Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) SPECIAL MEETING MEMORANDA FOR Friday, August 05, 2022 at 9:30 am In-person and Video Conference Meeting In Attendance: Sanjay Patel, Colleen Hittle, Kent Esra, Kate Swanson, Jaclyn Spillane Virtual: Michael Berg There is a quorum. Staff attending: Brian Crist, attorney, Owen Young, Zach Lutz Patel I would like to call to order the Special Meeting of the Zionsville Redevelopment Commission for Friday, August 5, 2022 at 9:31 a.m. I’d like to note that all RDC members are here and are present live at the meeting. Anyone online that would like to be recognized? IT Heather James and Mike Berg. Patel Good, okay. Heather James and Michael Berg. Do we have staff reports for the special meeting? Young Not this meeting, no. Patel Okay, good. All right. Old Business. We have a couple of term sheets that RDC members have been negotiating with various developers. The first one is for Lots 10 and 11 – term sheets for RFPDI, LLC also known as Graham Rahal. RDC members and town staff have met with the Graham Rahal Team and have negotiated a term sheet that’s been distributed to RDC members. Open for any discussion or questions. Okay. I’d entertain a motion to accept the term sheet with Rahal and authorize myself to execute the term sheet and also authorize Ice Miller to move forward with development of a development plan. Crist Done. It’ll be produced rather quickly. Patel Okay. Hittle Move to approve the term sheet as presented in this meeting. Patel We have a motion – Swanson I’ll second. Patel Motion and a second. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Thank you. The next term sheet we have is with Lauth Property Development for Lots 2 and 3. Again, RDC members with town staff have met with Lauth to discuss their project and have negotiated a term sheet as has been presented to you. Any questions in regards to that term sheet? Ice Miller, I believe, is also working on a development agreement for Lauth? Crist Yes. Patel Okay, great. I would entertain a motion to accept the term sheet as presented and authorize myself to execute agreement with Lauth Properties. Spillane I can make a motion to authorize the term sheet as is. Esra I’ll second. Swanson Second. Patel We’ve got a motion and a second. Any discussion? Jaclyn motioned and Kent seconded. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Thank you. The final item we have under Old Business is the developer purchased bond with the Michigan Road EDA for The Farm. We have some members here with the development group and they did present their project and development at the regular RDC meeting  two Mondays ago. Some of our members were not available at that time so if you could just come up and maybe answer any questions we may have. We appreciate you providing the, the presentation at the RDC meeting and also providing the renderings and the project development plan. Pittman Thanks. I’m Chad Pittman. I live at 100 East Willow Street in Zionsville, Indiana representing Pittman Investors and on our team is Sam Pittman is in the audience with us, part of our team, and our partners with Scannell Properties, Tom Jasin. We, I think you’ve seen their presentation a few times and I think it’s in your packets and you may watch the recordings and, and all those things so I don’t, I note, be sensitive of your time on a Friday morning so happy to answer any questions for those who may not have seen those things, happy to go over through as deep in the presentation as you would like and Tom’s our expert on the finance side of the bonds from our team here as well so. Open it up for questions or do you want to go through the presentation? Patel You know, just as a recap for this, for the Resolution 2022-05, just a quick overview of the infrastructure that’s included as part of this project because I know it, it’s there for the initial development but also set up for future growth and if you can just describe that for the team here. My understanding it’s a $12.28 million dollar ask for this Phase I with 95% capture pledged. Jasin That’s correct and, for the record, Tom Jasin with Scannell Properties, 8801 River Crossing Boulevard. Thanks again for your time this morning. I appreciate you meeting again. Just to cover the specific ask as Sanjay was saying, the request is to pledge 95% of the increment generated within the Phase I allocation area and that pledge results in a $12.28 million dollar bond. And what we’re going to use that bond for is to cover certain project costs. First, here’s the overall vision for Phase I and Phase II. I’ll let Chad speak to their plans with the commercial development but as it relates to Phase I and what the $12.28 million dollars are going to help partially fund – it’s the master infrastructure. The majority of the infrastructure required for both Phase I and Phase II that includes that ring road that connects Sycamore to 421 as well as the offsite improvements that are required to install that, landscaping, sidewalks, sitework for Phase I and then a stormwater detention solution for the entirety of the site. So, largely or goal with Phase I isn’t just to provide for the 400 multi-family units, it’s also to provide for lower barrier to entry for the commercial development, complete that – complete the infrastructure prior to the completion of the multi-family units and hopefully the Pittmans are able to start attracting commercial users in tandem as we’re finishing up the apartment units. Spillane Quick question – Jasin Sure. Spillane On the garage aspect of the multi-unit, so that’s part of this ask and is that – are you expecting to put like additional parking in there for some of those businesses? Jasin So the garage itself will just serve the apartment units and that’s about a 405-stall garage. The PUD requires 1.5 stalls per unit so a minimum of 600. There’ll be 250 some surface stalls so a total of 650 that service the apartments but what the garage allows us to do is bring the full density of multi-family units that’s allowable under the PUD which leaves more land available for the commercial development. Patel In terms of traffic flow, I’m sure you’ve done a, completed a traffic study, coordinated with the town staff and possibly INDOT for 421? Jasin That’s correct. We have completed the traffic study and are working through the appropriate solution. What we found within the study is that the multi-family project alone does not warrant a signal on Sycamore but, obviously, we want to be mindful of the impact of the entirety of the development so as far as a final traffic plan, we are still working through that but are committed to finding the appropriate solution on Sycamore and 421 but we’re having those conversations with town staff and the impact report has been submitted to INDOT as well for their review. Patel Okay. Has there been any analysis at the intersection of Sycamore and 421 in terms of traffic capacity at that intersection? Jasin That was included in the report. I’m not certain of what the specifics are. Patel Okay. Jasin But we’re happy to share that report. Patel I’m sure their interested in the impact of the development to the main intersection. Jasin Yeah. Patel The impact of your development to their main intersection. Jasin Certainly. Patel Okay. Great. Any questions? Yes ma’am? Meyer Hi, Corrie Meyer with the Redevelopment Commission for the Town of Zionsville. I wanted to ask the developers if, as you are going along with your financial analysis if you could provide the town with information on potential uses that the town will need to increase for police, fire, just information because, obviously, this, this development will impact the town going forward. It’s a big, big project so we need to start planning for these other departments and need to understand how many more police officers, how many more fire, just a comprehensive look of how this develop, development will hit that. Pittman Thank, thank you. Yeah so when we went through the zoning of this years ago we did a big fiscal impact and economic impact studies that we used the town’s representatives to do that or, you know, the same people the town uses and that stuff was provided and it was greatly discussed so the, the town, at least at the time had that information. We are updating that in, in this process per conversation with the Town Council so, yeah, we will gladly work on behalf of everybody because we’re all interested in the, in the same thing so we can make sure that information is provided and updated appropriately. Meyer Great, thank you. Patel Heather, do you have any comments or any information to share with us before we consider the resolution? James I don’t have any other information for you, Sanjay. I’m happy to answer any questions that folks might have. We’re planning to go back to the Council on August 15th with that additional information and hope that at that point they adopt the Bond Ordinance and if they do then assuming you pass this resolution today, then we’ll be ready to walk towards closing with no further approvals. Patel Okay, great. Any questions for Heather from the RDC? Thank you gentleman. I’d entertain a motion to adopt Resolution 2022-05, a resolution for the Redevelopment Commission pledging TIF revenues for The Farm development. Esra So moved. Patel We have a motion. Hittle Second. Patel Motion and a second. Any discussion? All in favor? All Aye. Motion carries 5 to 0. Esra 4 to 0. Swanson 4 to 0. I just, I abstain. Patel Oh, I’m sorry. Swanson Yeah, sorry. Patel 4 to 0. Kate Swanson has abstained from voting. Jasin Thank you for your time. Patel I don’t believe we have anything under New Business, Owen or Zach, do we? Young No. Patel Any other business from the RDC? Brian, do you have anything for us? Crist No. Patel Okay. Hittle Move to adjourn. Patel Move to adjourn. Esra So moved. Patel Second, thank you. We do have signatures that we –