Zionsville Redevelopment Commission (ZRDC)
Regular MeetingZionsville, IN · December 11, 2020
Minutes
ZIONSVILLE REDEVELOPMENT COMMISSION (“RDC”)
SPECIAL MEETING MEMORANDA
FOR
Friday, December 11, 2020 at 10:00 am
Via Video Conference
THIS SPECIAL PUBLIC MEETING WAS CONDUCTED PURSUANT TO GOVERNOR ERIC J.
HOLCOMB’S EXECUTIVE ORDERS 20-02, 20-04, 20-08 AND 20-26, AND GOVERNOR HOLCOMB’S
EXERCISE OF HIS POWERS UNDER INDIANA’S EMERGENCY MANAGEMENT AND DISASTER
LAW,
INDIANA CODE 10-14-3, et seq.
Members Present via ZOOM Webinar (audio and video): Sanjay Patel, President; Kent Esra, Cindy
Madrick, and Kate Swanson. Also Present: Brian Crist, Legal Counsel, Wayne DeLong, AICP, CPM
Director of Planning & Economic Development, and Roger Kilmer, Planner I - Economic Development.
1. Call to Order: Sanjay Patel called the meeting to order at 10:00 am.
2. General Public recognized as attending: John Tousley, Tina Mills, Joe Demaree
3. Reports
A. TIF Report: Wayne DeLong reviewed current TIF activity and project updates.
4. Old Business: None
5. New Business
A. Community Development Corporation Recommendations for Grants:
1) Zogman Enterprises d/b/a Good Impressions Printing by Charles Herzog
Mr. Herzog was not available for this meeting. Mr. Kilmer presented a summary of the request
for the grant. The business has been in Zionsville for 27 years. The grant monies would be
utilized to upgrade their website.
Motion: Kent Esra made a motion (seconded by Cindy Madrick) to approve the grant of
$10,000.00 to Good Impressions Printing.
Roll Call Vote:
Kent Esra - Y
Cindy Madrick - Y
Kate Swanson – Y
Sanjay Patel - Y
The motion was unanimously approved by a roll call vote of those members present.
2) The Scoop by Joe Demaree
Mr. Demaree presented a summary of their request for the grant and explained their business
model and how they are adjusting as the pandemic has adversely affected their operations.
The business has added online ordering from their website. They are also looking add social
media and event coordinator.
Motion: Cindy Madrick made a motion (seconded by Kate Swanson) to approve the grant of
$10,000.00 to The Scoop.
Roll Call Vote:
Sanjay Patel - Y
Kate Swanson - Y
Cindy Madrick - Y
Kent Esra - Y
The motion was unanimously approved by a roll call vote of those members present.
3) Blue Moon Hairplace by Tina Mills
Ms. Mills presented a summary of their request for the grant and explained their business
model. She has been in Zionsville for 24 years. Covid hit her business hard and she detailed
the expenses to which the grant monies would be applied. This includes a new hydraulic
chair, marketing efforts, cleaning supplies, and PPE.
Motion: Kent Esra made a motion (seconded by Cindy Madrick) to approve the grant of
$10,000.00 to Blue Moon Hairplace.
Roll Call Vote:
Kate Swanson - Y
Sanjay Patel - Y
Kent Esra - Y
Cindy Madrick - Y
The motion was unanimously approved by a roll call vote of those members present.
4) Holistic Practice Massage Therapy by Vikki Soliday and Norma Keywan
Ms. Soliday and Ms. Keywan presented a summary of their request for the grant. The initial
request was for $5,000.00, however through the discussion with the CDC, the CDC
recommends increasing the grant amount to $7,500.00 to allow for unforeseen expenses in
combining their marketing efforts. Currently, the two have separate websites and the CDC
has recommended a rebranding of the independent operations into a single provider. Ms.
Soliday explained their business models and how they are adjusting as the pandemic has
adversely affected their operations.
Mr. DeLong further explained the CDC’s recommendation of the increased grant amount.
Motion: Kent Esra made a motion (seconded by Cindy Madrick) to approve the grant of
$10,000.00 to Holistic Practice Massage Therapy.
Roll Call Vote:
Kate Swanson - Y
Cindy Madrick - Y
Sanjay Patel - Y
Kent Esra - Y
The motion was unanimously approved by a roll call vote of those members present.
B. Creekside Corporate Park - Lots 10 & 11: Discussion regarding the Term Sheet with Formation
Investments.
Mr. Mr. Crist stated Formation Investments would be the development team, but not the end
user. This Term Sheet is similar to the earlier Term Sheet utilized earlier this year for these
same lots within Creekside Corporate Park. This Term Sheet would prevent negotiations on
these parcels with any other entities for a period of 60 days with an option for a 30 day
extension.
Motion: Kent Esra made a motion (seconded by Kate Swanson) to approve the Term Sheet for
Lots 10 & 11 in Creekside Corporate Park with Formation Investments.
Roll Call Vote:
Sanjay Patel - Y
Kent Esra - Y
Kate Swanson - Y
Cindy Madrick - Y
The motion was unanimously approved by a roll call vote of those members present.
6. Other Business: None
The next regular meeting of the Redevelopment Commission is scheduled for Monday, December 28,
2020, at 6:30 pm.
Meeting Adjourned (10:33 am)
Respectfully Submitted,
Kate Swanson, Secretary
Agenda
SPECIAL MEETING OF THE
ZIONSVILLE REDEVELOPMENT COMMISSION
Friday, December 11, 2020
10:00 a.m. (Local Time)
Electronic Meeting via Zoom
THIS PUBLIC MEETING WILL BE CONDUCTED PURSUANT TO GOVERNOR ERIC J.
HOLCOMB’S EXECUTIVE ORDER 20-48, AND GOVERNOR HOLCOMB’S EXERCISE OF
HIS POWERS UNDER INDIANA’S EMERGENCY MANAGEMENT AND DISASTER LAW,
IND. CODE 10-14-3, et seq. ADDITIONAL INFORMATION REGARDING THE MEETING IS
PROVIDED IN THE ANNEX PUBLISHED WITH THIS AGENDA.
Please click the following link to join the webinar:
https://us02web.zoom.us/j/88213836015
Webinar ID: 882 1383 6015
AGENDA
1. Call to Order
2. Recognition of Attendees who request to be noted.
3. Reports
4. Old Business
5. New Business
A. Community Development Corporation Recommendations for Grants:
1) Zogman Enterprises d/b/a Good Impressions Printing: 170 W. Hawthorne St. by Charles
Herzog
2) The Scoop: 305 S. Main St. by Joe Demaree
3) Blue Moon Hairplace: 105 N. Main St. by Tina Mills
4) Holistic Practice Massage Therapy: 65 E. Cedar St. by Vikki Soliday and Norma Keywan
B. Creekside Corporate Park - Lots 10 & 11: Consideration of Term Sheet with Formation
Investments, LLC
6. Other Business
7. Adjourn
NEXT REGULAR MEETING:
RDC – Monday, December 28, 2020 at 6:30 p.m.
ANNEX TO THE AGENDA FOR THE DECEMBER 11, 2020,
SPECIAL MEETING OF THE ZIONSVILLE REDEVELOPMENT COMMISSION
In his Executive Order 20-48, Governor Eric J. Holcomb has ordered all political subdivisions of
the State of Indiana to limit public gatherings and to implement the Centers for Disease Control and
Prevention’s and the Indiana State Department of Health’s recommended virus mitigation strategies. The
Executive Orders suspend certain requirements for Essential Governmental Functions that facilitate
Essential Infrastructure with respect to public meetings and open door laws, including suspending
physical participation requirements by members of public agency governing bodies and permitting public
attendance through electronic means of communications. As a political subdivision of the State of
Indiana, the Zionsville Redevelopment Commission (the “RDC”) must comply with the Executive Orders
throughout the duration of the COVID-19 Public Health Emergency. According, all public meetings of
the RDC shall be conducted in the following manner until the end of the COVID-19 Public Health
Emergency:
1. Members of the public shall have the right to attend RDC Public Meetings via the following forms
of electronic communication:
When: Friday, December 11, 2020 @ 10:00 AM Eastern Time (US and Canada)
Topic: Zionsville RDC Meeting
Join Zoom Meeting: https://us02web.zoom.us/j/88213836015
Webinar ID: 882 1383 6015
Or join by phone: 301-715-8592; 312-626-6799; 646-558-8656; or 253-215-8782
2. Members of the public shall have the option of recording their attendance at the RDC Public
Meetings via electronic roll call at the start of the meeting or via e-mail at
rkilmer@zionsville-in.gov
3. If a member of the public would like to attend a RDC Public Meeting, but cannot utilize any of the
access methods described above, please contact Roger Kilmer at 317-690-6539 or at
rkilmer@zionsville.gov for assistance.
4. The RDC will continually revisit and refine the procedures in this Annex to address public
accessibility to RDC Public Meetings during the COVID-19 Public Health Emergency.
5. If a member of the public requires assistance connecting to the RDC Public meeting, please
contact Roger Kilmer at 317-690-6539 or at rkilmer@zionsville-in.gov
MEMORANDUM
TO: Zionsville Redevelopment Commission
FROM: Wayne DeLong, AICP, CPM Director of Planning & Economic Development
RE: December 11, 2020 Redevelopment Commission Regular Meeting
Below is an update on Redevelopment / TIF District Properties and Projects:
Zionsville 106th Street TIF
Hotel Tango; 10615 Zionsville Road: A Commercial Remodel Permit was issued on July 9, 2020. A Commercial Remodel
Permit was issued on December 8, 2020, for the pergola.
AES Restaurants, 10440 Bennett Parkway: A Development Plan Approval from the Plan Commission for a 12,000± square
foot office building was approved on July 20, 2020. Petitioner has indicated construction is to start in December, 2020.
Zionsville Medical Office Building (MOB); 10649 Bennett Parkway: A Commercial Tenant Finish Permit was issued on
May 15, 2020. A Temporary Certificate of Occupancy has been issued.
Aria Apartments; 11005 Octave Drive: A Temporary Certificate of Occupancy has been issued.
Black Acre Brewing Company, 98 S. Main St.: A Commercial Remodel Permit was issued on April 24, 2020.
CR 300 S & US 421 TIF
Appaloosa Crossing: An earthwork pre-construction meeting was held on July 20, 2020, and a grading permit was issued on
July 28, 2020. Multiple outlot pads have been developed.
Appaloosa Crossing - Master Signage Program: A Development Plan Petition for a Master Signage Program has been filed
and was continued at the November 16, 2020 Plan Commission Meeting to the December 21st Meeting.
Appaloosa Crossing - Outlot “I”: A Development Plan Petition for a retail building (21st Amendment) on Outlot “I” has been
filed for the December 21st Plan Commission Meeting.
Appaloosa Crossing - Residential Component: A Development Standards Variance Petition has been filed to establish a 20-
foot front yard setback for the residential component on Blocks A & B of Appaloosa Crossing. This Variance is to be heard by
the Board of Zoning Appeals on January 6, 2021.
Projects
Creekside Corporate Park (RDC): The following tasks are underway:
• Marketing of property & Review of Purchase Agreements and Letters of Intent
• Stormwater mitigation project (CBBEL)
Creekside Corporate Park (CDC): The following tasks are underway:
• Seasonal maintenance, selective tree removal due to disease and damage
CC: Emily Styron, Mayor
Julie Johns-Cole, Deputy Mayor
Community Development Corporation
Assistance Inquiry Form
Business Name: Zogman Enterprises Inc (dba) Good Impressions Printing
Address: 170 W. Hawthorne St. Zionsville, IN 46077
Primary Contact: Charles Herzog
Contact’s Phone Number & email: 317-873-6809, giprinting@att.net
Requested Assistance Amount: $ 10,000.00
In the following table, please list all other County, State, and/or Federal programs to
which the business has applied for Covid-related financial assistance:
Current Status:
Date of Amount of Granted, Denied,
Program Application Request Pending, Other
COVID-19 Assistance 12/03/20 10.000.00
Please provide a brief description of the reason for the requested assistance
and how the monies would be utilized ( rovide additional pages needed ):
We have been Zionsville's Printing company for over twenty five years and would like
to continue to do business here in Zionsville. These uncertian times have had an
impact on us all, Our sales for the year are down considerably due to the pandemic
and we are struggling. We would use the grant money to help keep us here to continue
to service this great town we provide our services to. We would also use the grant to
help start an online store where we can service our local businesses and provide
another avenue for purchasing.
This form and any additional materials you choose to submit should be emailed to
communitydevelopment@zionsville-in.gov or mailed to:
Community Development Corporation
Attn: Wayne DeLong
10855 Creek Way
Zionsville, IN 46077
Doc um e ntM a na g e m e ntSyste m Proposa lfor:
Good Im pre ssionsProposa l
11/4/2020
P resented By:
Chris Mitchell
S eniorAccountExecutive
317 459 6121
chrm itchell@ csa.canon.com
CanonS olutionsAm erica,Inc.
630 W estCarm elDriveS T E130>
Carm el,In46032
SolutionProposa l|1
S olutionO verview
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ALEYANT PRESSERO ADVANCED CLOUD PLATFORM ACTIVATION - CSA-CPA-ACT01
ALEYANT PRESSERO ADVANCED CLOUD PLATFORM MONTHLY SUBSCRIPTION - CSA-CPA-SUB01
ALEYANT PRESSERO PREMIER CLOUD PLATFORM ACTIVATION - CSA-CPP-ACT01
ALEYANT PRESSERO PREMIER CLOUD PLATFORM MONTHLY SUBSCRIPTION - CSA-CPP-SUB01
ALEYANT PRESSERO PREMIER PRIVATE CLOUD PLATFORM ACTIVATION - CSA-CPDS-ACT01
ALEYANT PRESSERO PREMIER PRIVATE CLOUD PLATFORM MONTHLY SUBSCRIPTION - CSA-CPDS-SUB01
ALEYANT PRESSERO ADDITIONAL B2B STOREFRONTS (EACH) ADD-ON ACTIVATION - CSA-AB2B-ACT01
ALEYANT PRESSERO ADDITIONAL B2B STOREFRONTS (EACH) ADD-ON MONTHLY SUBSCRIPTION - CSA-AB2B-SUB01
ALEYANT PRESSERO ADDITIONAL B2C STOREFRONTS (EACH) ADD-ON ACTIVATION - CSA-AB2C-ACT01
ALEYANT PRESSERO ADDITIONAL B2C STOREFRONTS (EACH) ADD-ON MONTHLY SUBSCRIPTION - CSA-AB2C-SUB01
ALEYANT PRESSERO UNLIMITED B2B STOREFRONTS ADD-ON MONTHLY SUBSCRIPTION - CSA-UB2B-SUB01
ALEYANT PRESSERO UNILMITED B2C STOREFRONTS ADD-ON MONTHLY SUBSCRIPTION - CSA-UB2C-SUB01
ALEYANT PRESSERO CUSTOM SKINNING ACTIVATION - CSA-SKIN-ACT01
ALEYANT PRESSERO CUSTOM SKINNING MONTHLY SUBSCRIPTION - CSA-SKIN-SUB01
ALEYANT PRESSERO ADDITIONAL FILE STORAGE (PER GB) MONTHLY SUBSCRIPTION - CSA-GB-SUB01
ALEYANT PRESSERO ACCELESHIP (ONPOINT) INTEGRATION ACTIVATION - CSA-ACCEL-ACT01
ALEYANT PRESSERO ACCELESHIP (ONPOINT) INTEGRATION MONTHLY SUBSCRIPTION - CSA-ACCEL-SUB01
ALEYANT PRESSERO API ACCESS/XML WEB SERVICES ACTIVATION - CSA-API-ACT01
ALEYANT PRESSERO API ACCESS/XML WEB SERVICES MONTHLY SUBSCRIPTION - CSA-API-SUB01
ALEYANT PRESSERO AVANTI SLINGSHOT INTEGRATION ACTIVATION - CSA-AVANT-ACT01
ALEYANT PRESSERO AVANTI SLINGSHOT INTEGRATION MONTHLY SUBSCRIPTION - CSA-AVANT-SUB01
ALEYANT PRESSERO CALEDARA STREAMLIVE INTEGRATION ACTIVATION - CSA-CALED-ACT01
ALEYANT PRESSERO CALEDARA STREAMLIVE INTEGRATION MONTHLY SUBSCRIPTION - CSA-CALED-SUB01
ALEYANT PRESSERO CXML PUNCHOUT (PER SITE) ACTIVATION - CSA-CXML-ACT01
ALEYANT PRESSERO CXML PUNCHOUT (PER SITE) MONTHLY SUBSCRIPTION - CSA-CXML-SUB01
ALEYANT PRESSERO EFI PACE BI-DIRECTIONAL - INTEGRATION ACTIVATION - CSA-EFIPACE2-ACT01
ALEYANT PRESSERO EFI PACE BI-DIRECTIONAL - INTEGRATION MONTHLY SUBSCRIPTION - CSA-EFIPACE2-SUB01
ALEYANT PRESSERO EFI PRINTSMITH VISION INTEGRATION ACTIVATION - CSA-EFIPSV-ACT01
ALEYANT PRESSERO EFI PRINTSMITH VISION INTEGRATION MONTHLY SUBSCRIPTION - CSA-EFIPSV-SUB01
ALEYANT PRESSERO HP PRINTOS BOX INTEGRATION ACTIVATION - CSA-HPPOSBX-ACT01
ALEYANT PRESSERO HP PRINTOS BOX INTEGRATION MONTHLY SUBSCRIPTION - CSA-HPPOSBX-SUB01
ALEYANT PRESSERO HP PRINTOS SITE FLOW INTEGRATION ACTIVATION - CSA-HPPOSSITE-ACT01
ALEYANT PRESSERO HP PRINTOS SITE FLOW INTEGRATION MONTHLY SUBSCRIPTION - CSA-HPPOSSITE-SUB01
ALEYANT PRESSERO HP SMARTSTREAM DESIGNER INTEGRATION ACTIVATION - CSA-HPSSD-ACT01
ALEYANT PRESSERO HP SMARTSTREAM DESIGNER INTEGRATION MONTHLY SUBSCRIPTION - CSA-HPSSD-SUB01
ALEYANT PRESSERO PRESSWISE INTEGRATION V2 ACTIVATION - CSA-PW2-ACT01
ALEYANT PRESSERO PRESSWISE INTEGRATION V2 MONTHLY SUBSCRIPTION - CSA-PW2-SUB01
ALEYANT PRESSERO SSO SAML2 AUTHENTICATION (PER SITE) ACTIVATION - CSA-SSOSAML2-ACT01
ALEYANT PRESSERO SSO SAML2 AUTHENTICATION (PER SITE) MONTHLY SUBSCRIPTION - CSA-SSOSAML2-SUB01
ALEYANT PRESSERO VIRTUAL SYSTEMS INTEGRATION ACTIVATION - CSA-VIRT-ACT01
ALEYANT PRESSERO VIRTUAL SYSTEMS INTEGRATION MONTHLY SUBSCRIPTION - CSA-VIRT-SUB01
EFI FIERY CONNECTION THROUGH AWI ONE TIME ACTIVATION - PRE-AWIFIERYCON-S01
EFI FIERY CONNECTION THROUGH AWI MONTHLY SUBSCRIPTION - PRE-AWIFIERYCON-M01
PRISMASYNC CONNECTION THROUGH AWI ONE TIME ACTIVATION - PRE-AWISYNCCON-S01
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PRISMASYNC CONNECTION THROUGH AWI MONTHLY SUBSCRIPTION - PRE-AWISYNCCON-M01
ALEYANT SUBSCRIPTION PROFESSIONAL SERVICES 25 HOUR BLOCK - PSS-25-M
ALEYANT SUBSCRIPTION PROFESSIONAL SERVICES 50 HOUR BLOCK - PSS-50-M
ALEYANT SUBSCRIPTION PROFESSIONAL SERVICES 100 HOUR BLOCK - PPS-100-M
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Pric e Sub tota l: $16,642.00
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36 – M onth Le a se : $1,040.00
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PrintJob M a na g e r $3,448.00
PrintJob M a na g e rSoftw a re Sub sc ription– Annua l $3,480.00
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Community Development Corporation
Assistance Inquiry Form
Business Name: The Scoop
Address: 305 S. Main St.
Primary Contact: Joe Demaree
Contact’s Phone Number & email: 317-361-9728 thescoopmainstreet@gmail.com
Requested Assistance Amount: $ 10,000
In the following table, please list all other County, State, and/or Federal programs to
which the business has applied for Covid-related financial assistance:
Current Status:
Date of Amount of Granted, Denied,
Program Application Request Pending, Other
PPP Loan 4//5/2020 $28,939.42 Granted
Disaster Loan Assistance 4/2/2020 $10,000.00 Granted
Please provide a brief description of the reason for the requested assistance
and how the monies would be utilized (3rovide additional pages DV needed):
Covid-19 has had a very negative impact on the Scoop, particularly in March and April
when shutdowns were at their peak. We actually had to close our doors for just over a
month as many of our employees' parents were uncomfortable with their kids working.
When we reopened, sales were much lower without baseball/softball games at Lions
Park. This grant would provide money for marketing, specifically for a new social
media/event cordinator position next season ($8,000) and improving our website and
online ordering ($2,000). Thank you for your consideration.
This form and any additional materials you choose to submit should be emailed to
communitydevelopment@zionsville-in.gov or mailed to:
Community Development Corporation
Attn: Wayne DeLong
10855 Creek Way
Zionsville, IN 46077
From: Tina Mills (via Google Docs)
To: Zionsville Community Development
Subject: CDC Assistance Inquiry Form
Date: Wednesday, December 9, 2020 9:49:08 AM
moonfaerie52@gmail.com has attached the following document:
CDC Assistance Inquiry Form
Snapshot of the item below:
Community Development Corporation
Assistance Inquiry Form
Business Name: Blue Moon Hairplace
Address: 105 N. Main Street
Primary Contact: Tina Patrice Mills
Contact’s Phone Number & email: 765-891-2562
moonfaerie52@gmail.com
Requested Assistance Amount: $ 10,000
In the following table, please list all other County, State, and/or
Federal programs to which the business has applied for Covid-
related financial assistance:
Program Date of Amount of Current
Application Request Status:
Granted,
Denied,
Pending,
Other
Please provide a brief description of the reason for the
requested assistance and how the monies would be
utilized (Provide additional pages as needed.): I have
been a business owner of my salon since November 25,
1996...one of the longest standing salons in the Village. I
am a one chair salon and always have been. I have
worked extremely hard to maintain my salon over the
years but the Covid-19 has hit me the hardest and I am a
divorced/single person, so I don’t have someone to be
able to fall back on during this crisis. I would like to
request money to help in some recovery due to the
closing of my salon because of Covid-19. Within this
request I would like to use it for new signage,
advertising/marketing, a new salon chair (salon
improvements), utilities, rent, liability insurance I had to
pay while closed. I appreciate your time and
consideration and will have more detail at the meeting on
Friday. Thank you!
Sincerely,
Tina Patrice Mills
This form and any additional materials you choose to submit
should be emailed to communitydevelopment@zionsville-
in.gov or mailed to:
Community Development Corporation
Attn: Wayne DeLong
10855 Creek Way
Zionsville, IN 46077
Google Docs: Create and edit documents online.
Google LLC, 1600 Amphitheatre Parkway, Mountain View, CA 94043, USA
You have received this email because moonfaerie52@gmail.com shared a
document with you from Google Docs.
December ___, 2020
Formation Investments, LLC
Attn: Wade Achenbach
E-mail: achenbachwb@gmail.com
RE: Creekside Office Park Development
Dear Mr. Achenbach:
This letter constitutes a term sheet (this "Term Sheet") regarding a proposed project
between the Zionsville Economic Redevelopment Commission and its affiliated entities
(collectively, "RDC"), and Formation Investments, LLC ("Formation") and a to-be formed joint
venture entity between Formation and its development partners (collectively, "Developer"). The
parties acknowledge the purpose of this Term Sheet is to memorialize the parties’ understanding
with respect to the potential terms of a mutually acceptable development agreement to plan and
develop the project described in this Term Sheet.
1. The Project. The RDC owns property in the Town of Zionsville ("Town") that is
commonly known as the Creekside Office Park ("Creekside"), which the RDC has
invested significant resources to construct roads, utility connections and other
infrastructure to support the commercial development of Creekside. Developer is
interested in developing a commercial office building for lease to a single commercial
tenant in Creekside (the "Project"). Creekside is platted as a series of numbered lots. The
RDC is willing to convey Lots 10 and 11 in Creekside (the "Property") to Developer for
use in the Project upon the conditions contained in this Term Sheet. The RDC estimates
the Property is worth approximately Two Million Three Hundred Eighty Thousand Dollars
($2,380,000) and has installed infrastructure with a value of approximately Four Hundred
Thirty-Two Thousand One Hundred Sixty Dollars ($432,160).
2. The Property. The RDC shall convey the Property to Developer for ten dollars ($10.00)
at the financial closing for the Project provided Developer does the following: (i) constructs
a commercial office building that contains sixty to one hundred thousand square feet (the
"Building"), (ii) executes a ground lease or building lease (the "Lease") with a corporate
or regional headquarters user that intends to employ at least three hundred (300) to four
hundred (400) people on a full time basis in the Building, and (iii) agrees to obtain the
RDC's approval of the transfer of Developer's interest in the Project, including the
conveyance of the Property and assignment of the Lease, to a party not affiliated with
Developer or its principals. For purposes of clarity the approval upon transfer sunsets upon
completion of the project. The parties acknowledge the square footage of the Building
and the potential number of full-time employees is an estimate only and the RDC reserves
the right to conduct diligence on these issues before executing the Development
Agreement, however approval will not be unreasonably withheld. (defined in paragraph 4).
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3. Due Diligence. For a period beginning on the mutual execution of this Term Sheet and
ending on the expiration of the Exclusivity Period (defined in paragraph 7), Developer shall
have the right to access the Property (and any adjacent property the RDC owns) to conduct
due diligence reviews and investigations of the Property and the Project, including, without
limitation, a review of the Property’s physical condition, environmental issues, zoning,
design and architectural concerns, construction pricing, and title and survey matters to
determine the feasibility of the Project on the lots. Developer shall have the obligation to
indemnify, defend and hold harmless the RDC against any claims, liabilities or costs the
RDC incurs that are associated with Developer’s investigation of the lots or rights granted
in this paragraph 3. Before exercising its rights in this paragraph 3, Developer shall add
the RDC as an additional insured under its commercial general liability insurance policy
and shall provide written proof of such coverage under an Accord coverage disclosure
form. Developer’s insurance shall have policy limits of $1,000,000 per occurrence and
$2,000,000 in the aggregate.
4. Development Agreement. Upon Developer’s written notice to the RDC, the RDC’s legal
counsel shall prepare a development agreement between the RDC and Developer within
thirty (30) days that memorializes this Term Sheet and any other mutually agreeable terms
between the parties (the "Development Agreement"). The term of the Development
Agreement shall commence as of the date of mutually execution and continue until the
earlier of (i) the date the Project is completed and Developer has performed all of the
services Developer is required to perform under the Development Agreement or (ii)
Developer’s failure to obtain substantial completion of the Project Improvements (defined
in paragraph 5) by an outside date negotiated between the parties based upon the tenant’s
project plans. Developer further acknowledges the RDC is a body politic of the State of
Indiana and shall have to approve the final Development Agreement in accordance with all
applicable Indiana laws before the RDC can execute the Development Agreement.
5. Construction of the Project. Developer shall endeavor to construct the Building and all
other improvements with respect to the Project (the "Project Improvements") in
accordance with the final terms of the Development Agreement. The Development
Agreement shall contain provisions for the development of plans and specifications for the
Project with the input and approval of the tenant, description of the financing of and
establish the construction schedule for the Project Improvements and any other terms
necessary to effectuate the development, construction and operation of the Project and the
Project Improvements (collectively, the "Plans and Specifications"). Developer shall
provide information regarding the Plans and Specifications on an open book basis to the
RDC on a to-be agreed upon schedule, which shall have the obligation to keep the financing
portions and other proprietary information confidential under the applicable safe harbor
provisions of Indiana’s Access to Public Records Act ("APRA"). If the Project
Improvements are not commenced or completed by a mutually agreed-upon outside date
in the Development Agreement, title to the Property shall revert to the RDC (the
"Reversion"). The Development Agreement will address reimbursement of certain costs
and financing of Developer in the event the RDC exercises the Reversion. The Reversion
2
I\15850191.2
shall be subject and subordinate to the tenant’s rights in the Lease and any mortgage or
other liens securing Developer's Project financing
6. Confidentiality. To the extent the RDC is able to do so under the APRA and all other
applicable public disclosure laws, the RDC will maintain the confidentiality of any
information Developer provides regarding the Project until a mutually agreeable date in
the Development Agreement and shall not disclose such terms to third parties without the
mutual agreement of the parties.
7. Exclusivity. Immediately upon execution of this Term Sheet, the RDC will cease all
negotiations with potential purchasers, developers, partners and/or tenants with respect to
the Property other than between the RDC and Developer. The RDC shall not, directly or
indirectly, solicit, engage, commit to or negotiate with any potential purchaser, developers,
partners and/or tenants with respect to the Property for a period of sixty (60) days (the
"Exclusivity Period"). Immediately upon execution of this Term Sheet, Developer shall
cease negotiations with any other party regarding the purchase, lease or other type of real
property acquisition to develop the Project on a site other than the Property. Developer
shall have the right to extend the Exclusivity Period for one period of thirty (30) days upon
written notice to the RDC on or before five (5) days before the expiration of the original
sixty day exclusivity period.
8. Term and Binding Effect of Term Sheet. The RDC and Developer acknowledge and
agree that this Term Sheet is not a binding agreement, contract or a contractual offer, and
except for the provisions of paragraphs 3, 6 and 7, neither party shall be bound by its terms.
The RDC and Developer do not intent to be bound and the parties shall have no obligation
to proceed with the Project until, as a result of further negotiations the parties execute the
Development Agreement. Except for the provisions of paragraphs 3, 6 and 7, no party
shall have any legal rights or obligations with respect to the other party or shall be
responsible for any action or failure or failure to take any action in detrimental reliance
until the Development Agreement is negotiated and executed by the RDC and Developer.
It is understood by both parties that this Term Sheet is merely a guide to the preparation of
a mutually satisfactory Development Agreement and is intended as a general outline to the
terms and conditions for the Development Agreement. Notwithstanding the foregoing, the
parties shall be obligated to negotiate the Development Agreement in good faith upon
execution of this Term Sheet. This Term Sheet may be terminated upon written notice by
either party, except for the provisions of paragraphs 3, 6 and 7 shall continue. Neither
Developer or the RDC shall have the right to recover monetary damages of any kind,
including direct, indirect, consequential, punitive, special or exemplary damages against a
breaching party for their breach of their obligations in paragraphs 6 and 7 as it is the parties’
intent the remedies for such breach shall be limited to declaratory action or another form
of equitable relief that does not involve the recovery of damages or lis pendens or other
statutory or common law liens against the Property.
9. Authority. The RDC's signatory certifies that he or she is properly authorized as a
representative or agent of the RDC to execute this Term Sheet. Developer's signatory
certifies that he or she is properly authorized as a member, employee, representative, agent
3
I\15850191.2
or officer of Developer to execute this Term Sheet. This Term Sheet can be executed via
electronic means in one or more counterparts.
The Zionsville Redevelopment Formation Investments, LLC
Commission
By: _______________________________
By: _____________________________
Sanjay Patel, President
Name: ____________________________
Date: ________________, 2020
Title: ______________________________
Date: ________________, 2020
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