Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION REGULAR MEETING MEMORANDA FOR Tuesday, May 29, 2018 at 6:30pm Zionsville Town Hall-Community Room 1100 West Oak Street Members Present: Wade Achenbach, President, Sanjay Patel, Vice President, and Cassie Lee. Also Present: Wayne DeLong, AICP, Director of Planning & Economic Development 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 April 23, 2018 meeting (Memorandum is available). Action Taken: A motion was made by Sanjay Patel (seconded by Cassie Lee) to approve the April 23, 2018 Memorandum, as proposed. The motion was unanimously approved. B. Reports a. TIF Report (available for review). Wayne DeLong reviewed the May 2018 TIF Report. C. Old Business a. Creekside Corporate Park, Lot 3 Purchase Agreement: Wayne DeLong offered an update on interest in the lots within Creekside Corporate Park. Proposal by Kite Harris to Purchase Lot 3 was discussed by the Commission, and it was noted that the Commission awaited a response from the prospective purchaser related to the Commissions counter offer. Wayne DeLong noted that the purchaser, the Commission’s Broker (“Broker”), and Town Staff met with the purchaser on May 24, 2018 to discuss the contemplated sale. Commission membership also inquired as to an update on brokerage activities related to the Park. Wayne DeLong offered that the Broker have finalized the marketing materials for the Park and identified price points for each parcel. Additionally, the Boone EDC had secured participation of the Park in Duke Energy’s site selection program. The participation in the program will result in the generation of marketing strategy recommendations as well as $10,000 in grant funding being awarded to the Boone EDC to implement efforts identified by the program. D. New Business a. 2019 TIF Allocation: The Commission was presented letters to sign and transmit to Taxing Units specific to 2019 TIF Allocations. As the Commission is not anticipating any leftover TIF revenues to share, a Motion was made by Wade Achenbach to approve 100 percent capture of TIF revenues and to authorize the President of the Commission to sign Notice Letters to Taxing Units related to this decision. The Motion was seconded by Sanjay Patel. The motion was unanimously approved.  As part of the TIF discussion, Commission members discussed the minimum assessed value necessary to satisfy obligations in Creekside Corporate Park, and it was noted that it was previously determined that a construction value of $1.2 million per acre was projected to result in the anticipated assessed value. It was also noted that this calculation was not inclusive of the newly identified price points as presented by the Broker. b. Other Business (None) Adjournment (the meeting adjourned at 6:40pm) Respectfully Submitted, Kent Esra, Secretary The next meeting of the Redevelopment Commission is scheduled for June 23, 2018 at 6:30pm.