Culp Also Present, Wayne DeLong, AICP, Director of Planning & Economic Development, Ben Worrell, Boone EDC, Mark Allan, CroweHorwath, Paul Kite, Rockland, Rich Starkey, Barnes & Thornburg, Mike Shaffer, Zionsville Community Schools A. Opening a. Call meeting to Order-Luke Phenicie called the meeting to order at 6:30pm b. Review of Memorandum of the December 21, 2015 meeting (Meeting Memorandum is available). 1. Action Taken: A motion was made by Katie Culp (seconded by Mark Plassman to approve the December 21, 2015 memorandum. The motion was unanimously approved. B. Old Business a. Redevelopment Area project update: Wayne DeLong offered an update on projects within and near the TIF area (and provided a written report). Commission members asked about the timeline of the 98 South Main Street project. It was noted that print media had mentioned an opening occurring in February 2016 b. Creekside Committee Reports: Brad Johnson offered an updated on the status of the project and indicated that the Commission had reached 100 percent completion on the design and was currently out for bid (with the bid opening scheduled to occur on January 29, 2016 and the next step being contractor selection from that bid opening). Luke Phenicie spoke to the Bonding aspect of the project and noted that placement is being schedule and closing on the bond is anticipated to occur in mid to late February 2016 (the use of a placement agent was discussed at prior Commission meetings and has since been selected as the method of choice related to the Creekside bond issuance). It was noted that the terms of the placement includes a 2.4 percent interest rate and an overall project cost of $5.4 million dollars (with the Commission considering City Securities as the Placement Agent1). As to Marketing, it was noted that effort remained to be expended utilizing the services of Barnes and Thornburg related to the review of the DK Pierce & Associates Purchase Agreement. The Commission then discussed the process to review the DK Pierce & Associates Purchase Agreement and the timing of next stepsi. 1 During the presentation it was noted that an update to the Agenda was required as the Commission desired to discuss the proposed City Securities placement agreement. The Amendment to the Agenda was accepted and the Commission decided to conduct the discussion under New Business. 1100 West Oak Street, Zionsville, Indiana 46077 Main Line: 317-873-8247 www.zionsville-in.gov/planning  Action Taken: A motion was made by Luke Phenicie (seconded by Katie Culp) to Authorize Wade Achenbach to negotiate the DK Pierce purchase agreement. The motion was unanimously approved. C. New Business a. Brad Johnson introduced Dan Moyers of ZWorks who spoke to the Commission about the program’s model, tenancy, and anticipated next steps, with the main emphasis of presentation to the Commission on the program’s successes and anticipated future space needs. Upon conclusion of the presentation discussion then took place between Dan Moyers and Commission membership related to future anticipated phases of the program, comparisons between other similar programs and associated space needs, and involvement of the Commission. b. Election of Officers for 2016 The Commission first discussed the position of Secretary, and Mark Plassman was nominated by Brad Johnson (seconded by Luke Phenicie). Action Taken: The motion was unanimously approved. The Commission then discussed the position of President, and Brad Johnson was nominated by Luke Phenicie (seconded by Mark Plassman). Action Taken: The motion was unanimously approved. The Commission then discussed the position of Vice President, and Luke Phenicie was nominated by Brad Johnson (seconded by Katie Culp). The motion was unanimously approved. The Commission then discussed the position of Treasurer, and Wade Achenbach was nominated by Luke Phenicie (seconded by Katie Culp). The motion was unanimously approved c. The City Securities Placement Agreement was introduced with Rich Starkey and Mark Adam offering details related to the document (Placement Agreement document is available for review). Action Taken: A motion was made by Mark Plassman (seconded by Wade Achenbach) to approve the Agreement and to Authorize Luke Phenicie to sign on behalf of the Commission. The motion was unanimously approved D. Boone County EDC update – Ben Worrell Ben Worrell outlined several planned 2016 activities, and offered a summary of 2015 activities indicating that the EDC processed 106 leads (with a majority of the leads coming from Brokers, Consultants, and the IEDC) and hired a marketing specialist (part time). It was noted that of the 106 leads, 2/3rds sought an existing building and less than 1/5 sought a greenfield to develop. Further analysis of the statistics revealed that a majority of the inquiries were associated with manufacturers seeking buildings with at or less than 50,000 square feet under roof. Follow-up’s to the inquiries were met with a 60 percent response rate, with 70 percent of the responses indicating that “no building” was the reason for lack of pursuit of Boone County as to the original inquiry E. Other Business (no Other Business was offered to be presented) F. Adjournment (the meeting adjourned at 7:12pm) i During the presentation it was noted that an update to the Agenda was required as the Commission desired to conduct its election of officers for 2016. The Amendment to the Agenda was accepted and the Commission decided to conduct its election of officers upon the conclusion of Dan Moyer’s presentation under New Business. 1100 West Oak Street, Zionsville, Indiana 46077 Main Line: 317-873-8247 www.zionsville-in.gov/planning