Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) REGULAR MEETING MEMORANDA FOR Monday, August 22, 2022 at 6:30 pm In-person and Video Conference Meeting In Attendance: Sanjay Patel, Kent Esra, Kate Swanson, Colleen Hittle, Jaclyn Spillane, Michael Berg Staff attending: Owen Young, Corrie Sharp Patel Good evening. Call to order the regular meeting for the Zionsville Redevelopment Commission for Monday, August 22 at 6:30. We have a full quorum with all six RDC members present here at Town Hall. Is anyone online that would like to be recognized? I believe Heather James will be on. Young We have Nick Bhatt and Sally Zelonis. Patel Okay, great. Thank you. Owen, can you give us a summary of the TIF Area Memorandum? Young Oh boy, can I? All right, so a lot of our action this – I guess this month has been primarily in our 106th Street TIF and our C.R. 300 South/U.S. 421 TIF which is the Appaloosa Crossing. Patel Uh huh. Young 106th Street TIF Our Place Coffee just got through their rein rough. They passed that. Nicholson Orthodontics they went through their latest inspection underslab. They passed that. Intelligent Living Solutions 106th Street TIF they’re ready for C/O. So they are, they are across the finish line. Equiteam, LLC roughed. They just passed their rough. Famous Cookie Company they passed their final and they’re okay for C/O. Patel Can we go back to, well you can hit #15 and then we’ll, I want to go back on here. Young So the AES Restaurant Group, LLC the, last inspection was a rough and they passed as well. What would you like to go back to? Patel Thank you. Black Acre – it’s been on the list for a year and a half and I believe they renewed or they extended their permit? Young Yes. They got a finishing permit. Patel They have a finishing permit? Young They have a finishing permit and there has been no action on that. It’s also closing in on the end of that. I don’t know the exact date but it should be, I think it’s closing in on the extension period so we’re going to have to talk to them yet again. Patel And town staff would do that or through the Plan Commission? Young No, it’s town staff would do that because it’s through their, their building permit. Patel Okay. Young But yeah, we’ll, we’ll give them a ring again. Patel Okay. I was just curious. It’s been on here and it’s, we haven’t heard much movement on it. Young Yep. Patel Thank you. Go ahead. Young Creekside Obviously, the RLL Racing Headquarters. Latest inspection was above ceiling. They passed. Obviously, they had their permit extension approved back in June. Back to Appaloosa Crossing where the other lion’s share of our improvements are at – we have the Chase Bank going in. Plan Commission approved the, the replat and the development plan for the Chase Bank is on the corner property of Appaloosa. That got approved 07/18. Outlot “B” Shops – last inspection for the mass grading was Meterbase. Aspasia Coffee & Bake Shop – they had an above ceiling. That got approved. There also was an amendment that went through back in May that also got approved. Development plan amendment for the Outshop, the Outlot “B” Shops that got approved through Plan Commission 08/15 and that was in conjunction with the Verde restaurant. The latest inspection for that was a rough and that passed. Outlot F the latest inspection was a footer that passed as well. There’s also an underslab that they also passed. Haven Dental the latest inspection was a rough, passed. Uncle Bill’s latest inspection underslab passed. Classic Cleaners they had a rough and they passed that as well. Moving on – C.R. 700 TIF' Hy-Vee – The Plan Commission approved the development plan and the primary plat for Hy-Vee at the 8/15 or August 15th Plan Commission meeting. Holliday Farms TIF – They had a commercial other that just came through interior pool. That was issued 8/9. And then closing in on the end – Northwest Teck Park TIF Burn Boot Camp latest inspection was rein final and that’s scheduled for 8/15. I think, I think they must’ve missed that. And then Michigan Road TIF –  D. Katz that is going to BZA to be heard next month and that was a – you guys remember the Music Box on that corner? That is getting updated to the use of a veterinary – Patel Okay. Young So that’s what the BZA is for and, obviously, The Farm and that’s Plan Commission 8/15 and that got approved. Patel Okay. Thank you. Any questions for Owen regarding the TIF Area updates? All right, thank you Owen. Young Thank you. Patel Old Business we have an approval and adoption of minutes. They were included in your packet for July 25th executive session, July 25th regular meeting and August 5th special session. We’ll take these individually. Starting with the July 25th executive session. Swanson I move to approve the Aug, July 25th – wait we have to approve the executive session minutes? Patel Yes. Swanson Okay. The minutes? Got it. I move to approve those July 25th – Patel Motion. Spillane I’ll second. Patel Motion and a second. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Next is our July 25th regular meeting. Spillane I can move to approve the July 25th regular meeting minutes. Patel Okay. So I’ve got a question for Heather. So the attendees were Kate, Kent, Mike and myself. Who can a make a motion and who can approve that motion? Can someone that wasn’t in attendance make that motion? James To approve the minutes? Patel Yes. James I’d prefer, yeah, I’d prefer you have somebody that was in attendance approve them and make the motion. Spillane Okay, then not me. Esra I’ll move that the minutes – I’m sorry, which ones? Patel July 25th. Esra July 25th. James Regular meeting. Swanson And I’ll second. Patel Motion and a second. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Thank you. Then our August 5th special meeting we had where it looks like we were all in attendance. Esra I’ll move that we approve the minutes – Spillane Second. Esra From the August 5th meeting. Patel We have a motion and a second. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Thank you. Under New Business which is actually old business coming back as new business is a developer purchased bond agreement. The RDC Board approved the Resolution 2022- 03. That resolution was presented to Town Council on August 15th at which time Town Council made recommendations for amended resolution so that’s in front of us this evening. We have Tim Berry here from Crowe that can provide us insight on the crunching of the numbers and the changes that have occurred through the Town Council amendment so. Thank you Tim. Berry Awesome. Mr. President and members of the Commission, Tim Berry with Crowe, the financial advisor to the RDC as well as the town. You will note that there’s some changes from the original allocation of TIF revenues. The original allocation that you looked at looked at a 95/5 split for 25 years. At the recommendation of the Town Council, that is changed to a 90/10 split. What that means is beginning in 2025 which is when the TIF will begin generating property tax revenues, it is estimated that the town will receive approximately or excuse me – the Redevelopment Commission will receive approximately $44,000 in annual TIF dollars. The remaining allocation of TIF revenues equating to an estimate of nearly $400,000 will be returned back through to make the developer purchased bond payment back to the developer. Through the life that $44,000 will be retained by the RDC. By shortening the bonds from 25 years to 20 years then the RDC will also retain dollars on the back end as well. Any questions? Swanson I have one quick question – I see on here where the amount was changed. I don’t see where the date was changed from the 25 years to 20. Would we see that in this agreement or not? James It’s not in that agreement. Swanson Oh, okay. James It, it is in the Council’s ordinance that they adopted – Swanson Oh, okay. James With the change they recommended. In this agreement, you’re correct, it’s only the percentage of the TIF pledge that changes. Swanson Okay, thank you. Esra Yes, page 3 of the Town Council’s – Spillane Yeah, it’s on page 3. Patel Page 3 of the Town Council’s – Swanson Oh, the next one. Patel Ordinance, yes. Swanson Got it. Patel Any questions in regards to the amended resolution? Hittle I’ll move to adopt the Resolution 2022-03 for TIF. Esra I’ll second. Patel We have a motion and a second. Any discussion? All in favor? All Aye. Patel Motion carries 5 to 0. Thank you all. Thank you Tim. Next up on our agenda is Creekside Corporate Park PUD amendment. This Creekside PUD was developed at the inception of Creekside with certain usage and intention for individual lots Creekside, in general. And as we fast forward to today with some of the opportunities we have in terms of development with Graham Rahal and Lauth and RLL and others that have shown interest, it’s been determined that a PUD amendment would be advisable to revisit the uses and limitations for materials and such so with discussion of asking staff to initiate a PUD amendment to allow a better structured document for future investors and developers in Creekside Corporate Park. Any questions, discussion? Esra So I’ll move that we move forward the ask of staff to move forward with a Creekside Corporate Park change in the PUD. Patel Okay. We have a motion. Spillane I can second. Patel Motion and a second. Any discussion? Owen, could you give us, provide a general timeline on steps that’ll be taken by staff, by Plan Commission, etc. so the RDC Board has a general idea of what, what the steps are and how long those take? Young Yes so optimally and hypothetically if we could move this as fast as possible, we would submit for on 08/22 to the Plan Commission or today take the action to initiate we would submit to Plan Commission on 09/06 for the 10/17 Plan Commission meeting. It would be a first reading. Unless the rules are suspended, etc., that would be a first reading then you’d have second heading on 11/21 and then we would then have to submit for Town Council on 12/08 to then be on Town Council’s 12/19 meeting for a first reading and then unless, again, unless people are suspending rules, etc., it would be a Jan, January 2nd of next year that it would be ratified. Patel Okay. Young For the hypothetical – Patel Sure. Young Timeline. Patel No, thank you for sharing. I, I knew it was a, an extended timeline I just wanted to make sure RDC members were aware of that. And thank you for initiating the revisions and working with the Plan Commission on that. Young Sure. Patel We have a motion and a second. All in favor? All Aye. Patel Motion carries 5 to 0. Thank you. We have, in your packet you have claims for approval. I recall we did not have claims last month correct so we’re combining a couple of months here at our August meeting. Any items here, Owen, that you would like to provide some additional input? Young Not really – I, I think we got the item descriptions. Just re-upping the Loopnet monthly payment. We already approved that previously as far as a lump sum – Patel Uh huh. Young And have just been going forward – Patel Right. Young Paying it monthly. Nothing else really jumps out at me. Patel Okay. Spillane I have a question on the, the Fibernet allocation. That’s coded as a interest? Young Which line item? Spillane Fund 497 – it’s the last one from the bottom. Young The Metro Fibernet allocation? Spillane Yeah. Young I’d have to talk to Finance & Records about it. I don’t know. Patel And that goes to the TIF area over the Metronet fiber – Young That is my guess. Patel Across, across Zionsville? Young Uh huh. Patel Right. Esra I guess my only question is, not really a question – it’s the same question I’ve been asking and at some point hopefully the town gets its finances in order so that we can see what we’re spending and where we’re spending it and out of what bucket and all of those good things. I just want to keep asking that question until we get there and I know, Owen, it’s nothing that you have control over, but I just want to put it on the record. Patel Okay. Thank you. Any questions in regards to the claims? I’d entertain a motion. Hittle I’ll move to accept the claims as presented for approval. 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. Do we have any other business from the RDC Board? Hearing none, I’ll entertain a motion to adjourn. Spillane I motion that we adjourn. Patel We have a motion. Esra Second. Patel Second. All in favor? All Aye. Patel Thank you all. Don’t leave without signing this resolution.