Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION REGULAR MEETING MEMORANDA FOR Monday, May 22, 2017 at 6:30pm Zionsville Town Hall-Community Room 1100 West Oak Street Members Present: Brad Johnson, President Luke Phenicie, Vice President, Kent Esra, Secretary, Sanjay Patel, and Mike Shafer. Also Present: Wayne DeLong, AICP, Director of Planning & Economic Development, Bruce Donaldson, Counsel to the RDC. A. Opening a. Call meeting to order – Brad Johnson called the meeting to order at 6:30pm. b. Review of Memorandums from both the April 24, 2017 regular meeting and May 1, 2017 Executive Session (Memorandums are available). 1. Action Taken: A motion was made by Luke Phenicie (seconded by Kent Esra) to approve the Memorandums of both meetings, as proposed. The motion was unanimously approved. B. Old Business a. Redevelopment Area project update: A written report was provided (no discussion occurred) b. Creekside Committee Reports: Infrastructure: Wayne DeLong summarized the status of Creekside Corporate Park and indicated that the project was 99 percent complete with the remaining items being predominately inclusive of landscaping elements. Marketing Update: Wayne DeLong summarized status of development of listing agreement with national broker (indicating that the contract was 85-90 percent developed), however, with the receipt of the Rockland Development LLC Purchase Agreement (a new business item), Staff identified that the continued development of the listing agreement had the potential to result in conflicts or overlapping of future responsibilities (as the listing agreement and the Purchase Agreement were associated with all the same parcels in Creekside Corporate Park). After conferring with both parties as well as the Mayor, it was determined that the best course of action until such time that the matter could be publically discussed was to halt further development of the listing agreement. C. New Business a. Rockland Development LLC Purchase Agreement (Creekside Corporate Park Lots 1- 5, 7-14): Brad Johnson introduced the matter and it was indicated that Matt Price  was in attendance and was representing Rockland Development LLC. Bruce Donaldson, for the benefit of the Commission summarized the steps necessary for review and consideration of a purchase agreement. Upon conclusion of opening comments, Luke Phenicie outlined a variety of information the Commission should consider in evaluation of any purchase agreement related to Creekside (beyond a proposed purchase price and specific terms found in any agreement) and also summarized the financial history of Creekside Corporate Park. During the discussions, Brad Johnson expressed an interest in determining if the execution of the purchase agreement would impact the applicability of the Creekside’s PUD, Kent Esra expressed interest in confirming the steps associated with establishing a repurchasing agreement, Mike Shafer offered information from the Zionsville Community School’s perspective as to a mass land sale as well as expressing support of an exercise to identify the pros and cons of such an agreement, and Sanjay Patel expressed support for the concept and indicated that language regarding an escalation and limiting appeals of assessments should be explored. 1. Action Taken: A motion was made by Luke Phenicie (seconded by Kent Esra) for Crowe Horwath to conduct a financial analysis of the submitted Purchase Agreement and compare the proposed offer against the existing financing / financial obligations of Creekside Corporate Park (and develop a comparison document showing the impact of future projected Assessed Value on the Commission’s position in the project). D. Boone Economic Development Commission Update: Ben Worrell provided the Commission with an update on activities of the Boone EDC which includes receipt of a marketing grant from Duke Energy. Specific to leads, the EDC, in 2017, has received 63 leads and reported that 60 percent of the leads are looking for an existing building and 52 percent are in the manufacturing field (with 14 percent being in the fields of logistics or e- commerce). E. Other Business: The Commission inquired as to an update as to MetroNet. It was indicated that a project meeting was requested to be conducted on May 31 with Town representatives and Staff would know more regarding the project at that time. Additionally, it was shared that the License Agreement was in its final stages of development. The Commission inquired as to status of the submittal of information associated with the creation of the US 421 / 146th Street TIF. It was indicated that Crowe awaits the submittal of additional information from the developer in order to finalize its review of the proposed Economic Development Area and to move forward with the creation of the documents necessary to begin the public hearing process. 1. Adjournment (the meeting adjourned at 7:22pm) Respectfully Submitted, Kent Esra, Secretary The next meeting of the Redevelopment Commission is scheduled for June 26, 2017 at 6:30pm.