Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) REGULAR MEETING MEMORANDA FOR Monday, June 27, 2022 at 6:30 pm In-person and Video Conference Meeting In Attendance: Sanjay Patel, Kent Esra, Kate Swanson, Jaclyn Spillane Attending remotely: Colleen Hittle Absent: Michael Berg Staff attending: Matthew Land, attorney, Owen Young, Zach Lutz A quorum is present. Patel Call to order the, uh, Zionsville Redevelopment Commission regular meeting for Monday, June 27th at 6:31. Can we do a quick roll call for who’s present from the RDC and who may be online? Young All right. Sanjay Patel? Patel Yes. Young Kent Esra? Esra Yes. Young Kate Swanson? Swanson Here. Young Colleen Hittle? Patel Colleen, I believe, is going to be online. Is she there or can we advance her? Hittle Uh, can you hear me now? Patel Yes. Hittle Okay, yeah, I was advanced. Thanks. Young Jaclyn Spillane? Spillane Yes. Young Great, thank you. And Michael Berg, I believe, is not here. I do not see him online. Spillane He was gonna try to join online, I believe. Patel I believe Michael Berg was going to join online. Is Michael Berg online? Young Okay. Patel He may be joining later. Um, recognition of attendees who request to be noted – anyone online? James Heather James from Ice Miller is on, Sanjay. Patel Thank you, Heather. James Sure. Patel Great, thank you. Anyone in the audience like to be noted? All right. Uh, Owen if you could, uh, provide a TIF Area Memorandum update. Young So, thank you so much. The – Patel And really anything, uh, any significant updates is probably appropriate. Young Okay. Um, we have – bless you – probably the biggest ones are the FedEx, uh, Petition for Development Plan Approval for parking lot expansion. That got approved June 22, 2022. Um, we’ve got a couple remodels, um, RLL’s, uh, Racing Headquarters, um, with their last inspection above ceiling passed, uh, permanent extension to sign because they were getting close to their one year – Young So they’re continuing on, um, and we have some action out at Appaloosa Crossing. Uh, we have Chase Bank going in, uh, they are currently in a primary plat and development plan phase. Uh, there is also commercial finish on the “B Shops” for Aspasia Coffee &  Bake Shop, um, and there’s also development plan amendments, uh, with regard to, uh, again, the “B Shops” and the commercial on the southern portion of the “B Shops.” Patel Okay. Young And, oh, and the items that are currently on your guys’ agenda, um, and the, obviously, the noted Marketplace Flats at Holliday Farms has withdrawn from Plan Commission. Those are the big, the big highlights. Everything else is more so, uh, updates with regards to, uh, newest inspections, uh, for projects going through. Patel Sure, great. Thank you. Any questions for Owen in regards to the TIF Memorandum? Ok, great. Thank you. Um, Old Business – we have, uh, three sets of meeting minutes for adoption. Um, I think I probably need to take these individually. Correct, Matt? Land Yeah. Patel Um, our first set of meeting minutes are memorandum are April 25, 2022. Swanson I move to approve. Patel We have a motion. Spillane I second. Patel Motion to second. Um, Owen, I believe, you’ll have to do a roll call since we have Colleen remote. Young Yep. Patel Any discussion? Okay. Young So, Ms. Spillane? Spillane Yes. Young Ms. Hittle? Hittle Yes. Young Ms. Swanson? Swanson Yes. Young Mr. Esra? Esra Yes. Young Mr. Patel? Patel Yes. Motion carries 5 to 0. Um, next minutes are the special meeting from May 6, 2022. Swanson I move to approve. Patel We have a motion. Spillane I can second. Patel Motion to second. Any discussion? Owen, could you do a roll call please? Young Mr. Esra? Esra Yes. Young Ms. Swanson? Swanson Yes. Young Ms. Hittle? Hittle Yes. Young Ms. Spillane? Spillane Yes. Young Mr. Patel? Patel Yes. Motion carries 5 to 0. Thank you. And then we have the meeting memorandum from May 23, 2022. Swanson I guess I will move to approve. Patel Okay. We have a motion. Spillane I can second. Patel Motion to second. Any discussion? Owen, if you could, roll call please. Young Ms. Hittle? Hittle Yes. Young Ms. Swanson? Swanson Yes. Young Mr. Patel? Patel Yes. Young Mr. Esra? Esra Yes. Young Ms. Spillane? Spillane Yes. Patel Okay, motion carries 5 to 0. Thank you. Creekside Corporate Park updates, um, we have three items on the agenda. One is a Term Sheet from RFPDI, LLC, uh, also known as, uh, the Graham Rahal project and, uh, Ms. Hittle and I are to meet with Mr. Rahal, uh, tomorrow evening, uh, to discuss our  Term Sheet that we’ve provided to them and any questions, uh, he may have in regards to the Term Sheet. So, negotiations continue. Esra Uh, I have one question – is the Term Sheet, in, that’s been presented to them, do we have access to that? Patel I believe it was sent to you but I will confirm. Esra Okay. That’s all. Patel Owen, if it hasn’t been sent can you send it out to the membership, please? Thank you. Um, Lots 2 and 3, uh, is, uh, the Lauth, uh, Inc. Properties, uh, just as a reminder, these were, um, uh, orthodontic, orthodontia, um, facility and looking to bring some medical providers in this building. Uh, Lauth has received, uh, the RDC counterproposal and, uh, has, uh, indicated that they will reach back out to us the week of July 4th and schedule a time to meet. Esra If I could, I’d like to have whatever transactions have gone on on the Term Sheets on those too please? Patel Sure. And then Lot 7 are EO Advisors & Plow Digital. Uh, they have provided a Term Sheet and, uh, the RDC provided a counterproposal and I believe we are scheduled to meet with them on July 8th, uh, at 11 a.m. Thank you, gentleman, for being here today and, um, so that covers old business for Creekside. Then we have the County Road 700 East TIF for Mixed Use Development for Adler Apartments, uh, the Developer Purchased Bond – is Matt Price remote or we have a, a substitute for Matt today, great. If you could just state your name and who you’re with. Cochran You pay for Matt, I do apologize. I’m not Matt, uh, I’m one of Matt’s colleagues, Cullen Cochran, from Dentons Binghman Greenebaum and we represent the developer on the project and if you’d like I’d be happy to kind of present the resolution unless Heather would like to. Patel You’re here live, go ahead. Cochran Okay. So, this is a resolution that would pledge tax increment in the 334/700 Economic Development Area on a specific parcel surrounding the property. Uh, the increment we pledge towards an issuance of bonds by this Town, um, for a later date, uh, the bond  proceeds would support the Adler/Hy-Vee project that I think everyone is aware of and I know some representatives from the developer are either, uh, here or on the Zoom call that can answer questions relative to that. Um, so yeah, the resolution itself is straightforward in that it pledges that TIF. I know there’s more public approvals that will need to be garnered to actually issue the bonds after the public hearing and resolution adopted by the Town’s Economic Development Commission as well as the Town Council. So, it’s just one of many steps to complete a bond issuance but I know the developer is, uh, excited to see this move forward and, and before you is the resolution. If there are any questions on it, um, please let me know. Patel Do you all have additional information looking to Becca and to – thank you. Any questions so far? And, and just for clarification, this bond issuance is for the Adler, uh, facility and not the Hy-Vee at this time. Zakowski Correct. Cochran It’s my understanding as part of the Adler project some of the improvements would benefit Hy-Vee but, yes, that is coming from-- Patel Correct. Thank you. Zakowski Hi, Becca Zakowski with Crowe, um, municipal advisor for the Town. Um, so what’s contemplated is a developer purchased bond, um, you’re really only pledging the tax increment revenues from the parcel that the Adler project is being developed on, um, and those TIF revenues would be pledged to the debt service of, of the bond to be issued and the, uh, proceeds of those bonds will be used for, uh, infrastructure improvements on that, um, in that area. Esra Is there an amount? Zakowski Yes. It is $5,692,000 dollar par amount and that would cover, uh, the project fund and cost of issuance. I don’t know if the number is actually in the resolution. James It’s not in the TIF pledge resolution. It is in the EDC documentation and also in the bond ordinance. Esra I apologize. Could you give me the number one more time? I’m sorry. Zakowski Yes. It’s, uh, $5,692,000 par amount. Esra Thank you. Patel Heather, do you have anything to add at this time, uh, prior to us, um, considering Resolution 2022-03? James I would just add as Cullen mentioned that this is one of the steps in the process. The Town Council will be introducing their bond ordinance, um, that approves the substantially final form of the underlying bond documents including the indenture, the financing agreement and the bond purchase agreement at their July meeting and then in August the Economic Development Commission will hold their public hearing and consider their resolution and the Council will then consider adoption of the bond ordinance. So we’re looking to close on this deal in mid-August and then at a later time would consider, uh, separate financing for phase two for the, uh, Hy-Vee portion where TIF from a different parcel would be pledged. Patel Thank you. Any questions for anyone here, for Heather, for Becca, for Cullen? Esra So the resolution we’re getting ready to, to put forward this resolution is that what we’re doing now? Patel Yes. Esra Okay. Patel Yes and it’s, it’s the resolution that’s in your packet. Esra For some reason I, I must’ve lost it. I just, I, I can’t find it. Maybe it’s in the back of this. Patel Any questions? I’ll entertain a motion. It’s not on letterhead, Kent, it looks like this. Esra Okay. Patel All right. Swanson I will second. Patel Do I have, I don’t have – do I have a motion? Swanson Oh I thought we had a motion. Sorry. Spillane Oh, yeah, I can make a motion. Swanson And I will second. Patel We have a motion for adoption of Resolution #20, 2022-03, um, for establishing the boundaries – I’m trying to see where – where’s my resolution language, Heather? James How about a motion to approve the TIF pledge resolution for the Adler project? Patel Okay, thank you. James Sure. Spillane Motion to approve the TIF – Patel Pledge. Spillane Pledge – Patel Resolution for the Adler project. Spillane Resolution for the Adler Project. Patel We have a motion. Spillane There you go. Swanson I will second. Patel A motion to second. Any discussion? Owen, if you could a roll call please. Young Not a problem. Ms. Hittle? Hittle Yes. Young Ms. Swanson? Swanson Yes. Young Mr. Patel? Patel Yes. Young Ms. Spillane? Spillane Yes. Young Mr. Esra? Esra Yes. Patel Motion carries 5 to 0. Thank you. Under New Business on our agenda we have Creekside Corporate Park, uh, PUD Amendment and we will be tabling that, uh, item for this month. Item B is Annual Notification of Taxing Units, uh, of Anticipated 2023 Excess TIF Revenue Distribution. A letter was sent out, um, to all of our overlapping taxing units and it’s included in your packet, um, to Boone County Auditor, Boone County Council, Boone County Solid Waste Management District, Department of Local Government Finance, Hussey-Mayfield Memorial Public Library and Library Board, Whitestown and Whitestown Town Council, Zionsville Community Schools, School Superintendent and Zionsville Town Council essentially notifying them that, um, there will not be any excess, uh, funds for 2023. This is a standard process we do. It's due by June 15th of every year. Young Correct and that letter was sent out on June 9th. Patel Thank you. Um, the other item we have on the agenda is Claims for approval and I don’t believe we have any claims at this time, um, there’s been some vacations, uh, within, uh, Town, uh, what department is that? Young Finance and Records. Patel Finance and Records Department so we’ll see those next month. Any other business? Esra Well, uh, I just have, uh, I guess it’s an ask, um, at some point, um, I would like to see if we could have an executive session with the Town Finance just so we can understand more about where all the buckets are at – Patel Okay. Esra So to speak. Patel I think that’s, that’s a great idea. Esra So whenever that can happen. I, I understand there’s lots going on. Patel Yeah, she knew and trying to – Esra Yeah, no I know. Young I know that, I know that that was her intent. Esra Yeah, at some point if we can just get on her agenda that’d be great. Patel Okay. Any other business? Okay. I’d entertain a motion to adjourn. Spillane I make a motion that we adjourn. Patel Motion. Swanson I will second. Patel Motion to second. Let’s go ahead and do a roll call. Young Ms. Spillane? Spillane Yes. Young Ms. Hittle? Hittle Yes. Young Ms. Swanson? Swanson Yes. Young Mr. Esra? Esra Yes. Young Mr. Patel? Patel Yes. Motion carries 5 to 0. Thank you all. James Thank you. Hittle Thank you.