Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) REGULAR MEETING MEMORANDA FOR Monday, October 23, 2023 at 6:30 PM In-person and Video Conference Meeting Members Present: (In-Person) Jaclyn Spillane – President, Sanjay Patel – Vice President, David Ober – Secretary, Kent Esra, & Amanda Rubeck (Via Zoom) None (Absent) Katie Aeschliman Also Present: (In-Person) Michael Dale – Community & Economic Development Director, Owen Young – Economic Development Manager, & Zach Lutz – Associate Planner (Via Zoom) Corrie Sharp – RDC Executive Director, & Brian Crist – Legal Counsel of Ice Miller 1. Call to Order: Jaclyn Spillane called the meeting to order (@ 6:35 PM; YouTube 00:00:40) 2. Recognition of Attendees who request to be noted: Sally Zelonis. 3. Reports A. (YouTube 00:01:05) Director’s Report: 2024 Budget Corrie Sharp introduces the 2024 RDC Budget with open discussion. Once approved, Ms. Sharp will also present it to Town Council. Ms. Sharp takes time to go over the powers that the RDC’s has available, and that the Zionsville RDC has used in the past. She then highlights each Economic Development Area (EDA) within Zionsville. The budget is tracking expenses and revenue by EDA. Beginning with the Zionsville / 106th Street Tax Increment Financing (TIF) Allocation Area. There are three EDAs that the Town has created and manages while the other five are developer backed. The largest and longest existing EDA is the Zionsville EDA. It is set to expire in 2030. Ms. Sharp outlines the use of these funds over the year 2024. This TIF funding is used for several bond payments, grant funding, real estate transactions, and design and engineering for the South Village area. This EDA will have a year end balance of $1.8 million. The Oak Street EDA is a smaller area which is tied to the Town Hall mortgage payments. The TIF funding is not the only source of revenue working to pay down the Town Hall’s mortgage. Local income taxes, food and beverage tax revenue, and cumulative capital development property taxes. As lot two is considered for development, TIF dollars from that redevelopment may need to be used to help finance that project. Page 1 of 3  Creekside is the next EDA associated with the Creekside Corporate Park. The revenue is roughly $183,000 with roughly $200,000 in expenses. Some expenses include ZCS payments, incentives, and HOA dues. The 334/700 EDA is on the edge of Whitestown. The TIF revenue is split with 90 percent going to a developer backed bond and the rest is for the RDC. This balance is estimated to be $142,712.70. The MetroNet EDA is an EDA serving to pay back a developer backed TIF bond. All funds are used towards this. Any gaps in these payments are to be funded by the developer. The 146th Street/Appaloosa Crossings EDA is another EDA generating funds to be paid towards a developer backed bond. The Holliday Farms EDA is associated with the new subdivision. Currently, the revenue is low due to the limited commercial development at this time. The only revenue is associated with the golf course and clubhouse. There are discussions with DPW about how to use these funds towards public utilities. The final and newest EDA is Michigan Road EDA which is associated with the Pittman Farm project and TIF bond. 95% of the taxes generated are to be used for public infrastructure and the parking garage. 5% will be accrued by the RDC. The last section of the budget it cash on hand. There is expected to be a total of $1.4 million in anticipated revenues due to lot sales in Creekside Corporate Park in 2024. There is also an anticipated $116 thousand in revenue carry over from the sale of lot 9 in 2023. With an anticipated $285,000 in expenses leaving the 2024 year-end balance of almost $1.3 million. Ms. Sharp then illustrates the Crowe projection revenues and expenses over the next 5 years. As the RDC begins thinking about future capital expenses in the future, a capital improvements plan will need to be approved by the Town Council annually. As the budget is being considered, Mr. Ober requests that the CDC come before the RDC in November of 2023 to discuss their plan for 2024 and how they plan to use the funds given to them from the RDC. Ms. Rubeck – as the CDC treasurer – will be presenting on this matter. Motion: Kent Esra made a motion (seconded by Amanda Rubeck) to: Approve the 2024 RDC Budget as presented. The motion passed unanimously 5:0. There is a brief discussion of the 2024 anticipated activities and reporting that will occur over the year. Some of these items include the READI Grant application submittal, annual reporting, 2025 Budget, etc. B. TIF Report: No discussion. 4. Old Business Page 2 of 3 5. New Business A. (YouTube 00:32:55) Approval and Adoption of Minutes: September 28, 2023, Special Meeting Jaclyn Spillane introduces the matter and opens for discussion. Motion: Kent Esra made a motion (seconded by Sanjay Patel) to: Approve the special meetings minutes from September 28, 2023. The motion passed unanimously 5:0. B. (YouTube 00:33:35) Approval and Adoption of Minutes: October 11, 2023, Special Meeting Jaclyn Spillane introduces the matter and opens for discussion. Motion: Amanda Rubeck made a motion (seconded by Kent Esra) to: Approve the special meetings minutes from October 11, 2023. The motion passed unanimously 5:0. C. (YouTube 00:33:50) Claims for Approval Jaclyn Spillane introduces the claims for August 2023. David Ober asks about the CDC claim for their grant and if it was the last one for the year totaling $120,000 for 2023. Ms. Sharp confirm this. Motion: David Ober made a motion (seconded by Amanda Rubeck) to: Approve the Claims for August 2023 as presented. The motion passed unanimously 5:0. D. (YouTube 00:07:40) Bond Disbursement Request, The Farm Ms. Sharp expresses that this is a standard request associated with their developer backed bonds within the Michigan Road Economic Development Area (EDA). Motion: Amanda Rubeck made a motion (seconded by David Ober) to: Approve the Bond Disbursement Request by The Farm at Zionsville PropCo, LLC. The motion passed unanimously 5:0. 6. Other Business: 7. (YouTube 00:35:45) Adjourn Motion: Jaclyn Spillane adjourn the meeting. Meeting Adjourned at 7:10 PM (YouTube 00:36:16 meeting duration) The next meeting of the Redevelopment Commission is scheduled for: Monday, November 27, 2023, at 6:30 pm. Page 3 of 3