Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION REGULAR MEETING MEMORANDA FOR Monday, April 23, 2018 at 6:30pm Zionsville Town Hall-Community Room 1100 West Oak Street Members Present: Wade Achenbach, President, Sanjay Patel, Vice President, Kent Esra, Secretary, and Cassie Lee. Also Present: Wayne DeLong, AICP, Director of Planning & Economic Development, Ben Worrell, Boone EDC, and Bruce Donaldson, Counsel to the RDC. A. Opening a. Call meeting to order-President Wade Achenbach called the meeting to order at 6:30pm. b. Review of Memorandum from the January 22, 2018 meeting (Memorandum is available). Action Taken: A motion was made by Kent Esra (seconded by Sanjay Patel) to approve the January 22, 2018 Memorandum, as proposed. The motion was unanimously approved. B. Reports a. TIF Report (available for review). Wayne DeLong reviewed the April 2018 TIF Report. C. Old Business a. Creekside Corporate Park: Wayne DeLong offered an update on interest in the lots within Creekside Corporate Park D. New Business a. Community Development Corporation: Wayne DeLong summarized the Corporations recommendation related to an incentive request for a potential new tenant on Bennett Parkway (draft minutes of the Corporations April 23, 2018 meeting were available for review). Ben Worrell of the Boone EDC provided handouts to the Commission related to the potential new tenant, the projected costs, that the project remains a competitive pursuit, and the Corporation’s support of a $25,000 grant. The Commission then discussed the recommendation of the Corporation and prior incentive history of the Town. In response, Wayne DeLong shared that the Town in limited cases has supported grant requests which exceed 20 percent of the value of a project, and in recent history the Town has supported cash incentives of $10,000 to $50,000 (all associated with a capital expense in conjunction with a project). Discussion also reflected upon the choices available to the Commission in respect to the Corporation’s recommendation. Bruce Donaldson shared that the Commission was not bound by the recommendation offered by the Corporation. Discussion further occurred related to the Corporation’s review of the request, specifically comparing the incentive ask to one associated with the Northwest Corner of Bennett Parkway and West 106 th Street  ($120,200 incentive award), and the limited number of incentive requests which are considered each year. Further, the Commission recognized that the proposed tenancy is not guaranteed, and that town leadership, the Boone EDC, and town staff are supportive of a $75,000 award (based on the identified return on investment). In the consideration of any grant, regardless of the amount of any award, Wayne DeLong also shared that town has tools available to protect the town, such as a tax payer agreement, and the establishment of a multi-year award should the Commission desire to implement those tools. A motion was made by Kent Esra, supporting a $50,000 award over a two year period, with that number falling below the $75,000 amount supported by town leadership and above the number supported by the Corporation and in recognition that the business being considered for the incentive is an operation which the town would like to encourage to relocate to Zionsville. Discussion further occurred, with some Commission members indicating support of an award more in line with the Boone EDC recommendation. In response to the additional discussion, the Ben Worrell of the Boone EDC 1) again spoke to the merits of the incentive process, and the support of the Boone EDC for an award of $75,000, and 2) summarized that town leadership and staff were supportive of a more aggressive award due to the desirability of the company being pursued, which could either stay in their current location and reinvest, or move to a brand new location. The Motion was seconded by Cassie Lee. After the Motion was seconded, the Commission further spoke to the process and expectations of the process, that the business being pursued is unique, the Commission does not see these types of opportunities often, the Commission recognizes that this pursuit is competitive, that an award further demonstrates that Zionsville is business friendly, and the Commission identities the prospective business as the exact type of business the town should be recruiting. Action taken: The Motion was amended by Kent Esra, supporting a $50,000 grant award over a two year period, with the first 50% being awarded after buildout, and the second 50% being awarded after the ribbon cutting, and the Commission will not be required to vote any final action of the Corporation in the event at the Corporation approves a grant equal or less than $50,000 at a future meeting. The Motion as amended was seconded by Cassie Lee. The Motion was unanimously approved. b. Creekside Corporate Park, Lot 3 Purchase Agreement: Wade Achenbach introduced the matter and Paul Kite described the proposed purchased agreement. Wayne DeLong summarized that the proposal is seeking authorization to move forward with negotiation of a purchase agreement noting the agreement does not contain typical attachments including a site plan and concept elevations. Action Taken: A motion was made by Wade Achenbach (seconded by Kent Esra) to authorize Wade Achenbach and Sanjay Patel to negotiate the Lot 3 purchase agreement. The motion was unanimously approved. E. Boone Economic Development Commission Update a. Ben Worrell outlined that three Zionsville sites were recently submitted in response to recent inquiries. F. Other Business (None) Commission members requested an update on MetroNet. In response, it was indicated that MetroNet is actively preparing to commence with 2018 rollout of community wide fiber, though currently no specifics as to an update are available. Adjournment (the meeting adjourned at 7:37pm) Respectfully Submitted, Kent Esra, Secretary The next meeting of the Redevelopment Commission is scheduled for May 29, 2018 at 6:30pm.