Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) REGULAR MEETING MEMORANDA FOR Monday, February 28, 2022 at 6:30 pm In-person and Video Conference Meeting THIS REGULAR PUBLIC MEETING WAS CONDUCTED PURSUANT TO VARIOUS EXECUTIVE ORDERS OF THE GOVERNOR OF INDIANA UNDER INDIANA’S EMERGENCY MANAGEMENT AND DISASTER LAW, INDIANA CODE 10-14-3, et seq. Members Present: (in-person) Sanjay Patel - President, Kent Esra - Vice President, Kate Swanson, and Mike Berg (via Zoom) Jaclyn Spillane and Colleen Hittle (absent) -- Also Present: (in-person) Wayne DeLong, AICP, CPM Director of Community & Economic Development; Steve Pittman – Pittman Partners; Sean Hitchcock – Scannell Properties; and Tom Jason – Scannell Properties (via Zoom) Owen Young, Economic Development Manager; Zach Lutz, Planner I - Economic Development; Jamison Sills – Delv Design; Paul Render; and Jeremy Ulam 1. Call to Order: Sanjay Patel called the meeting to order (@ 6:30pm; YouTube 00:04:15) 2. Recognition of Attendees who request to be noted: Sally Zelonis and John Tousley 3. Reports A. (YouTube 00:05:20) TIF Report: Sanjay Patel: Continuing to March 28, 2022. 4. Old Business A. (YouTube 00:05:25) Approval and Adoption of Minutes: [January 24, 2021, Regular Meeting] Motion: Kent Esra made a motion (seconded by Kate Swanson) to approve the minutes. Roll Call Vote: Sanjay Patel – Y Kent Esra – Y Kate Swanson - Y Colleen Hittle (Zoom Video and Audio [V&A]) – Y Jaclyn Spillane (Zoom A) – Y The motion was unanimously approved by all members. B. (YouTube 00:06:15) Project Updates (current Professional Services Contracts):  Wayne DeLong states that this is an update on the A&F Contract for intersection modeling. The modeling should be providing results within 10 days. C. (YouTube 00:07:05) 2022 ZCDC Member Appointments Sanjay Patel states that applications are still being received so the item is to be tabled until March 28, 2022. Wayne DeLong states that the organizational charter of its articles set the minimum at seven but could be larger up to eleven. 5. New Business A. (YouTube 00:08:40) The Farm at Zionsville PUD: Presentation (Scannell & Pittman Partners): Steve Pittman (Pittman Partners), Tom Jason & Sean Hitchcock (Scannell Properties), Jamison Sills (Delv Design), Paul Render & Jeremy Ulam (Bond Council) Steve Pittman as Pittman Partners representing Pittman Investors which is comprised of himself and his siblings Chad Pittman and Scott Pittman. He elaborates on the team and history of the project referencing the approved The Farms Planned Unit Development (2013-12-Z, Approved 07/15/2013). S. Pittman states the area is allowed to construct 225,000 sq. ft. of office and retail; and 400 multi-family units. (YouTube 00:13:45) S. Pittman describes the proposed concept plan. The plan includes retail along US 421, 36,000 sq. ft. of office, 56,000 sq. ft. grocery store anchor, 6,000 sq. ft. retail, 24,000 sq. ft. of flexible use, and multi-family. The market has shifted and influence the need for the multi-family housing to be constructed first in Phase I. Mr. Pittman desires to have the TIF bonds be purchased by the developer(s). Scannell would own and manage the residential component while Pittman Investors would own the commercial development. (YouTube 00:22:27) Sean Hitchcock, of Scannell Properties, discusses the multi-family, Phase I project. Phase I will include infrastructure, the thoroughfare and pedestrian pathways connecting Sycamore and US-421; utilities; Sycamore Road improvements; US-421 road improvements; Retainage for Master Development; and the 400-unit multifamily and a roughly 425-space garage. Phase I creates a favorable environment for the commercial development and lowers the cost of entry to tenants. A&F Engineering is performing a traffic study with INDOT which should be completed in 30-60 days. (YouTube 00:38:00) Tom Jason of Scannell Properties, discusses the Economic Development Area (EDA) and TIF bond requests. Phase I would include the establishment of an EDA and TIF Allocation Area. These bonds would be developer backed bonds. Payable solely from 95% of Phase I Increment (net 80.9% Effective) and Phase II would be paid for by a 50 percent tax increment (net 42.6% Effective). The Tax increment would still pay the school referendums. (YouTube 00:45:40) Questions: The residential property’s rent is projected to be between 1.70 and 1.75 per square foot. Walkability: How will this property connects to the community? The team is awaiting the traffic study to determine the most cost affective and safe method to connect to the trail on the north side of Sycamore. There was discussion about using the park impact fees generated to fund a long-term project to extend the trail and connect to Zionsville Road. B. (YouTube 00:59:30) Creekside Corporate Park EDA: Review of Professional Services Expense LoopNet was identified as a desired service to assist in the marketing of Creekside corporate park. The total expenditures equal $711. Motion: Kent Esra made a motion (seconded by Kate Swanson) to: Approve funding to support additional services with Loopnet.com for the duration of 2022. Roll Call Vote: Sanjay Patel – Y  Kent Esra – Y Kate Swanson - Y Colleen Hittle (Zoom A) – Y Jaclyn Spillane (Zoom A) – Y The motion was unanimously approved by all members. C. (YouTube 01:02:38) Town Hall EDA: Review of Professional Services Expense Sanjay Patel brings the discussion of the appraisal quotes returned to the Town for consideration. Four were submitted which include Traynor & Associates, Valbridge Property Advisors, Integra Realty Resources, and Don R Scheidt & Co. Staff recommended Traynor & Associates for $2,000 and Valbridge Property Advisors for $2,500. Motion: Kent Esra made a motion (seconded by Kate Swanson) to: Approve the Traynor & Associates and Valbridge Property Advisors’ quotes for appraisal services on Lot #2 of the Town Hall Subdivision. Roll Call Vote: Sanjay Patel – Y Kent Esra – Y Kate Swanson - Y Colleen Hittle (Zoom A) – Y Jaclyn Spillane (Zoom A) – Y The motion was unanimously approved by all members. D. (YouTube 01:08:35) Claims for Approval Sanjay describes the claims for the board. Colleen Hittle asks about the grant line item. Wayne DeLong describes the grant was an award granted to Lids in 2014 (now Group 1001) for $400,000 to be distributed over a specified timeframe. This is the second disbursement of $100,000 to Group 1001. This is an approval to issue a check for contractual obligations by the RDC. Motion: Kate Swanson made a motion (seconded by Sanjay Patel) to: Approve all the claims as provided to the RDC. Roll Call Vote: Sanjay Patel – Y Kent Esra – Y Kate Swanson - Y Colleen Hittle (Zoom A) – Y Jaclyn Spillane (Zoom A) – Y The motion was unanimously approved by all members. 6. Other Business: 7. (YouTube 01:13:49) Adjourn Motion: Sanjay Patel made a motion (so moved by Kent Esra) Meeting Adjourned at 7:43pm (YouTube 01:13:53 meeting duration) The next regular meeting of the Redevelopment Commission is scheduled for [Monday, March 28, 2022], at 6:30 pm.